Brazil Based Oi Explores Stake Purchase in Rival Tim

Nigel Thomas
27 Aug, 2014
New York City

Oi intends to acquire stake in Tim Participacoes from Telecom Italia for $8 billion. Foxtons Group net surged 64%. Marine Harvest net swung to a loss of 142 million kronor but revenue climbed 48%. Seadrill net tumbled 65%.

[R]4:00 PM Frankfurt – Oi intends to acquire stake in Tim Participacoes from Telecom Italia for $8 billion. Foxtons Group net surged 64%. Marine Harvest net swung to a loss of 142 million kronor but revenue climbed 48%. Seadrill net tumbled 65%.[/R]

In London trading, FTSE 100 index edged down 0.04% or 2.51 to 6,820.25 and in Frankfurt the DAX index fell 0.2% or 19.09 to 9,569.06.

In Paris, CAC 40 index slid 0.04% or 1.97 to 4,391.44.

Foxtons Group Plc declined 6.1% to 276.40 pence after the U.K.-based residential property developer said group revenue in the first-half ending in June soared 16.2% to £72.8 million from $62.6 million a year ago period.

Profit in the period surged 63.9% from a year ago to £18.2 million compared to £11.1 million and earnings per share jumped to 6.4 cents from 4.3 cents.

Marine Harvest ASA dropped 2.8% to 83.55 kronor after the Norway-based seafood producer said revenue in the second-quarter ending in June climbed 47.7% to 6.56 billion kronor from 4.44 billion kronor a year ago period.

Net in the quarter swung to a loss from a year ago to 142 million kronor compared to profit 94 million kronor and loss per share swung to a 0.35 kronor from earnings of 0.24 kronor per share.

OneSavings Bank Plc climbed 4.1% to 193.68 pence after the U.K.-based financial services provider reported net interest income in the first-quarter ending in June surged 127.3% to £55.7 million from £24.5 million a year ago period.

Net profit in the period double from a year ago to £20.34 million compared to £10.72 million and diluted earnings per share jumped to 9.2 pence from 6.5 pence.

Oi SA surged 7.5% to 1.44 reais after the Brazil-based telecommunications company plans to acquire stake in Tim Participacoes SA, controlled by Telecom Italia SpA for about $8 billion.

Seadrill Limited slumped 2% to 227.50 kronor after the Bermuda-based offshore drilling contractor reported revenue in the second-quarter ending in June dropped 3.9% to $1.22 billion from $1.27 billion a year ago period.

Net income in the quarter tumbled 65% from a year earlier to $605 million compared to $1.73 billion and diluted earnings per share declined to $1.24 from $3.53.