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Axa, BP, Chloride, EADS, Endesa, Roche, Telefonica: Europe Equity Preview
The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses and prices are from the last close.
The Stoxx Europe 600 Index fell 1.8 percent to 244.53. The Stoxx 50 Index slid 1.8 percent to 2,375.56. The Euro Stoxx 50 Index, a benchmark for nations using the euro, dropped 3.1 percent to 2,553.59.
Axa SA (CS FP): France’s biggest insurer is likely to avoid a ratings downgrade to a U.S. subsidiary by A.M. Best after changing its products to reduce risk, the ratings company said. The shares fell 5 percent to 12.535 euros.
BP Plc (BP/ LN): The U.K.-based oil company said it is capturing more of the oil spewing into the Gulf of Mexico from its damaged well as U.S. officials said they expect the battle against pollution from the disaster to continue for months. The stock rose 0.3 percent to 433.35 pence.
Chloride Group Plc (CHLD LN): Emerson Electric Co., the U.S. electrical products maker seeking to acquire Chloride Group, plans to raise its 275 pence a share offer after Emerson Chairman David Farr met with the U.K. company’s shareholders, the Sunday Times reported. The shares advanced 1.4 percent to 286 pence.
DnB NOR ASA (DNBNOR NO): Norway’s largest bank hired Teddy Tsai, former head of research at CLSA Capital Partners in Hong Kong, for its research team in Singapore. The shares declined 3 percent to 63.9 kroner.
Daimler AG (DAI GY): Chief Financial Officer Bodo Uebber said he can imagine having “larger” Chinese shareholders in the company, Boersen-Zeitung reported, citing an interview. Daimler will hold presentations and conversations with investors in China, Boersen Zeitung cited the CFO as saying, without specifying a timeframe. The shares fell 2.1 percent to 40.38 euros.
EADS (EAD GY): The parent of planemaker Airbus SAS may report sales of about 43 billion euros ($51 billion) this year, higher than the company has forecast because of a weaker euro, Financial Times Deutschland reported in a news release previewing tomorrow’s edition, citing an interview with Chief Financial Officer Hans Peter Ring. The shares fell 1.5 percent to 16.07 euros.
Endesa SA (ELE SM): A Spanish court ruled that a wind farm partly owned by the utility was illegal, El Pais said. The shares fell 2.6 percent to 18.41 euros.
Fiat SpA (F IM): The carmaker’s meeting with trade unions on June 8 is “the last call” to reach an agreement for production of the Panda model at the Pomigliano plant in Italy, La Stampa said, citing Chief Executive Officer Sergio Marchionne. The shares dropped 3.2 percent to 8.61 euros.
Intesa Sanpaolo SpA (ISP IM): Italy’s second-biggest bank approved a reorganization plan involving its retail businesses, Il Messaggero said, without saying where it got the information. The plan aims to reinforce retail activities by increasing the number of local divisions, the newspaper said. The shares fell 6.1 percent to 1.99 euros.
Lufthansa (LHA GY): Deutsche Lufthansa AG’s Austrian Airlines unit agreed with the Russian government to extend its rights to fly to the country until October, Der Spiegel reported, without saying where it got the information. The shares fell 2.4 percent to 10.80 euros.
Merck KGaA (MRK GY): The German drug maker said 37 percent of brain cancer patients treated with the higher of two doses of the experimental drug cilengitide survived after a year, with 22 percent living after two years, according to a study released on June 5 at the American Society of Clinical Oncology meeting in Chicago. The shares fell 1.1 percent to 59.82 euros.
Novartis AG (NOVN VX): Bristol-Myers Squibb Co.’s cancer pill Sprycel worked better and faster at eliminating leukemia cells than Novartis’s Gleevec, the standard treatment for the blood malignancy, a study of newly diagnosed patients found.
A separate study found Amgen Inc.’s bone-strengthening drug denosumab delayed fractures and complications longer than Novartis’s Zometa in men whose prostate cancer had spread to their bones. Novartis shares declined 1.5 percent to 52.55 francs.
Prudential Plc (PRU LN): Prudential, which aborted the largest acquisition in its 162-year history, doesn’t plan to revive its bid to buy the main Asian unit of American International Group Inc., it said in an e-mail. The shares declined 1.7 percent to 556 pence.
Roche Holding AG (ROG VX): A drug made by Roche Holding AG and Curis Inc., designed to block signals from an overactive gene, slowed progression of the most common form of brain cancer in children with minimal side effects, a study found. Roche shares dropped 1.7 percent to 161.9 francs.
SEB AB (SEBA SS): The second-biggest lender in the Baltic region may sell its German bank network by July, the Wall Street Journal said, citing unidentified people familiar with the matter. The shares fell 3.3 percent to 39.64 kronor.
Statoil ASA (STL NO): Norway’s biggest oil and gas producer doesn’t expect to cut its output growth target for 2012 because of the moratorium on offshore drilling in the Gulf of Mexico after the BP Plc oil spill, Chief Executive Officer Helge Lund said in an interview. The shares slipped 0.9 percent to 133 kroner.
Suez Environnement (SEV FP): Europe’s second-biggest water company’s Chief Executive Officer Jean-Louis Chaussade told France Info radio growth in industrial waste treatment this year will come from Asia and Australia, while there won’t be a “significant change” from 2009 in Europe. The stock fell 1.8 percent to 14.05 euros.
Telefonica SA (TEF SM), Banco Santander SA (SAN SM): Spain’s biggest companies are challenging a European Commission ruling that they repay earnings from a tax break banned last year, Cinco Dias said. Telefonica shares fell 2.6 percent to 15.45 euros. Santander shares fell 5.8 percent to 7.55 euros.
UBS AG (UBSN VX): Chief Executive Officer Oswald Gruebel and chairman Kaspar Villiger have written to the Swiss government proposing talks on ways to improve transparency at the bank, SonntagsZeitung said, without saying where it got the information.
Separately, the newspaper said UBS was in talks with HSBC Holdings Plc in late 2008 about a possible sale of its investment bank and also considered Barclays Plc as a buyer. UBS shares fell 4.6 percent to 14.65 francs.