France Based Retailer Fnac Approaches Darty, Sainsbury Lifts Outlook

Nigel Thomas
30 Sep, 2015
New York City

British American Tobacco completed the acquisition of Croatia-based TDR for

[R]4:00 PM Frankfurt – British American Tobacco completed the acquisition of Croatia-based TDR for €550 million. Entertainment One agreed to buy 70% stake in the Astley Baker for £140 million. Groupe Fnac made a takeover proposal to the U.K.-based Darty £533 million. Sainsbury lifted outlook.[/R]

In London trading, FTSE 100 index soared 130.61 or 2.2% to 6,040.09 and in Frankfurt the DAX index jumped 226.36 or 2.4% to 9,675.96.

In Paris, CAC 40 index surged 122.16 or 2.8% to 4,465.89.

For the month, FTSE 100 index declined 3.3% and the DAX index plummeted 6% and the CAC 40 index plunged 4.5%.

For the quarter, FTSE 100 index plunged 7.4% and the DAX index tumbled 11.6% and the CAC 40 index soared 18%.

From a year ago month, FTSE 100 index tumbled 8.8% and the DAX index jumped 2.2% and the CAC 40 index increased 1.1%.

British American Tobacco Plc jumped 3.2% to 3,633 pence after the tobacco products maker completed the acquisition of Croatia-based TDR d.o.o. and other assets from Adris Grupa for about €550 million.

Entertainment One Ltd plunged 9.5% to 246.30 pence after the U.K.-based film and television content maker agreed to acquire 70% stake in the Astley Baker Davies Limited for £140 million.

The media company forecasted overall earnings performance in the first-half of the financial year to be in line with expectations.

Groupe Fnac SA declined 3.9% to €50.91 after the France-based cultural, leisure and technological products retailer made a takeover proposal to the U.K.-based electrical retailer Darty Plc and offered for one Fnac share in exchange of 39 Darty shares, valued at 101 pence per share or about £533 million.

J Sainsbury Plc surged 14.2% to 261.90 after the supermarkets and convenience stores operator said total retail sales for the second-quarter ending on September 26 increased 0.3% excluding fuel but dropped 1.8% including fuel while comparable retail sales slipped 1.1%.

Online grocery sales in the quarter soared 15% and clothing sales jumped 13% while Sainsbury’s Bank saw the best ever month for travel money in July with a 35% surge in transaction volumes.

For the year, the convenience stores operator estimated operating profit will be “moderately ahead of published consensus” of £548 million.

Strat Aero Plc surged 35.9% to 5.95 pence after the U.K.-based aerospace services provider agreed to acquire unmanned privately-owned aerial vehicle company Geocurve Holdings in cash and shares.

The company did not disclose financial terms.