BMO to Acquire F&C Asset Management for $1.2 Billion

Nigel Thomas
28 Jan, 2014
New York City

Afren revenue jumped 5% to $1.6 billion. Crest Nicholson profit climbed 12% and revenue soared 29% to

[R]3:40 PM Frankfurt – Afren revenue jumped 5% to $1.6 billion. Crest Nicholson profit climbed 12% and revenue soared 29% to £526 million. F&C said assets under management declined 9% to £82 billion. Philips net in the quarter swung to a profit €412 million on rising comparable sales.[/R]

In London trading, FTSE 100 index rose 0.2% or 14.82 to 6,565.48 and in Frankfurt the DAX index gained 0.3% or 24.66 to 9,373.88.

In Paris, CAC 40 index increased 0.5% or 21.80 to 4,166.36.

Afren Plc climbed 3.2% to 149.60 pence after the U.K.-based oil and gas explorer said revenue in the fourth-quarter ending in December jumped 5.1% to $1.65 billion from $1.57 billion a year ago.

Operating cash flow was in excess of $1.1 billion and average net production for fiscal 2013 was 47,112 barrels of oil equivalent per day and expects gross production in 2014 of about 62,000 barrels a day.

Crest Nicholson Holdings Plc gained 2.1% to 359.44 pence after the U.K.-based property developer said revenue in the year ending in December soared 28.8% to £525.7 million from £408 million a year ago.

Profit for the year climbed 12% to £66 million compared to £63.9 million and diluted earnings per share slid to 26.7 pence from 28.5 pence a year ago.

F&C Asset Management Plc soared 5.7% to 123 pence and the U.K.-based asset management company said assets under management in the fourth-quarter ending in December declined 8.9% to £82.1 billion compared to £90.1 billion a year ago.

F&C today said that BMO Global Asset Management (Europe) Limited, a wholly-owned subsidiary of Bank of Montreal agreed to acquire the company for £708 million or $1.18 billion and shareholder will be entitled to receive 120 pence in cash for each F&C share.

Koninklijke Philips NV slumped 2.1% to €25.94 after the Netherlands-based healthcare, consumer and lighting products maker reported flat sales in the fourth-quarter ending in December at €6.80 billion from €6.76 billion a year ago.

Net for the quarter swung to a profit €412 million compared to a loss of €420 million and diluted per share swung to earnings of €0.44 from a loss of €0.46 a year ago period.

The company said comparable sales from healthcare segment grew 4% and comparable sales from consumer lifestyle segment climbed 8%. Comparable sales in lighting segment jumped 8%.