Europe Earnings: AerCap, ARM, Arcam, Grohe, Peugeot, Pescanova, RSA

Nigel Thomas
13 Dec, 2013
New York City

AerCap received offer from American AIG to sell its aircraft leasing business. Arcam agreed to buy metal powder division of Canada-based Raymor. Grohe sold 87.5% stake to a Japan based Lixil for

[R]3:40 PM Frankfurt – AerCap received offer from American AIG to sell its aircraft leasing business. Arcam agreed to buy metal powder division of Canada-based Raymor. Grohe sold 87.5% stake to a Japan based Lixil for €3.06 billion. Peugeot tumbled after General Motors sold its stake in the automaker.[/R]

In London trading, FTSE 100 index edged up 0.03% or 1.92 to 6,447 and in Frankfurt the DAX index slid 0.1% or 7.53 to 9,009.

In Paris, CAC 40 index fell 0.1% or 4.03 to 4,065.

AerCap Holdings N.V surged 10.7% to €17.76 after the U.S. insurer American International Group is in talks to sell its aircraft leasing business. In December 2012, AIG agreed to sell stake of up to 90% of California-based ILFC to Chinese consortium of investors for $4.7 billion but failed to close the deal.

ARM Holdings Plc jumped 3.7% to 1,008 pence on the media report that Google Inc considered using microprocessors to design its own server processors.

Arcam AB climbed 3% to 960 kronor after the Sweden-based 3D printer maker agreed to buy metal powder division of Canada-based Raymor Industries Inc for up to C$35 million.

Grohe Group, the Germany-based bathroom fittings company sold 87.5% stake in the company to Lixil Group and Development Bank of Japan for €3.06 billion. The transaction is expected to close in the first quarter of 2014.

Peugeot SA tumbled 12% to €9.35 after the France-based automaker said General Motors sold entire stake of 7% or 24.8 million shares for an undisclosed sum.

Market makers speculated GM fetched between €10 and €10.25 a share.

The automaker said it is in talks with China-based Dongfeng Motor Corp to extend its partnership. Yesterday, the company said it writing down $1.52 billion of losses on its global business.

Pescanova SA, the Spain-based fishing and farming company considered non-binding takeover bid from a consortium including the U.S.-based private equity firm KKR and shareholders. Today the company said it had received in all five offers.

The KKR, Damm, Luxempart and Ergon consortium sought off a write-off 80% of the debt from banks.

RSA Insurance Group Plc plunged 13.4% to 86.33 pence after the U.K-based insurance service provider intends to invest £135 million into Ireland business to ensure that solvency ratio is maintained above 200%.

The insurer today accepted the resignation of Simon Lee, group chief executive.