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Market Update

Standard Life Sells Canadian business for 2 B, Parmalat Buys Brazil Plants

Author: Nigel Thomas
Last Update: 11:44 AM ET September 04 2014

4:00 PM Frankfurt Bilfinger plunged after revised lowered outlook for third time in three months. Go-Ahead profit surged 55% to 78 million. Immofinanz offer bonds worth 375 million. Parmalat agreed to acquire 11 dairy plants of BRF for 610 million. Standard Life sold its Canadian business for 2.2 billion.

In London trading, FTSE 100 index increased 0.3% or 18.69 to 6,892.27 and in Frankfurt the DAX index jumped 0.6% or 60.60 to 9,687.09.

In Paris, CAC 40 index climbed 1.7% or 76.60 to 4,498.47.

Bilfinger SE plunged 9.5% to 53.88 after the Germany-based engineering and service group revised its forecast for third time in three months and said an adjusted EBITA from continuing operations for the year of at least 270 million, decline from reported 419 million a year ago.

And, adjusted net profit from continuing operations is expected to about 160 million, decrease from 255 million a year earlier.

Go-Ahead Group Plc jumped 3.2% to 2,345 pence after the U.K.-based passenger transport service provider reported revenue in the year ending on June 28 jumped 5.1% to 2.70 billion from 2.57 billion a year ago period.

Profit in the year surged 55.2% from a year ago to 77.6 million compared to 50 million and diluted earnings per share climbed to 162.4 pence from 106.6 pence.

Immofinanz AG slid 0.04% to 2.47 after the Austria-based real estate developer reduced its stake in spun-off Buwog AG and offer bonds worth 375 million or $493 million priced with a coupon of 1.5% per year and exchange premium of 15%.

Parmalat SpA rose 0.3% to 2.53 after the Italy-based food and beverages maker agreed to acquire 11 dairy division plants owned by Brazil-based BRF SA for 610 million or $801.9 million.

Standard Life Plc climbed 6.2% to 410.10 pence after the U.K.-based savings and investments group agreed to sell its Canadian business for 2.2 billion or C$4 billion in cash and will returned 1.75 billion to shareholders.

Supergroup Plc surged 11.1% to 1,162.50 pence after the U.K.-based apparel and accessories retailer said group revenue in the first-quarter ending on July 26 15.9% to 87 million and retail revenue soared 13.6% to 60.4 million from a year ago.

The retailer added revenue in the quarter from wholesale division surged 21.6% to 26.6 million from a year ago period.

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