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Market Update

Europe: XL in 2.8 B Deal with Catlin, Sodexo Revenues Rise 5%

Author: Nigel Thomas
Last Update: 11:08 AM ET January 09 2015

4:00 PM Frankfurt Laird Plc plunged 9% despite the engineering company reaffirmed its fourth-quarter outlook. Sodexo revenues in the first-quarter climbed 4.7% to 5.1 billion. XL Group agreed to acquire Catlin Group for about 2.8 billion.

In London trading, FTSE 100 index fell 0.3% or 22.14 to 6,547.82 and in Frankfurt the DAX index edged down 0.05% or 4.89 to 9,832.72.

In Paris, CAC 40 index slid 0.2% or 8.39 to 4,251.80.

Hilton Food Group Plc fell 0.9% to 393.60 pence after the U.K.-based meat packing retailer said investment in Huntingdon expected to be commissioned by the end of the first-quarter of 2015.

The company added outlook for the fiscal 2015 is positive as performance during the year ending on December 28 is in line with board''s expectations.

Laird Plc plunged 9.3% to 300.83 pence despite the U.K.-based precision engineered component maker reaffirmed its fourth quarter outlook in the latest trading results.

Sodexo SA slipped 1.9% to 79.84 after the France-based on-site catering service provider reported revenues in the first-quarter ending in December climbed 4.7% to 5.08 billion from 4.86 billion a year ago period.

XL Group Plc (XL) after the Ireland-based insurance company agreed to acquire Catlin Group limited for about 2.8 billion or $4.2 billion, a premium of 23.5% to Catlin''s closing share price as of December 16 to expand its property-casualty insurance business.

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