Europe Movers: Asda, EG Group, AstraZeneca, Casino Guicahrd, Volkswagen

Bridgette Randall
26 May, 2023
Frankfurt

The DAX index increased 0.2% to 15,823.78,  the CAC-40 index increased 0.3% to 7,250.31, and the FTSE 100 index increased 0.2% to 7,584.15. 

For the week, the DAX index declined 2.7%, the CAC-40 index fell 3.1% and the CAC-40 index dropped 2.2%. 

Mining companies advanced around 3% on the optimism surrounding the U.S. debt deal talks. 

Anglo American, Antofagasta and Glencore rose between 2.5% and 3%. 

Petrol station operator EG Group and supermarket chain Asda are in a final stage of merging their operations in a deal valued at £10 billion. 

Volkswagen Group increased 0.4% to €118.54 after the company and its subsidiary Audi reached a preliminary $85 million settlement with the Texas environmental agency for charges linked to the diesel cheating scandal. 

AstraZeneca Plc increased 0.3% to 11,678.0 pence after its two cancer drugs Imfinzi and Lynparza indicated positive results in late-stage trials. 

Casino Guichard Perrachon SA declined 8.7% to €6.18 after the grocery chain operator said it has initiated  court-backed discussions with its creditors.  

"The conciliation procedure only  concerns the financial debt of Casino Guichard-Perrachon SA and certain of its subsidiaries  and will have no impact on the group's relations with its operational partners (in particular  its suppliers) and its employees," said the retailer in a statement Friday. 

On May 4, the French retailer said it is on track to sell its assets and cut its total outstanding debt. 

The Group continued its disposal plan with several assets sold in France, including Sudeco, its stake in GreenYellow, and real estate assets, increasing total asset sale in France to €4.2 billion against the target of €4.5 billion.

In Latin America, the company sold its 18.8% stake in Assaí for €723 million.    

The debt load was lowered by €0.8 billion from a year ago.

The retailer and its holding company controlled by Jean Charles Naouri has about €4.9 billion of debt due by 2025. 

The sixth largest French supermarket company is in debt restructuring from 2019.