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Market Update

Visteon in Korea Deal, RenaissanceRe Acquires Platinum for $1.9 B


Author: Mukesh Buch
ticker.com
Last Update: 12:02 PM ET November 24 2014

12:00 PM New York BioMarin Pharma agreed to acquire Prosensa Holding for $840 million. Navios Maritime net loss widened. RenaissanceRe Holdings agreed to buy rival Platinum Underwriters for about $1.9 billion. Visa expected to pay $10 billion to acquire the London-based Visa Europe.

Tollbooth Index rose 0.3% or 30.14 to 9,990.48.

Earnings Review

BioMarin Pharmaceutical Inc (BMRN) increased 60 cents to $86.36 after the pharmaceutical company agreed to acquire Netherland-based Prosensa Holding NV, a biopharmaceutical company for $840 million.

Shares of Prosensa Holding on New York surged 61.4% or $7.02 to $18.46.

Navios Maritime Holdings Inc (NM) fell 4 cents to $5.26 after the Greece-based shipping and logistic company said revenues in the third-quarter ending in September climbed 25% to $152.6 million from a year ago period.

Net loss in the quarter widened to $16.6 million or 20 cents a diluted share compared to $13 million or 13 cents from a same quarter last year.

RenaissanceRe Holdings Ltd slumped 2.5% or $254 to $98.92 after the Bermuda-based reinsurance service provider agreed to buy reinsurer rival Platinum Underwriters Holdings Ltd for about $1.9 billion.

Visteon Corporation climbed 3.6% or $3.50 to $100.62 after the auto parts maker signed a preliminary agreement to sell stake in South Korea-based Halla Visteon Climate Control Corp to a local private equity firm for $3.6 billion.

Visa Inc (V) rose 17 cents to $254.44 after the electronic payment service provider may have to pay as much as $10 billion if the company wants to acquire the namesake network in Europe, according to a regulatory filing with the SEC.

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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