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Market Update

Europe Earnings: Mitchells & Butlers, Ladbrokes, Syngenta, Vodafone


Author: Nigel Thomas
ticker.com
Last Update: 11:07 AM ET June 16 2014

4:00 PM Frankfurt Mitchells & Butlers agreed to acquire rival operator Orchid Group for 266 million in cash. Ladbrokes extended the current bank loan facility. Vodafone agreed to acquire Italy-based Cobra Automotive Technologies for 145 million.

In London trading, FTSE 100 index slid 0.1% or 6.13 to 6,771.72 and in Frankfurt the DAX index closed flat at 9,912.86.

In Paris, CAC 40 index fell 0.3% or 14.35 to 4,528.93.

Majestic Wine Plc dropped 3.7% to 417.25 pence after the U.K.-based alcoholic beverages retailer said total sales in the year ending in March increased 1.4% to 278.16 million from 274.42 million a year ago.

Profit in the year rose 1.5% to 17.60 million compared to 17.33 million and diluted earnings per share was flat at 26.6 pence from a year earlier.

Mitchells & Butlers Plc slipped 0.7% to 404.30 pence after the U.K.-based restaurants and pubs operator agreed to acquire rival operator Orchid Group for 266 million in cash.

Ladbrokes Plc decreased 0.5% to 147.90 pence after the U.K.-based betting and gambling company extended the current bank loan of 350 million with maturity in June 2019, from its previous loan of 540 million.

The company has also cancelled a previous surplus facility of 135 million.

Syngenta AG slid 0.1% to 335.30 francs after the Switzerland-based agriculture products maker agreed to acquire Sweden-based food, energy and agriculture group Lantmaennen''s wheat and oilseed business in Germany and Poland.

Financial details were not disclosed and the transaction is expected to close in next month.

Vodafone Group Plc fell 0.3% to 194.86 pence after the U.K.-based wireless carrier agreed to acquire Italy-based Cobra Automotive Technologies SpA, the auto security systems developer through tender offer of 1.49 per share in cash valued at 145 million or 115 million or $197 million.

The conditional offer is expected to complete in the third quarter.

Shares of Cobra Automotive Technologies SpA surged 49.1% to 1.47.

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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