Feb. 15 (Bloomberg) -- Benelux stocks including InBev NV climbed. Shares of the Belgian brewer rose after a press report that it is in merger talks with Anheuser-Busch Cos.

Reed Elsevier Plc advanced after the company reported earnings that beat analysts' estimates. Akzo Nobel NV paced declining shares after the Dutch chemical maker said fourth- quarter profit fell.

The Amsterdam Exchanges Index was little changed at 507.76 as of 1:15 p.m. local time. Belgium's Bel20 Index added 3.14, or less than 0.1 percent, to 4550.97. Luxemburg's LuxX Index gained 0.4 percent, to 2367.46.

InBev jumped 3.05 euros, 6 percent, to 53.8 euros. The brewer of Beck's and Stella Artois is holding ``preliminary'' merger talks with Anheuser-Busch Cos., Brazil's Valor Economico reported, citing an unidentified person close to three InBev directors. InBev is in a better position to negotiate a merger after its market value surpassed that of Anheuser, the brewer of Budweiser, according to the newspaper.

Anheuser-Busch Chief Financial Officer Randolph Baker wouldn't confirm or deny the report, Valor said. InBev spokeswoman Marianne Amssoms also declined to comment to the newspaper. Calls to her mobile phone by Bloomberg News weren't immediately returned.

Reed Elsevier surged 87 cents, or 6.3 percent, to 14.63 euros. The company plans to sell its Harcourt Education unit after falling sales and profit eroded gains in the LexisNexis database division and Elsevier publishing business.

Earnings

The publisher of Variety magazine and owner of the LexisNexis databases said net income rose 35 percent to 623 million pounds ($1.22 billion) last year. Profit beat the 582 million pounds expected by analysts, according to the median of six estimates in a Bloomberg survey.

Shares of Reed Elsevier were upgraded to ``buy'' from ``hold'' by Gert Potvlieghe, an analyst at Petercam SA.

Akzo Nobel dropped 85 cents, or 1.8 percent, to 46.02. The maker of Sikkens paints said fourth-quarter profit fell 27 percent to 230 million euros ($302 million), as the company spent more on research and administration and didn't repeat one- time benefits from legal settlements and pension changes.

Solvay slumped 5 euros, or 4.1 percent, to 116.8. The world's biggest maker of soda ash used in making glass and detergent said earnings before interest, taxes and one-time items fell 8 percent to 216 million euros. Net income climbed to 142 million euros from 124 million euros a year earlier, according to the company.

The following share also rose or fell in Benelux markets. Stock symbols are in parentheses after company names.

Dutch stocks:

DOCdata NV (DOCD NA) plummeted 47 cents, or 6.4 percent, to 6.88 euros. The shares had the biggest drop since December 2003 after the Dutch maker of audio and multimedia compact discs said profit plunged last year. The company said net income fell to 136,000 euros from 2.9 million euros a year earlier, citing the decision to withdraw from its unprofitable media group unit in France.

Nutreco Holding NV (NUO NA) added 40 cents, or 0.8 percent, to 53.40 euros. The world's biggest salmon feed producer said full-year profit rose to 519.5 million euros from 134.4 million euros a year earlier, after it sold salmon farmer Marine Harvest NV. Nutreco said it is in talks with several takeover candidates.

Octoplus NV (OCTO NA) gained 4 cents, or 0.7 percent, to 5.71 euros after the Dutch developer of injectable drugs said it will generate more contract development revenue. Net loss in the second half of last year was 4.6 million euros.

TomTom NV (TOM2 NA) surged 37 cents, or 1.1 percent to 33.48 euros. Shares of Europe's largest maker of car navigation gear were upgraded to ``buy'' from ``neutral'' by Matthew Yates, an analyst at Merrill Lynch & Co. in New York.

Belgian stocks:

Icos Vision Systems NV (IVIS BB) tumbled 2.20 euros, or 6.7 percent, to 30.50. The maker of equipment to inspect semiconductors said it expects sales this quarter to fall between 5 percent and 15 percent from the prior three-month period after posting its lowest quarterly profit in more than 18 months.

Integrated Production & Test Engineering NV (IPT BB) lost 11 cents, or 2.2 percent, to 4.81 euros. The maker of equipment to test circuit boards is scheduled to report full-year earnings after the close of trading. The company on Nov. 16 forecast full-year net income of 2.2 million euros.

Lotus Bakeries NV (LOTB BB) advanced 9 euros, or 3.8 percent, to 247 euros. The Belgian waffle and cookie maker said second-half net income rose 28 percent to 7.32 million euros, boosted by the acquisition of Royal Peijnenburg BV and increased sales of its own Lotus brand.

UCB SA (UCB BB) added 1.27 euros, or 2.6 percent, to 50.90. Schwarz Pharma AG, the German drugmaker that agreed to be bought by UCB, said an experimental drug reduced neuropathic pain in diabetics. The drug, Lacosamide, was studied in the last phase of tests generally required for regulatory approval.

To contact the reporter on this story: Igor Muller in Vienna at imuller@bloomberg.net

Last Updated: February 15, 2007 07:34 EST