S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Generali Sells German Insurance Unit, Bellon Family Lifts Sodexo Stake


Author: Sarla Buch
ticker.com
Last Update: 11:54 AM EDT July 05 2018

4:00 PM Frankfurt Bellon family increased its stake in Sodexo. Generali agreed to sell 89.9% stake in its Germany-based life insurance unit for 1.9 billion. Superdry revenue jumped after strong online sales. Sodexo surged on strong revenues.

In London trading, FTSE 100 index increased 28.09 or 0.3% to 7,601.16 and in Frankfurt the DAX index jumped 107.22 or 0.9% to 12,426.

In Paris, CAC 40 index advanced 40.46 or 0.8% to 5,360.95.

Bellon SA, France-based Bellon family said that it increased its stake to
41.27% from 40.38% in the domestic food services provider Sodexo SA.

Assicurazioni Generali SpA gained 1.8% to 14.52 after France-based insurer agreed to sell 89.9% stake in its Germany-based life insurance unit Generali Leben to private equity backed Viridium Gruppe, owned by the U.K.-based private equity firm Cinven Group Ltd and Hannover Rueck SE for about 1.9 billion.

Under the terms, Generali Investments Europe will manage the Generali Leben assets for a 5-year period and will receive cumulative total fee of 275 million.

SuperDry Plc soared 6.4% to 1,244 pence after the U.K.-based apparel and accessories retailer said revenues in the year ending on April 28 jumped 16% from a year ago to 872 billion.

Net income in the year plunged 24.9% to 53.3 million from 71 million in a year ago period and diluted earnings per share slumped to 61.9 pence from 80.7 pence.

The retailer said revenues in the wholesale business soared 29.6% and revenues in retail segment jumped 9.2%, driven by online revenue up 25.8%.

The fashion retailer forecasted fiscal 2019 growth to be driven by online and wholesale businesses and reaffirmed high single-digit increase in group revenue.

Sodexo SA surged 8.7% to 90.10 after France-based personal and home food services provider reported revenues in the nine-month period ending in May dropped 1.6% from a year ago to 15.5 billion after on-site services revenues declined 2.7% to 14.9 billion.

Sodexo food services provider reaffirmed fiscal 2018 revenue growth of between 1% and 1.5% and operating profit margin to jump approx 5.7%.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc