4:00 PM Frankfurt – Metro agreed to sell its department store chain to Canada-based Hudson''s Bay for €2.8 billion. Dragon Oil received increased takeover offer for £3.7 billion from ENOC. Deutsche Annington agreed to acquire domestic rival Suedewo for €1.9 billion. Hennes & Mauritz sales climbed 21%.
In London trading, FTSE 100 index slumped 0.9% or 59.82 to 6,727.43 and in Frankfurt the DAX index declined 1.8% or 201.47 to 10,994.22.
In Paris, CAC 40 index dropped 1.7% or 84.52 to 4,820.67.
Dragon Oil Plc
surged 8.4% to 726.50 pence after the United Arab Emirates-based oil and gas explorer said Dubai-based Emirates National Oil Co increased its takeover offer of £7.50 a share in cash for remaining stake in the company.
This represents a premium of about 47.2% to the closing price of £5.09 per Dragon Oil share as on March 13.
The offer valued the company at £3.7 billion or €5.1 billion or $5.75 billion.
Deutsche Annington Immobilien SE
declined 5.9% to €26.12 after the Germany-based residential properties developer agreed to acquire domestic rival Suedewo for €1.9 billion or $2.13 billion.
The company plans to conduct a capital increase with subscription rights from authorized capital of €2.25 billion for acquisition.
The deal is expected to close in the next month.
H & M Hennes & Mauritz AB
slipped 0.9% to 326.70 kronor after the Sweden-based apparel retailer said group sales including value added tax in second-quarter ending in May climbed 21% to 45.87 billion kronor from 37.83 billion kronor in a year ago period.
The retailer said interim result will release on June 25.
declined 5% to €29.45 Germany-based department store operator agreed to sell its department store chain Galeria Kaufhof GmbH to Canada-based Hudson''s Bay Co. in a deal valued at €2.83 billion or $3.16 billion including debt and to expand beyond North America and to introduce Saks-brand in Europe.
The retailer said the deal will significantly reduce the net debt by about €2.7 billion and cash inflow of about €1.6 billion.
The transaction is expected to be closed by end of September 2015.
Majestic Wine Plc
dropped 3.5% to 424.50 pence after the wines, beers and spirits maker said total sales in the year ending in March jumped 2.3% to £284.5 million from £278.2 million in a year ago period.
Net profit in the year plunged 23.4% from a year ago to £13.5 million compared to £17.6 million and diluted earnings per share decreased to 20.4 pence from 26.6 pence in the same period a year ago.
Veolia Environnement VE SA
slumped 3.3% to 17.89 after the France-based water treatment services provider said its Ireland-based subsidiary secured contacts for 15-years worth €450 million to operate domestic biomass power plant in Killala, Co. from Mayo Renewable Power.