BMW to Pay $820 M to China Distributors, Ryanair December Traffic Climbs

Nigel Thomas
05 Jan, 2015
New York City

BMW agreed to pay $820 million to its China-based distributors to cover losses. Ireland-based C&C Group is expected to walk away from making a revised higher bid for Spirit Pub Co. Ryanair traffic in December soared 20% to more than 6 million customers.

[R]4:00 PM Frankfurt – BMW agreed to pay $820 million to its China-based distributors to cover losses. Ireland-based C&C Group is expected to walk away from making a revised higher bid for Spirit Pub Co. Ryanair traffic in December soared 20% to more than 6 million customers.[/R]

In London trading, FTSE 100 index slumped 1.6% or 103.26 to 6,444.54 and in Frankfurt the DAX index dropped 2.4% or 237.26 to 9,527.47.

In Paris, CAC 40 index declined 2.7% or 114.72 to 4,137.57.

Bayerische Motoren Werke AG declined 3.2% to €85.19 after the Germany-based auto maker agreed to pay 5.1 billion yuan or $820 million to its China-based distributors as financial to cover their losses as the domestic retailers threatened to sustain the car orders.

C&C Group Plc rose 0.3% to 3.68 pence and the beer and cider maker has till end of business day Tuesday to make a bid for Spirit Pub Company Plc. The minimum bid of one billion euros from the company is not likely to emerge.

The new bid has to be in the range of 130 pence a share, substantially higher than its previously rejected bid of 115 pence a share in October.

If C&C fails to make a bid, Greene King Plc will move forward with its £1.35 billion or $2.07 billion takeover of Spirit Pub, the Chef& Brewer operator.

Ryanair Holdings Plc gained 1.5% to €9.95 after the Ireland-based discount airline said traffic in December soared 20% to more than 6.02 million customers and load factor to 88% from 81% in a year ago month.