European Movers: LSE, Soc Gen, Siemens
UK
LSE was up 1.73 to 17.51… third quarter revenues up 15% pro-forma posted third quarter revenue of 167.90 million, +87% (pro-forma +15%, +13% CER). Notes nine months revenue rose 47% to 371 million. The company says average daily order book cash equities trading for the combined UK
and Italian markets grew 56% to 916,000. Adds integration is making good progress and is confident of a good outcome for the current financial year.
BIFFA was down 0.06 to 3.19… the company prepared to accept offer at 3.50 Hg Pooled has dropped out of the bidding for the company but Montagu Private Equity has said it is still interested in pursuing a cash offer for the company Montagu has agreed to work together with Global Infrastructure Partners towards making an offer at 3.50 per share. Shareholders would retain the interim dividend of 2.3p. the company says it would be prepared to recommend an offer by the potential offerors at this level.
SCOTTISH & NEWCASTLE was up 0.19 to 7.54… Bid deadline extended 24 hours Shares recover after early weakness as the company announces it has agreed to a 24 hour extension to its discussions with Heineken and Carlsberg. The consortium has reaffirmed it plans to offer 8.0 per share. The stock fell in morning trade, amid concerns that Carlsberg might walk out at the last minute, despite saying it did not expect to have any problems financing its share of the takeover.
CABLE & WIRELESS was up 0.03 to 1.59… Expects to meet EBITDA target this year the company says it is well on its way to delivering EBITDA targets. Expects fiscal 2007/08 EBITDA to be between 585 million and 610 million, up between 19% and 24% year-over-year. Confirms intention to recommend a fiscal dividend of 7.5p per share, representing growth of 28%. France
SOC GEN («www.businessweek.com») was down €3.27 to €75.81… Falls sharply as trade resumes - Trading in the company shares opened sharply lower at 11:05 GMT, following a delay. the company announced this morning it has uncovered fraud carried out by one of its traders that will have a €4.9 billion negative impact. It also announces €2.05 billion in write-downs related to market turmoil. the company intends to launch a capital increase to raise €5.5 billion. Forecasts fiscal 2007 profit of €600-800 million. the company says its board rejected a proposal from chairman and CEO Daniel Bouton to resign.
AXA («www.businessweek.com») was up €2.29 to €24.30… Chinese insurers may eye Euro players - FT - Ping An Insurance, China’s second-largest insurer, is raising almost US$22 billion in the country’s biggest share sale to help fund its aggressive foreign acquisition strategy, the FT writes. The company says targets Prudential of the UK
. Citing an analyst at Oriel Securities, the article says AXA, ING and Aegon, could also prove interesting to Chinese insurers.
PERNOD RICARD was up €6.83 to €70.76… Strong second quarter sales/Cheuvreux upgrades - the company ’s first half07/08 consolidated net sales increased by 5.9% to €3.713 billion. The company says this resulted from: 1) 10.1% organic growth, 2) a 2.5% negative fx impact, primarily due to the loss in value of the US$, 3) a 1.5% negative group structure impact (disposal of Rich & Rare and end of co-packing for Fortune Brands). The company says second quarter07/08 consolidated net sales rose 5.2% to EUR 2.157 billion, better than expected, with organic growth at +9.1%. the company now aims for fiscal 2007/08 growth in operating profit, on a like-for-like basis, of about +12%, compared to c.+10% previously. Cheuvreux upgrades to outperform from underperform with €76 target. See Broker Views & News - France. GERMANY
SIEMENS («www.businessweek.com») was up €2.05 to €84.
