Endo in $8 billion Deal with Par, Kabel Deutsch Net Swings to Profit

Nigel Thomas
18 May, 2015
New York City

Endo International agreed to acquire the U.S.-based Par Pharmaceutical for $8 billion. Babcock Intl profit surged 42% on 21% increase in revenues. Cranswick net declined 4%. Kabel Deutschland net swung to profit to

[R]4:00 PM Frankfurt – Endo International agreed to acquire the U.S.-based Par Pharmaceutical for $8 billion. Babcock Intl profit surged 42% on 21% increase in revenues. Cranswick net declined 4%. Kabel Deutschland net swung to profit to €239 million.[/R]

In London trading, FTSE 100 index fell 7.86 to 6,952.63 and in Frankfurt the DAX index rose 0.2% or 26.01 to 11,473.04.

In Paris, CAC 40 index slipped 0.6% or 27.94 to 4,965.88.

Babcock International Group Plc jumped 2.7% to 1,110.36 pence after the U.K.-based engineering services provider reported group revenues in the year ending in March soared 20.5% to £4 billion from £3.32 billion in a year ago period.

Net profit in the year surged 41.7% from a year ago to £266.4 million compared to £188 million and diluted earnings per share climbed 52.6 pence from 43.9 pence.

The company said revenue in marine and technology climbed 13% to £1.56 billion and revenues from support services business soared 27% to £1.32 billion but defense and security segment revenue declined 5% to £812.8 million.

Cranswick Plc dropped 2.1% to 1,554 pence after the U.K.-based food products supplier said revenues in the year ending in March increased 0.8% to £1 billion from £994.9 million in a year ago period.

Net profit in the year declined 4.4% from a year ago to £41.25 million compared to £43.21 million and diluted earnings per share slipped 83.8 pence from 88.3 pence.

Endo International Plc, the Ireland-based specialty healthcare company agreed to acquire the U.S.-based privately held Par Pharmaceutical Companies, Inc for $8.05 billion in cash and shares from private investment firm TPG Capital, L.P.

The transaction is expected to close in the second-half of this year.

Kabel Deutschland Holding AG fell 0.5% to €123.15 after the Germany-based cable network operator reported revenues in the year ending in March climbed 6.3% to €2.02 billion from €1.90 billion in a year ago period.

Net in the year swung to profit from a year ago to €239 million compared to a loss of €68 million and diluted earnings per share swung to €2.70 from a diluted loss of €0.77.

The company said revenues in TV segment increased 0.7% to €1.17 billion and revenues in internet and phone business surged 15.3% to €848 million.