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Caribbean Global Market Update

Knauf to Buy USG, U.K. to Approve Sky Comcast Deal

Author: Sarla Buch
Last Update: 11:25 AM EDT June 11 2018

4:00 PM Frankfurt BCA Marketplace rejected a takeover proposal from a private equity firm. Inmarsat rejected takeover approach from the U.S.-based EchoStar. Knauf agreed to acquire the U.S.-based USG for $7 billion. The U.K. antitrust regulators are set to clear unconditional approval for Sky Comcast deal.

In London trading, FTSE 100 index increased 51.63 or 0.7% to 7,733.03 and in Frankfurt the DAX index advanced 59.75 or 0.5% to 12,826.30.

In Paris, CAC 40 index gained 24.76 or 0.5% to 5,474.94.

BCA Marketplace Plc soared 9.9% to 232 pence after the U.K.-based used vehicle marketplace confirmed today that it had rejected a takeover proposal from private equity firm Apax Partners LLP for conditional all-cash offer of 200 pence per share.

However, BCA is also owner of the

Inmarsat Plc surged 12.1% to 531.30 after the U.K.-based satellite mobile and fixed communications services provider rejected takeover approach from the U.S.-based EchoStar Corp saying the deal ""significantly undervalued"" the company.

The board of Inmarsat said that it received preliminary and indicative non-binding acquisition proposal from Echostar Corporation.

Knauf Group, Germany-based drywall gypsum boards manufacturer agreed to acquire the U.S.-based building products maker USG Corporation for $44 per share or about $7 billion after months of negotiations.

However, Berkshire Hathaway which owns 31% of the stake in the USG Corp agreed to vote its shares in favor of the transaction.

Under the terms, USG shareholders will receive $44 per share, which consists $43.50 per share in cash payable after the close of the transaction and 50 cents per share as a special dividend.

The transaction is expected to close in early 2019.

Sky Plc gained 0.6% to 1,348.50 pence after the European antitrust regulators are set to clear unconditional approval to the U.S.-based cable operator Comcast Corp bid to acquire the U.K.-based pay-TV channel and communications services provider for about 22 billion or $29.4 billion.