Markets & Finance

On the Move: Infineon, Thyssen Krupp, Tesco


Plus: SIG, Scania, ING Groep and other European companies making headlines Wednesday

From Standard & Poor's European MarketScope

UK

BARCLAYS (BCS) was up £0.05 to £7.35. The company announced that it has sold 599.4 million ordinary shares in FirstCaribbean International Bank as part of its planned disposal of its 43.7% shareholding in the group to Canadian Imperial Bank of Commerce (CIBC).

TESCO was up £0.07 to £4.10. Online Christmas sales surged 30%, according to a report in The Daily Telegraph over the weekend.

VODAFONE (VOD) was up £0.01 to £1.43. The Sunday Times reported that Texas Pacific has joined the US$15 billion auction for Hutchison Essar, the Indian mobile phone company that is also a target for the company and Reliance Communications.

INTERCONTINENTAL HOTELS (IHG) was up £0.43 to £12.60. Rumors of a £15/share bid from overseas continued to fuel speculative interest in the company, according to Citywire.

France

EADS was up €0.33 to €26.10. Emirates wants compensation for the A380 delay, Al-Bayan newspaper reported over the Christmas period, citing the airline's chairman. Separately, Boeing (BA) sold more aircraft in 2006 than Airbus for the first time in five years, the FTD reported.

AXA (AXA) was up €0.58 to €30.72. AXA Asia Pacific is to buy Winterthur Life Hong Kong Ltd. for between AUD278 million and AUD393 million.

Germany

THYSSEN KRUPP was up €0.95 to €35.26. The company took court action vs. Mittal Steel in the NL, accusing it of breaching a letter of agreement over the sale of Canada's Dofasco.

INFINEON (IFX) was up €0.11 to €10.60. The company is likely to hold on to Qimonda, reported the FT. The unit reportedly said it could take years for its parent to reduce its stake in the group it floated in New York in August to below a majority.

Netherlands

ING GROEP (ING) was up €0.59 to €34.00. Rabo valued Garanti at €300 million to €400 million. The company may reportedly be a possible buyer of the Turkish insurer Garanti Sigorta, according to a report in Referans. AIG (AIG), Groupama and British Aviva as well as the Lebanese Hariri family were also rumored to be interested.

Spain

BANCO SABADELL was up €0.93 to €34.00. Investor Alicia Koplowitz may buy a 1.8% stake in the company over the next few days, reported El Pais citing people familiar with the situation. This report followed the news that La Caixa has sold a 7.95% stake in the company for €813 million to UBS (UBS) (which acquired 2.96%) and the company 's directors (the remaining 4.99%).

Nordics

SCANIA was up SEK8.00 to SEK481.50. After its planned takeover of the company, Germany's MAN wants to become one of the world's three biggest truck makers in 10 years, its CEO, Hakan Samuelsson, told German newspaper Die Welt am Sonntag, adding that a combined MAN/Scania would also like to increase its global market share to around 10% in a decade from a current 5.5%.

Switzerland

SIG was up CHF12.75 to CHF406.75. Ferd and CVC raised their offer to CHF400 per share from CHF325, topping a bid from New Zealand's Rank. But now the bid faces problems with the European Commission. Separately, Krones said it is not interested in buying the Company, according to an interview in Euro am Sonntag.

KARDEX was up CHF1.95 to CHF51.90. The company has sold its AFT division to former owner Gerhard Brutschin. It said the extraordinary costs for the separation of AFT and the announced restructuring program are within the scope already communicated and will lead to a reduction in equity of around €30 million.

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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