S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Potash Withdraws K&S Offer, Glencore to Sell Agriculture Assets


Author: Nigel Thomas
ticker.com
Last Update: 10:51 AM ET October 05 2015

4:00 PM Frankfurt Potash Corp withdrew its 7.85 billion offer to acquire Germany-based K&S. Glencore is looking to sell some of its agricultural assets and reduce the debt. Thales secured contracts from Australian government for $916.4 million. Ryanair traffic in September surged 12%.

In London trading, FTSE 100 index jumped 151.86 or 2.5% to 6,281.75 and in Frankfurt the DAX index increased 275.58 or 2.9% to 9,828.65.

In Paris, CAC 40 index soared 156.34 or 3.5% to 4,615.40.

Arnoldo Mondadori Editore SpA jumped 3.2% to 1 after the Italy-based print media and publishing company agreed to acquire book publishing unit from its domestic rival RCS Mediagroup EO 1 for about 127.5 million $143 million.

Bailey Acquisitions Limited, the Jersey-based real estate investment company lifted its cash offer to acquire the U.K.-based Quintain Estates and Development Plc for about 141 pence per share from 131 pence per share on July 29.

The offer values Quintain at 745 million.

Glencore Plc surged 13.5% to 107.80 pence after the Switzerland-based mining and trading company is in talk to sell some of its agricultural assets to reduce debt.

K&S AG plunged 25.9% to 22.95 after the Canada-based fertilizer producer Potash Corp of Saskatchewan, Inc. withdrew its 7.85 billion or $8.9 billion proposal to acquire the company.

Potash management considered the offer of 41 per share, a 59% premium to the K+S share price a year ago at the time of the first approach.

The offer is no longer financially viable after commodity prices declined nearly 40% in the period from the first offer.

Ryanair Holdings Plc gained 3.7% to 13.38 after the Ireland-based low fare airline said passengers traffic in September surged 12% to 9.55 million from 8.49 million and load factor increased 4% to 94% from a year ago month.

Thales SA increased 2% to 63.87 after the France-based defense and aerospace products provider secured contracts from Australian government to supply 1,100 light armored vehicles for its army for about $916.4 million or A$1.3 billion.

Thales said production is scheduled for the vehicles from mid-2017 and first deliveries are planned by the end of that year.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc