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Market Update

Saint Gobain Pursues Sika for $2.8 B

Author: Nigel Thomas
Last Update: 11:44 AM ET December 08 2014

4:00 PM Frankfurt – Air France KLM dropped on November traffic update. The Burkard family agreed to sell its 16.1% stake and control of voting rights in Sika AG to Saint-Gobain agreed for 2.75 billion Swiss francs. Cupid agreed to sell its last dating operating business for £3 million.

In London trading, FTSE 100 index slipped 0.8% or 55.35 to 6,687.49 and in Frankfurt the DAX index fell 0.4% or 42.42 to 10,044.70.

In Paris, CAC 40 index slipped 0.7% or 30.52 to 4,388.96.

Air France KLM SA dropped 2.8% to €8.59 after the France-based airliner reported traffic in November increased 0.4% to 17.40 billion while available seat kilometers fell 1.3% to 21.28 billion from the same period a year-ago.

Load factor for the month jumped 1.4% to 81.8 but cargo traffic in the month declined 3.6% and load factor dropped 2.3 percentage points.

Compagnie de Saint Gobain SA declined 5.9% to €35.03 after the France-based building products maker agreed to acquire controlling voting rights and 16.1% held by the Burkard family in Switzerland-based construction chemicals maker Sika AG for 2.75 billion Swiss francs or $2.81 billion.

The deal between the founding family and France based company was done without the consent of management at Sika and Chief executive at the chemical maker threatened to quit.

Cupid Plc tumbled 26.7% to 18.70 pence after the U.K.-based online dating service provider agreed to sell its last operating business Networks Holdings Ltd and Networks Ltd for £3 million to Tradax IP Licensing Ltd.

Ultra Electronics Holdings Plc rose 0.1% to 1,771 pence after the U.K.-based defense and security products maker’s subsidiary secured a 10-year contract worth £27 million for the Royal Navy''s Sonar 2050.

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