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Market Update

Maersk Sells Energy Division to TOTAL, Rathbone in Merger Talks

Author: Sarla Buch
Last Update: 12:29 PM ET August 21 2017

4:00 PM Frankfurt – Fiat Chrysler denied that China based Great Wall approached the company to acquire Jeep division. Headlam Group profit soared. Total S.A. agreed to acquire Maersk Oil & Gas for £5.7 billion. Rathbone Brothers is in merger talks with Smith & Williamson.

In London trading, FTSE 100 index slumped 21.41 or 0.3% to 7,301.98 and in Frankfurt the DAX index declined 131.90 or 1.1% to 12,032.92.

In Paris, CAC 40 index dropped 43.24 or 0.9% to 5,071.27.

Fiat Chrysler Automobiles NV traded unchanged at €6.94 after the Italian auto maker today confirmed that it has not been approached by China-based passenger car maker Great Wall Motors Co Ltd in connection with the Jeep brand or any other matter. Fiat added it is fully committed to its 2014-2018 plan.

However, earlier today Reuters reported that China''s Great Wall Motor is pursuing for Fiat Chrysler’s all or part of the Jeep and RAM truck brands.

Headlam Group Plc increased 1.7% to 580 pence after the U.K.-based floor covering products maker said total revenues in the first-half ending in June jumped 4% from a year ago to £341.9 million.

Net profit in the period soared 13.1% to £13.7 million from £12.1 million in a year ago six-month period and diluted earnings per share jumped to 16.1 pence from 14.3 pence.

The floor coverings distributor increased its interim dividend for 2017 by 12.7% to 7.55 pence from 6.70 pence in the same period a year ago.

Rathbone Brothers Plc gained 1.1% to 2,800 pence after the U.K.-based investment and wealth management services provider confirmed that it is in exclusive talk with the financial services provider Smith & Williamson for possible all share merger of the two groups.

Total SA rose 0.5% to €42.88 after France-based oil and gas producer agreed to acquire oil and gas business in the North Sea of Maersk Oil & Gas A/S, a unit of Denmark-based A.P. Moller-Maersk A/S for about £5.7 billion or $7.45 billion in share and debt transaction.

Under the terms, shareholder of A.P. Moller will receive $4.95 billion in shares and Total will assume $2.5 billion of Maersk Oil’s debt.

The transaction is expected to complete in the first-quarter of 2018.

Vontobel Holding AG fell 0.2% to 61.80 Swiss francs after the Switzerland-based private banking services provider agreed to acquire portfolio of about 2 billion franc of eastern European private banking clients from Notenstein La Roche Private Bank Ltd.

The transaction is expected to close in the coming weeks.

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