The British specialist yesterday announced a sharp slowdown in sales in Asia and the United States as the market expects a takeover offer on the part of United Technologies.
18893 of April 23, 2003 Chubb, which is now coveted by the U.S. conglomerate United Technologies according to market rumors, announced yesterday that its annual results would be much lower than forecast due to weak operations Asia and the United States.
The UK-based security services, which last year realized a turnover of 1.5 billion pounds (2.15 billion euros), reports that sales of its U.S. subsidiary Onity, specializing in locks for the hotel industry declined by about 16% during the first four months of the year because of declining tourist numbers caused by the economic situation and the Iraq crisis. In Asia, where the company provides electronic security systems, fire protection devices and guarding services, sales fell about 6% during the same period.
Chubb notes that the situation has deteriorated considerably in the market in recent weeks, the epidemic of atypical pneumonia that has caused a sharp drop in demand. After touching a low of 73 pence in session, the stock closed down 9.76% to 74 pence in London yesterday. It had soared last week to 99 pence, its highest three years after the company announced it had received a preliminary approach which may lead to a takeover offer, without specifying the origin of this contact. Analysts, who had hoped to offer 90 to 100 pence per share, which valued the company would have between 745 and 830 million pounds (1.07 to 1.19 billion euros), now believe that figure will be adjusted downward given the warning yesterday.
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