Europe Earnings: AstraZeneca, A.G. Barr, St James, Victrex

Nigel Thomas
28 May, 2013
New York City

AstraZeneca agreed to acquire Omthera for $323 million. A.G. Barr profit for the year dropped 9% as carbonates revenue climbed 7%. The Crown Estate invests

[R]3:20 PM Frankfurt – AstraZeneca agreed to acquire Omthera for $323 million. A.G. Barr profit for the year dropped 9% as carbonates revenue climbed 7%. The Crown Estate invests £320 million in St James Market scheme. Victrex profit for the first-half increased to £35 million[/R]

In London trading, FTSE 100 index climbed 1.8% or 123.20 to 6,777 and in Frankfurt the DAX index increased 1.4% or 120.12 to 8,503.

In Paris, CAC 40 index jumped 1.6% or 64.60 to 4,059.

AstraZeneca Plc gained 2.9% to 3,530 pence after the UK based biopharmaceutical agreed to acquire Omthera Pharmaceuticals Inc. for $12.70 a share or approximately $323 million, this represents a premium of 88% on Omthera’s closing price on May 24. Total potential acquisition cost to nearly $443 million.

A.G. Barr Plc rose 1.4% to 578.19 pence after the UK based soft drinks maker said total revenue for the year ending on January 26 jumped 6.6% to £237.6 million. Profit for the year dropped 8.9% to £25.6 million compared to £28.1 million and diluted earnings per share slipped 22.04 pence from 24.34 pence.

The soft drink maker said profit for the year grew 3.8% to £108 million but operating profit declined 10.6% to £31.8 million from a year ago. Carbonates revenue climbed 7.1% and volume increased 6% and sales of IRN-BRU rose 1.4%.

St. James’s Place Plc increased 1.7% to 594 pence after the UK based financial service provider sold 50% stake with The Crown Estate of £320 million in St James Market scheme for the two blocks located between London''s Regent Street and Haymarket district.

Victrex Plc surged 8% to 1,758 pence after the UK based polymer products maker reported group revenue for the first-half rose 1% to £106.4 million. Profit for the period grew to £35.1 million compared to £34.9 million and diluted earnings per share edged up 41.5 pence from 41.4 pence.