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Market Update

Cineworld Buys Regal Entertainment, Steinhoff Plunged on Investigation Worries

Author: Sarla Buch
Last Update: 11:23 AM EST December 05 2017

4:00 PM Frankfurt Allied Irish Banks said interest margin increased in-line with market expectations. Cineworld agreed to acquire the U.S.-based Regal Entertainment for 2.7 billion. Nordic Capital agreed to buy nursing home operator Alloheim.

In London trading, FTSE 100 index slid 5.06 to 7,333.91 and in Frankfurt the DAX index slipped 55.17 or 0.4% to 13,003.62.

In Paris, CAC 40 index slumped 25.07 or 0.5% to 5,365.51.

Allied Irish Banks Plc, the Ireland-based personal and corporate banking service provider said net interest margin in the third-quarter ending in September increased to 2.50% from 2.47% in first-half of 2017, in line with market expectations with stable asset yields and lower funding costs.

The lender said as of September 30, impaired loans dropped 20% to 7.3 billion from 9.1 billion at year end of fiscal 2016.

Carrefour SA fell 0.2% to 18.08 after France-based supermarkets, convenience stores operator today signed a purchasing partnership agreement with Fnac Darty for household domestic appliances and consumer electronics in France.

Cineworld Group Plc increased 1.1% to 552 pence after the U.K.-based cinema locations operator agreed to acquire the U.S.-based motion picture exhibitor Regal Entertainment Group for $23 per share in cash or 2.7 billion or $3.6 billion with an implied enterprise value of 4.3 billion or $5.8 billion.

The transaction is expected to close in the first-quarter of 2018.

Nordic Capital Funds, the Germany-based healthcare and private equity investor agreed to buy domestic fastest growing nursing home operator Alloheim for about 1.1 billion or $1.3 billion, including debt.

Steinhoff International Holdings NV plunged 6.3% to 2.88 after Germany-based household goods and apparel retailer confirmed that the consolidated financial statements will be released on December 6th.

The retailer is facing ongoing criminal and tax investigation and the company has denied allegation of fraud reported in Manager-Magazin in Germany.

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