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Market Update

Europe: Vodafone and Verizon to Finalize Wireless Deal


Author: Nigel Thomas
ticker.com
Last Update: 11:01 AM ET September 02 2013

4:00 PM Frankfurt Peugeot said new cars registrations in France plunged 17% in August. Rio Tinto climbed after its Australia infrastructure expansion. Vodafone is expected to finalize today to 45% stake sell in Verizon Wireless.

In London trading, FTSE 100 index climbed 1.6% or 104.09 to 6,517 and in Frankfurt the DAX index jumped 1.8% or 144.25 to 8,247.

In Paris, CAC 40 index advanced 1.8% or 68.76 to 4,003.

Peugeot SA rose 0.1% to 10.76 after the automobile manufacturer said registrations of new cars in France in August plunged 17%.

Total new cars registrations in August in France dropped 11% compared to a year ago month and reached a new low.

Rio Tinto Plc climbed 4.6% to 3,047 pence and shipped first iron ore consignments from its newly expanded port, rail and mine operations in Australia. Rio has estimated iron ore operation capacity to expand to 290 million tons a year.

The miner added additional infrastructure for the port, rail and power is expected to increase iron ore capacity to 360 million tons a year.

Vodafone Group Plc surged 8.3% to 204.95 pence after the wireless operator is in talks with U.S. based Verizon Communications Inc to sell its 45% stake in the joint venture Verizon Wireless that is estimated in a cash and stock deal valued at $130 billion.

Today the boards of directors are likely to vote on terms of agreement. Vodafone confirmed it is in advanced discussions with Verizon about the sale.

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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