Kion in $3.3 B Deal with Dematic, Tele2 Plans to Buy TDC Sweden

Sarla Buch
21 Jun, 2016
New York City

Altice completed the purchase of Cablevision Systems. Kion agreed to acquire the U.S.-based privately held Dematic for $3.25 billion. Petrofac said profit in the first-half is in-line with the previous estimate. Chemring net loss widened. Tele2 plans to buy domestic subsidiary of rival TDC Sweden.

[R]4:00 PM Frankfurt – Altice completed the acquisition of Cablevision Systems. Kion agreed to acquire the U.S.-based privately held Dematic for $3.25 billion. Petrofac said profit in the first-half is in-line with the previous estimate. Chemring net loss widened. Tele2 plans to acquire domestic subsidiary of rival TDC Sweden.[/R]

European markets recovered early losses after a volatile week of trading last week ahead of the referendum in the U.K.

Trading at most markets have been in a holding pattern in the euro zone as the U.K. voters head to polls this week and decide the fate of the nation’s membership in the European Union.

In London trading, FTSE 100 index jumped 42.31 or 0.7% to 6,246.16 and in Frankfurt the DAX index gained 77.36 or 0.8% to 10,038.74.

In Paris, CAC 40 index increased 38.67 or 0.9% to 4,379.52.

Altice NV gained 0.7% to €14.10 after the Netherlands-based cable services provider said today that it had completed the acquisition of the U.S.-based rival Cablevision Systems Corporation with a total of 4.6 million U.S. customers.

Altice entered into a definitive agreement to acquire Cablevision on September 16, 2015 for an enterprise value of $17.7 billion.

Kion Group AG plunged 7.3% to €45.19 after the Germany-based industrial trucks and related services provider agreed to acquire the U.S.-based privately held logistics and automated material handling equipment maker Dematic Corporation for about $3.25 billion.

Petrofac Limited fell 0.5% tto 745 pence after the U.K.-based oil and gas producer said net profit in the first-half ending in June will be in-line with the previous estimate of $445 million released on May 31.

Group order backlog is about $18.9 billion although dropped from $20.7 billion in the same period a year ago.

Petrofac reported strong bidding pipeline for the second-half and for the fiscal 2017.

However, Petrofac said debt on the balance sheet in the period has grown to $1.1 billion.

Chemring Group Plc tumbled 17.2% to 115.77 pence after the U.K.-based electronic warfare equipment maker said revenues in the first-half ending in April soared 11.4% from a year ago to £180.1 million.

Net loss in the year widened from a year ago to £11.1 million compared to £7.8 million and diluted loss per share increased to 4.6 pence from 3.5 pence.

Tele2 AB slipped 1.5% to €74.90 Swedish kronor after the Sweden-based telecom company plans to acquire domestic subsidiary of rival TDC Sweden at an enterprise value of 2.9 billion kronor or $352 million.