4:00 PM Frankfurt ArcelorMittal net swung to profit after sales jumped. Iliad offered $15 billion for 56.6% controlling stake in T-Mobile US. Intesa Sanpaolo net surged 71% to 720 million. Direct Line Insurance profit soared 16% to £175 million. Vinci profit surged 77% to 1.3 billion.
In London trading, FTSE 100 index slipped 0.5% or 38.81 to 6,691.30 and in Frankfurt the DAX index declined 1.6% or 148.96 to 9,258.52.
In Paris, CAC 40 index dropped 0.5% or 23.46 to 4,222.68.
declined 5.1% to 10.78 after the global steel producer reported sales in the second-quarter ending in June jumped 2.5% to $20.70 billion from $19.79 billion a year ago period.
Net in the quarter swung to profit from a year earlier to $52 million compared to a loss of $780 million and diluted earnings per share swung to 3 cents from a loss of 44 cents.
Sales in the quarter from Europe segment increased 1.7% to 7.7 billion from 7.5 billion and steel shipments in the quarter rose 1.8% to 10.2 million tons compared with the previous quarter.
As of June, net debt decrease of $1.1 billion due to release of working capital $0.9 billion.
plummeted 7.2% to 191.15 after the France-based fourth largest telecom carrier offered $33 a share in cash valued $15 billion for 56.6% controlling stake in T-Mobile US.
The offer is less than Sprints reported offer of around $40 per share and the two companies are in advanced stage of discussion. Deutsche Telekom, the parent of T-Mobile already rejected the Iliads offer.
Iliad said the merger will achieve $10 billion in cost savings and did not elaborate how and when that will be reached. Analysts were skeptical of the merger synergy because Iliad does not have a presence in the U.S.
Iliad reported 5.7 million broadband subscribers and 8.6 million wireless subscribers, significantly smaller than nearly 50 million T-Mobile subscriber base.
Intesa Sanpaolo SpA
jumped 2.3% to 2.28 after the Italy-based banking group stated net interest income in the second-quarter ending in June climbed 3.8% to 4.20 billion from 4.05 billion a year ago period.
Net income in the quarter surged 70.6% from a year earlier to 720 million compared to 422 million.
Direct Line Insurance Group Plc
climbed 4.1% to 296.80 pence after the U.K.-based general insurer reported gross earned premium in the first-half ending in June dropped 5.1% to £1.86 billion from £1.96 billion a year ago period.
Profit in the period soared 15.7% from a year earlier quarter to £175.6 million compared to £151.8 million and diluted earnings per share rose to 11.7 pence from 10.1 pence.
plunged 6.2% to 48.40 after the France-based engineering construction company said revenue in the first-half ending in June slid 1.3% to18.46 billion from 18.71 billion a year ago period.
Profit in the period surged 76.9% from a year ago to 1.32 billion compared to 748 million and diluted earnings per share climbed 71% to 2.35 from 1.37.