Market Updates
Europe Movers: Bunzl, Unilever, Nestle, Hunting Plc
Bridgette Randall
30 May, 2023
Frankfurt
Bunzl Plc declined 1.0% to 3,161.0 pence after the international agricultural products distributor agreed to acquire a safety business based in Brazil and Spain.
In May, the company agreed to acquire Brazil-based Leal Equipamentos de Proteção, a specialized safety distributor generating revenue of 216 million real or £34 million.
In April, Bunzl agreed to acquire Spain-based Irudek, a distributor of safety and personal protective equipment, specializing in fall protection equipment in Spain generating revenue of €17 million or £15 million.
Unilever Plc declined 2.4% to 4,071.0 pence after the company said its chief financial officer Graeme Pitkethly would leave the company by the end of May 2024.
Nestle SA dropped 2.5% to CHF 109.18 after the company said chief financial officer François-Xavier Roger will step down.
Anna Manz, current chief financial officer of the London Stock Exchange Group will assume the position and also join the Nestle board.
Hunting Plc soared 14.9% to 231.50 pence after the company won a $91 million contract from Cairn Oil and Gas and Vedanta Limited for its operations in Rajasthan, India.
The contract is for an estimated 100 wells and covers operations over three years.
The company said its order backlog increased to $575 million and revised higher its 2023 operating earnings outlook to a range between $92 million and $94 million.
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