Additional European Equity News

Aviva (AV/ LN) – Acquisition of AIG’s UK protection unit, proposed deal for a consideration of GBP 435mln. (Newswires)

Biomerieux (BIO FP) - Update: Confirms 2024 Operating Profit and Sales guidance. Sales EUR 965mln in Q1, +6.6% Y/Y. To hold a capital markets day on 9th April. (Newswires)

BP (BP/ LN) - Co. said upstream production in Q1 is expected to be higher Q/Q; Quarterly customer and product segment is expected to be impacted Q/Q; in Q1, Gas & Low Carbon energy segment is expected to have a negative Q/Q impact of USD 0.2-0.4bln. Oil production & Operations segment is expected to see a negative Q/Q impact of between USD 0.3-0.6bln. Net debt is expected to increase in Q1, mainly reflecting a working capital build.  Q1 gas marketing and trading result is expected to be strong following the strong results in Q4 2023. (Newswires)

Energy/Nuclear Names – Great British Nuclear Chairman Bown said the UK should consider a range of tech for large-scale plants and that the UK needs at least “another couple” of large stations after the two in development by EDF are completed. (FT)

European firms - EU Competition Chief Vestager is set to pitch a tougher, joint approach to tackling challenges posed by China as part of a speech in the US, via Politico. She is to say that the EU has accepted a mistake was made a decade ago by the failure to impose restrictions on China's heavily state-subsidises solar panels. The decision from the EU investigation into Chinese subsidies is said to be picking up pace, decisions expected as soon as the summer; Vestager to say if the investigation finds China EV exports have been subsidised than the EU will impose restrictions. (Politico)

Fincantieri (FCT IM) – Major agreement with Norwegian Cruise Line (NCL) for the construction of four new cruise ships; Corriere della Sera reports that the first deal is worth EUR 3bln and a potential second EUR 6bln. (Newswires/Corriere della Sera)

Getlink (GET FP) – March, Le Shuttle: 146k passenger vehicles, +7% Y/Y. (Newswires)

Imperial Brands (IMB LN) – Pre-close Update: On track to meet HY and FY guidance. H1 adj. Operating Profit ahead Y/Y; H2 delivery will be underpinned by embedded tobacco pricing already taken in H1 and further NGP growth. Delivered strong pricing, more than offsetting wider industry volume pressures in some markets. On track to deliver a GBP 1.1bln buyback programme. (Newswires)

Pernod Ricard (RI FP)/Remy-Cointreau (RCO FP) – Chinese Commerce Minister Wentao reportedly told French Finance Minister Le Maire that the probe within China on the cognac market is not linked to the EU’s Chinese EV probe, via Reuters citing sources. (Newswires)

Telefonica (TEF SM) – Criteria Caixa announces it has a 5.0% stake (prev. 2.7%). (Newswires)

Thales (HO FP) - Thales Alenia has received a EUR 522mln contact from the European Space Agency. (Newswires) 

Unite Group (UTG LN) – Trading Update: Continued strong demand with 86% of beds sold for the 2024/25 academic year. Continue to progress delivered of record GBP 1.3bln development pipeline. (Newswires)

Renault (RNO FP) upgraded to Overweight from Equalweight at Barclays

09 Apr 2024 - 07:20- EquitiesResearch Sheet- Source: Newsquawk