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Market Update

Glencore Sells Peru Mine for $5.85 B, Symrise in 1.3 B Deal

Author: Nigel Thomas
Last Update: 10:35 AM ET April 14 2014

4:00 PM Frankfurt Glencore Xstrata sell its stake in the Las Bambas copper mine to China-based Minmetals for $5.85 billion in Peru. Kuehne & Nagel net climbed 12% but sales fell 1%. Marine Harvest said production increased. Symrise offered to buy Diana Group for in a 1.3 billion.

In London trading, FTSE 100 index slid 0.1% or 9.42 to 6,552.28 and in Frankfurt the DAX index fell 0.3% or 29.86 to 9,285.43.

In Paris, CAC 40 index decreased 0.2% or 7.02 to 4,358.84.

Glencore Xstrata Plc rose 0.7% to 313.95 pence after the U.K.-based miner and energy producer sell its stake in the Las Bambas copper mine to a group owned by China Minmetals Corporation for $5.85 billion in Peru.

Kuehne & Nagel International AG declined 2.8% to 119.50 francs after the Switzerland-based logistics services provider stated sales in the first-quarter ending in March fell 1.3% to 4.13 billion francs from 4.18 billion francs a year ago.

Net income in the quarter climbed 11.9% to 150 million francs compared to 134 million francs and diluted earnings per share jumped 9.9% to 1.22 francs from 1.11 francs a year earlier.

Marine Harvest ASA climbed 4% to 69.65 kronor after the Norway-based farming company updated that total harvesting in first-quarter increased to 92,000 tons from the earlier guidance of 80,000 tons projected during the result of fourth-quarter.

The company said operating earnings in the quarter for the group soared to 1.07 billion kronor from 482 million kronor a year ago period.

Rheinmetall AG slumped 2% to 49.61 after the Germany-based defense products maker said Saudi Arabia may cancel the sale of 800 Leopard 2 Battle tanks.

Symrise AG dropped 2.3% to 35.03 after the Germany-based fragrances and flavors maker offered to buy a food ingredient maker Diana Group from France-based private-equity group Ardian for 1.3 billion or $1.8 billion.

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

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