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Market Update

Standard Life Wins Final Approval for Aberdeen, Ducati Sale Intensifies

Author: Sarla Buch
Last Update: 12:24 PM ET June 22 2017

4:00 PM Frankfurt – U.K. regulator approved £11 billion merger between Aberdeen and Standard Life. Diageo agreed to buy George Clooney''s Casamigos tequila brand. FirstGroup and Stagecoach are shortlisted for high speed rail link between London and Birmingham.

In London trading, FTSE 100 index fell 21.07 or 0.3% to 7,426.63 and in Frankfurt the DAX index decreased 17.76 to 12,757.29.

In Paris, CAC 40 index slipped 14.10 or 0.3% to 5,260.16.

Aberdeen Asset Management Plc rose 0.2% to 294.50 pence after the U.K. competition watchdog cleared £11 billion or $14 billion merger agreement between asset and investment manager with

In a statement, the fund manager said “it has completed its review of the proposed merger and has cleared the transaction unconditionally,” and combined group will be renamed as Standard Life Aberdeen.

Standard Life Plc stock fell 0.6% to 389.90 pence.

Diageo Plc fell 1.2% to 2,346.50 pence after the U.K.-based alcoholic beverage maker agreed to buy George Clooney''s high-end tequila brand Casamigos for up to $1 billion.

The transaction is expected to close during the second-half of 2017.

Evonik Industries AG slid 0.7% to €28.91 after the EU antitrust regulators cleared Germany-based specialty chemicals maker’s $630 million planned merger agreement for silica business with the specialty additives maker J.M. Huber Corporation.

The transaction is scheduled to be completed in the second-half of this year.

Separately, Evonik had signed new syndicated credit facility with 18 banks for €1.75 billion for 5-years with the options to extend till 2024.

FirstGroup Plc slumped 1.1% to 129 pence and the consortium involving U.K.-based student transportation services provider, Stagecoach Plc and China-based Guangshen are shortlisted to run HS2 high speed rail link between London and Birmingham.

The train services are estimated to commence from December 2026 with an estimated cost of £55.7 billion.

Ducati was in focus after Reuters said the U.S.-based motorcycle maker Harley-Davidson Inc is preparing to bid for Italy-based rival for about €1.5 billion or $1.67 billion.

Reuters added that India-based Bajaj Auto Ltd and several other buyout funds are likely to bid for Ducati as well.

Germany based parent, Volkswagen is planning to raise up to €1.5 billion from the sale of Ducati.

Rosneft, the Russia owned oil and gas producer’s chief executive officer Igor Sechin said its plans to pay 50% of net profit in dividends starting from 2017.

According to local media reports in Moscow, Sechin said the dividend policy was consistent with the company''s new strategy called ""Rosneft-2022"" and also plans organic oil production growth of 20-30 million tons in the next five years.

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