Commerzbank, Demag, Gagfah, Siemens: German Equity Preview
The following is a list of companies whose shares may have unusual price changes in Germany. Stock symbols are in parentheses, and share prices are from the previous close.
The benchmark DAX rose 54.70 points, or 0.8 percent, to 7,358.23.
Commerzbank AG (CBK) : Management-board member Achim Kassow will leave Germany’s second-biggest bank to become chief executive officer of Oldenburgische Landesbank. The shares rose 3.1 percent to 3.92 euros.
Demag Cranes AG (D9C) (D9C GY): Terex Corp., which is bidding 41.75 euros per share for the German maker of harbor cranes, won’t raise its offer price, Terex Chief Executive Officer Ronald DeFeo told WAZ Group newspapers in an interview. Demag shares fell 1.1 percent to 46.10 euros.
ElringKlinger AG (ZIL2) (ZIL2 GY): The automobile parts maker sees its 2011 sales and earnings at the higher end of its forecast, the company’s chief executive told DAF TV in an interview. The shares were little change at 24.11 euros.
Gagfah SA (GFJ) : Germany’s largest publicly traded property company said it won’t pay an interim dividend in the first quarter as it aims for “additional flexibility” and bolsters the company’s property investments and financing. The shares rose 2.8 percent to 6.29 euros.
Siemens AG (SIE) : The German engineering company said it will pay France’s Areva SA 648 million euros ($927 million) after an arbitration tribunal found Siemens failed to meet contractual obligations in a nuclear joint venture that it exited earlier this year. The shares gained 2.3 percent to 93.84 euros.
Stada Arzneimittel AG (SAZ) : The drugmaker said it is in “concrete” talks with Spirig Pharma AG to buy its Swiss generic drugs business and plans to make a decision in the next three months. Stada shares rose 0.9 percent to 29.24 euros.
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