AstraZeneca Rejects Pfizer Offer, Qatar to Invest in Deutsche Bank Offering

Nigel Thomas
19 May, 2014
New York City

AstraZeneca tumbled and the company rejected the takeover offer from Pfizer at

[R]4:00 PM Frankfurt – AstraZeneca tumbled and the company rejected the takeover offer from Pfizer at £55 per share or $117 billion as too low. Deutsche Bank dropped and plans to raise €8 billion in a rights offer. Ryanair net declined to €522.8 million but revenue jumped.[/R]

In London trading, FTSE 100 index fell 0.2% or 14.77 to 6,841.04 and in Frankfurt the DAX index gained 0.1% or 14.19 to 9,643.29.

In Paris, CAC 40 index rose 0.1% or 6.07 to 4,462.35.

AstraZeneca Plc tumbled 11.7% to 4,256 pence after the U.K.-based biopharmaceutical company rejected another “final” takeover offer from Pfizer Inc. at £55 per share or $92.48 as too low that comprised total revised valued of $117 billion.

Chairman of AstraZeneca said the offer is with minor improvement from earlier bids and continued “to fall short.”

Deutsche Bank AG dropped 2.5% to €29.98 after the Germany-based investment bank plans to raise €8 billion or $10.97 billion in a fully underwritten rights offer issued 360 million new shares and received €1.75 billion.

The Qatari royal family will buy 60 million of the shares, valued at €1.75 billion from sale stake of Qatar-based Paramount Holdings Services Ltd.

The remaining of €6.25 billion will be sold to existing investors via rights offerings.

Mirada Plc soared 14.1% to 16.40 pence after the U.K.-based audio-visual devices provider expects to report improved earnings in its current financial year and secured biggest contract for multi-screen product with a Latin American digital TV operator.

Ryanair Holdings Plc surged 9.8% to €6.97 after the Ireland-based low-cost airliner reported revenue in the year ending in March jumped 3% to €5.04 billion from €4.88 billion a year ago.

Net profit in the year declined 8% to €522.8 million compared to €569.3 million and diluted earnings per share slipped to 36.86 cents from 39.33 cents a year earlier.

Saab AB fell 0.7% to 187.90 after the Sweden-based military defense services provider said 53.4% of Swiss voters rejected order for 22 Gripen fighter jets plane contract.

Switzerland awarded the contract more than two years ago worth 3.1 billion franc or $3.5 billion that was opposed in a referendum.