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Market Update

Mylan Offers $28.9 B to Perrigo, German Industrial Production Rises

Author: Nigel Thomas
Last Update: 11:55 AM ET April 09 2015

4:00 PM Frankfurt The increase in German industrial production offered the latest evidence of the growing momentum in the largest economy in the euro zone. Bank of England as expected held its reference interest rate. Mylan offered to buy generic drug maker Perrigo for $28.9 billion.

Stocks across the euro zone and in London gained for the second day and Bank of England left its rate on hold and German industrial production in February rose.

Industrial production in the largest economy in the euro zone rose 0.2% in February after a revised decline of 0.4% in January, according to the data released by the Economy Ministry in Berlin.

Exports increased 1.5% and imports gained 1.8% from January, according to a separate report released by the Federal Statistics Office.

The rising industrial activities offered yet another evidence of the gathering momentum in the German economy. The unemployment rate is at record low and business confidence increased for the fifth month in a row.

The central bank in the U.K. left rate unchanged for the 73rd month in a row and attention shifted to the next meeting after general election in May.

In London trading, FTSE 100 index jumped 1.1% or 76.12 to 7,013.53 and in Frankfurt the DAX index increased 0.9% or 104.72 to 12,140.58.

In Paris, CAC 40 index climbed 1.2% or 59.67 to 5,196.53.

Cranswick Plc gained 1% to 1,414 pence after the U.K.-based food products supplier said total sales in the fourth-quarter ending in March jumped 4% and rose 1% in the full-year.

The company said it invested 25 million in distribution infrastructure during the year ending in March.

Mylan N.V, the U.K.-based pharmaceutical company offered to acquire Netherland-based generic drug maker Perrigo Co. Plc for $205 per share in cash and stock or $28.9 billion, a 25% premium to closing price on April 3.

Matchtech Group Plc declined 2.8% to 520 pence after the U.K.-based outsourcing company said revenues in the first-half ending in January slid 0.3% to 220.2 million from a year ago period.

Net profit in the period declined 15.1% from a year ago to 3.76 million compared to 4.43 million and diluted earnings per share dropped to 14.1 pence from 17 pence.

Pentair Plc, the U.K.-based food, water and energy services provider lowered revenues forecast from previous guidance for the first-quarter to about $1.48 billion and earnings per share to about 65 cents from an earlier estimated range between 75 cents and 77 cents.

Victrex Plc fell 0.4% to 2,032 pence after the U.K.-based polymer solutions provider said group revenues in the first-half ending in March climbed 8.7% to 130.3 million from 119.9 million in a year ago period.

The company added group sales in the period soared 28% to 2,028 tons compared to 1,584 tons in the same period a year ago.

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