Europe Earnings: Allianz, Bourbon, Linde, RWE, UniCredit, Vodafone

Nigel Thomas
17 Mar, 2014
New York City

Allianz agreed to acquire insurance business of UnipolSai for

[R]4:00 PM Frankfurt – Allianz agreed to acquire insurance business of UnipolSai for €440 million. Bourbon received a bid from Jaccar Holdings for €1.4 billion. RWE intends to sell its oil and gas exploration unit for €5.1 billion to Russia based L1. Vodafone agreed to acquire Ono for €7.2 billion.[/R]

In London trading, FTSE 100 index rose 0.4% or 25.07 to 6,552.96 and in Frankfurt the DAX index gained 0.7% or 61.24 to 9,117.65.

In Paris, CAC 40 index increased 0.7% or 30.21 to 4,246.58.

Allianz SE rose 1.1% to €121.85 after the Germany-based financial services provider agreed to acquire part of the property and casualty business of Italy-based rival UnipolSai SpA in a transaction valued €440 million or $612 million.

Bourbon SA surged 22.7% to €23.72 after the France-based marine service provider received a bid from its main shareholder Jaccar Holdings. The conditional bid hinges on obtaining a 50.1% shareholder approval and bank financing for €1.44 billion or $2.01 billion.

Bourbon board will review the offer at a meeting on March 21. At present, Jaccar Holdings owns 26% stake in the company.

Linde AG declined 2.6% to €140 after the Germany-based industrial gases producer reported group revenue in the in the year ending in December climbed 5.2% to €16.66 billion from €15.83 billion a year ago.

Net income in the year jumped 7.3% to €1.32 billion compared to €1.23 billion and earnings per share increased to €7.10 from €6.93 a year earlier.

RWE AG increased 1.2% to €28.81 after the Germany-based electricity and gas producer intends to sell its oil and gas production unit RWE Dea AG to L1 Energy owned by Russian billionaire Mikhail Fridman in a transaction valued above €5.1 billion or $7.10 billion.

UniCredit SpA jumped 1.8% to €6.27 after the Italy-based financial services provider plans to sell its Pioneer Investments asset management business valued €2 billion or $2.79 billion as a part of wider asset disposal program.

Vodafone Group Plc gained 1.7% to 225.95 pence after the U.K.-based wireless carrier, agreed to acquire Spain-based cable operator Grupo Corporativo Ono SA valued €7.2 billion or $10 billion.