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Market Update

Hammerson Acquires Dundrum for £1.01 B, TDC Rejects Takeover Offer

Author: Sarla Buch
Last Update: 1:47 PM ET July 08 2016

4:00 PM Frankfurt – Air France KLM June passenger traffics fell 2%. British Land agreed to sell its flagship store Debenhams building. Hammerson agreed to buy Ireland-based Dundrum for £1.01 billion. Sodexo revenues jumped 3.7%. TDC rejected a takeover proposal from Apollo Global Management.

European markets advanced on the final day of the week and major indexes suffered losses after the Brexit worries linger.

Banks in Milan and Madrid advanced and auto stocks in Frankfurt gained as investors sought safety in consumer and industrial stocks in the region.

In London trading, FTSE 100 index gained 56.85 or 0.9% to 6,590.64 and in Frankfurt the DAX index jumped 210.88 or 2.2% to 9,629.66.

In Paris, CAC 40 index increased 72.83 or 1.8% to 4,190.68.

For the week, FTSE 100 index rose 0.3% and the DAX index dropped 1.5% and the CAC 40 index slumped 1.9%.

Air France KLM SA gained 0.9% to €5.72 after the France-based airline total number of passenger in June dropped 2% and load factor fell 1.4 points to 85.5% from 86.9% a year ago month.

Revenue pax kilometer decreased 2.1% year-on-year to 22.20 billion from 22.68 billion while passenger carried rose 1% to 8.32 million from 8.24 million in the same month a year ago.

The airline said its Chief Financial Officer Pierre-François Riolacci had resigned from the company.

British Land Company Plc soared 4.3% to 587 pence after the U.K.-based real estate company agreed to sell its flagship store Debenhams building for £400 million.

Hammerson Plc jumped 4.9% to 517 pence after the U.K.-based real estate developer agreed to acquire Ireland-based shopping and leisure assets owner Dundrum for about £1.01 billion.

Sodexo SA increased 1.6% to €98.95 after the France-based on-site services provider reported revenues in the nine-month ending in May jumped 3.7% to €15.7 billion.

TDC A/S surged 9.2% to DKK35.53 after the Denmark-based communications and pay-television provider confirmed that it received a takeover offer from the U.S. private-equity firm Apollo Global Management LLC, valuing the telecommunications company at about 28.9 billion kroner or $4.3 billion.

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