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Banco Espirito, Credit Agricole: European Equity Preview
The following companies’ shares may have unusual moves in European (SXXP) trading. Stock symbols are in parentheses.
The Stoxx Europe 600 Index (SXXP) fell 1.3 percent to 260.74. The Stoxx 50 Index (SX5P) decreased 1.2 percent to 2,439.73. The Euro Stoxx 50 Index (SX5E), a benchmark measure for nations using the euro, dropped 1.8 percent to 2,452.74.
Allianz SE (ALV) (ALV GY): Europe’s biggest insurer offered less than 200 million euros ($266 million) for Groupama SA’s GAN Eurocourtage unit, Financial Times Deutschland reported, citing unidentified people close to the insurance industry. Groupama had wanted to raise 700 million euros from the sale, the newspaper reported. The shares declined 2.3 percent to 89.30 euros.
Banco Espirito Santo SA (BES) : Portugal’s biggest publicly traded bank in market value had its debt rating lowered one level to Ba3 by Moody’s Investors Service. It took the same action for Banco BPI SA (BPI) . Espirito Santo dropped 3.2 percent to 1.41 euros. BPI fell 2.3 percent to 50 euro cents.
Brisa-Auto Estradas de Portgual SA (BRI PL): Shareholders with a combined 50 stake of Portugal’s biggest toll-road operator offered to buy the rest of the company in a deal valuing it at 1.6 billion euros. The shares decreased 0.6 percent to 2.35 euros.
Credit Agricole SA (ACA) : The French bank’s corporate and investment bank entered exclusive talks with Citic Securities Co., China’s largest broker by market value, to sell the remaining 80.1 percent stake in its CLSA brokerage unit. The shares fell 2.8 percent to 4.62 euros.
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