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Market Update

Siemens in $4.5 B Deal with Mentor Graphics; Greencore, RWE Net Decline

Author: Sarla Buch
Last Update: 6:14 PM ET November 14 2016

4:00 PM Frankfurt Greencore net declined 18% and the food maker plans to acquire the U.S.-based Peacock Foods. Intrum Justitia agreed to buy Norway-based rival for $2 billion. RWE net tumbled 99% after the utility financed a state nuclear-waste fund. Siemens agreed to buy Mentor Graphics $4.5 billion.

In London trading, FTSE 100 index rose 23.96 or 0.4% to 6,772.60 and in Frankfurt the DAX index increased 44.15 or 0.4% to 10,709.40.

In Paris, CAC 40 index gained 20.29 or 0.5% to 4,508.26.

Greencore Group Plc surged 13.1% to 330 pence after Ireland-based convenience food producer said group revenues in the year ending in September jumped 10.6% from a year ago to 1.5 billion.

Net income in the year declined 17.8% from a year ago to 48.5 million compared to the 59 million and diluted earnings per share decreased to 11.4 pence from 14 pence.

The convenience food producer said comparable sales in the year advanced 5.9% and revenues in the convenience foods segment soared 11.2%.

Separately, Greencore plans to acquire the U.S.-based privately held frozen breakfast sandwiches and convenience food manufacturer Peacock Foods for about 594.3 million or $747.5 million on a debt free and cash free basis.

Intrum Justitia AB soared 10.1% to 306.40 Swedish kronor after Sweden-based credit management services provider agreed to acquire Norway-based rival for about $1.96 billion.

In 2015, Lindorff reported net revenue of 534 million and employed 4400 employees in 13 countries.

The transaction is expected to close in the second-quarter of 2017.

RWE AG declined 3.2% to 11.94 after Germany-based gas, coal, nuclear and renewable energy producer reported revenues in the nine-month ending in September plunged 5.2% from a year ago to 33.2 billion.

Net profit in the quarter tumbled 99.4% from a year ago to 11 million compared to the 1.9 billion and diluted earnings per share slumped to 0.02 from 3.15.

The power utility provider said operating profit in the period slumped 20% to 2.12 billion and said profit decline was mainly from the sale of long-term finance to a state nuclear-waste fund.

Siemens AG gained 1.3% to 11.94 after Germany-based industrial conglomerate agreed to acquire the U.S.-based automation and industrial software provider Mentor Graphics Corp for $37.25 per share, representing an enterprise value of about $4.5 billion in cash.

William Hill Plc increased 1.5% to 288.30 pence after the U.K.-based mobile sports betting services provider forecasted group revenues in the second-half to increase about 6%.

The gambling services provider reaffirmed full-year operating profit estimated at the top end of the earlier estimated range between 260 million to 280 million after double-digit net revenue growth in Australia, the US and Italy and Spain.

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