Market Updates
Bayer to Spin-off its Plastic Division, Sulzer in Deal with Dresser-Rand
Nigel Thomas
18 Sep, 2014
New York City
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Bayer plans to spin off through public offering of its plastics business for about
[R]4:00 PM Frankfurt – Bayer plans to spin off through public offering of its plastics business for about €8 billion. Banco Santander launch public tender offer to acquire 25% stake of its Brazilian unit. Sulzer is in deal with Dresser-Rand.[/R]
In London trading, FTSE 100 index increased 0.5% or 35.92 to 6,816.82 and in Frankfurt the DAX index climbed 1.2% or 120.78 to 9,728.28.
In Paris, CAC 40 index jumped 0.8% or 34.80 to 4,466.21.
Bayer AG climbed 5.8% to €112.35 after the Germany-based diversified manufacturer plans to spin-off its plastics business for about €8 billion or $10.3 billion to focus on life sciences operations.
Banco Santander, S.A gained 1.4% to €7.79 after the Spain-based commercial bank plans to launch public tender offer to acquire 25% stake of its Brazilian unit that it doesn’t already own.
Petra Diamonds Limited rose 0.3% to 196.40 pence after the U.K.-based reported revenue in the year ending in June soared 20% to $471.8 million from $392.5 million a year ago period.
Net profit in the year surged 142% from a year ago to $67.5 million compared to $27.9 million and diluted earnings per share jumped to 9.40 cents from 6.13 cents.
Sulzer AG surged 8.3% to 136.20 francs after the Switzerland-based industrial pump maker confirmed that it is in merger talk with U.S.-based Dresser-Rand Group Inc.
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