Hammerson Rejects

Sarla Buch
19 Mar, 2018
New York City

Henkel said it is facing supply chain issues in North America. Hammerson rejected takeover proposal of

[R]4:00 PM Frankfurt – Henkel said it is facing supply chain issues in North America. Hammerson rejected takeover proposal of £5 billion from France-based Klepierre. Micro Focus tumbled on fiscal 2018 sales warnings. Saint-Gobain acquired Italy-based Logli Massimo.[/R]

In London trading, FTSE 100 index declined 94.85 or 1.3% to 7,069.29 and in Frankfurt the DAX index dropped 143.09 or 1.2% to 12,244.67.

In Paris, CAC 40 index slumped 32.30 or 0.6% to 5,250.44.

Henkel AG & Company, KGaA declined 3.5% to €106.50 after Germany-based chemical and consumer goods maker said fiscal 2018 has started slower after delivery difficulties in North America adversely affected consumer goods businesses in the supply chain, transportation and logistics systems.

Henkel reaffirmed fiscal 2018 revenue growth in the range of 2% to 4%, but in the Beauty Care business sales growth is likely to be below this range, operating profit to jump more than 17.5% and earnings per share to increase between 5% and 8%.

Hammerson Plc surged 24.6% to 544.60 after the U.K.-based shopping mall owner today rejected takeover proposal of 615 pence per share or £5 billion in cash and stock from France-based shopping mall operator Klepierre, saying the offer “substantially” undervalues the business.

In France, Klepierre stock plummeted 4% to €33.37.

Micro Focus International Plc tumbled 49.3% to 955.80 pence after the U.K.-based software and information technology provider forecasted revenues in the year ending in October 2018 to decline between 6% and 9% after revenues dropped greater than anticipated since the release of interim results on January 8, 2018.

The information technology provider estimated revenues in the first-half ending in April 2018 to plunge 9% to 12%.

Saint-Gobain SA rose 0.5% to €46.20 after France-based construction materials maker agreed to acquire Italy-based glass systems specialist and glass panels maker Logli Massimo.