Arkema Offers

Nigel Thomas
19 Sep, 2014
New York City

Aviva agreed to sell its stake of CxG Aviva to NCG Banco for

[R]4:00 PM Frankfurt – Aviva agreed to sell its stake of CxG Aviva to NCG Banco for €287 million. Total SA received €1.74 billion offer from Arkema for its Bostik adhesives unit. Vivendi agreed to divest its Brazil-based broadband unit GVT for €4.7 billion to Telefonica.[/R]

European markets traded higher after Scotland voted to stay in the United Kingdom in a historic referendum. By a 55% to 45% vote, Scottish voters decided to stay in the union and not rearrange the 307-year old constitutional arrangement.

However, the “No” vote is still going to force the United Kingdom government to provide more financial and governing powers to Scotland.

In London trading, FTSE 100 index gained 0.4% or 30.40 to 6,849.69 and in Frankfurt the DAX index rose 0.1% or 10.08 to 9,808.21.

In Paris, CAC 40 index edged up 0.02% or 0.71 to 4,465.41.

Aviva Plc rose 0.4% to 536 pence after the U.K.-based insurance and asset manager agreed to sell its stake in a joint venture CxG Aviva to NCG Banco for €287 million or $370 million.

Aviva decided to sell its stake in the venture a tribunal in Madrid ruled in the favor of the second-largest insurer in the U.K. for the joint venture to stop selling its products after the merger of Caxia Galicia and Caxia Nova.

Total SA edged up 0.01% to €50 after the France-based oil and gas explorer confirmed it received an offer from Arkema SA to acquire its Bostik unit, adhesives maker, valued €1.74 billion or about $2.25 billion.

Shares of Arkema SA declined 3.6% to €55.71.

Vivendi SA slid 0.05% to €19.47 after the France-based communications and entertainment group agreed to sell its wholly-owned Brazil-based broadband unit Global Village Telecom to the Spanish telecom operator Telefonica SA for €4.66 billion or $6 billion in cash and minor stakes in two telecom companies.

The transaction is expected to close before the end of first-half of 2015.

WPP Plc, the U.K. based advertising company said its wholly owned operating company Y&R Advertising agreed to buy MCS Holding LLC, a Mongolian conglomerate for an undisclosed sum.