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4:00 PM Frankfurt – Daimler plans to increase its stake in China-based BAIC. Stagecoach net swung to loss after non-cash goodwill impairment charge. Takeda won approval from shareholders for its $62 billion deal with Shire Plc.
In London trading, FTSE 100 index declined 72.11 or 1% to 6,950.65 and in Frankfurt the DAX index dropped 99.43 or 0.9% to 11,235.89.
In Paris, CAC 40 index slumped 51.61 or 1% to 4,961.32.
Daimler AG gained 0.4% to €50.66 after Bloomberg reported Germany-based auto maker intends to increase its stake in its joint venture with China-based BAIC Motor Corp to at least 65% from 49% for estimated valued of €2.3 billion to €3 billion or $2.60 billion to $3.40 billion.
Iliad SA rose 0.1% to €124.95 after the France-based telecom service provider had launched new high-end set-up box at a discounted prices for the 100,000 subscribers.
Rolls-Royce Holding Plc slipped 1.8% to 841.80 pence after the U.K.-based jet airplane engines maker said it will use technology of the U.S.-based Uptake Technologies to monitor possible operational issues in its Trent aircraft engines.
Stagecoach Group Plc surged 13.3% to 174.27 pence after the U.K.-based public transport services provider said revenues in the first-half ending on October 27 tumbled 31% from a year ago to £1.2 billion.
Net in the period swung to a loss of £31.7 million from profit of £78.1 million in a year ago period and diluted earnings per share swung to 5.5 pence loss from 13.6 pence of earnings.
The bus and train operator said decline in revenues was driven by ending of its South West Trains franchise ending in August 2017 and Virgin Trains East Coast franchise ending in June 2018.
Stagecoach booked £85.4 million or $108.8 million non-cash goodwill impairment charge to reflect a revised view on long-term profitability in its North America business as it reported pretax profit in the period swung to £22.6 million loss compared to profit of £96.7 million.
""We review the strategic options for the North America Division, including ongoing discussions regarding possible sale of all or part of the business,” said chief executive officer Martin Griffiths.
Shire Plc jumped 5.5% to 4,802 pence after Japan-based Takeda Pharmaceutical Co won its shareholders approval for its $62 billion deal for Jersey-based drug maker.
The deal was approved today by 88% of votes in special shareholders meeting in Osaka and cleared the last hurdles after nine-months of negotiations.