Market Updates
Arcelor Plans $3.5 Billion Offering, Shire Reaffirms 2012 Estimate
Nigel Thomas
09 Jan, 2013
New York City
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ArcelorMittal plans to raise $3.5 billion in stock and convertible bond offering to cut $17 billion debt load. Telecom stocks in the region fell on the speculation that companies may be permitted to share infrastructure. J Sainsbury declined on weak same store sales growth.
ArcelorMittal ((MT)) dropped 4% to €12.85 after the steelmaker said it plans to raise $3.5 billion through the sale of stocks and convertible notes to lower total debt load of $17 billion.
Telecom stocks jumped on the speculation that the companies may be allowed to share wireless infrastructure to lower operating costs.
Telecom Italia jumped 7% to 74.4 cents, France Telecom gained 5% to €8.75 and Deutsche Telekom added 2.8% to €9.05.
Shire Plc, the Irish drug maker soared 2% to 2,0007 pence after it reaffirmed its full year outlook and said it estimates “double digit” earnings growth in 2012.
Galapagos NV soared 4% to €17.95 after the Belgian drug maker announced in a statement it anticipates to receiving a milestone payment for a new drug development alliance from GlaxoSmithKline Plc after it delivered fifth pre-clinical drug candidate.
J Sainsbury Plc declined 2% to 331.6 pence after the third largest supermarket in UK reported said comparable same store sales excluding fuel increased 0.9% for the 14 weeks to Jan 5, the weakest gain in eight years.
Delta Llyod soared 6% to €13.70 after Aviva sold its 19.4% stake in the Dutch company for €433.8 million. Aviva, the UK based insurance company declined 2.5% to 372 pence.
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