** MORNING WRAP**
-
** EUROPE: IN PLAY TODAY **
- Aeroport de Paris will hold a 50% stake in a joint venture with Aelia
(Lagardere Group) as from January 1 2007.
- Volkswagen may reject an increased offer by MAN for Scania as Europe’s largest
carmaker would receive a stake in the combined company of less than 10%
(Frankfurter Allgemeine Zeitung). In other news, MAN’s CEO Hakan Samuelsson said
he expects the takeover of Scania to be completed by the end of this year
(Sueddeutsche Zeitung).
- BMW: Ford Motor intends to purchase the Rover name from BMW to prevent another
automaker from using the brand.
- DaimlerChrysler target price cut to E36 from E38 by Credit Suisse.
- ThyssenKrupp may sell its Transrapid high-speed train technology to China if
the German government doesn’t go ahead with a track in Munich in the next 18
months (Boersen-Zeitung).
- Deutsche Telekom was raised to “overweight” from “equalweight” by Morgan
Stanley.
- BP declared that the Thunder Horse production platform won’t start until
mid-2008 due to repair delays. The stock’s target price was cut to 700p from
715p by UBS.
- BKW FMB Energie delivered 1H net income of SF155.3m (+8.1%), EBITDA of
SF376.2m (+83.5%) and sales of SF1.156bln (+21.4%) driven by “good sales
performane in Switzerland, Italy and Germany as well as growth in revenue from
trading.” The Co sees clearly improved FY EBITDA, slightly higher FY net income,
however, expects lower FY financial results.
- Danisco reports 1Q results at 3:00 pm (CET). Last year, 1Q revenue reached
DKK5.162bln, EBITDA DKK872m and EBIT DKK613m. On August 28, the group acquired
Zhangjiagang Sanhui Chemical, a Chinese producer of cellulose gum, adding a
whole new product area to its textural ingredients division.