Market Updates
Europe Movers: L'Oreal, NatWest, Nordex, OKYO Pharma, Renewi, Rheinmetall
Bridgette Randall
04 Apr, 2023
Frankfurt
L'Oreal SA increased 0.9% to €419.25 after the France-based luxury products company agreed to acquire Australia's luxury brand Aesop from Brazil-based Natura & Co for an enterprise value of $2.53 billion.
Natura plans to use proceeds to lower its debt and focus on Avon and The Body Shop businesses in Latin America.
NatWest Group PLC decreased 0.2% to 263.70 pence after the UK government extended the deadline to lowering its stake in the bank by two more years.
Nordex Group SE decreased 0.3% to €13.15 after the German wind turbine maker won a 106 MW wind project in Lithuania from E energija group.
OKYO Pharma Ltd plunged 26.8% to 1.50 pence after the bio-pharma company announced its plan to delist its stock from the London Stock Exchange in May.
Renewi Plc increased 0.3% to 607.0 pence after the glass and paper recycling company forecasted annual profit to be "slightly ahead of market expectations" for the year ending in March.
Rheinmetall AG rose as much as 1.5% but closed down 1% to €275.0 and the company's trading division won an order to provide structural parts for e-mobility vehicles.
Rheinmetall will be producing left- and right-hand shock absorber mounting sets for Geely, as well as front shock absorber mountings in sets for Jidu Auto, a new automaker.
China-based Geely and the owner of Volvo placed a supply order for nearly 200,000 of the sets consisting of front shock absorber mountings and the two side members.
Each of the three orders are worth "a figure in the double-digit million-euro range."
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