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Market Update

Lanxess Plans to Acquire Chemtura, Axel Increases Car&Boat Stake

Author: Sarla Buch
Last Update: 3:45 AM ET September 26 2016

4:00 PM Frankfurt Axel Springer agreed to acquire additional 39% stake in France based Car&Boat Media. Aryzta profit tumbled 87%. Lanxess plans to acquire the US-based rival Chemtura for $2.1 billion. Lamprell secured a new rig contract from Norway-based Jacktel.

In London trading, FTSE 100 index declined 80.84 or 1.2% to 6,827.17 and in Frankfurt the DAX index dropped 194.95 or 1.8% to 10,431.01.

In Paris, CAC 40 index slumped 71.81 or 1.6% to 4,417.69.

Axel Springer SE fell 0.9% to 45.31 after Germany-based online classified advertiser agreed to acquire additional 39% stake in Car&Boat Media and the transaction is expected to complete in the next week.

Aryzta AG slipped 1.1% to 42.87 Swiss francs after Switzerland-based specialty baking services provider said revenues in the year increased 1.5% from a year ago to 3.88 billion.

Net income in the year tumbled 86.9% from a year ago to 69.8 million compared to the 532.3 million and diluted earnings per share slumped to 0.39 from 5.57.

Lanxess AG surged 8.3% to 52.74 after Germany-based specialty chemicals producer said its plans to acquire US-based rival Chemtura Corporation for about $2.12 billion in cash, 18.9% premium to the closing price of September 23.

The transaction is expected to close in the mid of 2017.

Lamprell Plc surged 11.1% to 71.09 after United Arab Emirates-focused oil and gas rig builder secured a new contract worth about $90 million from Norway-based Jacktel AS, a unit of Master Marine AS.

The contract is to upgrade the Haven mobile operating unit and is expected to be completed in the second-quarter of 2018.

Syngenta AG decreased 0.6% to 426.40 Swiss francs after Reuters said China National Chemical Corp is nearing antitrust approvals from the European Union for its $43 billion takeover of Switzerland-based pesticides and seeds maker.

The decision is expected to be announced by the end of next month.

UniCredit SpA dropped 2.9% to 2.09 after Reuters reported that Italy-based bank intends to raise as much as 16 billion or $18 billion through a stock offering and asset sales.

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