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Market Update

Europe Earnings: Barry Callebaut, Elan, Glencore, Home Retail, Hochtief


Author: Nigel Thomas
ticker.com
Last Update: 10:51 AM ET June 14 2013

3:20 PM Frankfurt Barry Callebaut placed new 318,858 shares at a price of about $300 million. Elan board authorized the company sale. Glencore signed revolving credit facilities for $17.3 billion. Hochtief plans to buyback up to 4,313,000 shares worth 260 million.

In London trading, FTSE 100 index gained 0.5% or 29.53 to 6,334 and in Frankfurt the DAX index jumped 1.1% or 87.24 to 8,183.

In Paris, CAC 40 index increased 0.8% or 31.18 to 3,829.

Barry Callebaut AG, the Switzerland based chocolate producer sold 318,858 at a price of about $300 million of new shares. New shares are expected to start trading on Swiss Exchange on June 18.

Elan Corporation, Plc jumped 8.5% to 10.08 after the drugmaker said it has authorized a formal sale process and invited Royalty Pharma to participate.

Earlier Royalty offered to buy Elan for $6.7 billion but the deal was rejected by the Elan managements.

Glencore Xstrata Plc climbed 3.3% to 316.15 pence after the Swiss based commodities miner and trader signed revolving credit facilities for $17.3 billion. The facilities are for general corporate purposes and replace the previous revolving credit facilities of both Glencore and Xstrata plc.

Facilities were initially launched at $12 billion and were oversubscribed to $19 billion.

Home Retail Group Plc jumped 3.7% to 136.20 pence after the UK based general merchandise retailer said total sales in the quarter ending on June 1 at Argos segment grew 1.2% to 828 million and like-for-like sales in the quarter increased 1.9%

Total sales in the quarter at Homebase segment rose 0.2% to 422 million and like-for-like sales increased 1.4%. Gross margin declined 200 basis points on higher than normal promotions.

Hochtief AG surged 6.1% to 51.83 after the Germany based construction group reported to buy back up to 4,313,000 shares worth 260 million of its own shares.

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