Europe Movers: Clariant, Fiat Industrial, H & M, Norsk Hydro

Arthi Gupta
15 Oct, 2012
New York City

CNH Global rebuffs Fiat''s buyout proposal as inadequate. H & M September total sales increased 15%. Hydro and Orkla agreed to form the largest aluminum solutions provider.

[R]1:30 PM Frankfurt – CNH Global rebuffs Fiat''s buyout proposal as inadequate. H & M September total sales increased 15%. Hydro and Orkla agreed to form the largest aluminum solutions provider.[/R]

Clariant AG dipped 0.7% to Sfr10.75 and the specialty chemicals maker said it will expand the production capacity for Houdry dehydrogenation catalysts through a double-digit million Swiss francs investment at its current Louisville/Kentucky, USA plant.

Fiat Industrial S.p.A., the Italian automaker declined 0.7% to €7.78 after CNH Global N.V. rejected its merger offer and deemed it “inadequate” and would not be in the best interests of its shareholders.

Fiat Industrial currently owns about 88% of CNH''s shares and offered to buy the remaining 12% of CNH it didn''t already own on May 30.

H & M Hennes & Mauritz AB rose 2.1% to SEK 234 after the Swedish apparel retailer said total sales in September, including Value Added Tax, in local currencies increased 15% from last year, and sales in comparable units increased 6%.

ING Groep N.V. gained 2.6% to €6.76 and the Dutch lender appointed Delfin Rueda and Dorothee van Vredenburch as members of the Management Board Insurance EurAsia as of November 1.

Kuehne & Nagel International AG rose 0.6% to Sfr106.60 after the sea-freight forwarder reported turnover grew 12.4% to Sfr5.4 billion from last year while operating profit climbed 2.8% to Sfr181 million.

Norsk Hydro ASA advanced 1.9% to NOK 26.92 after the aluminum supplier and Orkla ASA agreed to combine their respective profiles, building systems and tubing business to create a leading aluminum solutions provider.

Based on 2011 data, the combined company would have nearly NOK 47 billion in annual revenues and underlying EBITDA of NOK 1.9 billion.

Technip. SA edged higher 1% to €88.74 and the engineering and construction company was awarded an installation and construction services contract worth approximately €200 million by the China National Offshore Oil Corp for the South China Sea deepwater gas development project in the Panyu field.

Total S.A. climbed 2.1% to €38.93 and the oil and gas explorer released information of business segments restated for 2010, 2011 and 2012 for Upstream and Supply-Marketing.