AB InBev

Sarla Buch
26 Jul, 2016
New York City

AB InBev raised its takeover offer for SABMiller to

[R]4:00 PM Frankfurt – AB InBev raised its takeover offer for SABMiller to £79 billion. BP net loss narrowed and sales plunged 25%. Mondi estimated operating profit in the first-half to increase from a year ago. Luxottica profit declined 6%. Orange said profit surged three-fold.[/R]

European markets traded higher as volatile commodities influenced trading in stocks and investors looked ahead at the comments from the U.S. Federal Reserve later in the week.

In London trading, FTSE 100 index increased 26.94 or 0.4% to 6,736.93 and in Frankfurt the DAX index rose 36.72 or 0.4% to 10,234.90.

In Paris, CAC 40 index edged up 0.41 to 4,388.41.

Anheuser Busch Inbev SA gained 1% to €115.95 after the Belgium-based brewer raised its takeover offer for London-based rival SABMiller to £79 billion.

AB InBev revised its offer higher to £45 per share from £44, valuing the brewer at £79 billion compared to previous bid for £71 billion.

AB InBev may be forced to revised offer as several significant shareholders are expecting higher offer for the brewer.

BP Plc dropped 2.3% to 430.45 pence after the U.K.-based oil and gas producer reported sales in the second-quarter ending in June plunged 25.2% from a year ago to $47.28 billion.

Net loss in the quarter narrowed from a year ago to $1.39 billion compared to $5.8 billion and diluted loss per share shrank to 46 cents from $1.91.

In the quarter, the Brent oil marker price averaged $46 per barrel from $34 in the first-quarter but still significantly lower than $62 a year earlier.

BP also left the quarterly dividend of 10 cents per share unchanged and announced the final estimated liabilities for the Gulf of Mexico oil spill of 2010 of about $61.6 billion.

Mondi Plc jumped 3.2% to 1,515 pence after the U.K.-based industrial and consumer packaging products maker estimated operating profit in the first-half ending in June estimated to exceed €490 million reported in the year ago period.

The packaging and paper group is scheduled to release the financial result on August 4.

Luxottica Group SpA plunged 4.2% to €43.26 after the Italy-based fashion, luxury, sport eyewear maker reported net sales in the first-half ending in June rose 1.1% from a year ago to €4.72 billion.

Net income in the period declined 5.8% to €475.7 million compared to €505 million and diluted earnings per share fell to €0.99 from €1.05.

Orange SA slumped 3.9% to €13.80 after the communications services provider said revenues in the first-half ending in June advanced 2.6% from a year ago to €20.1 billion.

Net income in the period surged three-fold from a year ago to €3.17 billion compared to €1.10 billion and diluted earnings per share increased to €1.14 from €0.38.

In the quarter, Orange added 93,000 domestic fixed broadband customers.