Calls for Greek Debt Restructuring Grow, Enel in $3.5 Deal with Endesa

Nigel Thomas
09 Jul, 2015
New York City

AstraZeneca sell its international rights for gastroenterology drug to Switzerland-based Tillotts Pharma. Associated British Foods group revenues increased 2%. Balfour Beatty forecasted pre-tax profit of about

[R]4:00 PM Frankfurt – AstraZeneca sell its international rights for gastroenterology drug to Switzerland-based Tillotts Pharma. Associated British Foods group revenues increased 2%. Balfour Beatty forecasted pre-tax profit of about £150 million. Bwin.party received proposal from smaller rival GVC for £908 million.[/R]

European markets rebounded following a reversal in Chinese securities after regulators took steps to arrest the fall in market indexes.

In addition, growing number of nations and leaders in the euro zone and around the world called for a debt restructuring as part of bailout conditions for Greece.

Donald Tusk, European Council President joined others and asked lenders to restructure Greek debts in exchange of credible reforms.

In London trading, FTSE 100 index jumped 1.5% or 100.13 to 6,591.71 and in Frankfurt the DAX index increased 2.3% or 247.25 to 10,995.76.

In Paris, CAC 40 index advanced 2.6% or 121.61 to 4,760.63.

AstraZeneca Plc gained 0.9% to 4,233 pence after the U.K.-based biopharmaceutical company agreed to sell its international global rights for gastroenterology drug Entocort to Switzerland-based Tillotts Pharma AG owned by Zeria Group for about $215 million.

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

Associated British Foods Plc soared 6.1% to 3,110 pence after the U.K.-based diversified food and ingredients retailer said group revenue for the forty-weeks ending in June increased 2% from a year ago period and forecasted sugar production is likely to be near one million tons.

The company said the sales in retail business Primark in the period climbed 9% from a year ago period.

Balfour Beatty Plc declined 3.6% to 220.23 pence after the U.K.-based infrastructure developer forecasted pre-tax profit for the first-half ending on June 26 in the range of £120 million to £150 million due to problems found in various parts of infrastructure construction group.

Bwin.party Digital Entertainment Plc rose 2% to 101.10 pence after the Gibraltar-based online gaming services provider confirmed that it has received a proposal from smaller rival GVC Holdings Plc at a price of 110 pence per share or about £908 million in cash and stock.

However, the company remains confident for the full-year outlook.

Barratt Developments Plc jumped 4.1% to 619 pence after the U.K.-based residential property developer forecasted pretax profit for the year to climb 45% to £565 million from £390.6 million in a year ago period after sales and price soared.

Enel Green Power SpA gained 2.2% to €1.82 after the Italy-based renewable energy producer signed a long-term energy power purchase agreement with Chile-based Endesa worth up to $3.5 billion.