Europe Earnings: Atos, InterContinental Hotels, Rockhopper, Rosneft

Nigel Thomas
26 May, 2014
New York City

Atos agreed to acquire its rival Bull for

[R]4:00 PM Frankfurt – Atos agreed to acquire its rival Bull for €620 million in cash. InterContinental Hotels rejected a £6 billion from unknown bidder of the U.S. Moss Bros total sales climbed 5.4%. Rockhopper agreed to acquire Mediterranean Oil & Gas for £45 million. Rosneft to acquire 50% stake of Seadrill.[/R]

In London trading, FTSE 100 index slid 0.07% or 4.81 to 6,815.75 and in Frankfurt the DAX index jumped 1% or 99.30 to 9,867.31.

In Paris, CAC 40 index gained 0.5% or 23.70 to 4,516.85.

Atos SE soared 5.5% to €63.78 after the France-based information technology agreed to acquire its rival Bull SA at €4.90 per share or in total consideration of €620 million or $845.2 million amid increasing 10% of earnings and annual cost savings of about €80 million within 2 years.

InterContinental Hotels Group Plc rose 0.3% to 2,225 pence after the chain of hotels has rejected a £6 billion or $10.1 billion takeover offer as “it was too low” from unknown bidder of the U.S.

Moss Bros Group Plc fell 0.4% to 121.95 pence after the U.K.-based men’s ware retailer reported total sales in the sixteen-week ending in May climbed 5.4% and comparable sales jumped 6.3%.

Rockhopper Exploration Plc slipped 1.1% to 93.50 pence after the U.K.-based oil and gas explorer agreed to acquire Mediterranean Oil & Gas Plc for about £45.3 million in cash. Shareholder of MOG will receive 6.5 pence per share comprising 4.875 pence in cash and 0.0172 shares.

NK Rosneft OAO, the Russia-based oil and gas explorer plans to acquire controlling stake in the Norway-based offshore driller Seadrill.

Separately, Igor Ivanovich Sechin chairman of Rosneft, in a interview with Rossiya 24 TV channel his company could take a stake of up to 50% in Seadrill.