Philips, Electrical Geodesics in

Sarla Buch
28 Jun, 2017
New York City

Dutch government lowered ABN AMRO stake by 7%. Bunzl forecasted revenues in the second-half to jump 7%. Dixons Carphone profit surged. Legrand plans to buy the Milestone AV Tech for $950 million. Stagecoach net soared. Philips in

[R]4:00 PM Frankfurt – Dutch government lowered ABN AMRO stake by 7%. Bunzl forecasted revenues in the second-half to jump 7%. Dixons Carphone profit surged. Legrand plans to buy the Milestone AV Tech for $950 million. Stagecoach net soared. Philips in €1.9 billion deal with Electrical Geodesics.[/R]

In London trading, FTSE 100 index fell 11.37 or 0.2% to 7,422.99 and in Frankfurt the DAX index slid 15.56 to 12,655.46.

In Paris, CAC 40 index decreased 10.44 or 0.2% to 5,248.14.

ABN AMRO Group NV slumped 2.1% to €22.75 after NL Financial Investments agreed to sell 65 million depositary receipts in the financial services provider to reduce Dutch government stake by 7% to 63% for a price of €22.75 per receipt or total of $1.7 billion.

The Dutch government plans to sell-off its holding gradually.

Bunzl Plc jumped 2.9% to 2,377 pence after the U.K.-based diversified trading and distribution services provider forecasted revenues in the second-half ending in June to jump 7% on improved underlying growth of 3% to 4% and similar impact from acquisitions.

Bunzl said so far this year, it had acquired eight businesses worth about £290 million, adding aggregate annualized revenue of £370 million.

Dixons Carphone Plc slipped 1.5% to 291.50 pence after the U.K.-based consumer electronics retailer reported revenues in the year ending in April soared 9% from a year ago to £10.6 billion.

Net profit in the year surged 83% from a year ago to £295 million from £161 million and diluted earnings per share jumped to 25.2 pence from 15.1 pence.

The retailer said pre-tax profit soared 37.5% to £418 million after reduction in non-headline costs and comparable sales in the year advanced 4%.

Legrand SA jumped 2.2% to €63.73 after the France-based industrial monitoring and controlling system maker plans to buy the U.S.-based privately held audiovisual and display equipment maker Milestone AV Technologies LLC for about $950 million.

Stagecoach Group Plc plunged 6.8% to 189.90 pence after the U.K.-based bus and rail operator said revenues in the year ending in April rose 1.8% from a year ago to £3.9 billion.

Net profit in the year plunged 81.7% from a year ago to £18.1 million from £99 million and diluted earnings per share declined to 5.5 pence from 17 pence.

The calculation of onerous contract provision takes the account of the parent company''s £165 million loan commitment to Virgin Trains of which £57.5 million was loaned on April 29.

However, the rail operator estimated Virgin Trains East Coast to incur losses under the current contract and recorded pre-tax charge of £84.1 million and booked impairment of £44.8 million on intangible assets associated with the right to operate the franchise.

Koninklijke Philips N.V dropped 1% to €32.21 after the Netherland-based medical devices maker agreed to acquire the U.S.-based Electrical Geodesics Inc for $38.50 per share in cash.

Total value of the transaction is €1.9 billion or $2.15 billion, including debt and the deal is expected to close in the third-quarter of 2017.