Nordic markets ended a relatively quiet day with a slight plus. Moodys cut Hungary’s debt rating to near junk status. The idea of jointly guaranteed European government bonds “E-bonds” (not to be confused conceptually with the existing investment vehicle Eurobond) is getting mixed reactions from the Eurozone countries.
Ericsson will get a share of the Spring Nextel’s 3-5 year network investment project. The entire project should have a value of around 5 billion USD. Ericsson will deliver equipment, software and services to Atlanta, Dallas, Houston Kansas City and Miami. Ericsson is also involved in a two-year project with the government of Chile and operator Entel to connect people in rural Chile to mobile technology and broadband. Ericsson’s chairman of the board Michael Treschow announced that he will resign by latest at the 2012 AGM.
FLSmidth and Essa Australia Limited announced that they have reached an agreement under which FLS will offer to acquire 100% of the fully paid ordinary shares in Essa by way of an off-market takeover. Essa’s board unanimously recommends that the company shareholders accept the offer. The offer represent a 33% premium on current stock market valuation of equipment, systems and services provider to the global cement and minerals industries Essa Australia Limited, valuing the company at around 212 million DKK at current exchange rate. FLSmidth says to be on the lookout for further acquisitions in Australia.
TeliaSonera increases its stake in TeliaSonera Asia Holding to 75.45% from 51%. The purchase price will be around 1.1 billion SEK. Fabege has divested a total of 16 properties for 1.35 billion SEK. After the divestments, Fabege’s portfolio will be nearly fully comprised of its stated core holdings in Stockholm inner city, Solna and Hammarby Sjöstad. Fara was trading ex reverse split where five old shares were converted into one new share. Renewable Energy Corporation gained over 4% after a buy recommendation. Novo Nordisk presented positive data from a Phase 2 study with NN1731 drug candidate at the 52nd Annual Meeting of the American Society of Hematology.
Sevan Marine surprised the markets with plans to issue a four year debenture for more than 500 million NOK. The interest rate will be far north of 10%. The terms of getting financing were a hard pill for investors to chew and the stock ended the day nearly 8% lower.
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