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Caribbean Market Update

Dialog Semiconductor in Deal with Apple, Mondi Operating Profit Up 30%

Author: Sarla Buch
Last Update: 10:58 AM EDT October 11 2018

4:00 PM Frankfurt – Dialog Semi signed a chip license agreement with Apple Inc. Gemalto and Thales said the merger deal approval may take longer than expected. Hays reported quarterly fees growth rate was lower than expected on volatile exchange rate. Mondi operating profit surged 30%.

In London trading, FTSE 100 index declined 102.68 or 1.4% to 7,043.06 and in Frankfurt the DAX index dropped 56.05 or 0.5% to 11,656.45.

In Paris, CAC 40 index slipped 47.26 or 0.9% to 5,160.02.

Dialog Semiconductor Plc surged 26.1% to €20.87 after the U.K.-based chip supplier entered into an agreement with Apple Inc for $600 million to license its power management technologies, transfer certain of its assets and over 300 employees from Dialog to support chip research and development.

Gemalto NV edged down to €50.06 after the Netherlands-based digital security services provider and company said it may need more time to complete the merger with France-based rival Thales SA.

Both companies now expect to close the deal in the first-quarter of 2019 as 6 of the required 14 regulatory clearances had already obtained and for the remaining eight approvals the companies are in discussion with the antitrust authorities.

Hays Plc plunged 10.2% to 158.10 pence after the U.K.-based recruitment services provider said total fee increase in the first-quarter jumped 7% was driven by the exchange rate in Europe.

Mondi Plc gained 1.4% to 1,800.50 pence after Austria-focused packaging and paper manufacturer reported third-quarter operating profit surged 30% from a year ago to €466 million and jumped 4% from the second-quarter of €447 million.

Mondi said strong operating profit was driven by cost control in raw materials, higher average selling prices in fiber packaging and uncoated fine paper.

Natixis SA declined 5.1% to €5.34 after Bloomberg said France-based bank’s unit BPCE bank is exploring potential takeover of the domestic online payment services provider Ingenico Group SA for about $4.6 billion.

Ingenico Group SA stock surged 7.3% to €67.46.