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Market Update

Suez, GE Water in 3.2 B Deal; Brookfield Sales Gazeley for $2.8 B

Author: Sarla Buch
Last Update: 11:25 AM EDT October 02 2017

4:00 PM Frankfurt France based BIC plunged 10%. Kaufman & Broad SA said revenues surged. Peugeot auto sales in September surged 16%. Suez agreed to acquire GE Water & Process Technologies. Singapore based GLP agreed to acquire Gazeley assets in Europe.

In London trading, FTSE 100 index jumped 57.41 or 0.8% to 7,430.78 and in Frankfurt the DAX index advanced 37.23 or 0.3% to 12,866.93.

In Paris, CAC 40 index increased 11.08 or 0.2% to 5,340.89.

Societe B I C SA plunged 9.7% to 91.55 after France-based stationery, lighters and shavers maker lowered fiscal 2017 revenues forecast to below 2% from the earlier estimated range between 3% and 4%.

The stationery products maker estimated fiscal 2017 operating margin to decline less than 100 basis points, mainly driven by weak demand in the U.S. and Brazil.

Kaufman & Broad SA fell 1.3% to 40.26 after France-based property developer and builder said total revenues in the nine-month ending in August soared 13.5% from a year ago to 947.5 million.

Net profit in the period surged 19.4% to 33.2 million from 27.8 million in a year ago nine-month period and diluted earnings per share advanced to 1.59 from 1.33.

The home builder forecasted fiscal 2017 revenues to increase 10%, gross margin and operating profit to remain around 19% and 8.5% respectively while net debt may decline to around 50 million from fiscal 2016.

Peugeot SA gained 0.7% to 20.29 after France-based passenger cars and light commercial vehicle maker said sales in September surged 16% after the integration of German car maker Opel, record monthly increase in France, according to the data published by the French car manufacturing association on Sunday.

Suez SA slid 0.2% to 15.41 after France-based wastewater treatment service provider said it agreed to acquire GE Water & Process Technologies for about 3.2 billion or $3.4 billion in cash.

Gazeley said Singapore based Global Logistic Properties Ltd agreed to acquire its business assets including 32 million square feet assets in four European countries from Brookfield Property Group for about 2.4 billion or $2.83 billion.

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