Additional European Equity News

Aviva (AV/ LN)/Direct Line (DLG LN) - UK CMA announced the launch of its merger inquiry by notice to the parties. Invitation to comment: closes 29 May 2025 (CMA)

Bayer (BAYN GY) - US HHS Secretary RFK Jr. is to label pesticides as a potential toxin, via WSJ citing sources. The report will highlight Glyphosate, which is used in Bayer's Roundup. (WSJ)

Burberry (BRBY LN) - FY (GBP): Revenue 2.46bln (exp. 2.45bln), Adj. EPS -14.8p (prev. +73.9p Y/Y); says will deliver sustainable profit growth over time; expect reduction in people-related costs which could impact 1.7k jobs globally. Mainland China Comp Sales -8% (exp. -9.5%). Retail Comp Sales -6% (exp. -7.78%). Current macro environment has become more uncertain. significant improvement in comparable retail sales in H2 vs H1.

Compass (CPG LN) - H1 (USD): Adj. Revenue 22.6bln (prev. 20.7bln Y/Y). For 2025: Sees high single digit underlying op. profit growth. (Newswires) 

GSK (GSK LN) - Co. to purchase Boston Pharmaceutical unit for USD 2bln; will pay USD 1.2bln upfront and USD 800mln in milestone payments. GSK will also assume responsibility for milestone payments and tiered royalties owed to Novartis Pharma (NOVN SW) related to the asset. (Newswires) 

MediaForEurope (MFE IM) - Co. is weighing raising its bid for Prosiebensat 1 Media (PSM GY) as it aims to respond to PPFs recent stake raise. (Newswires) 

Porsche SE (PAH3 GY) - Q1 (EUR): Adj. Net Results 484mln (prev. 1.06bln Y/Y). 2025 Outlook: Adj. Group Result between 2.2-2.4bln. (Newswires) 

Persimmon (PSN LN) - Sales of FibreNest; discounted total EV for sale of around GBP 100mln. (Newswires) 

Spirax (SPX LN) - Trading Update: Good demand growth and maintains FY guidance. (Newswires) 

Imperial Brands (IMB LN) - H1 (GBP): Revenue 14.6bln (prev. 15.06bln Y/Y), EPS 96.7p (prev. 96p). On track to deliver FY results in-line with guidance. (Newswires) 

Vistry (VTY LN) - Trading Update: Profits exp. to increase in FY25, with a stronger weighting in H2. (Newswires) 

Unibail-Rodamco-Westfield (URW FP) - URW presents ‘A Platform for Growth’ 2025–28 business plan. Targets annual EBITDA growth of 5.8–6.6% for 2025–28.