Additional European Equity News

Ageas (AGS BB) - Co. is in talks for the sale of its French operations with Carac, no terms disclosed. (Newswires) 

Continental (CON GY) - Co. could sell its Russian assets to local firms, according to sources. (Kommersant)

HSBC (HSBC LN) - HSBC has acquired Silicon Valley Bank UK Limited for GBP 1; assets and liabilities of the parent companies are excluded from the transaction. Transaction occurs immediately, acquisition funded from existing resources. As of 10th March 2023, SVB UK had loans of circa. GBP 5.5bln and deposits of GBP 6.7bln. Deposits will be protected, with no taxpayer support. Customers will be able to access their deposits and banking services as normal from today. Sale was facilitated by the BoE. (Newswires)

Direct Line Insurance (DLG LN) - FY 2022 (GBP): Adj. Gross Written Premium 2.974bln (prev. 3.072bln). Dividend per share 0.076 (prev. 0.2270). "2022 was a tough year for Direct Line Group. Motor and Home market conditions were challenging, with high claims inflation and regulatory reforms creating substantial headwinds for the business, and we did not navigate these challenges as effectively as we would have wished. Exceptional weather and difficult investment markets also significantly impacted our results." (Direct Line Insurance)

Phoenix Group (PHNX LN) - FY 2022 (GBP): 2022 dividend 0.5080/shr (prev. 0.4890/shr). Cash generation 1.5bln (prev. 1.71bln). Assets under administration 259bln (prev. 310bln). (Newswires)

British American Tobacco (BATS LN) downgraded to Neutral from Overweight at JPMorgan Chase

Bunzl (BNZL LN) upgraded to Overweight from Neutral at JPMorgan Chase

Deliveroo (ROO LN) upgraded to Outperform from Market Perform at Bernstein

Forvia (EO FP) downgraded to Equal Weight from Overweight at Morgan Stanley

Icade (ICAD FP) upgraded to Outperform from Underperform at Oddo Securities 

Logitech (LOGN SW) downgraded to Neutral from Outperform at Credit Suisse

Rolls-Royce (RR/ LN) reiterated with Buy at Citi

Volkswagen (VOW3 GY) reiterated with Overweight at JPMorgan Chase

13 Mar 2023 - 07:28- Research Sheet- Source: Newsquawk