Italy Based Atlantia Pursues Abertis; Vodafone India Drags Parent

Sarla Buch
16 May, 2017
New York City

Atlantia to launch a

[R]4:00 PM Frankfurt – Atlantia to launch a €16.3 billion deal for Spain-based toll road operator Abertis. EasyJet net loss widened after headline loss per seat jumped. Vodafone net loss widened and booked non-cash impairment charges of €5 billion in India as rising competition erodes margin.[/R]

In London trading, FTSE 100 index rose 20.11 or 0.3% to 7,455.94 and in Frankfurt the DAX index increased 19.31 or 0.2% to 12,790.15.

In Paris, CAC 40 index edged up 0.23 to 5,405.75.

Atlantia SpA gained 1.2% to €25.12 after Italy-based infrastructure developer said that it plans to launch a voluntary tender offer for Spain-based Abertis Infraestructuras S.A for €16.50 per share or €16.34 billion or $18 billion.

BTG Plc plunged 6.9% to 672.50 pence after the U.K.-based healthcare products maker said revenues in the year ending in March soared 27% from a year ago to £570.5 million.

Net income in the year tumbled 44.5% from a year ago to £33.6 million from £60.5 million and diluted earnings per share declined to 8.6 pence from 15.6 pence.

BTG forecasted fiscal 2018 double-digit increase in sales and higher gross margin between 72% and 74% as repeat order rates increase in Varithena drugs for varicose vein treatment.

DCC Plc slipped 1.8% to 7,240 pence after the U.K.-based business support services provider reported sales in the year ending in March soared 9% from a year ago to £12.3 billion.

Net income in the year surged 21.4% from a year ago to £217.7 million from £181 million and diluted earnings per share advanced to 225.04 pence from 188.33 pence.

EasyJet Plc declined 6.1% to 1,229.60 pence after the U.K.-based low-cost airline operator stated revenues in the year ending in March jumped 3.2% from a year ago to £1.8 billion.

Net loss in the year widened from a year ago to £192 million from £15 million and diluted loss per share increased to 48.9 pence from 3.8 pence.

The airliner said revenue per seat in the year declined 5% to £48.80 from £51.29 and pre-tax headline loss per seat soared 815.2% to £5.65 from £0.62 in the same period a year ago.

Vodafone Group Plc jumped 4.1% to 219.85 pence after the U.K.-based mobile network operator reported group revenues in the year ending in March dropped 4.4% from a year ago to €47.6 billion.

Net loss in the year widened from a year ago to €6.1 billion from €5.1 billion and diluted loss per share rose to 22.51 cents from 20.25 cents.

Vodafone said revenues in India declines 4.9% to €5.83 billion and reported operating loss of $4.2 billion. The group booked a non-cash impairment charge of €5 billion in the first-half of 2017 in its Indian business after Reliance Jio offered free services for more than six months starting in September 2016.

As of March 31, net debt of Vodafone India was €8.7 billion, including €7.1 billion of spectrum-related liabilities.