On the Move: Standard Life, Suez, ABN Amro

Plus:Santander, Pearson, Schneider and other European companies making headlines Monday

From Standard & Poor's European MarketScope

United Kingdom

STANDARD LIFE was up £0.07 to £2.90. French insurance giant Axa (AXA) is mulling a £7 billion approach for the company after being rebuffed by Scottish Widows, The Sunday Express reported.

PEARSON (PSO) was down £0.10 to £7.71. The company said it is trading strongly and in line with expectations. It is confident that 2006 will be another good year. It continues to expect strong underlying earnings growth, good cash generation and a further significant improvement in return on invested capital.

KAZAKHMYS was down £0.13 to £12.03. Third quarter Copper cathode production +9% vs. second quarter; copper in concentrate production +4% vs. the second quarter.


SCHNEIDER was unchanged at €88.35. The company's shares were suspended from trading after news that the company offered US$6.1 billion in cash to buy American Power. The company said this acquisition will strengthen one of the company's fastest growing areas: electrical distribution.

SUEZ (SZE) was down €0.08 to €35.08. Investors in the company will get a dividend, worth €5 billion, to complete the €40 billion merger with GDF, The Sunday Telegraph reported.

CARREFOUR was down €0.54 to €48.11. The company is ready to make acquisitions in China in order to strengthen its presence in some of China's 45 to 50 main cities, Les Echos reported.


DEPFA was down €0.21 to €13.21. The company tabled third quarter net income of €110 million, below expectations and with declines in nearly all revenue lines. Quarterly net interest income was flat year-over-year at €101 million.

CONTINENTAL was up €0.66 to €88.16. The company expects higher revenues and operating profit this year, despite rising raw material and energy prices. In another development, CFO Alan Hippe saw his contract extended by five years to 2012.


ABN AMRO (ABN) was down €0.36 to €22.64. The company reported third quarter net profit of €1.14 billion, EPS of €0.60, loan impairment of €603 million. Rabo Securities noted that underlying third quarter net profit was below its expectations.

TNT was down €0.68 to €29.35. The company announced that it will divest its freight management unit. Meanwhile, the company reported third quarter EBIT of €257 million vs. expectations of €251 million.


STATOIL was down NOK2.50 to NOK166.50. The company's profit before financial items, income taxes and minority interest in the third quarter increased to NOK30.1 billion from NOK23.9 billion year-over-year, up 26%, lifted by soaring oil prices.

ELTEK was down NOK6.25 to NOK64.25. The company achieved revenues of NOK682.8 million in the third quarter, an increase of 14% year-over-year. Gross margin amounted to 25.7% vs. 28.4% year-over-year. EBIT came in at NOK64.0 million vs. NOK74.7 million year-over-year.

HENNES & MAURITZ was up SEK4.50 to SEK313.50. Morgan Stanley upped its target to SEK375 vs. SEK335, and maintained its overweight recommendation. The broker said it raised its target following a recent meeting with the company, which increased its confidence in the company's new initiatives, namely, international expansion, home shopping, shoes and a new higher-priced format.


TELEFONICA (TEF) was down €0.09 to €15.01. The company is buying a stake in Brazilian pay TV group TVA for an undisclosed sum, Efe newswire reported. TVA has 320,000 customers. Separately, the company has met most of the requirements needed for it to take control of state-owned Colombia Telecomunicaciones (Telecom), wrote BNamericas citing state news agency SNE.

SANTANDER was down €0.12 to €13.49. The company may be interested in acquiring a stake in Capitalia, Italy's La Repubblica reported. The daily said that the company's chairman Emilio Botin will travel to Rome this week for a meeting with Bank of Italy governor Mario Draghi, who oversees M&A in the banking industry, and Antonio Catricala, head of the antitrust regulator.

CINTRA was up €0.17 to €12.03. Deutsche raised its target to €13.0 from €12.5 and reiterated its buy rating. It said the company presented a good set of nine months results and announced a 1x20 bonus share issue.


VALORA was up CHF13.25 to CHF335.25. Lagardere confirmed a SonntagsZeitung report that it has held talks for two weeks with the company and said the company's board has rejected a takeover offer.

PANALPINA was up CHF3.20 to CHF143.00. The company reported a better-than-expected 44% rise in nine-months net profit to CHF119.1 million on net forwarding revenue up 13.5% to CHF5.636 billion. The company said it is confident in meeting its targets for the full year.

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