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Market Update

Telecom Italia Seeks Tower Unit Listing, Nomad and Iglo in Merger Talks

Author: Nigel Thomas
Last Update: 11:59 AM ET June 04 2015

4:00 PM Frankfurt Market indexes across the euro zone were on the defensive after a persistent sell-off in bond markets. Nomad is in talk to acquire Iglo Foods for 2.6 billion. Cinven, is the only bidder for Telekom Slovenia. Johnson Matthey profit surged 26% but revenues fell 10%. Telecom Italia plans to raise up to 936 million.

Market indexes struggled across Europe and bond market volatility persisted after the benchmark German 10-year bund yield dropped to a new 2015 high.

The euro closed at a five-month high to $1.132 after the U.S. dollar eased in the late afternoon trading.

In London trading, FTSE 100 index slipped 0.9% or 62.68 to 6,887.51 and in Frankfurt the DAX index fell 0.2% or 31.51 to 11,389.77.

In Paris, CAC 40 index decreased 0.4% or 22 to 5,012.17.

The benchmark index in Athens declined 2.7% after jumping 4% on Wednesday as Greece and international lenders send conflicting signals on the prospect of an accord.

Greek Prime Minister Alexis Tsipras said after he completed talks with the senior EU officials in Brussels that the nation is on track to make the next scheduled payment to the International Monetary Fund on Friday.

Cinven Group Limited, the U.K.-based privately held investment group was the only bidder for Telekom Slovenia and offered 130 a share or valuing the company at 850 million.

Deutsche Wohnen AG gained 1.4% to 21.67 after the Germany-based residential property developer raised 907 million through the sale of 42.17 million new shares at 21.50 a share.

Johnson Matthey Plc declined 4.3% to 3,361 pence after the U.K.-based specialty chemicals maker reported revenues in the year ending in March declined 10% to 10.06 billion from 11.16 billion in a year ago period.

Profit in the year surged 26.2% from a year ago to 427.3 million compared to 338.7 million and diluted earnings per share jumped to 210.7 pence from 166.9 pence.

The company said net debt as of March was 994.4 million, up 265.2 million during the year.

Nomad Holdings Limited, the U.K.-based said it is in talk to acquire Iglo Foods Holdings Limited, a leading European frozen and seafood provider, from Permira funds for approximately 2.6 billion.

Telecom Italia SpA increased 1.5% to 1.19 after the Italy-based mobile communications provider plans to raise up to 936 million from the listing of a minority stake in its broadcasting tower unit INWIT.

The company set price range between 3.25 and 3.90 per share valuing INWIT between 1.95 billion and 2.34 billion.

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