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Market Update

Takeda Offered 45.3 B to Shire; Munich Re Profit Surges, Laargeholcim Falls


Author: Sarla Buch
ticker.com
Last Update: 11:14 AM EDT May 08 2018

4:00 PM Frankfurt Adecco reported weaker-than-expected first-quarter result. Lafargeholcim declined on flat revenues and weak profit. Munich Re profit surged and reaffirmed fiscal 2018 outlook. Shire agreed to be acquired by Japan-based Takeda Pharmaceutical for about 45.3 billion.

In London trading, FTSE 100 index edged up 6.05 to 7,572.72 and in Frankfurt the DAX index decreased 51.97 or 0.4% to 12,895.78.

In Paris, CAC 40 index slipped 18.48 or 0.3% to 5,513.01.

Adecco Group AG plunged 6.3% to 63.12 Swiss francs after the Switzerland-based recruitment services provider reported revenues in the first-quarter ending in March jumped 4% from a year ago to 5.7 billion.

Net profit in the quarter tumbled 26.1% to 130 million from 176 million in a year ago period.

Lafargeholcim Ltd declined 3.3% to 54.50 Swiss francs after the Switzerland-based cement and ready-mix concrete maker said net sale in the first-quarter ending in March were flat from a year ago to 5.8 billion francs but operating profit plunged 7.7% to 700 million francs.

The cement maker said drop in profit was driven by harsh winter in North America and Europe but growth in cement sales volumes jumped 3.2% to 47.7 million tons.

Lafargeholcim reaffirmed fiscal 2018 group sales to increase between 3% and 5% and operating profit of about 5%.

Munich Re AG slipped 1% to 190.20 after Germany-based reinsurance services provider reported gross premiums written in the first-quarter ending in March increased 1.6% from a year ago to 13.1 billion.

Net profit in the quarter surged 49.2% to 826 million from 554 million in a year ago period and diluted earnings per share advanced to 5.49 from 3.55.

The insurer reaffirmed fiscal 2018 profit forecast in the range of 2.1 billion to 2.5 billion and said if exchange rates remain the same, premium volume may jump 7.8%.

Munich Re still expecting to post gross premiums written in the range of 46 billion to 49 billion.

Shire Plc jumped 4.3% to 4,023.50 pence after the Ireland-based rare diseases drug maker agreed to be acquired by Japan-based rival Takeda Pharmaceutical Company Ltd for about 45.3 billion or $61.50 billion.

Under the deal, shareholder of Shire will be entitled to receive $30.33 in cash for each Shire share and either 0.839 new Takeda shares.

The transaction is expected to complete in the first half of calendar year 2019.

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