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Market Update

Sanofi in $11.6 B Deal with Bioverativ, Richemont Pursues Yoox Net-A-Porter

Author: Sarla Buch
Last Update: 11:00 AM EST January 22 2018

4:00 PM Frankfurt Dixons Carphone sales jumped after strong performance in Norway and Greece. Richemont offered 2.8 billion to Italy-based online luxury retailer Yoox Net-A-Porter. Sanofi agreed to acquire the U.S.-based Bioverativ for $11.6 billion. UBS Net swing to a loss.

In London trading, FTSE 100 index slid 9.55 to 7,721.24 and in Frankfurt the DAX index gained 32.83 or 0.2% to 13,467.65.

In Paris, CAC 40 index increased 14.98 or 0.3% to 5,541.48.

AVEVA Group Plc jumped 4.7% to 3,037 pence after the U.K.-based engineering software and consulting services provider said revenue in the nine-month period is ahead of expectations on the back of positive performance in Asia Pacific.

Dixons Carphone Plc soared 6.9% to 200.90 after the U.K.-based electrical and communications products retailer group said revenues in the ten-week ending in January 6, jumped 4% and comparable sales advanced 3% after strong performance in Norway and Greece and better demand for the latest iPhone.

Dixons lowered fiscal 2017-2018 pretax profit forecast in the range of 365 million to 385 million from the earlier estimate of 360 million to 400 million and estimated net debt of 250 million.

Compagnie Financiere Richemont SA slipped 1.9% to 88.36 Swiss francs after Switzerland-based luxury jewelry products maker today offered 38 per share or 2.8 billion or $3.42 billion to buy Italy-based online luxury retailer Yoox Net-A-Porter Group SpA.

Yoox Net-A-Porter Group SpA stock at Milan Bourse surged 24.5% to 37.68.

Sanofi SA declined 4.2% to 69.88 after France-based pharmaceutical products maker agreed to acquire the U.S.-based hemophilia drug-maker Bioverativ Inc for $105 per share in cash or $11.6 billion.

UBS AG, the Switzerland-based financial advice provider reported total revenues in the third-quarter ending in December rose 1.5% from a year ago to 7.1 billion Swiss francs.

Net in the quarter swung to a loss of 2.2 billion francs from profit of 636 million francs and diluted loss per share swung to 0.60 francs from diluted earnings per share of 0.17 francs.

The bank also said it wrote down 2.9 billion francs or $3.01 billion of deferred tax assets stemming from the new U.S. tax reforms.

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