Femsa Sold 5.24% stake in Heineken, Solvay in

Sarla Buch
19 Sep, 2017
New York City

Femsa sold its 5.24% stake in Heineken for

[R]4:00 PM Frankfurt – Femsa sold its 5.24% stake in Heineken for €2.5 billion. Jimmy Choo shareholders approved $1.2 billion merger with Michael Kors. Ocado revenues soared on 16% growth in average orders per week. Solvay agreed to sell its polyamides business to BASF for €1.6 billion.[/R]

In London trading, FTSE 100 index increased 10.57 or 0.2% to 7,264.75 and in Frankfurt the DAX index fell 12.49 to 12,546.87.

In Paris, CAC 40 index rose 5.45 to 5,234.58.

Heineken NV declined 3.5% to €84.54 after Mexico-based Femsa sold 5.24% stake in the Netherlands-based brewing and beer for €2.5 billion or £2.21 billion.

FEMSA sold 22.5 million shares in Heineken NV at a price of €84.50 per share, and 7.7 million shares in Heineken Holding NV at a price of €78 per share.

Jimmy Choo Plc fell 0.1% to 229.30 pence after the U.K.-based women''s shoes and handbags retailer said special resolution was passed by its shareholders and voted in favor of $1.2 billion takeover by fashion group Michael Kors Holdings Ltd.

Ocado Group Plc dropped 1.6% to 295.90 pence after the U.K.-based online grocery retailer reported revenues in the third-quarter ending on August 27 soared 14.3% from a year ago to £344.5 million.

The retailer said average orders per week jumped 16% to 254,000 from 219,000 in a year ago period but average orders per week in size fell 1.2% to £106.25.

Ocado said as of August 27, the company has on hand cash and cash equivalents of about £148.9 million and external borrowings of about £284.1 million.

Solvay SA slumped 1.4% to €126.90 after Belgium-based chemical and specialty polymers producer agreed to sell its polyamides business to Germany-based chemical BASF SE for about €1.6 billion or $1.92 billion.

Under the terms, Solvay''s upstream and downstream polyamides business in Europe, North America and Asia, as well as its downstream engineering plastics operations in Latin America.

However, Solvay retains it upstream intermediates and downstream textile polyamide business in Latin America.

The transaction is estimated to close in the third-quarter of 2018.

Separately, today Solvay also restated revenues for the fiscal 2015, 2016 and the first-half of 2017 that dropped by 13.5% to €5.18 billion from the earlier reported €5.99 billion and basic earnings per share fell to €4.27 from the earlier reported of €5.15.

Telia Company AB gained 1.4% to 38.20 Swedish kronor after Sweden-based telecom operator said today that it sold 153.5 million shares in Turkcell Iletism Hizmetleri AS and raise gross proceeds of about 4.13 billion kronor or $513.4 million.