4:00 PM Frankfurt – Italian market index recovers from the early sell off. Air Berlin sold its stake in NIKI to Etihad on €300 million. UniCredit is in exclusive talks to sell its Pioneer Investments to France-based Amundi for €4 billion. Panasonic is in the final stages of talks to acquire ZKW for $1 billion.
Financial markets in Europe surprisingly were muted as Italian voters rejected constitutional reformed pushed by the Prime Minister Matteo Renzi.
Italian market index dropped as much as 2.4% after Prime Minister Renzi resigned on Monday morning but by early afternoon the index recovered most of its losses.
In London trading, FTSE 100 index rose 17.72 or 0.3% to 6,748.44 and in Frankfurt the DAX index jumped 134.61 or 1.3% to 10,648.10.
In Paris, CAC 40 index increased 37.39 or 0.8% to 4,566.21.
Air Berlin Plc
gained 1.7% to €0.59 after Germany-based airline group sold its entire stake in NIKI Luftfahrt GmbH to Etihad Investment Holding Company LLC for about €300 million.
“We are delivering a decisive step towards our new strategy, and transforming airberlin into a network carrier focused on domestic and European traffic,” chief executive officer airberlin Stefan Pichler said.
Burberry Group Plc
gained 1.4% to 1,432 pence after Financial Times reported luxury goods wholesaler and retailer rejected multiple “cash-and-stock” takeover offers from the U.S.-based handbag maker Coach Inc.
Cambian Group Plc
jumped 5.3% to 137.70 pence after the U.K.-based behavioral health services provider said plans to sell its adult services business to a unit of the U.S.-based Universal Health Services Inc for £377 million pounds or $478 million in cash.
The transaction is expected to close before the end of this month.
plunged 6.2% to €1.96 after Italy-based banking and financial services provider is in exclusive talks to sale of its Pioneer Investments to France-based Amundi for up to €4 billion.
Under its new strategic plan, UniCredit may include a share sale worth about €13 billion or $13.74 billion.
advanced 2.1% to €121.25 and Germany-based automobile company today officially launched its new mobility services at the industry event.
“MOIA will help us gain a deeper understanding of new forms of mobility and how to make them even more attractive in future,” chief executive officer the Volkswagen Group Matthias Müller said.
The ZKW Group
, the Nikkei business daily reported that Panasonic Corp is in the final stages of talks to acquire the U.K.-based privately held light-emitting diode headlights maker for up to $1 billion.
ZKW forecasted sales in fiscal 2016 of about €900 million or $949.59 million.