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Market Update

Ladbrokes Coral, GVC Deal Talk Lifts Stocks, Orange Cautiously Optimistic


Author: Sarla Buch
ticker.com
Last Update: 11:00 AM EST December 07 2017

4:00 PM Frankfurt Ladbrokes Coral surged on takeover offer from GVC. France-based telecom operator Orange SA offered mildly optimistic outlook. Smith & Nephew completed acquisition of Rotation Medical. Uniper fell on fiscal 2018 outlook but raise dividend.

In London trading, FTSE 100 index fell 14.37 or 0.2% to 7,333.54 and in Frankfurt the DAX index increased 14.58 to 13,012.53.

In Paris, CAC 40 index edged up 2.91 to 5,377.12.

Ladbrokes Coral Group Plc surged 33.2% to 180.80 pence after the U.K.-based betting and gaming services provider received an offer from its rival GVC Holdings Plc for 203.7 pence per share or about 3.9 billion or $5.2 billion.

GVC Holdings Plc stock soared 8.7% to 988 pence.

Orange SA advanced 2.6% to 14.60 after France-based mobile services provider forecasted operating profit in fiscal 2017 of about 2% and sounded optimistic for growth in the next three years.

The mobile services provider estimated capital expenditure in 2018 of 7.4 billion and confirmed fiscal 2017 dividend payment of at least 0.65 per share.

Orange reaffirmed its strategy and the telecom operator said it aims further savings of 1 billion by 2020.

Smith & Nephew Plc fell 0.8% to 1,314 pence after the U.K.-based medical devices maker said that it had completed the acquisition of Rotation Medical Inc for about $125 million and additional payment of $85 million in the next five years based on performance.

Uniper SE slipped 1.7% to 25.24 after Germany-based energy producer forecasted fiscal 2017 operating profit between 800 million and 1.1 billion and net income in the range of 1 billion to 1.2 billion.

The energy producer said dividend in fiscal 2017 of about 250 million and plans to increase its 2018 dividend by 25% to 310 million.

Xafinity Plc jumped 6.8% to 184.50 pence after the U.K.-based pensions actuarial, consulting and administration services provider said that Punter Southall Group Limited today proposed to buy its pensions actuarial, consulting and administration business for a total consideration of up to 153 million.

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