EXOR Offers $6.4 B for PartnerRe, Draghi Sounds Stimulus Optimism

Nigel Thomas
15 Apr, 2015
New York City

The ECB left rates on hold and Draghi said stimulus is working. ASML profit surged 32% on 11% increase in revenues. EXOR offered to acquire PartnerRe Ltd for $6.4 billion. Burberry said revenues in the second-half soared 10%. JD Sports net jumped 30% and revenues climbed 25%.

[R]4:00 PM Frankfurt – ASML profit surged 32% on 11% increase in revenues. Burberry said revenues in the second-half soared 10% to £1.4 billion. EXOR offered to acquire PartnerRe Ltd for $6.4 billion. JD Sports net jumped 30% and revenues climbed 25%.[/R]

The European Central Bank left its interest rates unrevised and continued with its bond purchase program to revive economic growth and inflation in the euro zone.

In London trading, FTSE 100 index gained 0.4% or 25.62 to 7,100.88 and in Frankfurt the DAX index increased 0.4% or 47.72 to 12,275.32.

In Paris, CAC 40 index jumped 0.8% or 43.88 to 5,261.94.

ASML Holding NV slipped 1.4% to €92.71 after the Netherlands-based semiconductor equipment maker reported total net sales in the first-quarter ending in March climbed 10.7% to €1.65 billion from €1.49 billion in a year ago period.

Net profit in the quarter surged 32.1% from a year ago to €403 million compared to €305 million and earnings per share jumped to €0.93 from €0.70.

For the second-quarter the company forecasted net sales of about €1.6 billion and gross margin of about 45% and other income of about €21 million.

Burberry Group Plc gained 1.7% to 1,815 pence after the U.K.-based luxury goods retailer said revenue in the second-half ending in March soared 10% to £1.42 billion from £1.30 billion in a year ago period.

The retailer said sales in the second-half surged 13% to £1.06 billion and comparable sales climbed 9% but wholesales revenue in the second-half was inched slightly lower to £331 million from £333 million in a year ago period.

EXOR SpA dropped 1.1% to €42.96 after the Italy-based controlling shareholder of Fiat Chrysler Automobiles N.V offered Bermuda-based reinsurer PartnerRe Ltd worth about $6.4 billion in cash.

Exor expects to close the deal in 2015.

JD Sports Fashion Plc soared 5% to 535 pence after the sports, fashion and outdoor clothing and equipment retailer reported revenues in the year ending in January climbed 25% to £1.52 billion from £1.22 billion in a year ago period.

Net profit in the year jumped 30.1% from a year ago to £54 million compared to £41.5 million and diluted earnings per share increased to 35.17 pence form 29.08 pence.