France EURONEXT was up €1.75 to €62.70. Exane BNP-P upped its target assuming there would be a Deutsche Boerse deal to €69, and kept its outperform rating.
JC DECAUX was up €1.89 to €23.27. The company disclosed fiscal year net profit of €195.3 million, +25%; operating profit €299 million, +4%. Numbers were above the market consensus. The company also proposed that it pay its first ever dividend of €0.40, and intends to pay a dividend annually starting in 2006.
GermanySCHERING (SHR) was down €1.14 to €82.61. Traders noted talk that Bayer (BAY) might be interested in making a bid for the company. Separately, the company's supervisory board reportedly supports the management board's decision to reject Merck's (MRK) unsolicited takeover offer as too low. Meanwhile, Union Investment, a key shareholder, would approve the company being taken over by Merck.
BMW was up €0.83 to €42.70. The company saw 2006 pretax profit at €4 billion including one-off gains from the sale of its Rolls Royce shares. It expects adverse currency and raw materials effects to be below €914 million this year.
HUGO BOSS was up €1.85 to €35.55. There was talk of takeover by Valentino, which has a 78% stake in the company.
DEUTSCHE BOERSE was down €0.22 to €113.98. The UK's watchdog accepted the company's moves on LSE subject to specific conditions regarding the London Stock Exchange's clearing services provider.
MAN was up €1.01 to €54.51. The company is to sell its majority stake in MAN Roland to Allianz Capital Partners. It will retain 35% of the joint venture. No financial details were disclosed. Earlier, the company said fiscal 2005 sales were €14.67 billion and it proposes a dividend of €1.35 per share for the year.
Italy ASTALDI was up €0.33 to €5.93. Il Sole 24 Ore reported that the company's CEO is disclosing that the company is considering a potential integration with rival Impregilo.
Prepared by Zaida Espana, Valerie Vidal, Michael Sanderson, Mariella Mongio, Alexander Wisch, Holly Cook, Emma Stevenson, Pawan Girglani, Julien Manrique, and Rocio Opazo-Aniotz (Standard & Poor's); Alex Halperin (BusinessWeek Online)
All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure
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