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Market Update

Philips to Buy U.S. Based EPD Solutions, Soc Gen Sells Spanish Unit to Warburg

Author: Sarla Buch
Last Update: 11:31 AM EDT June 05 2018

4:00 PM Frankfurt – Modwen Properties said home sales surged 31%. Philips Electronics agreed to acquire the U.S.-based EPD Solutions for about €250 million. Societe Generale agreed to sell the entire stake of its Span-based Self Trade Bank to Warburg Pincus.

In London trading, FTSE 100 index slumped 49.99 or 0.7% to 7,691.30 and in Frankfurt the DAX index gained 79.15 or 0.6% to 12,847.80.

In Paris, CAC 40 index increased 12.25 or 0.2% to 5,485.16.

Modwen Properties Plc gained 0.6% to 405 pence after the U.K.-based property developer said that its Homes division sales surged 31% and sold 302 units.

The property developer had completed the sale of Longbridge Shopping Park in Birmingham for about £54 million.

Philips Electronics NV rose 0.4% to €36.32 after the Netherlands-based health technology and consumer electronics products maker agreed to acquire the U.S.-based innovator of cardiac arrhythmias provider EPD Solutions for about €250 million in cash.

The transaction is expected to be completed in July, 2018.

Societe Generale SA slumped 1.4% to €37.27 after France-based banking and financial services provider agreed to sell the entire stake of its Span-based online banking subsidiary Boursorama in Self Trade Bank S.A.U to Warburg Pincus.

""Transaction is in line with the policy to simplification of its device and refocusing on core activities as announced during Investor Day in November 2017,"" the bank said a press statement.

STS Group AG slipped 1.2% to €23.70 after Germany-based automobile parts provider said preliminary revenues in the first-quarter ending in March were about €108 million and said sales rose “significantly” in China.

The auto parts provider said operating profit in the quarter soared 7.4% to €8.1 million from a year ago period.

“We satisfied with our start in new fiscal year and also plan to continue profitable growth in 2018. To achieve this, we already initiated and optimize processes further,” said chief executive office Andreas Becker.

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