L'Oreal to Sell Body Shop for

Sarla Buch
09 Jun, 2017
New York City

Etihad reaffirmed its commitment to invest in Air Berlin. ADP lifted its stake in Turkish rival TAV Airports. Centrica to divest its Canadian oil assets to a China based consortium. L''Oreal to sell its Body Shop business for

[R]4:00 PM Frankfurt – Etihad reaffirmed its commitment to invest in Air Berlin. ADP lifted its stake in Turkish rival TAV Airports. Centrica to divest its Canadian oil assets to a China based consortium. L''Oreal to sell its Body Shop business for €1 billion.[/R]

In London trading, FTSE 100 index jumped 66.16 or 0.9% to 7,516.18 and in Frankfurt the DAX index increased 83.31 or 0.6% to 12,797.21.

In Paris, CAC 40 index advanced 32.34 or 0.6% to 5,296.58.

For the week, FTSE 100 index fell 0.4%, the DAX index jumped 1.5% and the CAC 40 index slipped 0.9%.

Air Berlin Plc jumped 6.1% to €0.938 after Reuter said Abu Dhabi-based Etihad Airways today confirmed its commitment to invest in the Germany-based airline.

Earlier talks failed between Etihad and tour operator TUI Group and create a joint venture by merging two airlines Niki, controlled by Air Berlin, and TUIfly.

Earlier, Air Berlin already received €300 million or $335.19 million from Etihad as an investment in the struggling discount airline Niki.

Aeroports de Paris SA dropped 1.2% to €137.85 after France-based airport operator’s subsidiary Groupe ADP plans to increase its stake in Turkish rival TAV Airports to 46.12% from 38% valued $160 million.

Meanwhile, ADP will sell its 49% stake in TAV Construction for about €9 million.

Centrica Plc slipped 0.4% to 198 pence after the U.K.-based energy and services provider intends to sell its 60% stake in its Canadian oil and gas exploration and production joint venture to a Hong Kong listed consortium MIE Holdings Corp.

Centrilca will sell its stake to The Can-China Global Resource Fund and Mercuria for about £413 million or C$722 million in cash.

The transaction is expected to close in the second-half of this year.

DX Group Plc jumped 3.3% to 9.81 pence despite the U.K.-based parcels, mail and logistics services provider is under preliminary investigation by the Economic Crime Directorate of London police.

L''Oreal SA gained 0.7% to €189.65 after France-based cosmetics and luxury goods maker is in talk with Brazil-based cosmetics maker Natura Cosmeticos SA to sell its The Body Shop for about €1 billion or $1.1 billion.

L''Oreal said it expects the proposed deal to close in 2017.