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Market Update

Europe Movers: Airbus, Ericsson, Lamprell, Marks and Spencer, SocGen

Author: Nigel Thomas
Last Update: 10:21 AM ET March 18 2013

2:50 PM Frankfurt Banks in the euro zone declined sharply on the fresh worries of bank bailout after the euro zone finance ministers proposed a tax on depositors as a conditions for a Cyprus bank bailout. Airbus won an order from Indonesia base airline valued at a list price of $24 billion.

Markets across the euro zone dropped sharply after the euro zone finance ministers proposed a one-time tax on bank depositors to pay for the bank bailout.

In London trading, FTSE 100 index slid 0.7% or 47.4 to 6,442 and in Frankfurt, the DAX index dropped 1.2% to 85.9 to 7,947. In Paris, CAC 40 index declined 1.4% or 52.9 to 3,791.

Banks declined in the euro zone on the worries that heavily indebted nations in the euro zone like Greece, Spain and Italy may face similar steps to levy tax on depositors.

Barclays, Societe Generale, Deutsche Bank and Santander declined more than 1%.

Airbus S.A.S. the France based aircraft maker reported it won order of 234 A320 Family aircraft from Lion Air, Indonesia valued at a list price of $24 billion.

Ericsson slipped 1.4% to 82.15 kronor after the Sweden based communications equipment maker said its joint venture ST-Ericsson is expected to dissolve during the third quarter of this year.

STMicroelectronics and Ericsson are in an equal ownership partnership.

Lamprell plc slumped 1.9% to 145 pence after the UK based oil rig maker was fined 2.4 million by the Financial Services Authority of UK for failure to put adequate system and financial controls.

Marks and Spencer Group Plc jumped 8.5% to 404.10 pence after the UK based discount retailer on speculation that Gulf based investment authority is not interested to take over the company. Qatar investment authority was rumored to prepare a takeover the retailer for 8 billion.

Torotrak plc surged 21.9% to 29.25 pence after the UK based drive technology provider licensed Allison Transmission Inc to exclusively manufacture Torotrak products for 6 million.

Allison will subscribed additional 8,248,434 shares in Torotrak at a price of 30.26 pence a share, a premium of 20%.

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