Additional European Equity News

Associated British Foods (ABF FP) - Following a behaviour probe, Paul Marchant has stepped down from his position as Chief Executive of Primark with immediate effect. (Newswires) 

France-US Relations - French Commerce Minister reiterates that France would implement reciprocal tariffs if the US goes ahead with its tariff measures this week. Hoping to avoid a trade war. The Minister intends to have talks with the US Embassy in Paris to voice opposition to the US' order for French firms to comply with a diversity band. (Newswires)

Fincantieri (FCT IM) - Signed an agreement with Tui (TUI LN) for two new cruise shits with the deal value north of EUR 2bln. Sources added the deal is worth EUR 2.5bln (Newswires)

Gold Miners - Spot gold printed a fresh record high at the open and extended on gains to top USD 3,100/oz amid haven demand.

Grifols (GRF SM) - Board has unanimously approved that its fully-owned Grifols Biotest submits a public delisting purchase offer to shareholders of Biotest. (Newswires)

AstraZeneca (AZN LN) - Calquence (acalabrutinib) has been recommended for EU approval in 1L MCL (Newswires)

Aston Martin (AML LN) - To sell minority investment in F1 team, expecting a GBP 74mln premium. Co. has also received a GBP 52.5mln investment by Yew Tree Consortium, and expects to enhance liquidity by GBP 125mln; reaffirms Q1 guidance. (Newswires)  

Casino (CO FP) - Co. is selling EUR 71mln worth of real estate assets. (Newswires) 

ING (INGA NA) - Co. met with Italy's Popolare Di Sondrio (BPSO IM) amid a European expansion plan, according to Reuters sources. The early stage discussions were not advanced and may not proceed to an offer by ING, sources added. (Newswires) 

Pennon (PNN LN) - Sees performance for 2025 in line with expectations, EBITDA broadly flat in H1 & H2, over GBP 1bln investment management programmes for K8 underway, and non-underlying costs for restructuring & Brixham incident at around GBP 36bln (Newswires)  

Repsol (REP SM) - Co. was among the foreign partners of Venezuela's PDVSA which had their authorisations to export revoked by the US governmnet, accoring to Reuters. Repsol has asses worth just over EUR 500mln in Venezuela. (Newswires) 

RWE (RWE GY) - Norges Bank Investment Management to buy 49% in the Co.’s offshore projects for EUR 1.4bln. (Newswires)

Tui (TUI LN) - Co. is to begin re-fleeting Marella Cruises, with the first ship delivery expected in FY31 and the second in FY33; order value exceeds EUR 2bln for two new vessels. (Newswires) Deal was signed with Fincantieri (FCT IM). 

UBS (UBSG SW) - Co. said it has no plans to leave Switzerland. (Newswires) 

Wood Group (WG/ LN) - Wood Group has completed an independent review (conducted by Deloitte) following concerns raised during their Q3 trading update. This review focuses on financial issues in the Projects business unit, particularly around legacy contracts and accounting practices. Key Findings of the Review: Significant adjustments will be needed to the income statement and balance sheet for FY22, FY23, and HY24.Problems were identified with some lump sum turnkey (LSTK) projects and the application of accounting standards. The review revealed material weaknesses in Wood's financial culture, including improper management pressure, the withholding of information from auditors, and lack of proper financial controls. These issues do not materially affect the company’s historical cash flow generation. Due to the ongoing review and prior adjustments, Wood Group will not publish its FY24 results by the expected deadline of 30 April 2025. This could result in the suspension of their shares. On the potential Offer from Sidara, Wood Group is in ongoing talks with Dar Al-Handasah Consultants (Sidara) about a potential cash offer for the entire share capital of the company. Sidara has until 17 April 2025 to announce a firm intention to make an offer or withdraw. (Wood Group)

Balfour Beatty (BBY LN) downgraded to Hold from Buy at Jefferies

Raspberry Pi (RPI LN) initiated with Hold at Deutsche Bank

ThyssenKrupp (TKA GY) raised to Buy from Hold at Kepler Cheuvreux

Wise (WISE LN) initiated with Overweight at JPMorgan Chase

31 Mar 2025 - 07:49- ForexEU Research- Source: Newsquawk