Europe Movers: BP, Homeserve, Mulberry, MAN, Schroders

Nigel Thomas
22 Mar, 2013
New York City

BP plans to buy back $8 billion in shares and completed 50% stake sale in its Russian venture to Rosneft. Homeserve lowered its outlook. Mulberry said profit before tax for the year is expected to below market expectations. Schroders agree to buy Cazenove Capital.

[R]2:50 PM Frankfurt – BP plans to buy back $8 billion in shares and completed 50% stake sale in its Russian venture to Rosneft. Homeserve lowered its outlook. Mulberry said profit before tax for the year is expected to below market expectations. Schroders agree to buy Cazenove Capital.[/R]

In London trading, FTSE 100 index edged up 0.3% or 20.1 to 6,409 and in Frankfurt the DAX index inched up to 3 to 7,936.

In Paris, CAC 40 index added 0.1% or 4.8 to 3,780.

BP Plc gained 2.7% to 460.90 pence after the UK based oil and gas explorer said it will buy back $8 billion of its shares after the company sold 50% interest in Russian oil producer TNK-BP to Rosneft.

Homeserve plc declined 6% to 209.60 pence after UK based business services provider lowered expectations for fiscal 2014 and said UK business to contribute £35 million which is partially offset by headcount savings of around £10 million.

For fiscal 2015, UK revenue is expected to fall nearly £20 million as a fewer number of renewing customers but expects 50% growth in group operating profit in international business.

The company added North American business is expected to provide most significant growth of 20% in 2013.

Mulberry Group Plc plunged 15.8% to 1,040 pence UK based luxury accessory maker said profit before tax for the year ending in March is expected to be below market expectations on weaker than expected sales in post-holiday months.

The UK based luxury brand, expects wholesale sales for the year 2013 to decline 15% to £165 million and profit before tax for the year end is expected to be nearly £26 million.

MAN SE dropped 3.5% to €84.07 after the Germany based commercial vehicles maker received a preliminary initial offer from Volkswagen AG of €80.89 a share in a bid to get full-control of the company.

Schroders Plc rose 0.7% to 2,095 pence after the UK based fund manager agree to buy Cazenove Capital Holdings Limited in cash offering. The deal may be valued £500 million to £600 million.