Market Updates
Europe Earnings: Club Mediterranee, Fiat, SAP, Vivendi
Nigel Thomas
27 May, 2013
New York City
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Club Mediterranee received buyout offer from AXA and Fosun International. Fiat talks with banks to acquire Chrysler. SAP withdraws his interest in Jive Software. Qatar Telecom agrees to buy stake for $12 billion in Vivendi
[R]3:20 PM Frankfurt – Club Mediterranee received buyout offer from AXA and Fosun International. Fiat talks with banks to acquire Chrysler. SAP withdraws his interest in Jive Software. Qatar Telecom agrees to buy stake for $12 billion in Vivendi’s Maroc Telecom.[/R]
In London trading, FTSE 100 index slid 0.6% or 42.45 to 6,654 and in Frankfurt the DAX index gained 0.8% or 63.07 to 8,368.
In Paris, CAC 40 index increased 0.8% or 31.84 to 3,989.
Club Mediterranee SA surged 22.7% to €17 after the France based resort operator confirmed an unsolicited bid from AXA Private Equity and China based Fosun International Limited.
Both shareholders control approx 20% and 25% of voting rights in the Club.
The AXA and Fosun offered to pay €17 a share and €19.23 with convertible bond coupon in exchange for new shares in the company.
Fiat SpA climbed 4.1% to €5.64 after the Italy based automobile maker is in talks with banks to acquire the U.S. based Chrysler.
SAP AG jumped 2.5% to €60.16 on a speculation that Germany based software company has withdrawn his interest to acquire U.S. based Jive Software Inc.
Vivendi SA gained 2.7% to €15.57 on media reports that Qatar Telecom QSC agreed to buy 53% stake for $12 billion in Vivendi’s Maroc Telecom SA.
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