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Market Update

Vodafone Pays €2.7 B for 4G Spectrum in India

Author: Sarla Buch
Last Update: 11:00 AM ET October 07 2016

4:00 PM Frankfurt – EDF sold $2.66 billion Formosa Bond from twenty investors and €3 billion through a multi-currency senior bond. Delta Lloyd rejected a proposed €2.4 billion takeover bid from the rival NN Group. Vodafone paid €2.74 billion for new spectrum for its 4G services in India.

In London trading, FTSE 100 index increased 45.94 or 0.7% to 7,045.90 and in Frankfurt the DAX index decreased 53.58 or 0.5% to 10,515.56.

In Paris, CAC 40 index slipped 21.86 or 0.5% to 4,458.24.

For the week, FTSE 100 index jumped 2%, the DAX index dropped 1.1% and the CAC 40 index edged up 0.2%.

Electricite de France SA slipped 1.2% to €10.10 after France-based electricity producer today raised $2.66 billion from twenty investors through “Formosa Bond” in the Taiwanese market.

Separately, today the electricity producer successfully sold “Green Bond” €3 billion through a multi-currency senior bond offerings in 4 tranches.

Delta Lloyd NV gained 1.8% to €5.36 after Netherlands-based financial services provider rejected €2.4 billion or $2.67 billion takeover bid from domestic rival NN Group NV as the offer “substantially undervalues” the company.

NN Group offered €5.30 or $5.90 per share in cash, a premium of 29% the closing price of October 4.

“Our capital position is solid with opportunity hence we cannot accept this proposal,” chairman of the executive board Hans van der Noordaa said.

Future Plc surged 10.9% to 9.10 pence after the U.K.-based media and digital publishing group’s plan to buy Bournemouth-based publisher Imagine Publishing Ltd is now uncertain as the U.K. regulatory authority CMA found raised competitive issues.

Vodafone Group Plc increased 0.6% to 223.90 pence after the U.K.-based mobile company’s India-based subsidiary paid €2.74 billion or $3 billion or ₹202.8 billion for new spectrum to expand 4G services.

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