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Market Update

Terex and Konecranes Agree to Merge; Adecco, Prudential Net Soar


Author: Nigel Thomas
ticker.com
Last Update: 1:18 PM ET August 11 2015

4:00 PM Frankfurt Finland-based Konecranes and the U.S.-based Terex agreed to merge. Adecco net surged 32%. Leoni profit plunged 16%. Ladbrokes net swung to a loss of 41 million. Manz net swung to a loss. Prudential profit surged 25% to 1.4 billion.

In London trading, FTSE 100 index slumped 68.50 or 1% to 6,712.83 and in Frankfurt the DAX index declined 294.40 or 2.6% to 11,307.76.

In Paris, CAC 40 index dropped 77.81 or 1.5% to 5,116.41.

Adecco SA slumped 4.3% to 78.75 Swiss francs after the Switzerland-based outsource services provider said revenues in the first-half ending in June soared 11% to 10.67 billion from 9.64 billion in a year ago period.

Net profit in the period surged 32% to from a year ago to 337 million compared to 255 million and diluted earnings per share jumped to 1.94 from 1.43.

Konecranes Abp surged 17.9% to 33.04 after the Finland-based lifting equipment maker and the U.S.-based diversified company Terex Corporation agreed to merge Konecranes Terex Plc

Terex shareholders will own approx 60% and Konecranes shareholders will hold 40% of the combined company and Terex shareholders will receive 0.80 Konecranes shares.

The combined company is planned to list in Helsinki and New York and the transaction is expected to close in the first-half of 2016.

Leoni AG increased 1.7% to 60.62 after the Germany-based optical fibers maker said revenues in the first-half ending in June climbed 11% to 2.26 billion from 2.04 million in a year ago period.

Net profit in the period plunged 15.6% to from a year ago to 51.8 million compared to 61.4 million and diluted earnings per share slipped to 1.58 from 1.87.

Ladbrokes Plc fell 0.9% to 109 pence after the U.K.-based betting and gaming company said revenues in the first-half ending in June edged down 0.1% to 588.8 million from 589.3 million in a year ago period.

Net in the period swung to a loss from a year ago to 41.4 million compared to net profit of 23.7 million and diluted loss per share swung to a 4.5 pence from diluted earnings per share of 2.6 pence.

Manz AG declined 5.3% to 65.85 after the Germany-based technology products maker said revenues in the first-half ending in June plunged 25.5% to 121.93 million from 163.61 million in a year ago period.

Net in the period swung to a loss from a year ago to 14.99 million compared to net profit of 0.19 million and diluted loss per share swung to a 2.94 from diluted earnings per share of 0.04.

Prudential Plc jumped 2.5% to 1,544 pence after the U.K.-based insurer and financial services provider reported total revenues in the first-half ending in June plunged 17.5% to 25.28 billion from 30.63 billion in a year ago period.

Net profit in the period surged 25.2% from a year ago to 1.44 billion compared to 1.15 billion and diluted earnings per share jumped to 56.2 pence from 44.9 pence.

The company increased its interim dividend by 10% to 12.31 pence per share.

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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