Aviva Acquires Friends Life for

Nigel Thomas
02 Dec, 2014
New York City

Aryzta group revenue soared 14% to

[R]4:00 PM Frankfurt – Aryzta group revenue soared 14% to €1.3 billion. Aviva agreed to acquire rival Friends Life for about £5.6 billion. Aberdeen profit declined 7% to £307 million and assets under management surged 62%. ITE Group net dropped 4% on 9% decrease in revenues.[/R]

In London trading, FTSE 100 index jumped 1.1% or 75.10 to 6,731.47 and in Frankfurt the DAX index fell 0.2% or 20.27 to 9,943.24.

In Paris, CAC 40 index rose 0.3% or 15.01 to 4,392.34.

Aryzta AG rose 0.4% to 76.80 francs after the Switzerland-based bakery products maker said total group revenues in the first-quarter ending in October soared 13.8% to €1.26 billion from a year ago period.

The company reported revenue in the quarter from Europe segment climbed 7% to €404.1 million and revenues from North America segment surged 30.5% to €475.5 million. Total food group revenue soared 17.8% from a year ago to €937.8 million.

Aviva Plc gained 0.4% to 501.50 pence after the U.K.-based insurance company agreed to acquire rival Friends Life Group Limited for about £5.6 billion or $8.8 billion, 15% more than closing price of November 20.

The company said deal would add about £70 billion of U.K. assets of Friends Life and increase funds under administration to about £309 billion.

Aberdeen Asset Management Plc increased 1.1% to 462.70 pence after the U.K.-based investment company reported net revenues in the year ending in September jumped 4% to £1.12 billion from £1.08 billion a year ago period.

Net profit in the year declined 6.6% from a year ago to £307.1 million compared to £328.8 million and diluted earnings per share slumped to 22.79 pence from 26.22 pence.

In the year, new business declined 21% to £34.7 billion compared to £43.9 billion a year ago.

As of September, the company said assets under management surged 62% to £324.4 billion from £200.4 billion a year ago period.

ITE Group Plc unchanged at 153.25 pence after the U.K.-based trade exhibition and conference organizer said revenues in the year ending in September declined 9.1% to £174.8 million from £192.3 million a year ago period.

Net profit in the year dropped 4.5% from a year ago to £34.1 million compared to £35.7 million and diluted earnings per share decreased to 13.8 pence from 14 pence.

Separately today the company signed an acquisition agreement with Turkey-based TF Fuarcilik ve Organizasyon Anonim Sirketi to acquire the Eurasia Rail exhibition from Turkel Fuarcilik Anonim Sirketi for a total consideration of £8 million.