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Market Update

Europe Earnings: DS Smith, Getinge, Versace, Merck, Mulberry, Transneft

Author: Nigel Thomas
Last Update: 10:33 AM ET December 05 2013

3:40 PM Frankfurt – DS Smith profit surged 65%. Getinge offered to acquire Pulsion Medical Systems for €139 million. Fondo Strategico Italiano leading the minority stake bid for fashion house Versace. Merck agreed to acquire AZ Electronic for £1.6 billion. Mulberry profit dropped 31%.

In London trading, FTSE 100 index slid 0.1% or 7.61 to 6,502 and in Frankfurt the DAX index fell 0.1% or 12.97 to 9,128.

In Paris, CAC 40 index slipped 0.5% or 18.72 to 4,130.

DS Smith Plc climbed 4.9% to 313.50 pence after the U.K.-based recycled packaging company said revenue in the first-half ending in October climbed 25% to £2.08 billion from £1.67 billion a year ago period.

Profit for the period surged 65% to £70.1 million compared to £42.5 million and diluted earnings per share climbed to 7.5 pence from 4.5 pence a year earlier.

The company said pre-tax profit for the period jumped to £110.1 million from £86.7 million a year ago.

Getinge AB slid 0.6% to 207.50 kronor after the Sweden-based medical technology company intends to issue a public tender offer to acquire €139 million for Germany listed Pulsion Medical Systems SE, a provider of specialist monitoring systems for critically ill patients.

Fondo Strategico Italiano S.p.A., the Italy-based state-backed fund is the front-runner in acquiring a 20% minority stake in Gianni Versace S.p.A fashion house valuing the company at €1.1 billion.

Sources close to the company and bankers in Milan said at least six companies have made an offer and the state-backed fund is the leading contender for the stake sale.

The news was first reported by Financial Times and was later confirmed independently by 123jump.com through sources in Milan and New York.

LVMH Moėt Hennessy Louis Vuitton fell 0.6% to €132.20 after the France-based conglomerate plans buy 40% stake in Melbourne-based sports apparel brand 2XU through its Singapore-based investment fund L Capital Asia.

Merck KGaA soared 6% to €131.85 after the Germany-based pharmaceutical industry agreed to acquire AZ Electronic Materials Group for about £1.6 billion or at 403.5 pence per share.

Shares of specialty chemical AZ Electronic surged 51.4% to 398 pence at London Stock Exchange.

Mulberry Group Plc fell 0.9% to 1,015 pence after the U.K.-based luxury fashion group said total revenue in the first-half rose 2% to £78.1 million from £76.5 million a year ago.

Profits for the period dropped 30.8% to £5.08 million compared to £7.34 million and earnings per share decreased to 8.6 pence from 12.9 pence a year earlier.

Private equity group TDR Capital has started an accelerated book build to sell half of its 16% stake in British life insurer Phoenix Group, it said.

Renault SA fell 0.7% to €61.60 after the France-based automobile company and Dongfeng Motor Group Co received approval from China''s top economic planner to start $1.3 billion car-making joint venture in China.

The 50-50 joint venture expects to produce 150,000 multi-purpose vehicles and engines per year.

Transneft'' AK OAO jumped 2.2% and a media report suggested that Russia-based oil and gas transportation company is in talks to buy an office building for $1 billion in the Moscow City area.

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