European Corporate Roundup for Monday

Nestle is in talks to acquire a majority stake in Canada's Champion Petfoods for more than $2 billion, according to people familiar with the matter, as the consumer-food giant boosts investment in higher-growth businesses to help offset its struggling packaged-foods operations.

Nestle shares were last up 0.2%.

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Adamis Pharmaceuticals agreed to sell the U.S. commercial rights for Symjepi, an epinephrine injector for the emergency treatment of allergic reactions, to Sandoz, a Novartis subsidiary.

Novartis shares are down 1.8%

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AstraZeneca said its Lynparza and Imfinzi cancer drugs have been approved in Japan.

The Anglo-Swedish pharmaceutical major said Lynparza--developed together with Merck & Co.--was approved for the treatment of metastatic breast cancer with a mutated BRCA gene, while Imfinzi was approved for non-small cell lung cancer that can't be removed through surgery

AstraZeneca stock is 0.9% lower.

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Shares in Meggitt rose after the aerospace-components manufacturer upgraded its revenue guidance for the full year following a stronger-than-expected performance in the second quarter, with good growth across the group's segments.

Meggitt shares are up 4.5%.

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Tesco and Carrefour, two of the world's biggest grocery chains, have struck a deal to collaborate on how they source from suppliers in an effort to cut prices amid mounting competition from Amazon.com and other rivals.

Tesco stock is up 0.4% while Carrefour shares trade 0.4% lower.

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Thyssenkrupp said its board has approved a joint venture with Tata Steel that paves the way for the creation of Europe's second-largest steelmaker.

The German company expects annual recurring synergies of between EUR400 million and EUR500 million, it said, with the potential for additional synergies through better asset utilization.

Thyssenkrupp stock is down 1%.

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(END) Dow Jones Newswires

July 02, 2018 09:18 ET (13:18 GMT)

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