Europe Movers: Bilfinger, Credit Agricole, Poundland, Telecom Italia, SAS

Nigel Thomas
18 Jun, 2015
New York City

Bilfinger plunged on weak fiscal outlook. Credit Agricole and Societe Generale plans to launch initial public offering for Amundi. Telecom Italia to sell Italiane and raise up to

[R]4:00 PM Frankfurt – Bilfinger plunged on weak fiscal outlook. Credit Agricole and Societe Generale plans to launch initial public offering for Amundi. Telecom Italia to sell Italiane and raise up to €875 million. SAS net swung to profit.[/R]

In London trading, FTSE 100 index edged up 2.87 to 6,683.52 and in Frankfurt the DAX index slipped 0.4% or 47.35 to 10,928.56.

In Paris, CAC 40 index dropped 0.9% or 42.79 to 4,764.97.

Bilfinger SE tumbled 14.2% to €32.15 after the Germany-based engineering and service group plans to sell its loss-making power business segment.

The recently appointed chief executive forecasted a net loss in the first-half in the mid-double-digit million euro range.

Credit Agricole SA fell 0.4% to €12.92 after the France-based financial services provider and Societe Generale announced plans to launch initial public offering of joint subsidiary Amundi.

Amundi assets under management at the end of March were €954 billion and the company is one of the leading asset manager in Europe and ranks among the ten largest players in the world.

Amundi is 80% owned by Crédit Agricole Group and 20% by Société Générale.

Poundland Group Plc declined 3.3% to 300.90 pence after the U.K.-based general merchandise retailer reported revenues in the year ending on March 29 soared 11.9% to £1.12 billion from £997.8 million in a year ago period.

Comparable store sales in the year jumped 2.4%.

Net profit in the quarter surged more than double from a year ago to £28.4 million compared to £13.9 million and diluted earnings per share jumped to 11.34 pence form 5.54 pence.

Telecom Italia SpA gained 0.5% to €1.12 after the Italy-based phone company announced the sale of a stake in its wireless infrastructure subsidiary Italiane S.p.A.

The telecom company is set to raise up to €875.3 million through initial public offering from the bourse listing of its tower unit INWIT and stocks were priced at €3.65 per share.

SAS AB climbed 5.4% to 15.50 kronor after the Sweden-based airline reported revenues in the second-quarter ending in April climbed 11% to 9.40 billion kronor from 8.47 billion kronor in a year ago period.

Net in the quarter swung to profit from a year ago to 279 million kronor compared to a loss of 800 million kronor and diluted earnings per share swung to 0.58 kronor from a diluted loss of 2.72 kronor.