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Market Update

Europe Earnings: Balfour, Invensys, Phoenix Group

Author: Nigel Thomas
Last Update: 11:13 AM ET July 12 2013

3:20 PM Frankfurt Balfour signed contract with Sydney Water valued 450 million for next five years. Invensys received takeover offer from France based Schneider Electric SA for 3.3 billion. Phoenix Group said Swiss Re may take minor stake in the company.

In London trading, FTSE 100 index edged up 0.2% or 11.12 to 6,554 and in Frankfurt the DAX index added 0.6% or 52.36 to 8,211.

In Paris, CAC 40 index slid 0.2% or 7.84 to 3,861.

Balfour Beatty Plc gained 1.1% to 228.11 pence after the UK based infrastructure developer today signed with Australia''s largest water utility provider Sydney Water for approximately $150 million or 91 million in total over the next five years.

Invensys Plc surged 15.8% to 509.50 pence after the UK based technology received takeover offer from France based electricity distributor Schneider Electric SA and agreed to pay 505 pence a share for total consideration of 3.3 billion. Schneider Electric plans to expand its key electro-intensive segments.

Under the terms, Schneider will pay 319 pence a share in cash and 186 pence in new Schneider shares.

Phoenix Group Holdings soared 8.7% to 710 pence after the UK based life & health insurance company confirmed that the company is in preliminary discussions with Swiss Re Ltd may take minority stake in the company.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc