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Market Update

Altice to Buy Back 1 B Stocks, Germany to Offer Bridge Loan to Air Berlin

Author: Sarla Buch
Last Update: 11:26 AM ET August 28 2017

4:00 PM Frankfurt Altice plans to launch share buyback of 1 billion. German Economy Minister said bridge loan of 150 million to the insolvent Air Berlin will keep the discount airline afloat for the next three months. Evonik Industries said it plans to acquire the silica business of the U.S.-based J.M. Huber.

In Frankfurt the DAX index slid 11.21 to 12,156.83 and in Paris, CAC 40 index edged down 0.83 to 5,103.50.

Financial markets in London are closed today to observer Summer Bank Holiday.

Altice NV gained 1.1% to 18.87 after the Netherlands-based telecom conglomerate plans to buy back stocks worth 1 billion through August 31.

Air Berlin Plc rose 0.3% to 0.387 after the German Economy Minister Brigitte Zypries said bridge loan offered to insolvent Air Berlin is not yet paid but the government will issue an interim loan of 150 million to ensure that flights continue for the period of at least three months.

Evonik Industries AG slipped 0.8% to 27.57 after Germany-based specialty chemicals maker said that it plans to acquire the silica business of the U.S.-based J.M. Huber Corporation''s silica business for $630 million in the second-half of the year.

The transaction will be closed on September 1.

Sanofi SA edged up 0.2% to 82.25 after France-based healthcare products maker today said that it had completed the acquisition of the U.S.-based Protein Sciences, a vaccines biotechnology provider after receiving approvals from the Federal Trade Commission.

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