HeidelbergCement in Deal with Lone Star, Pearson Sell Nook Media Stake

Nigel Thomas
24 Dec, 2014
New York City

HeidelbergCement agreed to sell its brick and roof-tile business to Lone Star Funds for $1.4 billion. Pearson agreed to sell its stake in Nook Media to Barnes & Noble for $28 million. Smith & Nephew surged after Stryker plans to offer a substantial premium.

[R]4:00 PM Frankfurt – HeidelbergCement agreed to sell its brick and roof-tile business to Lone Star Funds for $1.4 billion. Pearson agreed to sell its stake in Nook Media to Barnes & Noble for $28 million. Smith & Nephew surged after Stryker plans to offer a substantial premium.[/R]

In London trading, FTSE 100 index rose 0.2% or 11.75 to 6,609.93 and in Frankfurt the DAX index increased 0.6% or 56.35 to 9,922.11.

In Paris, CAC 40 index slipped 0.4% or 19.12 to 4,295.85.

BP Plc rose 0.2% to 416.85 pence after the U.K.-based oil and gas producer is nearing an agreement with its partner Rosneft OAO to expand its commitments in Russia despite sanctions on the country.

HeidelbergCement AG gained 0.2% to €7.92 after the Germany-based cement producer agreed to sell its brick and roof-tile business in North America and UK to the American affiliate of Lone Star Funds for about $1.4 billion.

The company will use proceeds to repay debt.

Pearson Plc fell 0.6% to 1,179 pence after the U.K.-based text books and newspaper publisher agreed to sell its stake in struggling e-book device maker Nook Media to the U.S.-based Barnes & Noble, Inc for about $27.7 million.

Barnes sold 5% stake to Pearson for $89.5 million in 2013.

Smith & Nephew Plc surged 7.7% to 1,173 pence on media report the U.S.-based orthopedics device maker Stryker Corporation plans to offer a premium of as much as 30% to current share price.