Europe Movers: AstraZeneca, Bayer, Holcim, Meda

Nigel Thomas
28 Apr, 2014
New York City

AstraZeneca surged and rejected revised takeover approach from Pfizer. Bayer net surged 23% to

[R]4:00 PM Frankfurt – AstraZeneca surged and rejected revised takeover approach from Pfizer. Bayer net surged 23% to €1.4 billion. Holcim profit plunged 58% to 80 million Swiss francs. Meda plunged after it revised $9 billion proposal from Mylan.[/R]

In London trading, FTSE 100 index rose 0.5% or 33 to 6,718.69 and in Frankfurt the DAX index gained 0.9% or 82.72 to 9,470.06.

In Paris, CAC 40 index increased 0.6% or 26.43 to 4,470.06.

AstraZeneca Plc surged 16.5% to 4,753 pence after the U.K.-based biopharmaceutical company received takeover offer from the U.S.-based Pfizer Inc for about £58.8 billion or $98.7 billion, The company said the proposal ""very significantly undervalued AstraZeneca and its prospects.""

Pfizer stock in New York trading jumped 2.4% to $31.50.

Bayer AG climbed 4.5% to €100.05 after the Germany-based health care company reported group sales in the first-quarter ending in March jumped 2.8% to €10.56 billion from €10.27 billion a year ago.

Net income in the quarter surged 22.7% to €1.42 billion compared to €1.16 billion and earnings per share jumped 14.7% to €1.95 from €1.70 a year earlier.

Bayer also plans to sell its €7.8 billion or $10 billion plastics division and use proceeds to expand its health care business.

Holcim Ltd rose 0.2% to 79 francs after the Switzerland-based building materials maker reported net sales in the first-quarter ending in March declined 5.4% to 4.09 billion Swiss francs from 4.32 billion francs a year ago period.

Net income in the quarter plunged 57.5% to 80 million francs compared to 187 million francs and diluted earnings per share dropped 58.6% to 0.24 francs from 0.58 francs a year earlier.

Meda AB plunged 7.8% to 118.80 kronor after the Sweden-based pharmaceutical company’s board today rejected the revised proposal of $9 billion from the U.S.-based generic drug-maker Mylan Inc.

Last week, Mylan raised its all-stock offer to 145 kronor per share from the previous offer of 130 kronor per share which was rejected by Meda earlier in this month.