Market Updates
Europe Movers: Lufthansa, Peugeot, Fiat, BAE Systems
Arthi Gupta
10 Oct, 2012
New York City
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BAE Systems and EADS decided to terminate their merger discussions on political obstacles and the prospect of losing defense business in the U.S. Lufthansa passenger traffic rose in September.
[R]4:30 PM Frankfurt – BAE Systems and EADS decided to terminate their merger discussions on political obstacles and the prospect of losing defense business in the U.S. Lufthansa passenger traffic rose in September.[/R]
BAE Systems plc dropped 1% to 322.10 pence after the defense, security and aerospace company and EADS decided to terminate their merger discussions. The two companies were able to hammer out commercial agreement but failed to overcome political ownership obstacles.
Germany demanded long term guarantee for employees and Spain, France and UK could not agree on the ownership structure.
Compagnie de Saint-Gobain SA fell 2.2% to €26.39 after a broker downgrade.
Deutsche Lufthansa AG fell 0.8% to €10.65 after the German aviation group reported a 1.6% increase in passengers flown in September from the year-ago period to 9.56 million. The group''s total traffic in terms of revenue seat-kilometers was 18.55 billion in September, up 1.7% from the year-ago period.
Peugeot S.A., the French carmaker declined 1.6% to €5.88 and Fiat S.p.A., the Italian automobile manufacturer climbed 0.1% to €4.28 after their ratings were downgraded to Ba3 from Ba2.
Volkswagen AG, the Germany-based automobile manufacturer edged lower 0.4% to €147 after positive broker comments.
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