Additional European Equity News

ADP (ADP FP) - CEO/Chairman de Romanet is to remain in his role until after the 2024 Olympics. (Newswires)

Auto Names - EU New car registrations (Feb): +10.1% (prev. 12.1%); battery electric market share 12% (prev. 10.9%). EU27 New Car Registrations by Manufacturer (Y/Y). Volkswagen (VOW3 GY) +8.7%; Stellantis (STLAM IM/STLAP FP) +11.2%; Renault (RNO FP) +5.9%; BMW (BMW GY) +7.0%; Mercedes Benz Group (MBG GY) -2.1%; Volvo Cars (VOLCAR SS) +33.9%. (acea)

Daily Mail – UK CMA not to refer Anticipated JV between Daily Mail and UK News to a Phase 2 probe. (Newswires)

Direct Line (DLG LN) – FY23 (GBP): Pretax Profit 277.3mln (exp. 320mln), Op Profit -189.5mln, Dividend 0.04. New target of 13% Net insurance margin in 206, undperinned by at least GBP 100mln cost savings by end of 2025.

Darktrace (DARK LN) – CEO Gustafsson notified that on 18th March she sold 150k shares at a price of GBP 4.6754/shr. (Newswires)

Enel (ENEL IM) - Co. reportedly could be analysing an alliance with Copenhagen Infrastructure Partners re. producing green hydrogen in Spain, via El Economista. (Newswires)

Glencore (GLEN LN) – Peter Coates will not seek re-election at AGM and retire; John Wallington appointed as non-exec director. (Newswires)

MFE (MFEB IM) - Propose AGM preparation for the spin-off of segments from ProsiebenSat.1's (PSM GY) entertainment business, shareholders to vote on 30th April AGM. Spin off would target listing both units. (Newswires)

Next (NXT LN) – FY23 (GBP): PBT 918mln (exp. 920mln), Div/shr 141p, Sales +4%. Says consumer environment looks more benign than it has been for a number of years. Co. purchased 2.6mln shares at an average share price of 68.60. (Newswires)

Outokumpu (OUT1V FH) - City of Tornio and Co. have signed pre-agreement of land in Finland. (Newswires) 

UBS (UBSG SW) – Co. is to shut thousands of smaller Credit Suisse accounts in Asia, according to Bloomberg. (Newswires) 

Virgin Money UK (VMUK LN) – Nationwide proposed deal for Virgin Money UK is for 220p, approx. GBP 2.9bln. Virgin Money UK believes the deal is fair and reasonable and directors intend to recommend unanimously to vote in favour of the deal. (Newswires)

IAG (IAG LN) upgraded to Outperform from Sectorperform at RBC

Remy Cointreau (RCO FP) upgraded to Buy from Hold at Deutsche Bank

21 Mar 2024 - 07:05- EquitiesResearch Sheet- Source: Newsquawk