Bayer Trims Monsanto Synergy Estimate, GVC Offers Positive Outlook

Sarla Buch
25 May, 2018
New York City

Aeroports De Paris a construction contract for Sharjah Airport. Bayer cuts its Monsanto synergy estimated to $1.2 billion. GVC estimated positive outlook for the current year.

[R]4:00 PM Frankfurt – Aeroports De Paris a construction contract for Sharjah Airport. Bayer cuts its Monsanto synergy estimated to $1.2 billion. GVC estimated positive outlook for the current year.[/R]

In London trading, FTSE 100 index edged up 9.55 to 7,726.18 and in Frankfurt the DAX index increased 24.64 or 0.2% to 12,880.99.

In Paris, CAC 40 index slipped 19.29 or 0.4% to 5,529.15.

Aeroports De Paris SA gained 0.4% to €180.30 after France-based international airport operator’s subsidiary ADP Ingenierie, secured €15 million contract for the architectural design and supervision of works for the expansion of Sharjah International Airport in UAE.

Construction is expected to commence in 2019. Earlier the emirate north of Dubai said that the airport expansion is expected to cost a total cost of $410 million.

Bayer AG increased 0.5% to €102.42 after Germany-based pharmaceutical and life sciences products maker reported sales would decline in 2018 in a low-single-digit percentage to about €35 billion.

Adjusted for divestments, the agro-chemical maker estimated synergies to deliver annual contributions of $1.2 billion from the earlier estimate of $1.5 billion to operating profit from 2022 onward.

Bayer reaffirmed its currency-adjusted outlook for fiscal 2018.

""Bayer generated proceeds of €15 billion through the separation from Covestro of €4.5 billion, more than expected,"" said chief executive officer Werner Baumann.

GVC Holdings Plc jumped 4.2% to 1,024.52 pence after the U.K.-based online sports gambling operator forecasted higher cost synergies upgraded to at least £130 million by 2021 from its £4 billion acquisition of bookmaker Ladbrokes Coral.

The online gaming services provider said “it had good start to the year” despite its retail business was affected by adverse weather.

Total group net gaming revenue for the period as of May 20 was up 7% which was driven by 17% surge in online channel’s net gaming revenues.