4:00 PM Frankfurt – Fiat Chrysler plans to spin off Ferrari in a public offering and valuing the luxury automaker at €11 billion. Roche agreed to buy the U.S.-based Adheron Therapeutics for $580 million. Givaudan sales jumped 2%. Vedanta Resources production increased 6%.
In London trading, FTSE 100 index increased 46.62 or 0.7% to 6,422.52 and in Frankfurt the DAX index gained 106.41 or 1% to 10,095.61.
In Paris, CAC 40 index jumped 31.46 or 0.7% to 4,707.37.
For the week, FTSE 100 index jumped 4.8% and the DAX index surged 5.7% and the CAC 40 index soared 5.6%.
, the Italy-based luxury sports car maker plans to spin off Ferrari in an initial public offering to as much as €11 billion or $12.4 billion before the end of the month.
The stock is expected to trade on the New York Stock Exchange and the offering price range has still not been announced.
The luxury automaker plans to sell 10% in the public offering and 80% are expected to be allocated to Fiat Chrysler shareholders and the remaining 10% will be held by Piero Lardi, son of the founder Enzo Ferrari.
soared 4.2% to 1,691 Swiss francs after the Switzerland-based fragrance and flavors maker said group sales in the nine-month period ending in September jumped 2% from a year ago to 3.30 francs.
The company said sales of fragrance and cosmetic ingredients plunged 7% while sales in flavors segment in the quarter jumped 3.3%.
Roche Holding Ltd
edged down 0.04% to 253.80 Swiss francs after the Switzerland-based healthcare company agreed to acquire the U.S.-based privately held biotechnology company Adheron Therapeutics, Inc for about $580 million.
The transaction is expected to close before the year-end.
Vedanta Resources Plc
surged 12.6% to 597 pence after the U.K.-based and India-focused diversified natural resources producer said average gross production in second-quarter jumped 6% to 205,361 barrels of oil equivalent per day and production at Rajasthan in India increased 3% to 168,126 boepd.
In Zambia, copper production in the quarter soared 12% to 33,000 tons and copper operations in India were stable with capacity utilization of about 94%.
The miner said it may export 5.5 million tons of iron ore from its mines in Goa, India by March 2016 as per the guidelines ruled by the Supreme Court.
As of September 30, Vedanta said net debt is below $8 billion.