Takeda Offered

Sarla Buch
08 May, 2018
New York City

Adecco reported weaker-than-expected first-quarter result. Lafargeholcim declined on flat revenues and weak profit. Munich Re profit surged and reaffirmed fiscal 2018 outlook. Shire agreed to be acquired by Japan-based Takeda Pharmaceutical for about

[R]4:00 PM Frankfurt – Adecco reported weaker-than-expected first-quarter result. Lafargeholcim declined on flat revenues and weak profit. Munich Re profit surged and reaffirmed fiscal 2018 outlook. Shire agreed to be acquired by Japan-based Takeda Pharmaceutical for about £45.3 billion.[/R]

In London trading, FTSE 100 index edged up 6.05 to 7,572.72 and in Frankfurt the DAX index decreased 51.97 or 0.4% to 12,895.78.

In Paris, CAC 40 index slipped 18.48 or 0.3% to 5,513.01.

Adecco Group AG plunged 6.3% to 63.12 Swiss francs after the Switzerland-based recruitment services provider reported revenues in the first-quarter ending in March jumped 4% from a year ago to €5.7 billion.

Net profit in the quarter tumbled 26.1% to €130 million from €176 million in a year ago period.

Lafargeholcim Ltd declined 3.3% to 54.50 Swiss francs after the Switzerland-based cement and ready-mix concrete maker said net sale in the first-quarter ending in March were flat from a year ago to 5.8 billion francs but operating profit plunged 7.7% to 700 million francs.

The cement maker said drop in profit was driven by harsh winter in North America and Europe but growth in cement sales volumes jumped 3.2% to 47.7 million tons.

Lafargeholcim reaffirmed fiscal 2018 group sales to increase between 3% and 5% and operating profit of about 5%.

Munich Re AG slipped 1% to €190.20 after Germany-based reinsurance services provider reported gross premiums written in the first-quarter ending in March increased 1.6% from a year ago to €13.1 billion.

Net profit in the quarter surged 49.2% to €826 million from €554 million in a year ago period and diluted earnings per share advanced to €5.49 from €3.55.

The insurer reaffirmed fiscal 2018 profit forecast in the range of €2.1 billion to €2.5 billion and said if exchange rates remain the same, premium volume may jump 7.8%.

Munich Re still expecting to post gross premiums written in the range of €46 billion to €49 billion.

Shire Plc jumped 4.3% to 4,023.50 pence after the Ireland-based rare diseases drug maker agreed to be acquired by Japan-based rival Takeda Pharmaceutical Company Ltd for about £45.3 billion or $61.50 billion.

Under the deal, shareholder of Shire will be entitled to receive $30.33 in cash for each Shire share and either 0.839 new Takeda shares.

The transaction is expected to complete in the first half of calendar year 2019.