Europe Earnings: Atlas Copco, Bovis Homes, Kentz, Kingspan, Statoil

Nigel Thomas
19 Aug, 2013
New York City

Atlas Copco agreed to acquire Edwards Group for

[R]4:00 PM Frankfurt – Atlas Copco agreed to acquire Edwards Group for £1.2 billion. Bovis Homes profit surged 25%. Kentz rejected takeover offer from rival Amec and M&W Group. Kingspan net profit jumped 5%. Statoil sold stake in North Sea oil fields to Austria’s OMV for $2.65 billion.[/R]

In London trading, FTSE 100 index slipped 0.5% or 31.21 to 6,469 and in Frankfurt the DAX index fell 0.3% or 25.81 to 8,366.

In Paris, CAC 40 index dropped 0.8% or 33.04 to 4,091.

Atlas Copco AB climbed 3.2% to 183.30 kronor after the Sweden based engineering company agreed to acquire Edwards Group, Ltd. the industrial company for £1.2 billion.

Bovis Homes Group Plc rose 0.8% to 784.50 pence after the home builder said revenue in the first-half climbed 17% to £183.2 million from £157.1 million a year ago. Profit for the period surged 25% to £14.4 million compared to £11.5 million and diluted earnings per share jumped 25.6% 10.8 pence from 8.6 pence a year ago.

Operating profit in the first-half increased 17% to £20.5 million compared to £17.5 million.

The home builder added average sales price in the period soared 15% to £188,500 from £164,400.

Kentz Corporation Limited surged 23.6% to 588.20 pence after the UK based engineering company rejected takeover offer from rival Amec Plc and Germany based M&W Group GmbH, valuing the Kentz between 565 pence and 580 pence per share in cash.

Kingspan Group Plc jumped 4.4% to €11.48 after the Netherlands based tiles maker said revenue in the first-half jumped 13% to €858.4 million from £757.4 million a year ago. Net profit for the period increased 5.4% to £39.2 million compared to £37.2 million and diluted earnings per share grew 3.7% 22.5 pence from 21.7 pence a year ago.

Statoil ASA, the Norway based oil and gas explorer agreed to reduced its stakes from 70% to 51% in oil fields to Norwegian fields to Austrian company OMV for $2.65 billion.