Market Updates
Europe Earnings: AstraZeneca, ING, Telefonica
Nigel Thomas
26 Aug, 2013
New York City
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AstraZeneca agree to buy U.S. based Amplimmune for $500 million. ING sold its 90% stake of its South Korean business for
[R]4:00 PM Frankfurt – AstraZeneca agree to buy U.S. based Amplimmune for $500 million. ING sold its 90% stake of its South Korean business for €1.24 billion. Telefonica inches closer to acquire German mobile operator E-Plus.[/R]
In Frankfurt the DAX index rose 0.1% or 5.45 to 8,422 and in Paris, CAC 40 index fell 0.3% or 11.65 to 4,058. Markets in London were closed for a bank holiday.
AstraZeneca Plc rose 0.5% to 3,246.50 pence after pharmaceutical maker agree to buy U.S. based Amplimmune, developer of cancer immunology therapeutics for $500 million.
The proposed transaction is expected to close in the third quarter of 2013.
ING Groep N.V., the Netherlands based financial services provider agreed to sell its 90% stake in its South Korean insurance unit ING Life Korea to private-equity firm MBK Partners for 1.63 trillion won or €1.24 billion.
The transaction is expected to result after-tax loss of nearly €950 million in the third quarter.
The transaction is expected to close in the fourth quarter of this year.
Telefonica SA, the Spain based telecommunication services provider obtained the support of América Móvil SAB for the acquisition of German mobile operator E-Plus from KPN for more than $11 billion.
The transaction is expected to results a strong player in German mobile market with 43 million mobile customers and combined pro forma revenues of €8.6 billion.
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