European Markets Trade Higher, Alent to Buy by Platform Specialty

Nigel Thomas
13 Jul, 2015
New York City

European markets extended gains and international investors remained sceptical of the latest accord between lenders and Greece. Platform Specialty Products plans to acquire Alent

[R]4:00 PM Frankfurt – European markets extended gains and international investors remained sceptical of the latest accord between lenders and Greece. Platform Specialty Products plans to acquire Alent £1.35 billion. Alliance Pharma sales jumped 7%. Sprue Aegis revenues climbed 137% to £57 million.[/R]

European markets extended Friday’s gain after Greece and international lenders hammered out a last minute agreement.

However, most international investors remained skeptical on Greece’s ability in implementing unpopular pension and tax reforms and widen tax net.

In London trading, FTSE 100 index gained 0.6% or 44.06 to 6,717.58 and in Frankfurt the DAX index increased 1.1% or 128.71 to 11,444.53.

In Paris, CAC 40 index jumped 1.7% or 81.04 to 4,984.11.

Alent Plc surged 43.7% to 485.32 pence after the U.S.-based chemicals maker Platform Specialty Products Corp plans to acquire the U.K.-based rival for about £1.35 billion or $2.09 billion to expand the business in the region and reduce the inventories.

Alliance Pharma Plc gained 1.7% to 45.50 pence after the healthcare products maker said sales in the first-half ending in June jumped 6.5% to £22.8 million compared to £21.4 million in a year ago period and the company affirmed on the outlook for the full-year.

The interim results for the first-half are scheduled to release on September 9.

Dignity Plc rose 2.6% to 2,365 pence after the U.K.-based funeral related services provider completed the acquisition of 36 locations from Laurel Funerals for a total consideration of about £38 million.

SThree Plc jumped 3.5% to 383.55 pence after the U.K.-based specialist staffing services provider said revenues in the first-half ending in May soared 18% to £403.6 million from £341.7 million in a year ago period.

Net profit in the period surged 66.7% from a year ago to £9.5 million compared to £5.7 million and diluted earnings per share jumped to 7 pence from 4.3 pence.

Sprue Aegis Plc surged 10.4% to 334 pence after the U.K.-based gas detector products maker said revenues in the first-half ending in June climbed 137.4% to £56.5 million compared to £23.8 million in a year ago period.

The company estimated operating profit for the period to soar three-fold from a year ago to £9 million compared to £2.7 million.

Tarsus Group Plc increased 2.5% to 206.99 pence after the U.K.-based publishing company agreed to sell its France-based subsidiary Tarsus France Holdings SAS to Magellan VI SAS for a total consideration of €9.2 million or £6.6 million.