Lloyds to Acquire MBNA for

Sarla Buch
20 Dec, 2016
New York City

Innovia agreed to be acquired by Canada-based CCL. Lloyds Banking agreed to acquire MBNA for

[R]4:00 PM Frankfurt – Innovia agreed to be acquired by Canada-based CCL. Lloyds Banking agreed to acquire MBNA for £1.9 billion. London Stock Exchange is in talk sells its derivative clearing house LCH to Euronext. Total to buy 23% stake in Tellurian Investments.[/R]

In London trading, FTSE 100 index gained 22.97 or 0.3% to 7,041.12 and in Frankfurt the DAX index rose 28.51 or 0.2% to 11,455.32.

In Paris, CAC 40 index increased 27.68 or 0.6% to 4,850.45.

Innovia Group (Holding 1) Limited, the privately held BOPP films and polymer banknote maker agreed to be acquired by Canada-based label and packaging maker CCL Industries Inc for €810 million or C$1.13 billion.

The transaction is expected to close by the end of first-quarter 2017.

Lloyds Banking Group Plc jumped 2.9% to 64.37 pence after the U.K.-based banking and financial services provider agreed to acquire MBNA Ltd for about £1.9 billion or $2.35 billion from Bank of America Corp.

""The acquisition advances our strategic aim to deliver sustainable growth as a U.K. focused retail and commercial bank,"" chief executive officer Antonio Horta-Osorio said.

The bank said the acquisition will increase group revenue by £650 million per year and boost its net interest margin.

London Stock Exchange Group Plc fell 0.6% to 2,771 pence after the U.K.-based stock market operator said today that it is in exclusive talks to sell its France-based derivative exchange and clearing house LCH SA to pan-European exchange operator Euronext NV.

However, the financial terms are not yet disclosed but the exchange is estimated to be valued between £335 million or between €400 million and €600 million.

Novartis AG gained 0.9% to 74.40 Swiss Franc after the Switzerland-based drug-maker said it has entered into a collaboration and license agreement with the U.S.-based smaller rival Conatus Pharmaceuticals Inc for $50 million to develop new oral treatments for chronic liver diseases.

Total SA advanced 1% to €48.38 after France-based oil and gas explorer agreed to acquire approx 23% stake in the U.S.-based privately held rival Tellurian Investments Inc at $5.85 per share or about $207 million to develop an integrated gas project.

The transaction is expected to close in the first-quarter of 2017.