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Caribbean Global Market Update

ArcelorMittal Lifts Essar Steel Bid, JD Sports Reported Upbeat Results

Author: Sarla Buch
Islandjournal.net
Last Update: 11:55 AM EDT September 11 2018


4:00 PM Frankfurt ArcelorMittal lifted offer for India-based Essar Steel to $5.8 billion. Amer Sports surged on buyout offer. Cairn Energy net swung to a loss. Hilton Food profit surged on strong sales and acquisitions. JD Sports reported record result on strong revenues.

In London trading, FTSE 100 index fell 23.53 or 0.3% to 7,255.68 and in Frankfurt the DAX index slid 22.24 or 0.2% to 11,964.10.

In Paris, CAC 40 index edged up 0.20 to 5,269.83.

ArcelorMittal SA declined 3.4% to 24.16 after Luxembourg-based steel producer lifted its offer to acquire India-based debt-laden rival Essar Steel Ltd to $5.8 billion or ₹420 billion.

However, the court mandated to repay the bad loans for group companies of about ₹70 billion to bid for Essar Steel.

Amer Sports Oyj surged 19.5% to 34.39 after Finland-based sporting goods maker today received nonbinding preliminary indication of interest from consortium led by Hong Kong-based Anta Sports Products Limited and Asian private-equity firm FountainVest Partners.

Under the terms, shareholders of Amer are entitled to receive a cash consideration of 40 per share.

Amer said at this time, it is not engaged in any negotiations with the consortium and made no decisions in respect of the indication of interest.

Cairn Energy Plc slumped 3.3% to 224.60 pence after the U.K.-based oil and gas explorer said revenues in the first-half ending in June surged from a year ago to $182.4 million.

Net in the period swung to a loss of $500.5 million from profit of $70.9 million in a year ago six-month period and diluted earnings per share rose to 19.7 cents from 19 cents.

Cairn said pre-tax loss in the period swung to $602.9 million from profit of $77.7 million in a year ago period.

The oil explorer said loss in the period was driven by 3% stake in Vedanta Ltd worth $230.8 million and the company is disputing tax claims from the authorities in India.

Hilton Food Group Plc jumped 4% to 978 pence after the U.K.-based food packaging products maker reported revenues in the first-half ending on July 15 soared 25% from a year ago to 863.6 million.

Net income in the period surged 13.8% to 17.3 million from 15.2 million in a year ago six-month period and diluted earnings per share rose to 19.7 pence from 19 pence.

The packaging products maker said strong sales were driven by 50% volume increase from the new acquisition of Australia-based Seachill and business in Portugal.

However, Hilton added the company gained full operational control of Seachill only in July 2018.

JD Sports Fashion Plc soared 4.1% to 507.20 pence after the U.K.-based sport, fashion and outdoor brand retailer said revenues in the first-half ending on August 4 jumped 35% from a year ago to 1.8 billion.

Net income in the period soared 24.3% to 97.8 million from 78.7 million in a year ago six-month period and diluted earnings per share increased to 10.05 pence from 8.09 pence.


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