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Market Update

France Based Engie Buys Stake in Tabreed, PerkinElmer to Buy Euroimmun

Author: Sarla Buch
Last Update: 1:58 PM ET June 19 2017

4:00 PM Frankfurt – Engie agreed to buy 40% stake in Dubai-based National Central Cooling Co. Europcar agreed to acquire rival Goldcar in a €550 million. PerkinElmer agreed to buy Germany-based Euroimmun Medical for $1.3 billion. Sainsbury is close to buying Nisa.

In London trading, FTSE 100 index advanced 67.50 or 0.9% to 7,531.04 and in Frankfurt the DAX index soared 144.90 or 1.1% to 12,897.77.

In Paris, CAC 40 index jumped 60.05 or 1.1% to 5,323.36.

Engie SA increased 0.4% to €14.06 after France-based gas and electricity supplier agreed to acquire 40% stake in Dubai-based National Central Cooling Company (Tabreed) for 2.62 dirhams per share or $762 million or 2.8 billion dirhams from Abu Dhabi state investor Mubadala Investment Co.

The transaction is expected to close in the third-quarter of 2017.

Europcar Groupe SA jumped 3.2% to €12.44 after France-based car rental services provider today said that it had signed an agreement with Investindustrial to acquire Europe’s largest low cost car rental services provider Goldcar for about €550 million.

In fiscal 2016, Goldcar generated €240 million in revenues and operating profit of about €48 million.

The transaction is expected to close in the second-half of this year.

Euroimmun Medical Laboratory Diagnostics AG, the Germany-based privately held scientific instruments maker agreed to be acquired by the U.S.-based laboratory equipments maker PerkinElmer Inc for about $1.3 billion in cash.

The transaction is expected to close in the fourth-quarter of this year.

J Sainsbury Plc advanced 1.6% to 256.30 pence after London based Sunday Times said U.K.-based retailer is close to acquiring smaller rival and domestic member-owned convenience store group Nisa Retail for about £130 million.

However, the deal may face opposition by independent shopkeepers for its demutualization. To facilitate the transaction, Nisa will sign exclusive agreement with 2,500 independently owned stores around the U.K. with annual turnover of about £1.43 billion.

Ocado Group Plc surged 8.6% to 299.50 pence on speculation that the U.K.-based online grocery retailer may receive a takeover offer from the U.S. based Amazon Inc. The rumors intensified after the online retailer struck a deal with the U.S.-based Whole Foods Market Inc on Friday for $13.7 billion.

Workspace Group Plc gained 0.5% to 952.50 pence after the U.K.-based real estate developer said today it signed contracts to sell third and final phase of the mixed-use redevelopment of Bow Enterprise Park, E3.

The final phase of the redevelopment consists of 130 residential units that were sold for £6.3 million in cash and the return of a new 40,000 square feet business centre.

Yit Oyj soared 5.7% to €7.98 after the Finland-based real estate developer agreed to buy smaller domestic rival Lemminkainen Oyj for about €632 million or $707 million.

The construction company said combination is expected to complete in the last two months of the current year and regulatory approvals are currently expected on September 12, 2017.

Lemminkainen Oyj stock surged 43.9% to €27.99.

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