France VINCI was up €1.80 to €82.70. The company reported first quarter revenue of €5 billion, +12.8%. It said the numbers were in line with the trend set in previous quarters and include €137 million in revenue from ASF, consolidated from March 10.
SANOFI-AVENTIS (SNY) was down €0.75 to €75.90. The company reported first quarter adj. net profit of € 2.173 billion; net sales of €7.035 billion, +4.9%; gross profit €5.457 billion, +10%. It confirmed fiscal 2006 guidance with fiscal year EPS growth in the region of 10%.
Germany DEUTSCHE BOERSE was up €6.35 to €119.35. Deutsche Bank upped its target to €111 from €107, reiterating its hold rating. The broker noted that the company released strong first quarter results, with EBIT clearly better than expected and EPS materially above forecasts. It said these achievements were due to rigorous cost management.
HYPO REAL ESTATE GROUP was down €0.69 to €54.36. First quarter net profit topped estimates coming in 28% higher year-over-year at €100 million (excluding the effect from using up the activated tax asset). The company stuck to its aim of achieving at least €530 million in consolidated income before taxes this year and an after-tax return on equity of over 9%.
Netherlands VNU was up €1.36 to €29.12. Valcon said it has increased its offer for the company to €29.50 per share, valuing the company at €8.70 billion. Valcon has also lowered the acceptance level for shares tendered to 80% from 95%. Shareholder Templeton Global Advisors (14.7% stake in the company) said that accepting the offer is in its best interest.
AEGON was up €0.36 to €14.48. ING noted that the company will release its all-important 2005 embedded value data and first quarter results on May 10. It argued that there will be a labyrinth of information to work through and limited consensus available.
Nordic TELENOR was up NOK1.25 to NOK80.25. Lehman Brothers lifted its target to NOK100 from NOK76 and significantly raised 2006 estimates (revenue by 5%, EBITDA by 12% and EPS by 25%) following very strong first quarter results.
Spain METROVACESA was up €1.80 to €76.45. The company's shares reopened higher following a counteroffer to Sacresa's bid. The company's chairman Joaquin Rivero and partner Juan Bautista Soler will bid for a further 26% of the company at €80/share, or a total of €2.16 billion.
Switzerland SYNGENTA was up CHF3.70 to CHF176.40. CNBC host Jim Cramer recommended the company's shares in his Mad Money show because he said demand for its genetically modified seeds will rise if the US lifts a tax on ethanol from Brazil.
UK ALLIANCE & LEICESTER was up £0.77 to £11.99. Spain's Santander is in exclusive talks to acquire the company in a deal worth more than £6.50 billion, City AM reported. It said Santander returned to the negotiating table after seeing a rival £5.8 billion offer from Credit Agricole rejected by boss Richard Pym. It added that Pym is understood to be under increasing pressure from shareholders to strike a deal to sell the company.
VODAFONE (VOD) was up £0.03 to £1.28. Shares rose on talk that the company is interested in buying Vivendi's (V) SFR mobile-phone business.
3I was up £0.41 to £9.35. Merrill added that the company to its Europe 1 List. it thinks shares are clearly undervalued, trading at a substantial discount to the 12M price objective of £10.80.
Holly Cook, Pawan Girglani, Julien Manrique, Mariella Mongio, Rocio Opazo-Aniotz, Guarav Panchal, Michael Sanderson, Emma Stevenson, Valerie Vidal; Alex Halperin (BusinessWeek Online)
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