BNP Nears $9 B Settlement with the U.S., Ineos in

Nigel Thomas
30 Jun, 2014
New York City

Ineos acquired remaining 50% stake of BASF

[R]4:00 PM Frankfurt – Ineos acquired remaining 50% stake of BASF’s Styrolution for €1.1 billion. Mecom acquired De Persgroep for £196 million.Philips merge its lumileds and automotive lighting businesses. Saab agreed to buy submarine shipyard from ThyssenKrupp. TUI plans to merge its U.K. tour operator unit.[/R]

In London trading, FTSE 100 index fell 0.2% or 11.61 to 6,746.16 and in Frankfurt the DAX index gained 0.3% or 34.61 to 9,849.78.

In Paris, CAC 40 index inched lower 0.09% or 3.92 to 4,433.07.

BNP Paribas SA increased 6 cents to €49.47 after the largest and the state controlled bank in France agreed to pay $9 billion to U.S. regulators for hiding dollar transactions worth $30 billion with sanctioned countries.

The bank is expected to plead guilty and may be forced to shut down its dollar clearing unit, according to the U.S. Justice Department sources.

Ineos Group Limited, the U.K.-based chemical company agreed to acquire remaining 50% stake of BASF in Styrolution, a styrenic plastics maker for €1.1 billion or $1.5 billion.

Mecom Group surged 32.8% to 152.75 pence after the U.K.-based news and information publishing company signed an agreement to sell itself to Belgium-based media group De Persgroep NV for £196 million or $333.5 million.

Under the terms, shareholders of Mecom will receive 155 pence in cash per share, a 35% premium to the closing price of Friday.

Koninklijke Philips NV jumped 2.3% to 22.74 after the Netherlands-based healthcare, lifestyle and light-emitting diodes maker is in process to consolidate its lumileds and automotive lighting businesses into a subsidiary company with about €1.4 billion or $1.9 billion in sales.

The transaction is expected to complete in the first-half of 2015.

Saab AB gained 0.9% to 205.60 after the Sweden-based military products maker krone agreed to acquire submarine shipyard in the south of Sweden from Germany-based ThyssenKrupp for 340 million krone or $50.48 million.

TUI AG dropped 2.3% to €12.30 after the Germany-based travel group plans to merge its U.K.-based tour operator TUI Travel under the terms of proposed €7 billion or £5.6 billion consolidation. TUI Travel shareholders are expected to gain £320 million from the transaction.

Vestas Wind Systems A/S climbed 4.6% to 279.20 kronor after the Denmark-based wind power generator secured two unconditional orders to deliver 225 machines to EDF Renewable Energy to install projects in New Mexico and Kansas.

Both projects are expected to be commissioned in the fourth quarter of 2015.