Europe Earnings: GDF Suez, L'Oreal, Outokumpu, ThyssenKrupp, UBS

Nigel Thomas
02 Dec, 2013
New York City

GDF Suez won a $500 million bid to build and operate thermal plants in Peru. L''Oreal launched its

[R]3:40 PM Frankfurt – GDF Suez won a $500 million bid to build and operate thermal plants in Peru. L''Oreal launched its €500 million share buyback program. Outokumpu and ThyssenKrupp severe financial ties and plan to raise capital. UBS plans to raise €1.75 billion.[/R]

In London trading, FTSE 100 index dropped 0.7% or 45.71 to 6,605 and in Frankfurt the DAX index rose 0.1% or 7.53 to 9,413.

In Paris, CAC 40 index slid 0.3% or 10.78 to 4,284.

Balfour Beatty Plc fell 0.9% to 264.88 pence after the U.K.-based infrastructure developer secured two affordable housing contracts totaling £4.6 million in Wisbech.

GDF Suez SA rose 0.4% to €17.14 after the France-based gas and electricity supplier through its subsidiary EnerSur won a bid to build and operate 500 megawatt thermal plants in Ilo, Peru. The total investment cost for the project is about at $500 million.

L''Oreal SA gained 1.5% to €124.90 after the France-based cosmetics maker launched its €500 million stock buyback program that will extend till the end of the first quarter of 2014.

Outokumpu Oyj soared 15.3% to €0.441 after the Finland-based stainless steel maker plan to raise €650 million through a rights issue and divest assets back to ThyssenKrupp, to lower its debt-to-equity ratio in exchange for the cancellation of a €1.25 billion of debt.

ThyssenKrupp AG plunged 8.9% to €17.55 and the Germany-based carbon steel producer plan to increase its capital to as much as 10% to raise nearly €1 billion.

ThyssenKrupp will fully divest its 29.9% shareholding in Outokumpu and terminate all financial links with the company.

UBS AG, the Swiss financial services provider said it plans a tender offer of subordinated bonds and senior unsecured bonds for aggregate amount of €1.75 billion to lower the debt.