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Market Update

SNC-Lavalin Agrees to Buy WS Atkins for 2.1 B, Danone Sales Jumps


Author: Sarla Buch
ticker.com
Last Update: 10:59 AM ET April 21 2017

4:00 PM Frankfurt Adesso reaffirmed fiscal 2017 outlook. WS Atkins agreed to be acquired by Canada-based rival SNC-Lavalin for 2.1 billion. Danone said revenues rose 3%. Pernod Ricard revenues soared 7%. Reckitt Benckiser sales surged 15%.

In London trading, FTSE 100 index edged up 1.13 to 7,119.69 and in Frankfurt the DAX index increased 41.95 or 0.4% to 12,069.22.

In Paris, CAC 40 index slipped 11.61 or 0.2% to 5,066.30.

For the week, FTSE 100 index declined 3.1%, the DAX index slumped 1.3% and the CAC 40 index decreased 1.4%.

Adesso AG advanced 2.6% to 51.26 after the Germany-based information technology service provider said revenues in the fourth-quarter increased 33% from a year ago to 260.4 million.

Profit in the quarter soared 61% from a year ago to 23 million from 14.3 million and earnings per share jumped to 2.14 from 0.82.

The software services provider reaffirmed revenue growth in fiscal 2017 in the range of 270 million to 300 million and operating profit to increase to between 23 million and 27 million.

WS Atkins Plc jumped 5.1% to 2,082.15 pence after the U.K.-based engineering and consultancy services provider agreed to be acquired by Canada-based rival SNC-Lavalin Group Inc for 2,080 pence or $26.66 per share in cash or approx 2.08 billion or $2.69 billion.

SNC said the transaction is expected to close in the third-quarter of 2017.

Danone SA slumped 2.1% to 62.39 after France-based dairy and nutrition products maker said revenue in the first-quarter ending in March increased 3% from a year ago to 5.5 billion.

Comparable sales in the quarter rose 0.7%.

The dairy and nutrition products maker said revenues in the fresh dairy products business increased 2.4% to 2.7 billion and revenues in early life nutrition business jumped 4.8% to 1.3 billion.

Danone lifted earnings per share forecast in fiscal 2017 to a double-digit growth at constant exchange rate from the reported earnings per share of 3.10 in 2016.

Pernod Ricard SA edged up 0.04% to 114.55 after France-based wines, spirits and liqueurs maker reported sales in the third-quarter surged 7% from a year ago to 1.99 billion and sales in the nine-month ending in March jumped 4% to 7.1 billion.

Reckitt Benckiser Group Plc slipped 1.7% to 7,148.56 pence after the U.K.-based consumer goods maker said total revenues in the first-quarter ending in March soared 15% to 2.6 billion.

The hygiene products maker said acquisition of Mead Johnson, baby products maker, for about 12.95 billion or $16.6 billion announced in February is expected to complete by the end of third-quarter.

Software AG surged 9.7% to 39.53 after the Germany-based information technology service provider stated revenues in the first-quarter ending in March were flat from a year ago at 205.9 million.

Net income in the quarter declined 4% from a year ago to 37.3 million from 38.7 million and diluted earnings per share decreased to 0.49 from 0.51.

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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