Markets & Finance

On the Move:VW, Sanofi, Smith & Nephew


Plus:Telefonica, Statoil, DCX and other European companies making headlines Monday

From Standard & Poor's European MarketScope

UK

SMITH & NEPHEW was up £0.37 to £5.20. Merrill Lynch upgraded the company to buy from neutral, adding the company to its Europe 1 List and setting a new target of £5.80.

BT GROUP (BT) was down £0.06 to £3.09. The company and the Trustees of the BT Pension Scheme (BTPS) announced that they had reached an agreement on the triennial funding valuation of the BTPS.

TATE & LYLE was down £0.30 to £7.91. The company issued an update on its 2007 pricing rounds. It said Food Americas has seen a small loss in sweetener volume as it sought to increase margins in a rising corn market at the end of the negotiating period.

France

SCHNEIDER was up €1.00 to €83.80. The company signed a joint venture in China with Delixi Group.

SANOFI-AVENTIS (SNY) was down €0.40 to €69.75. The FDA's advisers urged the company to stop selling Ketek to treat bronchitis and sinusitis in the US due to liver damages.

AREVA was down €2.50 to €563.00. China picked Toshiba for a US$5.3 billion nuclear reactor contract.

Germany

VW was up €1.45 to €84.80. Audi will achieve a return on investment of above 10% this year for the first time, Automobilwoche reported, citing information from the company. This compared to 9.7% last year.

MAN was down €0.19 to €70.00. The company has reportedly won a ruling to claim at least US$488 million from DaimlerChrysler (DCX).

DAIMLERCHRYSLER was up €0.04 to €46.24 on the court case news.

Italy

AEM MILANO was up €0.06 to €2.53. Morgan Stanley raised its target to €3.00 from €2.80 and rated the stock overweight. The broker believes that the company is the best way to play the bullish scenario for the Italian gas and electricity market triggered by gas scarcity.

EDISON was up €0.10 to €2.03. Cheuvreux raised its target to €2.10 from €1.82 and rated the stock underperform.

Netherlands

GETRONICS was up €0.44 to €5.97. De Telegraaf reported that Spain's Telefonica (TEF) is considering a possible takeover of the company. The newspaper said that Telefonica (TEF) wants to expand and the company would be open to a potential offer.

Nordics

NORSK HYDRO was up NOK32.25 to NOK188.50. Statoil and the company will recommend to their shareholders a merger of the company's oil and gas activities with Statoil creating the world's largest offshore operator.

STATOIL was down NOK3.00 to NOK170.00 on the potential Norsk Hydro merger.

Spain

TELEFONICA (TEF) was down €0.02 to €16.27 according to the report of a potential Getronics bid.

Switzerland

ABB LTD (ABB) was up CHF0.75 to CHF21.60. The company said it has won a US$450 million substation order in Qatar. Separately, SocGen lifted its target price to CHF19.50 from CHF18.50 and maintained its hold rating.

CIBA SC was up CHF1.42 to CHF81.50. The company said it is to invest in a new production plant in Qingdao, China. The plant will manufacture high performance pigments and additives and will serve as a regional base for the company's coating effects business. Production will start in early 2008.

Alexander Wisch, Rocio Opazo-Aniotz, Claudia Perotti, Michael Sanderson, Emma Stevenson, Mariella Mongio, Pawan Girglani, Guarav Panchal, Julien Manrique, Isabell Witt, Sara Oscarsson, Ben Marino, John West

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