Aker Offshore Wind Agrees To Be Combined With Aker Horizons In All-stock Deal

Progress Software Lifts FY Outlook

While reporting its results for the first quarter on Tuesday, Progress Software Corp. (PRGS) lifted its outlook for the first quarter.

The company now expects adjusted earnings of $4.01 to $4.09 per share and adjusted revenues of $609 million to $617 million.

Previously, the company had expected adjusted earnings of $3.95 to $4.05 per share and adjusted revenues of $605 million to 615 million.

Analysts polled by Thomson Reuters currently estimate earnings of $4.02 per share on revenues of $611.77 million for the quarter.

European Economics Preview: UK Mortgage Approvals Data Due

Mortgage approvals from the UK and consumer confidence from Germany and France are due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, Germany’s market research group GfK is slated to issue consumer confidence survey results. The forward-looking consumer sentiment index is forecast to fall to -14.0 in April from -8.1 in March.

In the meantime, Destatis releases Germany’s import prices data for February. Economists expect import prices to climb 26.9 percent annually, the same rate as seen in January.

Also, retail sales data is due from Statistics Sweden.

At 2.45 am ET, the French statistical office Insee publishes consumer sentiment survey results. The confidence index is forecast to fall to 94 in March from 98 in February.

At 3.00 am ET, Spain’s INE releases retail sales for February. Sales had increased 4.0 percent annually in January.

At 4.00 am ET, IHS Markit releases Austria’s manufacturing Purchasing Managers’ survey results.

Half an hour later, the Bank of England is scheduled to publish mortgage approvals data. Economists expect approvals to rise to 74,850 in February from 74,000 in January.

At 7.00 am ET, the Bank of England quarterly bulletin is due.

Koss Corp Shares Slip 6%

Shares of headphones manufacturer Koss Corp. (KOSS) fell 6 percent on Tuesday’s trading continuing their downward movement since Monday.

There has not been any company announcement to negatively impact the stock.

Currently at $9.62, the stock has traded between $5.89 and $43.92 during the past 52 weeks.

Stratec Q4 Profit Down, Sees Flat Sales Weak Margin In FY22 – Quick Facts

Stratec SE (SBSG), a manufacturer of automated analyzer systems, reported Wednesday that its fourth-quarter earnings per share fell 63 percent to 0.30 euro from last year’s 0.81 euro.

Adjusted consolidated net income was 4.56 million euros or 0.38 euro per share, compared to last year’s 11.45 million euros or 0.95 euro per share.

Adjusted EBITDA fell 44.7 percent to 8.94 million euros, and adjusted EBITDA margin dropped 860 basis points to 14.2 percent.

Adjusted EBIT margin fell 1,010 basis points to 9.0 percent.

Sales for the quarter declined 12.8 percent to 61.92 million euros from prior year’s 71.02 million euros.

Looking ahead for fiscal 2022, the company projects sales at previous year’s level on constant-currency basis and adjusted EBIT margin of around 16.5% to 18.5%.

In fiscal 2021, sales were 287.34 million euros, and adjusted EBIT margin was 18.9 percent.

The year-on-year decrease in the adjusted EBIT margin is attributable to the weaker product mix assumed, as well as to a further rise in input costs in connection with the global shortage of transport capacities, commodities, and upstream products.

European Shares Make A Steady Start

European stocks were a tad higher on Wednesday, extending gains for a sixth consecutive session after Ukraine President Volodymyr Zelensky held out hope for negotiations, saying talks are confrontational but moving forward.

Lingering worries about inflation and the economic fallout of the Ukraine crisis served to cap the upside to some extent.

The pan-European Stoxx Europe 600 edged up 0.2 percent to 459.48 in cautious trade, while the German DAX, France’s CAC 40 index and the U.K.’s FTSE 100 were up between 0.3 percent and half a percent.

Commodity-related stocks pushed higher as metal and oil prices surged, driven by concerns about supply shortages.

Miners Anglo American, Antofagasta and Glencore all rose around 1 percent while oil & gas firm BP Plc jumped 3 percent and Royal Dutch Shell added 2.8 percent.

Oilfield services provider Petrofac dropped 1.6 percent after warning of fewer near-term deals.

Sweden’s top corporate bank, SEB, fell 1 percent on going ex-dividend.

In economic releases, investors shrugged off data showing that U.K. consumer price inflation rose further in February to the highest since 1992.

Consumer price inflation rose to 6.2 percent in February from 5.5 percent in January, the Office for National Statistics said. The rate was forecast to rise moderately to 5.9 percent.

This was the highest inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modeled series since March 1992, when it stood at 7.1 percent.

Late Night Has Fun With Trump’s Missing Phone Records

“The only time there should be a seven-hour gap is when you’re trying to remember what happened on St. Patrick’s Day,” Jimmy Fallon said.

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By Trish Bendix

Aker Offshore Wind Agrees To Be Combined With Aker Horizons In All-stock Deal

Norway’s Aker Offshore Wind AS or AOW announced Wednesday an all-stock merger to be combined with Aker Horizons ASA.

Under the deal terms, shareholders in AOW, other than Aker Horizons, will receive 0.1304 merger consideration shares in Aker Horizons for each share owned in AOW.

The exchange ratio implies a share price of NOK 3.01 per AOW share, representing a premium of 6.9% to the closing price of AOW on March 29.

Aker Horizons has an indirect shareholding in AOW of approximately 51.02% and no consideration shares will be issued for such shareholding.

The transaction will be carried out as a triangular merger between AOW, Aker Horizons’ subsidiary AH Tretten AS as the surviving entity, and Aker Horizons as the issuer of merger consideration shares.

Aker Horizons has undertaken to vote in favour of the Merger at AOW’s annual general meeting expected to be held on or about May 4.

Following the deal closure, AOW will become a privately held subsidiary of Aker Horizons. It will be combined with Aker Horizons’ portfolio company Mainstream Renewable Power, subject to customary conditions, including agreement with Mainstream’s minority shareholders.

AOW and Mainstream already hold a joint 50 percent ownership stake in Progression Energy’s 800 MW floating offshore wind project in Japan.

Both companies are also maturing opportunities in offshore wind in the US and Northern Europe.