** EU WRAP **
** EUROPEAN MARKETS **
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703,4
** IN PLAY TODAY **
- Credit Agricole posted a 53% rise in 1Q net income to E1.39bln (E1.09bln
expected). 1Q assets under management rose by 37.7% to E593bln (net income for
the division up 30.1% to E377m). Securities unit Calyon posted a 59% surge in
net income to E479m.
- Compagnie Generale de Geophysique, Eutelsat Communications will be added to
the Stoxx 600 Index on June 19, Havas will be removed.
- Mittal Steel was granted approval by regulators in four different countries
for its plan to purchase rival Arcelor.
- Vivendi posted 1Q net income of E707m (E560m expected) due to a rise in
customer numbers at its mobile phone unit. Ex-item profit came in at E592m
(E568m expected). The group announced that the board rejected any calls to split
the company. Average growth from operations expected in range of 8% to 10%
annually.
- Alstom reported FY net income of E178m (E192m expected, net loss of E628m last
year), the 1st annual profit since 2001 after sales rose and over 11,500 job
cuts. The company plans to make “selective acquisitions” in 2007/08.
- Telekom Austria reported a 39% rise in 1Q profit to E154m (E145m expected) on
revenue up 16% to E1.16bln. Wireless sales rose by 31% to E688m. The company
confirmed its FY targets, FY net and operating profit expected to rise by 20%
while FY sales expected to rise by 5%.
- Xstrata offered to buy Falconbridge for C$20bln, or C$52.50 a share, topping
Inco’s offer of C$51.17 per share. The group would pay C$16.1bln for all the
shares it doesn’t already own, as it currently holds 19.8% of the company.
- Berkshire Hathaway purchased 57.6m shares of Tesco for $328.7m according to a
regulatory filling.
- J Sainsbury expected to report a surge in 2H net income from the 9/1638m
reported last year as the food retailer increased sales and market share by
slashing prices on key items.
- Gamesa Corporacion Tecnologica posted a severe drop in 1Q net income to E25m
from E54.4m reported same time last year.
- Hagemeyer will be added to the Stoxx 600 Index on June 19, while Oce will be
removed.
- Novartis’ two experimental heart drugs Rasilez and Exforge lowered blood
pressure in two separate medical studies.