Axel Springer, Commerzbank, Hochtief, Volkswagen: 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 Index advanced 0.9 percent to 7,170.43.
Axel Springer AG (SPR) : Europe’s largest publisher of newspapers plans to open its iKiosk digital sales platform to competing publishers in coming months to offer alternatives to Apple Inc.’s iTunes, Handelsblatt reported, citing the company’s director of premium content. The shares dropped 2.2 percent to 32.55 euros.
Commerzbank AG (CBK) : The country’s second-biggest bank aims to gain 1 billion euros ($1.4 billion) in new credit business with smaller companies in the renewable-energy sector this year, Handelsblatt said, citing Markus Beumer, who is responsible for the bank’s business with the so-called Mittelstand, or small to medium-size businesses. The stock rallied 4.6 percent to 2.88 euros.
Hochtief AG (HOT) : The German builder’s airport- operating unit has five bidders left in the running and offers are worth about 1.5 billion euros, Platow Brief reported, without saying how it got the information. Hochtief shares slid 1.7 percent to 54.47 euros.
Patrizia Immobilien AG (P1Z) (P1Z GY): The property investor said it extended the management board contract of Chief Executive Officer Wolfgang Egger by five years until June 30, 2016, to secure “continuity in the management of the company.” The shares gained 1.4 percent to 5.07 euros.
Volkswagen AG (VOW) (VOW3 GY): Europe’s largest carmaker and its Chinese joint venture will invest 9.1 billion yuan ($1.4 billion) to build an assembly plant in the eastern province of Jiangsu, Xinhua News Agency said, citing the investment agreement. Volkswagen’s preferred shares jumped 3.8 percent to 141.10 euros.
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