Markets & Finance

European Movers: EADS, Ahold, SAS


Plus more European stocks making headlines in Monday's market

FRANCE

PSA Up EUR 0.08 to EUR 33.88... May make Malaysia its manufacturing hub - press - Naza Group, a Malaysian automaker, is in talks with Co., to make Malaysia its southeast Asian manufacturing hub for Peugeot cars, the Malaysian Reserve reports.

EADS Down EUR 0.35 to EUR 14.62... Facing US order cancellations - press - Co. is facing US order cancellations, Le Figaro reports. Says Co. already had 43 cancellations. Adds that other cancellations are expected, because of the difficulties US airlines are facing.

ALCATEL-LUCENT Down EUR 0.05 to EUR 3.91... New management to be nominated quickly - press - Serge Tchuruk, the chairman of Co., will have a hand in choosing new top executives for Co., Le Figaro reports. Says the nominations will be made quickly.

GERMANY

COMMERZBANK Down EUR 0.35 to EUR 20.16... Board meeting about Dresdner on Friday - Co. is thought to be in the process of sealing a deal with Allianz's Dresdner Bank. A decision is expected by the end of the week and could be announced on Monday, 1 September. Landsbanki Kepler expects a transaction price of EUR 7bn-EUR 9bn. Reckons Co. will finance the deal through a combination of asset sales (EUR 2bn for the industrial participations and selling asset manager Cominvest to Allianz) and issuing up to 300m new shares (currently around 655m), making Allianz a 30% reference shareholder of the combined group. Says this'll only be a good deal in the very long run, while in the short term, Co. is stuck with a heavy integration task and a big cultural risk. Keeps reduce rating.

ARCANDOR Up EUR 0.14 to EUR 5.71... Eurowings in talks with Condor (press) - Der Spiegel reports that Lufthansa's holiday airline Eurowings is in tie-up talks with Co.'s Condor.

ITALY

BANCO POPOLARE Up EUR 0.18 to EUR 12.69... New deadline for governance change - The Bank of Italy has given Co. two more weeks to prepare a proposal to change its governance structure, criticised for giving employee shareholders too much influence over management, Corriere della Sera reported on Saturday. The new deadline is 12 September.

NETHERLANDS

AHOLD Up EUR 0.13 to EUR 8.80... 2Q preview: consensus figs and Cr. Suisse - Ahead of 2Q results pre-open on 28 August, a Reuters poll looks for operating profit of EUR 247m, down 15.12% y/y, and net profit of EUR 169m. Credit Suisse estimates net profit of EUR 182m (+10%, despite the weak US$).

TNT Down EUR 0.89 to EUR 25.56... SNS securities downgrades to hold from buy. Cuts target to EUR 26.50 from EUR 29.00. Believes last week's close was a good time to take profit. Says the fact that Co. still has no permanent labour agreement on the 6,500-11,000 targeted lay-offs will act as a discount to any takeover bid.

KPN Unchanged at EUR 11.28... 91% of the way through buyback program - Co. announces that from 18-22 August, it repurchased just over 5.5m KPN ordinary shares at an average price of EUR 11.15. Says 91% of the buyback program unveiled on 5 February 2008 has been completed.

NORDICS

AKER SOLUTIONS Up NOK2.00 to NOK114.75... Books US$35m contract from DSME - Co. says it has won a US$35m contract from Daewoo Shipbuilding & Marine Engineering (DSME) to deliver a deepwater drilling riser system.

GENMAB Up DKK5.00 to DKK325.00... Plans four new studies of ofatumumab - Co. says it plans to start four studies of ofatumumab in chronic lymphocytic leukemia and non-hodgkin's lymphoma this year.

SAS Down SEK0.80 to SEK45.60... Faces lawsuit from Swedish blue chips

- Co. is facing lawsuits from several Swedish blue chips, such as IKEA and H&M, following losses on the back of price fixing on air freight services, public service television SVT reported on Friday. The price fixing cartel got unveiled following dawn raids by European and US authorities at airlines on both sides of the Atlantic in 2006. Co. states a verdict by the European Commission, expected later this year, could have a 'substantial' negative impact, Reuters reports. Earlier in June this year Co. confessed its cargo subsidiary had violated US competition laws, agreeing to a US$52m penalty fine, Reuters reports.

SWITZERLAND

ADECCO Down CHF0.55 to CHF49.70... ING downgrades to sell from hold and reduces target price to CHF40 from CHF62 as broker is more bearish on the sector and now anticipates a global recession. Also, on top of this, says it is sceptical of any potential merger between Adecco and MPI.

This content is written by SP MarketScope Europe (EMS), an equity newswire. Reporters are: Pawan Girglani, Emma Gonzalez, Julien Manrique, Sara Oscarsson, Rocio Opazo-Aniotz, Gaurav Panchal, Claudia Perotti, Michael Sanderson, Emma Stevenson, John West, Isabell Witt .

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