Additional European Equity News

ABN AMRO (ABN NA) – Dutch state intends to sell shares, intends to reduce the stake to around 40% (currently ~49%). (Newswires)

BNP Paribas (BNP FP) – Co. intends to make at least a dozen hires within its Asian equities business in 2024, via Reuters citing sources; to end the research outsourcing pact with Morningstar. (Newswires)

Defense Names - German Defence Minister said they will reach and exceed 2% of GDP for German defence spending in 2024. (Newswires)

Elekta (EKTAB SS) - Q2 (SEK): EBITDA 525mln (exp. 512mln), Revenue 4.73bln (exp. 4.54bln), Sees Revenue growth and margin expansion continuing into Q3. (Newswires) 

Eurazeo (RF FP) – Co’s private debt programme has reached EUR 3.2bln, following the successful closing of the sixth direct lending fund. (Newswires)

Eni (ENI IM) - Italian Economy Minister said reducing their stake in the Co. thanks to a buyback is a good idea. (Newswires)

Fresenius SE (FRE GY) - Formycon and Fresenius Kabi announce File acceptance for FYB202, a biosimilar cancidate to Stelara, by the FDA. (Newswires) 

Frontline (FRO NO) - Q3 (USD): EPS 0.36 (prev. 0.37 Y/Y), Revenue 377.1mln (prev. 382.2mln Y/Y). (Newswires) 

Intesa Sanpaolo (ISP IM) – Italian CMA has adopted a precautionary measure against Intesa Sanpaolo and Isybank to prevent account holders who do not provide their express consent from switching to the digital bank. (Newswires)

LXI REIT (LXI LN) - H1 (GBP): Net 38.3mln (prev. -45.3mln Y/Y). (Newswires) 

Metro Bank (MTRO LN) – Cost Reduction Update (GBP): 50mln cost reduction plan, 10-15mln one-off restructuring charge expected in 2023. Implementation expected to complete in Q1-2024. Actions expected to result in a 20% headcount reduction, will not impact areas of growth. (Newswires)

Orpea (ORP FP) – Announces the results of its share capital increase with shareholders’ preferential subscription rights for an amount of approximately EUR 3.9bln backstopped by the unsecured creditors of the company subscribing by way of set-off against their unsecured claims. (Business Wire)

Pharma. Names – Turkish Competition Authority has launched a probe into 19 pharma firms including AstraZeneca (AZN LN), Bayer (BAYN GY), GlaxoSmithKline (GSK LN) & Pfizer (PFE). (Newswires)

SAS (SAS SS) – Secures financing for the future, making steady progress in Chapter 11 process. Currently target receiving approval of Chapter 11 plan from the US court early-2024. No expected value for existing shareholders in SAS AB, all common shares and listed commercial hybrid bonds expected to be cancelled, redeemed and delisted. (Newswires)

Swiss Civil Engineering – COMCO has opened an investigation into possible agreements within civil engineering, several companies have been searched. (Newswires)

SMCP (SMCP FP) - Enters in India in partnership with Reliance Brands Limited. (Newswires)

Unicredit (UCG IM) - Co. has exposure of EUR 600mln to Signa, via La Repubblica citing sources. (Newswires)

Vinci (DG FP) – Co. and Corvinus have informed the European Commission re. the proposed joint takeover of Budapest airport holding. (Newswires)

Wartsila (WRT1V FH) - Contract to supply two 30MW power plants for Indonesian state owned utility. No terms disclosed. (Newswires) 

B&M (BME LN) initiated with Equal Weight at Morgan Stanley  

K+S (SDF GY) downgraded to Underperform from Neutral at BNP Paribas 

NN Group (NN NA) upgraded to Outperform from Neutral at Oddo Securities 

NN Group (NN NA) upgraded to Buy from Hold at Kepler Cheuvreux 

Segro (SGRO LN) initiated with Buy at Berenberg

Safestore (SAFE LN) initiated with Hold at Berenberg

Thule (THULE SS) downgraded to Sell from Hold at Nordea

30 Nov 2023 - 07:10- EquitiesResearch Sheet- Source: Newsquawk