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Market Update

Lafargeholcim to Sell Assets in 9 Countries, Schneider Revises Aveva Bid


Author: Sarla Buch
ticker.com
Last Update: 9:28 AM ET June 13 2016

4:00 PM Frankfurt Lafargeholcim decided 9 countries for asset divestments of about 3.5 billion Swiss franc including Saudi Arabia, South Korea and India. Siemens said it has no interest in robot maker Kuka targeted to 4.5 billion by China-based home appliance maker Midea. Schneider revised its proposal to acquire Aveva.

European markets traded lower and extended mixed performance of last week in the euro zone.

Oil traded sideways but with a downward bias and the euro continued to firm up against the U.S. dollar.

In London trading, FTSE 100 index slipped 57.30 or 0.9% to 6,058.46 and in Frankfurt the DAX index decreased 142.54 or 1.4% to 9,693.03.

In Paris, CAC 40 index dropped 67.30 or 1.6% to 4,239.42.

Lafargeholcim Ltd dropped 3.2% 40.59 Swiss Franc after the Switzerland-based cement maker said it had identified additional nine countries where the company may divest its asset of about 3.5 billion Swiss franc or $3.63 billion including Saudi Arabia, South Korea and India in 2017.

Siemens AG fell 0.9% to 92.12 after the Germany-based industrial conglomerate chief executive said the company is not interested in robot maker Kuka targeted to be acquired by China-based home appliance maker Midea for 4.5 billion or $5.06 billion.

Schneider Electric SE slumped 1.9% to 54.14 after the France-based electricity supplier confirmed that it is looking to combine its software business with the U.K.-based industrial software provider Aveva Group Plc for about 1.3 billion.

Aveva said it has received a revised proposal from Schneider that was withdrawn after the both companies had failed to agree on merger terms a year ago.

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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