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Market Update

Europe Earnings: GDF Suez, L'Oreal, Outokumpu, ThyssenKrupp, UBS

Author: Nigel Thomas
Last Update: 8:39 AM ET December 02 2013

3:40 PM Frankfurt GDF Suez won a $500 million bid to build and operate thermal plants in Peru. L''Oreal launched its 500 million share buyback program. Outokumpu and ThyssenKrupp severe financial ties and plan to raise capital. UBS plans to raise 1.75 billion.

In London trading, FTSE 100 index dropped 0.7% or 45.71 to 6,605 and in Frankfurt the DAX index rose 0.1% or 7.53 to 9,413.

In Paris, CAC 40 index slid 0.3% or 10.78 to 4,284.

Balfour Beatty Plc fell 0.9% to 264.88 pence after the U.K.-based infrastructure developer secured two affordable housing contracts totaling 4.6 million in Wisbech.

GDF Suez SA rose 0.4% to 17.14 after the France-based gas and electricity supplier through its subsidiary EnerSur won a bid to build and operate 500 megawatt thermal plants in Ilo, Peru. The total investment cost for the project is about at $500 million.

L''Oreal SA gained 1.5% to 124.90 after the France-based cosmetics maker launched its 500 million stock buyback program that will extend till the end of the first quarter of 2014.

Outokumpu Oyj soared 15.3% to 0.441 after the Finland-based stainless steel maker plan to raise 650 million through a rights issue and divest assets back to ThyssenKrupp, to lower its debt-to-equity ratio in exchange for the cancellation of a 1.25 billion of debt.

ThyssenKrupp AG plunged 8.9% to 17.55 and the Germany-based carbon steel producer plan to increase its capital to as much as 10% to raise nearly 1 billion.

ThyssenKrupp will fully divest its 29.9% shareholding in Outokumpu and terminate all financial links with the company.

UBS AG, the Swiss financial services provider said it plans a tender offer of subordinated bonds and senior unsecured bonds for aggregate amount of 1.75 billion to lower the debt.

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