EU to Investigate BASF, Solvay Deal; Costa Coffee Sales Drop

Sarla Buch
27 Jun, 2018
New York City

Bunzl forecasted revenue in the first-half to surge 11%. The European antitrust opened investigation into BASF and Solvay deal. Costa Coffee total sales surged 5.2% but comparable sales dropped 2%. Xaar tumbled on weak outlook.

[R]4:00 PM Frankfurt – Bunzl forecasted revenue in the first-half to surge 11%. The European antitrust opened investigation into BASF and Solvay deal. Costa Coffee total sales surged 5.2% but comparable sales dropped 2%. Xaar tumbled on weak outlook.[/R]

In London trading, FTSE 100 index advanced 89.27 or 1.2% to 7,626.59 and in Frankfurt the DAX index soared 181.10 or 1.5% to 12,414.78.

In Paris, CAC 40 index jumped 74.15 or 1.4% to 5,355.44.

Bunzl Plc slipped 1.7% to 2,254 pence after the U.K.-based outsourcing service provider forecasted revenue in the first-half ending to surge 11% and revenue growth “in the second-quarter of 2018 will back to more normal.”

BASF SE gained 1.9% to €82.04 after the European antitrust opened an in-depth investigation into Germany-based chemical producer’s planned acquisition of nylon business of Belgium-based rival Solvay SA for about €1.6 billion or $1.87 billion.

ThromboGenics increased 0.7% to €7.80 after the Belgium-based biotechnology products maker announced to change its name to Oxurion NV from September 10, 2018.

Whitbread Plc jumped 3.7% to 4,035 pence after the U.K.-based hotel, coffee shop and restaurant chain said comparable sales in the first-quarter fell 1.3% but total sales in the U.K. jumped 3.5% and including international sales advanced 3.2%.

Comparable sales in Costa Coffee segment dropped 2% but total sales in the U.K. surged 5.2% and including international sales soared 4.9%.

Xaar Plc tumbled 14.2% to 235.50 pence after the U.K.-based industrial inkjet technology provider said its legacy ceramics business in the first five months had performed below management expectations in current fiscal year.

The company also said that the full-revenues estimate is not likely to be achieved.