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Market Update

Europe Earnings: Gtech, Husqvarna, Meggitt, Rio Tinto, Tele2


Author: Nigel Thomas
ticker.com
Last Update: 11:40 AM ET July 16 2014

4:00 PM Frankfurt Gtech agreed to acquire International Game Technology for $6.4 billion in cash. Husqvarna net climbed 48% to 975 million kronor. Meggitt surged on takeover bid for about 5 billion. Rio Tinto maintained production guidance. Tele2 profit surged 122% to 818 million kronor.

In London trading, FTSE 100 index gained 0.9% or 62.99 to 6,773.44 and in Frankfurt the DAX index jumped 1.2% or 113.80 to 9,833.21.

In Paris, CAC 40 index climbed 1.2% or 52.28 to 4,357.59.

Gtech SpA climbed 3.7% to 19.12 after the Italy-based online gaming company agreed to buy U.S.-based International Game Technology Inc, casino equipment maker for $6.4 billion in cash, stock and assumed debt.

The deal consists of $4.7 billion in cash and stock as well as $1.7 billion in debt.

Husqvarna AB soared 6.4% to 54.80 kronor after the Sweden-based cutting and drilling products maker reported net sales in the second-quarter ending in June jumped 8% to 11.04 billion kronor from 10.23 billion kronor a year ago.

Net income in the quarter climbed 48% to 975 million kronor compared to 661 million kronor and earnings per share increased to 1.70 kronor from 1.15 kronor a year earlier.

Meggitt Plc surged 8.5% to 532 pence on report that the U.S.-based United Technologies Corp plans to launch a takeover bid for about 5 billion in cash or 625 pence per share.

Rio Tinto Plc gained 2.9% to 3,338.50 pence after the U.K.-based miner reported iron ore production in the first-half climbed as 23% to 75.7 million tones after record iron ore results from the Pilbara mines.

The miner added production of steel-making ingredient jumped 11% to 73.1 million tons from a year earlier.

Tele2 AB fell 0.4% to 86 kronor after the Sweden-based communication company said total net sales in the second-quarter ending in June fell 1% to 6.34 billion kronor from 6.42 billion kronor a year ago.

Net profit in the quarter surged 122% to 818 million kronor compared to 369 million kronor and earnings per share increased to 1.83 kronor from 0.82 kronor a year earlier.

In July 2014, Tele2 agreed to sell its Norwegian business to TeliaSonera for an enterprise value of 5.1 billion kronor.

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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