Europe Movers: CRH, iliad Group, Software AG, Thyssenkrupp Nucera, Unilever, Vodafone

Inga Muller
18 Dec, 2023
Frankfurt

Cautions comments from policymakers on rate outlook tempered stock market enthusiasm in Monday's trading and bond yields hovered near 9-month lows. 

The DAX index decreased 0.2% to 16,719.03, the CAC-40 index eased 0.5% to 7,562.46, and the FTSE 100 index increased 0.4% to 7,605.29.

Bond yields in the eurozone hovered near nine-month lows after the European Central Bank and the Bank of England held their interest rates steady on Thursday.

Vodafone Group plc increased 6.4% to 68.88 pence after the iliad Group proposed to merge its Italian business with Vodafone Italia.

The proposal valued Vodafone Italia at €10.45 billion, and Vodafone would obtain 50% of the share capital of NewCo, together with a €6.5 billion cash payment and a €2.0 billion shareholder loan to ensure long-term alignment.

The proposal valued Iliad Italia at €4.45 billion. Iliad would obtain 50% of the share capital of NewCo, together with a €500 million cash payment and a €2.0 billion shareholder loan.

Vodafone’s equity in NewCo at closing was valued at €1.95 billion.

Iliad said that the current proposal values the company at 7.8 times operating earnings, higher than the 7.1 times previously proposed in February 2022.

CRH plc declined 0.5% to 5,280.0 pence after the company partnered with Barro Group to acquire Australian cement manufacturing company Adbri.

The proposal values the Australian company at A$2.1 billion, a 41% premium from the previous closing price.

Barro Group and its associates currently own 42.7% of the company.

Unilever plc decreased 0.08% to 3,752.50 pence after the consumer products company said it agreed to sell its Q-Tips maker Elida Beauty for an undisclosed amount to Boston-based private equity firm Yellow Wood.

Thyssenkrupp Nucera gained 2.4% to €16.40 after the company swung in the fiscal fourth quarter to a net income of €4.3 million compared to a loss of €1.2 million in the previous year.

Software AG added 1.2% to €32.32 after IBM agreed to acquire the company's enterprise tech business for €2.13 billion in cash.