Markets & Finance

On the Move: Deutsche Telekom, Business Objects, RBS


Plus:Telefonica, Tenaris, Nokia and other European companies making headlines Thursday

From Standard & Poor's European MarketScope

United Kingdom

ROYAL BANK SCOTLAND was up £0.68 to £20.77. The company reported fiscal year operating profit of £9.414 billion, +14%; income £28.002 billion, +10%; pretax profit £6.497 billion, +17%; adj. EPS 200p, +14%.

BAT (BTI) was up £0.25 to £15.74. The company reported fiscal 2006 reported profit from ops. of £2.622 billion (+8%) and said the level of the share buyback will rise to £750 million from £500 million per year. Meanwhile, Richemont announced that through its jointly held investment vehicle, R&R Holdings SA, it holds a combined interest of 29.3% in the company.

REUTERS was down £0.04 to £4.32. The company unveiled fiscal year revenue of £2.566 billion, +6.5%; trading profit £308 million, -8%, Operating profit £256 million +24%, adjusted EPS 17.1p, +24%.

France

BUSINESS OBJECTS was down €0.73 to €26.86. Traders says that Oracle's (ORCL) US$3.10 billion bid for Hyperion could reduce speculation that Oracle would be interested in the company. Shares in the company fell 3.37%.

DEXIA was down €0.83 to €21.48. The company posted fourth quarter06 net income group share of €786 million, +42.1% - a touch lower than expectations. Fiscal 2006 net income group share came in at €2.750 billion, +34.9%.; EPS was at €2.49.

Germany

DEUTSCHE TELEKOM (DT) was down €0.52 to €13.04. The company reported a 43.4% decline in 2006 net profit to €3.165 billion, below expectations. The dividend payment is to be kept at €0.72 per share.

BEIERSDORF was down €0.79 to €48.00. 2006 sales were up 7.3% to €5.12 billion - adjusted for currency effects. This was higher than the 6% rise the company targeted.

MERCK was down €3.20 to €92.00. The company proposed a dividend of €0.90 per share and a €0.15 bonus dividend for 2006 to reflect the non-recurring exceptional gains reaped during 2006, it said.

Nordics

NOKIA (NOK) was down €0.29 to €16.20. Telenor Pakistan said that it has extended the existing frame agreement on GSM radio network equipment and services with the company until 2009.

MARINE HARVEST was down NOK0.46 to NOK7.04. Fourth quarter EBIT before biomass adjustment came in at NOK276.8 million vs. the NOK297 million forecast in a Reuters poll; pro forma fourth quarter EBIT before adjustment came in at NOK703.7 million vs. NOK798 million in the third quarter.

Spain

ENDESA was up €0.33 to €38.78. Enel confirmed that it has bought a further 7% of the company at an average price of €39/sh, adding to the 9.99% stake bought earlier this week.

TELEFONICA (TEF) was down €0.20 to €16.10. The company ended 2006 with net profit up 40% year-over-year to €6.233 billion, ahead of expectations, and OIBDA up 27% to €19.13 billion with revenues up 41.5% to euro;52.901 billion.

Italy

TENARIS was down €0.29 to €16.93. Wednesday at market close the company posted its fourth quarter 2006 results. The tubular pipe-maker reported net sales at US$2.46 billion, up 42%; EBITDA at US$901.6 million, up 43%; EBIT at US$812.6 million, up 42%.

ENEL was down €0.09 to €7.80. The company confirmed that it has bought a further 7% of Endesa at an average price of €39/sh, adding to the 9.99% stake bought earlier this week.

Switzerland

SWISS RE was up CHF2.50 to CHF106.50. The company's net profit doubled in 2006 to CHF4.6 billion, ahead of expectations. The acquisition of reinsurance units from GE boosted the bottom line.

Netherlands

ABN AMRO (ABN) was down €0.17 to €26.34. Dutch FD reported that the company is apparently willing to talk to TCI, the hedge fund and shareholder that is pushing the company to break up. However, the company is not planning to yield to TCI's wish to split up the bank but is willing to discuss alternatives such as an extra payout to shareholders, the newspaper said.

Claudia Perotti, Lydia Carroll, Sara Oscarsson, Isabell Witt, Michael Sanderson, Gaurav Panchal, Julien Manrique, John West, Ben Marino, Emma Stevenson, Pawan Girglani.

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