Aveva Surges on Schneider Deal, Merck Plans to Sell Consumer Health Unit

Sarla Buch
05 Sep, 2017
New York City

Merck KGaA plans to sell its consumer health business including its unit in India. Lego plans to cut 1,400 positions. Redrow profit and revenues surged on strong housing demand. The Angry Birds game maker Rovio plans to raise

[R]4:00 PM Frankfurt – Merck KGaA plans to sell its consumer health business including its unit in India. Lego plans to cut 1,400 positions. Redrow profit and revenues surged on strong housing demand. The Angry Birds game maker Rovio plans to raise €30 million. Schneider Electric to buy Aveva for £3 billion.[/R]

In London trading, FTSE 100 index slid 9.19 to 7,402.38 and in Frankfurt the DAX index increased 68.02 or 0.6% to 12,170.23.

In Paris, CAC 40 index edged down 1.05 to 5,102.81.

Merck KGaA advanced 3% to €94.87 pence after Germany-based healthcare products maker said it is ""preparing strategic options for potential full or partial sale of"" its $1 billion consumer health business including its subsidiary in India.

The Lego Group, the Denmark-based family-owned privately held toys maker reported revenues in the first-half ending in June declined 5% from a year ago to 14.9 billion Danish kronor.

Net profit in the period dropped 3% to 3.4 billion kronor from 3.5 billion kronor in the same period a year ago.

The toy maker said operating profit in the period slumped 6% to 4.4 billion kronor but cash soared 4.6 billion kronor compared to 3.9 billion kronor in a year ago period.

Revenues in the United States and the Europe declined while in China, revenue grew by double digit.

Redrow Plc jumped 3.9% to 644 pence after the U.K.-based home builder said revenues in the year ending in June soared 20% from a year ago to £1.7 billion.

Net profit in the year surged 26.5% to £253 million from £200 million in a year ago period and diluted earnings per share advanced to 70 pence from 55.2 pence.

Rovio Entertainment Oy, the Finland-based privately held Angry Birds game maker confirmed its plan to launch an initial public offering and raise up to €30 million in Sweden and Denmark.

Schneider Electric SE slid 0.1% to €68.82 after France-based electricity distributor agreed to acquire the U.K.-based engineering software maker Aveva Group Plc to create a London-listed major industrial software maker worth about 3 billion.

Under the deal, Schneider will fold its software assets into Aveva''s operations and pay more than £550 million in exchange of 60% stake in the combined entity.

AVEVA Group Plc stock surged 27.4% to 2,446 pence.