Accor, Bouygues, Hermes, Bonduelle, Scor: French Equity Preview
The following is a list of companies whose shares may have unusual price changes in Paris. Stock symbols are in parentheses after company names and prices are from the last close.
France’s CAC 40 Index rose 2.1 percent to 3,747.04. The SBF 120 Index advanced 2.2 percent to 2,817.91.
Accor SA (AC FP): The French hotelier said it will sell all 18 of its hotels in Sweden, covering 1,760 rooms. The transaction comprises 14 Ibis and four Formula 1 hotels, all of which will continue to operate under the same brand names, the company said. Accor has said it plans to sell 2 billion euros ($2.7 billion) of property assets between 2010 and 2013, including up to 650 million euros this year. The shares added 0.8 percent to 33.30 euros.
Groupe Bonduelle (BON FP): The producer of canned, frozen and fresh vegetables named Daniel Vielfaure its chief executive officer. The 49-year-old Canadian has been deputy CEO since August, 2009, the company said. The share rose 1 percent to 64 euros.
Bouygues SA (EN FP): France’s second-biggest construction company said third-quarter net income fell 18 percent to 391 million euros. Operating profit rose 2 percent to 700 million euros. The company raised its outlook for 2010 sales to 31 billion euros. The shares rose 1.2 percent to 31.88 euros.
Electricite de France (EDF FP): The world’s biggest electricity producer and Champion Energy Services LLC completed a supply accord that involved the purchase by EDF Trading North America of a stake in Houston-based Champion. The shares fell 2 percent to 31.30 euros.
France Telecom SA (FTE FP): The phone company started a two-year contract to manage Ethiopia’s state-owned Ethio Telecom, Communications and Information Technology Minister Debretsion Gebremichael said.
The company will, depending on performance, earn a fee of 30 million euros to manage the utility, Debretsion told reporters yesterday in Addis Ababa, Ethiopia’s capital. The shares gained 0.9 percent to 15.91 euros.
Hermes International SCA (RMS FP): The family shareholders of the luxury accessories maker may discuss ways to allow them to sell stock while preventing rival LVMH Moet Hennessy Louis Vuitton SA from gaining control, according to two people familiar with the plans. Hermes rose 5.3 percent to 166.05 euros.
Neopost SA (NEO FP): The maker of equipment for mailing and shipping was downgraded to “hold” from “buy” at Societe Generale SA by equity analyst Patrick Jousseaume. The 12-month target price is 71 euros. The shares added 0.7 percent to 68 euros.
Nexans SA (NEX FP): Chief Executive Officer Frederic Vincent has written to European Commission President Jose Manuel Barroso to protest at competition rules that he says unfairly penalize European companies, Les Echos reported. The shares climbed 1.5 percent to 54.58 euros.
Scor SE (SCR FP): The French reinsurer said it has no exposure to countries affected by the European debt crisis. Scor said it has no assets linked to sovereign risk in Greece, Ireland, Spain or Portugal. The shares rose 0.7 percent to 18.31 euros.
To contact the editor responsible for this story: David Merritt at email@example.com