Europe Movers: Generali, Bayer, Merck, Nokia

Arthi Gupta
06 Sep, 2012
New York City

IAG and Qantas have agreed to terminate their joint business. Generali agreed to sell its entire 69.13% stake in Migdal for

[R]3:25 PM Frankfurt – IAG and Qantas have agreed to terminate their joint business. Generali agreed to sell its entire 69.13% stake in Migdal for €705 million. Merck inked exclusive worldwide license agreement with Denmark-based Symphogen A/S for Sym004.[/R]

Air Berlin Plc slumped 3.4% to €1.69 after the German airline said it increased its capacity utilization for the first eight months of the year to 79.25%, an increase of 1.2% over the prior year.

The company welcomed a total of 3.57 million passengers on board in August, 5% less than 3.76 million passengers in the year-ago month.

Assicurazioni Generali SpA rose 1.7% to €11.67 after the insurance company agreed to sell its entire 69.13% stake in Migdal Insurance and Financial Holdings to Eliahu Insurance Co. Ltd. by the end of October for €705 million.

Bayer AG edged higher 2.3% to €64.36 after its subsidiary Bayer CropScience acquired a wheat breeding station in Milly-la Foret near Paris from the privately-owned company RAGT Semences S.A.S.

International Consolidated Airlines Group, S.A. rose 1.7% to 142.10 pence after the airline company’s wholly-owned subsidiary, British Airways, and Australia''s Qantas Airways Ltd. have agreed to terminate their joint business at the end of March 2013. This follows Qantas’ announcement that it is entering a new global partnership with Emirates.

Merck KGaA increased 1.5% to €93.26 after the chemical and pharmaceutical company signed an exclusive worldwide license agreement with Denmark-based Symphogen A/S for Sym004, an investigational antibody mixture targeting the epidermal growth factor receptor.

Nokia Oyj plunged 3.6% to €1.92 and the Finland-based mobile phone maker launched two new Lumia smartphones that will run on Microsoft Corp.''s latest Windows Phone software that failed to win over investors.

The European Aeronautic Defence and Space Company N.V. climbed 0.7% to €30.14 and the aerospace and defense contractor announced the new group executive committee.