Date: Monday 12 Jul 2010
Europe’s main markets posted modest gains on a quiet day’s trading ahead of the start of the US earnings season later today.Banks were among the prominent fallers in Paris, with Credit Agricole, BNP Paribas and Societe Generale all in the red.
German banks also fell.
Across the markets, the Dax in Frankfurt has added 11 points to 6,077, and the Cac in Paris climbed 13 to 3,567. The Swiss market climbed 17 points to 6,228.
On the M&A front, Spanish banking giant Santander has agreed to buy SEB’s retail banking business in
Santander said the deal will have an impact of about 10 basis points on its core capital ratio, which stood at 8.8% at 31 March. The Swedish lender's commercial banking business in Germany includes 173 branches and serves one million customers.
Thomas Cook has agreed to buy Öger Tours, a well-known German tour operator specialising in package holidays to Turkey, from its founding shareholder Vural Öger for about €30m.The consideration will be paid in cash. In addition, other businesses owned by the seller have agreed to provide Thomas Cook with agency and accommodation services in Turkey worth €2.5m at no cost.
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