ChemChina Buys Controlling Stake in Pirelli, Optimal Payments Soars

Nigel Thomas
23 Mar, 2015
New York City

Immofinanz offered to acquire 29% in CA Immobilien for

[R]4:00 PM Frankfurt – Immofinanz offered to acquire 29% in CA Immobilien for €531 million as a counter offer. NewDay plans to raise £1 billion. Optimal Payments may acquire Sentinel Topco for €1.1 billion. China-based National Chemical agreed to acquire Italy-based Pirelli for about €7.1 billion.[/R]

In London trading, FTSE 100 index rose 0.1% or 6.96 to 7,029.47 and in Frankfurt the DAX index dropped 1.3% or 156.64 to 11,882.73.

In Paris, CAC 40 index slumped 0.8% or 39.82 to 5,047.67.

Immofinanz AG slipped 1.5% to €2.75 after the Austria-based real estate developer plans to acquire as much as 29% in the rival CA Immobilien Anlagen AG for €18.50 or about €531 million or $572 million.

CA Immobilien and Immofinanz are locked in a hostile takeover offer and the latest counter offer from Immofinanz is to fend off a hostile offer of €2.8 per share from CA Immobilien and Russia investor Boris Mints.

NewDay Group, on media report the U.K.-based privately held credit card services provider preparing for a sale or initial public offering to raise £1 billion or $1.49 billion.

Optimal Payments Plc surged 30.5% to 546.56 pence after the Isle of Man-based online and mobile payment service provider said it may acquire Sentinel Topco Ltd and its subsidiary Skrill Group for about €1.1 billion or $1.19 billion to expand its online payment and digital wallet services.

Separately, the company today said revenues in the year ending in December soared 44% to $365 million from $253.4 million a year ago period.

Net profit in the year surged 83% from a year ago to $57.7 million compared to $31.5 million.

Pirelli & C. SpA jumped 2% to €15.54 after the China-based National Chemical Corp and a consortium of investors plan to acquire Italy-based tire maker for about €7.1 billion or $7.7 billion.