Europe Movers: Carnival, ArcelorMittal, Eni, Novartis, Technip, Nokia

Arthi Gupta
21 Dec, 2012
New York City

Carnival fourth quarter earnings slumped 57%. Technip won $1.25 billion offshore contract in Norway. Kl

[R]12:40 PM Frankfurt – Carnival fourth quarter earnings slumped 57%. Technip won $1.25 billion offshore contract in Norway. Klöckner sells Eastern European operations as part of its restructuring program. Nokia settled patent dispute with RIM.[/R]

Akzo Nobel NV, the specialty chemicals manufacturer fell 0.7% to €49.28 after the UK’s Competition Commission confirmed that the proposed acquisition by the company of Metlac Holding S.r.l. would result in a substantial lessening of competition in the supply of metal packaging coatings for beer and beverage cans in the UK.

ArcelorMittal SA dropped 2.6%% to €12.86 after the steel manufacturer expects to write down the goodwill in its European businesses by approximately $4.3 billion. The write down will be recorded in the fourth quarter.

Carnival Corp. & plc plunged 5.2% to $37 after the cruise operator reported fourth quarter revenues decreased to $3.6 billion from $3.7 billion last year. Net profit slumped 57.1% to $93 million or 12 cents per diluted share from $217 million or 28 cents per share last year.

Revenues for the full year fell to $15.4 billion compared to $15.8 billion for the prior year. Net income for the period declined to $1.3 billion or $1.67 diluted earnings per share from $1.9 billion or $2.42 diluted earnings per share.

Continental AG gained 0.3% to €86.05 after the automotive supplier announced that it got off to an early start with the process of refinancing the syndicated loan due in April 2014.

The company said that the loan volume will be reduced slightly to of €4.5 billion - and split up into two tranches with different maturities: a term loan in the amount of €1.5 billion, with a term of three years, and a five-year revolving credit facility in the amount of €3 billion.

Eni S.p.A. dipped 0.1% to €18.48 after the Italian oil and gas explorer signed a Heads of Agreement with Anadarko Petroleum Corporation, establishing foundational principles for the coordinated development of common natural gas reservoirs in the offshore Mozambique.

Klöckner & Co SE declined 1.2% to €9.17 after the steel and metal distributor announced it is selling its entire Eastern European operations as part of its restructuring program.

In the first phase of the transaction, activities in the Czech Republic, Bulgaria and Romania were sold. The sale of the remaining activities in Poland and Lithuania is expected to be completed in the first quarter of 2013.

Nokia Oyj slid 2.8% to €5.08 after the mobile maker entered into a new patent license agreement with Research In Motion for settling all existing patent litigation between the companies.

Under the terms of the settlement, Nokia will receive an undisclosed one-time and ongoing payment from RIM.

Novartis AG edged lower 0.4% to Sfr57.75 after the Swiss drugmaker said the European Commission approved its drug Exjade for iron overload in patients with non-transfusion-dependent thalassemia.

SMA Solar Technology AG soared 3.9% to €18.99 after the photovoltaic inverters manufacturer acquired a 72.5% stake in Jiangsu Zeversolar New Energy Co., Ltd., an inverter manufacturer in China.

Wirecard Group decreased 1.3% to €18.15 after the electronic payment provider agreed to acquire all shares in Trans Infotech Pte. Ltd., Singapore, from its shareholders.

The consideration includes cash payments of roughly €21.1 million and earn out of up to € 4.4 million dependent on the operating profit of the acquired group in the years 2013 through 2015.