Generali Sells German Insurance Unit, Bellon Family Lifts Sodexo Stake

Sarla Buch
05 Jul, 2018
New York City

Bellon family increased its stake in Sodexo. Generali agreed to sell 89.9% stake in its Germany-based life insurance unit for

[R]4:00 PM Frankfurt – Bellon family increased its stake in Sodexo. Generali agreed to sell 89.9% stake in its Germany-based life insurance unit for €1.9 billion. Superdry revenue jumped after strong online sales. Sodexo surged on strong revenues.[/R]

In London trading, FTSE 100 index increased 28.09 or 0.3% to 7,601.16 and in Frankfurt the DAX index jumped 107.22 or 0.9% to 12,426.

In Paris, CAC 40 index advanced 40.46 or 0.8% to 5,360.95.

Bellon SA, France-based Bellon family said that it increased its stake to
41.27% from 40.38% in the domestic food services provider Sodexo SA.

Assicurazioni Generali SpA gained 1.8% to €14.52 after France-based insurer agreed to sell 89.9% stake in its Germany-based life insurance unit Generali Leben to private equity backed Viridium Gruppe, owned by the U.K.-based private equity firm Cinven Group Ltd and Hannover Rueck SE for about €1.9 billion.

Under the terms, Generali Investments Europe will manage the Generali Leben assets for a 5-year period and will receive cumulative total fee of €275 million.

SuperDry Plc soared 6.4% to 1,244 pence after the U.K.-based apparel and accessories retailer said revenues in the year ending on April 28 jumped 16% from a year ago to £872 billion.

Net income in the year plunged 24.9% to £53.3 million from £71 million in a year ago period and diluted earnings per share slumped to 61.9 pence from 80.7 pence.

The retailer said revenues in the wholesale business soared 29.6% and revenues in retail segment jumped 9.2%, driven by online revenue up 25.8%.

The fashion retailer forecasted fiscal 2019 growth to be driven by online and wholesale businesses and reaffirmed high single-digit increase in group revenue.

Sodexo SA surged 8.7% to €90.10 after France-based personal and home food services provider reported revenues in the nine-month period ending in May dropped 1.6% from a year ago to €15.5 billion after on-site services revenues declined 2.7% to €14.9 billion.

Sodexo food services provider reaffirmed fiscal 2018 revenue growth of between 1% and 1.5% and operating profit margin to jump approx 5.7%.