Ceconomy Beats Profit Forecast, Old Mutual Sells Buxton UK Fund

Sarla Buch
19 Dec, 2017
New York City

Ceconomy net profit soared. China owned Tsinghua increased its stake in Dialog Semiconductor. Fresenius plans to acquire the U.S.-based Akorn in early 2018. Old Mutual agreed to sell asset management unit for

[R]4:00 PM Frankfurt – Ceconomy net profit soared. China owned Tsinghua increased its stake in Dialog Semiconductor. Fresenius plans to acquire the U.S.-based Akorn in early 2018. Old Mutual agreed to sell asset management unit for £600 million.[/R]

In London trading, FTSE 100 index rose 13.64 to 7,552.17 and in Frankfurt the DAX index decreased 20.99 to 13,293.91.

In Paris, CAC 40 index fell 10.95 or 0.2% to 5,409.60.

Ceconomy AG, formerly Metro AG dropped 3% to €11.59 after Germany-based consumer electronics retailer said revenues in the year ending in September increased 1.3% from a year ago to €22.2 billion.

Net profit in the period soared 37% to €189 million from €152 million in a year ago period and diluted earnings per share advanced to €0.58 from €0.47.

The retailer said online sales in the year surged 10.9% and services and solutions sales jumped 6.2% from a year ago period.

Western and Southern Europe, revenues rose 1.6% to €6.7 billion and sales in the “DACH” region jumped 2.5% to €12.7 billion and operating profit advanced 6% to €471 million from €466 million in the same period a year ago.

Dialog Semiconductor Plc soared 9.3% to €25.41 after the that China-based state-owned chip maker Tsinghua Unigroup increased its stake in the Anglo-German integrated circuits maker for about 9% from 8.1%.

Fresenius SE & Co KGaA slipped 1.4% to €65 after Germany-based health care services provider is in negotiations to acquire the U.S.-based generic drugs maker Akorn, Inc in early 2018.

Greenyard NV advanced 4% to €19.62 after the Belgium-based fresh and frozen foods provider said it is in preliminary talk to acquire the U.S.-based privately held fruit and vegetable producer Dole Food Company.

Old Mutual Plc jumped 4.4% to 222.40 pence after the U.K.-based life, property and casualty insurance provider agreed to sell its single-strategy asset-management business for £600 million or $801.8 million to private equity company TA Associates.