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Market Update

Syngenta Rejects $45 B Monsanto Offer, BG Net Tumbles

Author: Nigel Thomas
Last Update: 11:17 AM ET May 08 2015

4:00 PM Frankfurt – BG net tumbled 51% to $565 million on 21% decline in revenues. Laird forecasted revenues in the first-quarter climbed 24% to £149 million. Osram net soared 13% to €78 million. Syngenta rejected $45 billion unsolicited proposal from Monsanto.

Market indexes across Europe advanced and indexes in London soared after conservative party won a slim majority in parliamentary election defying the predictions of hung election.

The seasonally adjusted U.K. trade deficit in goods and services narrowed to £2.8 billion in March from £3.3 billion in February, the Office of the National Statistics said.

In London trading, FTSE 100 index climbed 2.1% or 144.68 to 7,031.63 and in Frankfurt the DAX index soared 2.3% or 262.23 to 11,671.76.

In Paris, CAC 40 index jumped 1.6% or 78.24 to 5,045.46.

BG Group Plc increased 1.1% to 1,187 pence after the U.K.-based natural gas and oil producer reported revenues in the first-quarter ending in March plunged 21% to $3.99 billion from $5.06 billion in a year ago period.

Net income in the quarter tumbled 51% from a year ago to $565 million compared to $1.15 billion and earnings per share dropped to 16.6 cents from 33.8 cents.

InterContinental Hotels Group Plc gained 1.2% to 2,795 pence after the U.K.-based hotel operator said comparable revenue per available room in the first-quarter ending in March climbed 5.9%, driven by increase in rate and growth in all four regions.

Laird Plc soared 9.5% to 391 pence after the U.K.-based electromagnetic products maker forecasted revenues in the first-quarter ending in March to climb 24% to £149 million from £120 million in a year ago period.

Man Group Plc declined 3.5% to 172.60 pence after the U.K.-based investment company said fund under management in the first-quarter ending in March jumped 7% to $78.1 billion and net outflows in the quarter were $1.3 billion comprising sale of $4.2 billion and redemptions of $5.5 billion.

Osram Licht AG jumped 2.1% to €46.44 after the Germany-based lighting fixtures maker reported revenues in the second-quarter ending in March climbed 9.5% to €1.40 billion from €1.28 billion in a year ago period.

Net profit in the quarter soared 13.3% from a year ago to €77.7 million compared to €68.6 million and diluted earnings per share increased to €0.73 from €0.65.

Syngenta AG surged 22.9% to 409.30 Swiss francs after the Switzerland-based agriculture products maker rejected a $45 billion takeover offer or 449 franc per share from the U.S.-based Monsanto Company as the “unsolicited proposal.”

The agro-chemicals maker said the Monsato offer fundamentally “undervalues the company.”

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