Rank Group, ING, Invensys, Vallourec: European Equity Preview
The following companies’ shares may have unusual moves in European trading. Stock symbols are in parentheses.
The Stoxx Europe 600 Index (SXXP) rose 0.4 percent to 251.97. The Stoxx 50 Index (SX5P) increased 0.4 percent to 2,361.85. The Euro Stoxx 50 Index (SX5E), a benchmark measure for nations using the euro, gained 0.4 percent to 2,361.85.
Banco Espirito Santo SA (BES) : Portugal’s biggest publicly traded bank by market value said it completed the purchase of 50 percent of the BES Vida insurance unit for 225 million euros ($291 million). The shares rose 1.3 percent to 64 euro cents.
Centrica Plc (CNA) : The U.K.’s biggest residential gas supplier became the latest company to feel the force of the “shareholder Spring,” as more than 16 percent of its investors declined to back its executive pay, the Daily Telegraph reported, without saying where it got the information. The shares jumped 2.3 percent to 317.4 pence.
Cookson Group Plc (CKSN) : The world’s biggest maker of ceramic linings for metal smelters has tried to defuse discontent over senior executive pay by urging shareholders to support all resolutions at a May 18 annual meeting, the Sunday Times reported, citing letters sent out last week. The shares fell 0.9 percent to 658 pence.
ING Groep NV (INGA) : The biggest Dutch financial service company’s rescue by the country’s government will be re-examined by European Union regulators after a court overturned earlier EU approval of the aid. The shares fell 0.9 percent to 5.22 euros.
Invensys Plc (ISYS) : The British maker of washing- machine controls and factory gear is the target for potential bids from industrial groups including Siemens AG, ABB Ltd., Emerson Electric Co. and General Electric Co., the Sunday Times said, without saying where it obtained the information. Shares rose 1.3 percent to 202.5 pence.
Logica Plc (LOG LN (LOG)): The Anglo-Dutch computer services provider was raised to buy from hold at Deutsche Bank AG. The shares gained 0.1 percent to 73.95 pence.
Rank Group Plc (RNK) : The U.K. casino and bingo company has conditionally agreed to buy the casino unit of Gala Coral Group Ltd. for a total cash consideration of 205 million pounds ($329.4 million). The shares rose 1.2 percent to 116.7 pence.
Royal KPN NV (KPN) : The Dutch phone company’s largest shareholder, Capital, has expressed discontent with the telephone company since November and wants it to sell E-Plus, Het Financieele Dagblad reported. The shares fell 0.2 percent to 7.788 euros.
3i Group Plc (III) : The buyout company will name Simon Borrows as chief executive officer this week to replace Michael Queen, the Sunday Times said, without saying where it obtained the information. Shares gained 0.6 percent to 189.9 pence.
Vallourec SA (VK) The French steel-pipe producer’s recent share price decline may make it a takeover target, Investir reported, without saying how it obtained the information. The shares tumbled 20 percent to 34.295 euros.
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