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Market Update

Syngenta Announces $2B Repurchase Plan, UCB in $1.2 B Deal

Author: Nigel Thomas
Last Update: 12:49 PM ET September 03 2015

4:00 PM Frankfurt – Syngenta announced a share repurhcase plan of more than $2 billion. UCB unit agreed to be acquired by Lannett for $1.2 billion. easyJet lifted fiscal outlook. Co-operative Group swung to profit. Lookers agreed to acquire Benfield Motor.

In London trading, FTSE 100 index jumped 111.36 or 1.8% to 6,195.60 and in Frankfurt the DAX index increased 225.57 or 2.2% to 10,274.02.

In Paris, CAC 40 index soared 94.16 or 2.1% to 4,649.31.

The Co-operative Group, the U.K.-based privately held convenience stores operator said group revenues in the first-half ending on July 4dropped 2.1% from a year ago to £4.6 billion from £4.7 billion.

Pre-tax profit in the period swung to £36 million compared to a loss of £9 million in the same period a year ago.

easyJet plc soared 6.1% to 1,774 pence after the U.K.-based airline company lifted profit forecast for the year ending in September between£675 million to £700 million from earlier estimated range of £620 million to £660 million.

The airliner said passenger numbers in August were 7.06 million, over 7 million passengers for the second month in a row and jumped 6.8% to 6.61 million passengers in a year ago month and load factor to increased 0.2 percentage point to 94.4% from 94.2% in July.

Lookers Plc surged 8.9% to 180.07 pence after the U.K.-based new and used passenger cars dealer agreed to acquire privately held largest private vehicles retailer Benfield Motor Group owned by Addison Motors Limited for £87.5 million in cash.

Syngenta AG jumped 3.3% to 337.50 Swiss francs after the Switzerland-based crop protection products maker intends to divest its global vegetables seeds business and return through a share buy back program of more than $2 billion in addition to the dividend.

Total Produce Plc increased 3.3% to 93 pence after the Ireland-based fresh products distributor reported revenues in the first-half ending in June soared 9.2% from a year ago to €1.73 billion from €1.59 billion.

Profit in the period was flat from a year ago to €24.2 million and diluted earnings per share slipped 4.66 cents from 4.70 cents in the same period a year ago.

UCB SA gained 2.7% to €71.29 after the Belgium-based biopharmaceutical and specialty chemical company’s subsidiary Kremers Urban Pharmaceuticals Inc agreed to be acquired by the U.S.-based rival Lannett Company, Inc for $1.23 billion.

Shares of Lannett Company, Inc surged 14.2% to $56.56.

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