Italian Prime Minister Monti Resigns, KBC to Sell Absolut Bank

Arthi Gupta
24 Dec, 2012
New York City

The European indexes declined in thin trading volume. KBC decided to sell its Russian banking subsidiary, Absolut Bank for

[R]12:50 PM Frankfurt – The European indexes declined in thin trading volume. KBC decided to sell its Russian banking subsidiary, Absolut Bank for €300 million. ITV agreed to acquire a 61.5% stake in Gurney Productions for $40 million.[/R]

The European indexes edged lower in light trading volume as many markets in the region are closed on Christmas Eve.

Italian Prime Minister Mario Monti resigned after the parliament approved the 2013 budget in an overwhelming 309-to-55 vote. Elections are scheduled on February 24.

In Paris trading, the CAC-40 Index declined 8.23 or 0.2% to 3,653.08 and in Frankfurt the DAX Index edged lower 35.87 or 0.5% to 7,636.23.

The yields on Spain’s benchmark were at 5.273%. Italian 10-year yields were at 4.479%.

KBC to Sell Russian Banking Unit

KBC Groep NV, the Belgian multi-channel bancassurance group decided to sell its Russian banking subsidiary, Absolut Bank, to a group of Russian companies, BLAGOSOSTOYANIE for a total consideration of €0.3 billion.

Gainers & Losers

D’Ieteren SA plunged 17.3% to €30.36 after the automobile distributor estimated 30% decline in 2012 consolidated result before tax compared to 2011.

ITV plc rose 0.3% to 106.95 pence after the commercial television network agreed to acquire a controlling stake in Gurney Productions, a producer of reality programs for U.S. cable television networks. ITV will pay $40 million for a 61.5% stake in Gurney Productions, with a put and call option to buy the remaining 38.5% of the company.