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Market Update

Nikkei to Acquire Financial Times for $1.3 B


Author: Hiruki Nakamura
ticker.com
Last Update: 12:49 PM ET July 23 2015

4:30 PM Tokyo – Nikkei Inc agreed to acquire Financial Times group from the U.K. based Pearson Plc for $1.3 billion. The deal includes the publishing properties only and does not cover the real estate and the stake in the Economist publication. CyberAgent quarterly net doubled and Chugai Pharmaceuticals half-year net rose.

Nikkei index gained despite the weakness in Asian markets and the yen held up near its recent low.

On the economy front, trade deficit in June tumbled 91.7% to 69 billion yen compared to 834.06 billion yen in a year ago month, the Ministry of Finance reported today.

Exports in the month climbed 9.5% to 6.51 trillion yen from 5.94 trillion yen while import dropped 2.9% to 6.57 trillion yen compared to 6.77 trillion yen.

The Nikkei 225 Stock Average gained 90.28 or 0.4% to 20,683.95 and the broader Topix index rose 9.51 to 1,664.88.

The yen closed at 123.86 against a dollar.

The media group Nikkei agreed to acquire the Financial Times from the U.K. based Pearson for $1.3 billion.

The deal does not include the Pearson’s 50% stake in Economist group and the London-based headquarter.

Pearson has been planning to sell Financial Times for a while and a media report earlier today suggested that the Germany-based Axel Springer may acquire the newspaper.

However, later Axel clarified that the publishing group is not interested in acquiring Financial Times.

Stocks in Review

Chugai Pharmaceutical Co., Ltd jumped 3.5% to 4,715 yen after the pharmaceutical products maker said net sales in the first-half ending in June advanced 8.2% to 240.18 billion yen from 222.02 billion yen in a year ago period.

Net income in the period increased 4.3% to 30.14 billion yen compared to 28.90 billion yen and diluted earnings per share rose to 55.13 yen from 52.95 yen the same period a year ago.

For the year, the company forecasted net sales to increase 5.5% to 486.50 billion yen and net income to jump 10% to 85 billion yen.

CyberAgent, Inc slipped 1.2% to 5,870 yen after the mobile advertisement company stated net sales in the nine-month period ending in June soared 25.5% to 185.12 billion yen from 147.45 billion yen in a year ago period.

Net income in the quarter climbed 111.1% to 12.29 billion yen compared to 5.82 billion yen and diluted earnings per share surged to 195.36 yen from 92.92 yen the same period a year ago.

The company forecasted net sales for the year to jump 16.9% to 240 billion yen and net income to soar 46.5% to 14 billion yen.

Nidec Corporation soared 8.7% to 10,690 yen after the electric motors, components and equipment maker reported net sales in the first-quarter ending in June climbed 18.7% to 285.04 billion yen from 240.19 billion yen in a year ago period.

Net income in the quarter surged 37.7% to 24.20 billion yen compared to 17.57 billion yen and diluted earnings per share jumped to 81.99 yen from 63.72 yen the same period a year ago.

Separately, the company announced that Nidec Sankyo Corporation agreed to acquire Pt. Nagata Opto Indonesia, automotive camera glass lenses maker from founding family of Nagata Indonesia.

The transaction is expected to close September.

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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