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Market Update

Europe Earnings: Bouygues, Diana, GSK, Hochtief, Rolls-Royce, Wild

Author: Nigel Thomas
Last Update: 10:53 AM ET March 10 2014

4:00 PM Frankfurt – Bouygues agreed to sell its network assets to Iliad for €1.8 billion. Diana’s second auction round inches closer with two bids. Glaxo raise its stake in its Indian business unit to 75% for $1.05 billion. Hochtief plans a takeover bid for $1.15 billion for Australia based Leighton Holdings.

In London trading, FTSE 100 index slid 0.2% or 12.89 to 6,699.78 and in Frankfurt the DAX index fell 0.4% or 39.66 to 9,311.09.

In Paris, CAC 40 index rose 0.4% or 16.89 to 4,383.31.

Bouygues SA surged 8.7% to €32.69 after the France-based telecom and media group agreed to sell its mobile network and most of its spectrum to rival Iliad for up to €1.8 billion or $2.5 billion.

Shares of Iliad climbed 13% to €213.

Diana Group, the France-based food ingredient maker received two separate bids worth more than €1.2 billion or $1.7 billion from Germany-based Symrise and Japan-based food company Ajinomoto Co., Inc.

The second round of auction attracted several private equity firms.

Diana’s revenues in 2012 topped €415 million.

GlaxoSmithKline Plc rose 0.9% to 1,669.50 pence after the U.K.-based medicines and healthcare products maker confirmed to increase its stake in its Indian pharmaceuticals unit to 75% for $1.05 billion.

Hochtief AG jumped 2.3% to €69.83 after the Germany-based construction group plans for conditional cash takeover offer of $1.15 billion to increase its stake in the Australia-based Leighton Holdings Limited.

Rolls-Royce Holding Plc gained 1.8% to 1,045 pence after the U.K.-based power systems and service provider said Daimler AG plans to sell its 50% stake in the company valued at £1.9 billion.

Wild Flavors, Inc., after the media report Germany-based drink and food flavor maker is expected to fetch €1.5 billion or $2.1 billion.

Hans Peter Wild, son of founder Rudolf Wild, controls 65% of the company and the 35% is owned by private equity firm KKR.

The company expects core operating earnings for the fiscal 2014 at €140 million and bidders are expected to pay between €1.4 billion and €1.7 billion.

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