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Market Update

LVMH to Buys Rimowa for 640 M, BP Struggles with Oil Spill

Author: Sarla Buch
Last Update: 7:21 AM ET October 04 2016

4:00 PM Frankfurt BP said about 95 tons oil spilled from Clair platform. Carillion won a seven-year contract from Nationwide Building. Ericsson intends to reduce 3,000 domestic positions. LVMH agreed to buy Germany-based Rimowa for 640 million.

In London trading, FTSE 100 index jumped 133.99 or 1.9% to 7,117 and in Frankfurt the DAX index increased 87.17 or 0.8% to 10,598.63.

In Paris, CAC 40 index advanced 52.20 or 1.2% to 4,504.79.

BP Plc jumped 2.5% to 469.70 pence after the U.K.-based oil and gas producer said about 95 tons of oil spilled from Clair platform located west of the Shetland Islands.

BP is investigating the technical issue and said the platform will remain closed for the time being.

Carillion Plc advanced 3.6% to 260.10 pence after the U.K.-based construction services provider was awarded a seven-year contract to provide facilities management services from Nationwide Building Society for 350 million and may extended for a further three years.

LM Ericsson gained 1.1% to 62 Swedish Kronor after the Sweden-based telecommunications operator said it intends to reduce 3,000 domestic positions to cut the costs by 9 billion kronor or $1 billion in 2017 in addition to restructuring charges in 2016 of approx 5 billion kronor.

However, Ericsson also plans to recruit approx 1,000 R&D positions in Sweden in the next three years.

Greggs Plc increased 1.9% to 1,065.42 pence after the U.K.-based bakery products retailer said total sales in the third-quarter ending on October 1 from a year ago to increase 5.6% and comparable sales advance 2.8%.

LVMH Moet Hennessy Louis Vuitton SE soared 3.1% to 156.50 after France-based luxury goods maker agreed to acquire controlling stake in the Germany-based high-tech luggage maker Rimowa from Dieter Morszeck for 640 million or $719 million.

The transaction is expected to complete in January.

Royal Mail Plc rose 1.6% to 499.40 pence after the U.K.-based postal services provider agreed to acquire California-based domestic rival Golden State Overnight Delivery Service Inc for about $90 million.

ScS Group Plc jumped 3.7% to 190.81 pence after the U.K.-based home furniture and flooring retailer said revenues in the year ending in July soared 14.7% from a year ago to 317.3 million.

Net in the year swung to profit from a year ago to 8.7 million compared to the loss of 2.2 million and diluted earnings per share swung to 21.3 pence from diluted loss per share of 5.6 pence.

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