Additional European Equity News

Ahold Delhaize (AD NA) - Acquires Profi Rom Food SRL for EUR 1.3bln. Sees EPS accretive in first year closing. (Newswires) 

Banking Names - JPMorgan Equity Strategist downgrades European banking sector to Underweight from Neutral; advise opening a short in European Banks

Casino (CO FP) - French court has provided grace periods until the end of conciliation proceedings re. the payment of claims from bonds maturing in 2026. (Newswires)

Computacenter (CCC LN) - Q3 Trading Update: In line with our expectations, Q3 followed a broadly similar pattern to the first half with Germany and the US performing strongly, while the UK remained difficult. (Newswires)

Clariant (CLN SW) - Acquires Lucas Meyer for USD 810mln. (Newswires)

Erste Group (EBS AT) – Q3 (EUR): Net 820mln (exp. 740mln), Revenue 2.69bln (exp. 2.62bln). Guides FY24 ROTE 15%. (Newswires)

Galp Energia (GALP PL) - Q3 (EUR): Adj. Net 210mln (exp. 255mln), adj. EBITDA 1.06bln (exp. 990mln), Revenue 5.39bln (prev. 7.76bln YY). (Newswires)

GSK (GSK LN) – Jemperli trial meets the overall survival endpoint. Jemperli’s improvement on overall survival was “statistically significant and clinically meaningful,”. (Newswires/GSK)

Hexagon (HEX NO) - Awarded NOK 100mln order for Mobile Pipeline TITAN 450 modules from Promigas Peru. (Newswires) 

Novartis (NOVN SW) - Sued Takeda Pharma. in the US re. a trade secrets dispute, via Nikkei. (Nikkei)

Pearson (PSON LN) - Issues Q3 Trading Update: Underlying revenue +5% YY, raises Fy23 adj. Operating GBP 570-575mln (prev. 550-555mln). Announces GBP 300mln share buyback. (Newswires)

Santander (SAN SM) – Co. readies sale of bad assets worth EUR 5bln, via Cinco Dias. (Cinco Dias)

Siemens Energy (ENR GY) – German Federal Ministry of Economics said they remain in close contact and discussions re. state guarantees are continuing. Additionally, Reuters citing two insiders say Siemens (SIE GY) is still hesitant to partake in the guarantee. (Newswires)

Telefonica (TEF SM) – Virgin Media O2 is reportedly in exclusive discussions to sell a minority stake in the tower business to GLIL Infrastructure, via Reuters citing sources; could value the business at circa. 2.5bln. Virgin Media O2 is owned by Liberty Global and Telefonica.

Telecom Italia (TIT IM) - Italian gov't signalled it still backed a proposed deal for TIM to sell its network grid to KKR. (Newswires)

UniCredit (UCG IM) – Announced the launch of the first tranche of the share buyback programme for 2023. To begin on October 30th, end by March 2024. (Newswires)

Iberdrola (IBE SM) upgraded to Buy from Hold at SocGen

Natwest (NWG LN) downgraded to Hold from Buy at SocGen

Sanofi (SAN FP) downgraded to Hold from Buy at Stifel Nicolaus

30 Oct 2023 - 07:15- Research Sheet- Source: Newsquawk