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Market Update : 
Worldpay Receives 7.9 B Offer, Daimler Sues SKF Following EU Settlement
Author: Sarla Buch
123jump.com
Last Update: 12:09 PM ET July 04 2017



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SKF faced legal challenge from Daimler AG. Sainsbury sales increased 2.7%. Ryanair passenger traffic in June jumped 12%. Stada said Bain and Cinven are preparing for a revised takeover offer. Worldpay surged after Vantiv and JPMorgan offered 7.9 billion.

 
4:00 PM Frankfurt SKF faced legal challenge from Daimler AG. Sainsbury sales increased 2.7%. Ryanair passenger traffic in June jumped 12%. Stada said Bain and Cinven are preparing for a revised takeover offer. Worldpay surged after Vantiv and JPMorgan offered 7.9 billion.

In London trading, FTSE 100 index slid 7.10 to 7,369.99 and in Frankfurt the DAX index edged up 0.26 to 12,475.57.

In Paris, CAC 40 index fell 13.01 or 0.3% to 5,182.71.

AB SKF slumped 1.6% to SKK169.10 after Sweden-based ball bearings maker was sued by Daimler AG following a settlement with the European Union antitrust regulators.

The company and ball bearing makers settled to pay 953 million for participating in price fixing scandal. Daimler in the law suit requested 59 million for the damages linked to the ball bearing price fixing and interest and other charges.

SKF said in a statement that it intends to fight the claim.

J Sainsbury Plc gained 1.2% to 251.90 pence after the U.K.-based supermarkets and convenience stores operator said total retail sales in the 16-weeks ending on July 1 increased 2.7% excluding fuel and comparable retail sales jumped 2.3% from 0.3% in the previous three months.

Grocery sales increased 3% and transactions grew 1.9%.

The retailer said it is on track to open 135 Argos Digital stores in its supermarkets by the end of fiscal 2017. The company also reaffirmed operating profit of 160 million from the Argos acquisition by March 2019.

Online sales continue to rise at Argos, as online sales advanced 10% and Argos Fast Track delivery soared 36% and collections surged 64%. Apparel sales jumped 7%.

Ryanair Holdings Plc gained 1.3% to 18.35 after the Ireland-based discount airline operator said passenger traffic jumped 12% to 11.8 million customers in June and load factor increased 2 percentage points to 96%.

Stada Arzneimittel AG advanced 2.3% to 63.91 after Germany-based healthcare products maker said Bain Capital and Cinven are waiting for regulatory permission to launch new takeover offer of 5.3 billion.

Worldpay Group Plc surged 28.4% to 410.20 pence after the U.K.-based online and mobile payment services provider confirmed that it had received unsolicited takeover bid from the U.S.-based credit cards processor Vantiv Inc and investment banker JPMorgan Chase for about 7.9 billion.

However, Worldpay said that there is no certainty that an offer will be made or what the offer terms would be.


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