Arab Today, arab today european stocks edge up in fourth straight session
Last Updated : GMT 00:57:03
Arab Today, arab today
Arab Today, arab today

European stocks edge up in fourth straight session

Arab Today, arab today

Arab Today, arab today European stocks edge up in fourth straight session

European stocks higher eyeing possible mega-merger
London - AFP

The world's biggest brewer Anheuser-Busch InBev raised Wednesday its offer for British rival SABMiller to 68 billion pounds (92 billion euros, $103 billion), or 42.15 pounds per share, only to be told it was still too low to achieve one of the largest ever corporate takeovers.

The deal sought by Belgian-Brazilian AB InBev would create a global "megabrewer" that would bring together internationally famous brands such as the iconic US beer Budweiser and Stella Artois with Grolsch and Foster's.

But the board of Britain's SABMiller, which has already rejected two previous bids from its rival "unanimously rejected" the third offer as "substantially" too low.

A combined new group would be worth around 220 billion euros ($250 billion), and analysts think a fresh fourth offer is likely.

Jeremy Cunnington at Euromonitor International said that "AB InBev's bid for SABMiller is the inevitable conclusion of over a decade of consolidation within the brewing industry."

"We should not be surprised to see a slightly raised offer over the next week," added Simon Davies of Canaccord Genuity in London in a note.

SABMiller shares in London closed up 0.30 percent at 3,633 pence, while AB InBev gained 0.60 percent to finish at 98.65 euros in Brussels after earlier pushing through the 100 euro barrier.

German shares rose despite the country's industrial output unexpectedly slumping in August, the economy ministry said Wednesday, as Europe's top export power feels the pinch of slowing growth in China and other emerging markets.

Frankfurt's DAX 30 closed up 0.68 percent to 9,970.40 points and the Paris CAC 40 climbed 0.14 percent to 4,667.34 points compared with Tuesday's close.

London's benchmark FTSE 100 index finished up 0.16 percent to 6,336.35 points, in a market where rising heavyweight mining stocks were offset by declines in airline shares.

In foreign exchange, the euro fell to $1.1250 from $1.1271 late on Tuesday in New York.

- US stocks mixed -

Wall Street stocks were mixed on Wednesday as stronger oil prices lifted petroleum-linked shares while some company earnings disappointed.

Dow member ExxonMobil gained 0.27 percent near mid-day deals as US oil prices moved up toward $50 a barrel.

But Yum Brands, which owns the KFC and Taco Bell fast-food chains, sank 18.5 percent as it lowered its earnings forecast due to sluggish sales in China.

Near mid-day in New York, the Dow Jones Industrial Average was 0.24 percent higher at 16,830.58.

The broad-based S&P 500 edged up 0.03 percent to 1,980.61,while the tech-rich Nasdaq Composite Index slipped 0.10 percent to 4,743.56.

Back in Europe, Britain's biggest retailer, supermarket group Tesco, said it had fallen into a net loss during its first half, partly on costs linked to an accounting scandal.

Losses after tax stood at 365 million pounds in the six months to the end of August, compared with a net profit of 6.0 million pounds during the corresponding period a year earlier, Tesco said in an earnings statement.

"Tesco results ... highlighted the problems that the sector as well as the group have had over the past two years," said Graham Spooner, analyst at online trading firm The Share Centre.

"However, the retailer did beat analyst consensus expectations... in what is proving to be a challenging turnaround."

Tesco shares soared 2.52 percent to close at 197 pence, reversing early losses.

In Asia, stock markets were higher Wednesday, with Hong Kong closing up 3.13 percent and Sydney adding 0.59 percent.

Seoul advanced 0.76 percent by the close boosted by Samsung shares soaring 8.7 percent after it announced it expected to see an 80 percent jump in third-quarter operating profit.

Japanese stocks extended gains to a sixth session Wednesday, finishing up 0.75 percent after the Bank of Japan decided to hold fire on fresh stimulus measures despite sluggish growth and stagnant prices.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european stocks edge up in fourth straight session Arab Today, arab today european stocks edge up in fourth straight session

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Russia, Iran ink economic deals

GMT 08:03 2017 Wednesday ,29 March

Russia, Iran ink economic deals
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people

GMT 20:25 2017 Wednesday ,29 March

Bahrain Stock Index Drops 5.15 Points

GMT 20:19 2017 Wednesday ,29 March

US Stocks Rise on Consumer Data and Higher Oil Prices

GMT 17:51 2017 Wednesday ,29 March

Qatar Stock Index Gains 15.68 Points

GMT 12:54 2017 Wednesday ,29 March

Qatar Stock Index Gains 33.28 Points

GMT 12:08 2017 Wednesday ,29 March

Bahrain Bourse daily trading report

GMT 12:01 2017 Wednesday ,29 March

Bahrain Bourse holds 2016-2017 TradeQuest ceremony

GMT 10:52 2017 Wednesday ,29 March

Bahrain Bourse daily trading report
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump poised to roll back climate protections

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 11:10 2017 Monday ,27 March

Trump to roll back Obama clean power plan

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 11:55 2017 Wednesday ,29 March

Need ‘gymspiration?’ The top fun fitness bloggers

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 05:17 2017 Wednesday ,29 March

Samsung to sell refurbished Galaxy Note 7s

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday