DTZ Acquires Cushman Wakefield Stake for $2 B

Nigel Thomas
11 May, 2015
New York City

Agnelli family divested 75% stake in its U.S.-based Cushman unit to DTZ for $2 billion. GEA profit declined 14% but revenues jumped 6%. Lonmin pretax loss narrowed. Talanx profit jumped 16%.

[R]4:00 PM Frankfurt – Agnelli family divested 75% stake in its U.S.-based Cushman unit to DTZ for $2 billion. GEA profit declined 14% but revenues jumped 6%. Lonmin pretax loss narrowed. Talanx profit jumped 16%.[/R]

In London trading, FTSE 100 index edged up 0.04% or 3.13 to 7,049.95 and in Frankfurt the DAX index slipped 0.4% or 43.88 to 11,665.85.

In Paris, CAC 40 index declined 1.1% or 57.27 to 5,033.12.

Dignity Plc slid 0.2% to 2,078 pence after the U.K.-based funeral related services provider reported revenues in the first-quarter ending in March climbed 23.7% to £85.5 million from £69.1 million in a year ago period.

The company said operating profit in the quarter surged 38.8% from a year ago to £35.8 million compared to £25.6 million.

EXOR SpA gained 0.4% to €42.53 after the Italy-based diversified investment company owned by Agnelli family agreed to divest 75% stake in its New York-based real estate unit Cushman & Wakefield to the U.S.-based real estate developer DTZ for about $2 billion.

The transaction is expected to close in the fourth-quarter.

GEA Group AG jumped 2.3% to €44.70 after the Germany-based food and energy process provider reported revenues in the first-quarter ending in March jumped 5.9% to €1 billion from €950.7 million in a year ago period.

Net profit in the quarter declined 14.2% from a year ago to €40.5 million compared to €47.2 million and diluted earnings per share slipped to €0.21 from €0.25.

The company forecasted operating profit for fiscal 2015 in the range of €590 million to €640 million.

HSS Hire Group Plc rose 0.4% to £194.85 after the tool and equipment hiring services provider agreed to acquire All Seasons Hire Ltd aheating, ventilation and air-conditioning recruiter for £11.4 million in cash.

Lonmin Plc fell slid 0.1% to 141.85 pence after the U.K.-based platinum miner said revenues in the first-half ending in March plunged 12.1% to $508 million form $578 million in a year ago period.

Pretax loss in the period narrowed from a year ago to $118 million compared to $278 million and loss per share decreased to 13.6 cents from 35.5 cents.

The miner maintained guidance for saleable metal-in-concentrate at around 750,000 platinum ounces and for sales of around 730,000 platinum ounces.

Talanx AG fell 0.06% to €26.75 after the Germany-based insurance company stated gross written premiums in the first-quarter ending in March soared 12.2% to €9.44 billion from €8.41 billion in a year ago period.

Net profit in the quarter jumped 16.2% from a year ago to €251 million compared to €216 million and diluted earnings per share climbed to €0.99 from €0.86.

""We are confirming our target of generating Group net profit of at least €700 million in fiscal 2015"" chief executive officer Herbert K. Haas said.