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Market Update

SABMiller Agrees to Merger with AB Inbev, U.K. Sells Royal Mail Stake

Author: Nigel Thomas
Last Update: 12:52 PM ET October 13 2015

4:00 PM Frankfurt Aixtron plunged 14% on lowered revenues outlook. Leoni tumbled 33% on weaker than estimated operating profit. The U.K. government sells its remaining 14% stake in Royal Mail. SABMiller agreed to merge with Anheuser Busch. SAP third-quarter revenues surged 17%.

In London trading, FTSE 100 index fell 17.26 or 0.3% to 6,354.36 and in Frankfurt the DAX index decreased 87.23 or 0.9% to 10,030.92.

In Paris, CAC 40 index slipped 42.56 or 0.9% to 4,646.14.

Aixtron SE plunged 14.2% to 4.91 after the Germany-based deposition equipment maker lowered revenues forecast for the year in the range of 190 million to 200 million from the earlier estimated range between 220 million and 250 million mainly due to delay in shipments to its customer in China.

Leoni AG tumbled 33.7% to 35.45 after the Germany-based wires, optical fibers and cables provider said operating profit for the year likely to be less than the earlier estimate of 200 million after weaker performance in the wiring systems division.

Leoni reported consolidated sales for the year are still expected to be at least 4.3 billion.

The company also lowered its revenues forecast for the fiscal 2016 to 4.6 billion compared to previous guidance of about 4.8 billion.

Royal Mail Plc declined 4.8% to 449.50 pence after the U.K. government completed the sale of its remaining stake of 13% in the postal services provider at a price of 455 pence per share or about 591.1 million or $904.89 million.

The government offered to gift the remaining 1% of stake to the employees of the postal department.

SABMiller Plc jumped 9.1% to 3,950 pence after the U.K.-listed brewing and the beverage maker agreed to $106 billion offer from the rival Anheuser Busch InBev.

Anheuser agreed to pay a $3 billion break-up fee to SABMiller in the event regulators reject the deal.

SAP SE soared 5.8% to 64.04 after the Germany-based analytics software developer reported total revenues in the third-quarter ending in September surged 17% from a year ago to 4.98 billion.

Operating profit in the quarter jumped 5% from a year ago to 1.21 billion compared to 1.16 billion and earnings per share increased to 0.75 from 0.74.

SAP is schedule to report its third-quarter results on October 20.

Svenska Cellulosa AB SCA rose 0.7% to 225.20 Swedish kronor after the Sweden-based paper and hygiene products maker agreed to acquire the U.S.-based tissue maker Wausau Paper Corp for about $513 million in cash.

Worldpay, the payments processor listed its stock on the London Stock Exchange in an initial public offering valuing the company at 4.8 billion or $7.4 billion, the largest U.K. public offering in the year so far.

The company priced its 900 million share offering at 240 pence a share and stock rose 6% on the first day of trading.

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