Monday 12 December, 10:15 AM GMT (Thomson Financial): European markets
have open higher, led by the media sector, with French broadcasters on the
move as the result of a possible tie-up of their French pay TV services. In
the banking sector, ABN Amro has sold its 40.2% stake in Hungarian
Kereskedelmi es Hitelbank (K&H Bank) to KBC Bank, while Lloyds TSB Group says
it has continued to make good progress in the delivery of its organic growth
strategies, in-line with market expectations.
Elsewhere, Roche has identified 12 potential partners to enhance the
production and supply of its Tamiflu drug while Cobham's overall trading
performance in the second half of the year has been consistent with the
outlook provided at the time of the interim results announcement.
London's FTSE-100 Index is up 20.40 points or 0.37% to 5537.80, while
Paris's CAC-40 Index is up 29.99 points or 0.64% to 4691.0. Frankfurt's DAX
Index is up 39.32 points or 0.74% to 5321.45 and Milan's S&P MIB Index is up
188.0 points or 0.54% to 34,999.0. The pan-European blue chip Dow Jones Stoxx
50 Index is up 16.77 points or 0.50% to 3360.34.
* Shares in French broadcasters TF1, Vivendi Universal, Lagardere and
Metropol have opened higher on talks of a possible tie-up of their
French pay TV services.
* KBC Bank and ABN Amro have announced their joint intention regarding the
sale by ABN Amro of its 40.2% stake in Hungarian Kereskedelmi es
Hitelbank (K&H Bank) to KBC Bank, which will raise KBC's current
shareholding from 59.4% to 99.6%. The price of the 40.2% stake is set at
510 million euros.
* Lloyds TSB Group says it has continued to make good progress in the
delivery of its organic growth strategies, in-line with market
expectations. Further good progress has been made in the growth of
customer assets and liabilities and, in the second half of 2005 to date,
the group's net interest margin has been broadly stable. Combined with
continued strong cost control, Lloyds TSB expects to deliver revenue
growth in excess of cost growth in each division. Strong credit quality
has continued to be offset, as expected, by higher impairment levels in
the unsecured consumer lending portfolios.
* Roche has identified 12 potential partners to enhance the production and
supply of its Tamiflu drug, the lead product to combat bird flu. It has
also granted a sub-license for China to Shanghai Pharmaceutical Group.
* U.K. aerospace and defence group Cobham's overall trading performance in
the second half of the year has been consistent with the outlook
provided at the time of the interim results announcement. Meanwhile, the
company has won two contracts, together worth over 90 million euros, to
provide air refuelling systems and Satcom antennas for the new tanker
versions of the A400M Military Transport Aircraft.
* Straumann Chief Executive Gilbert Achermann has told the twice-weekly
Finanz und Wirtschaft, that he expects the dental implants maker to post
a sales growth of 20% in local currencies for the full year.
Simon.Tse@Thomson.com; Thomson Financial
This is Thomson Financial Corporate Services Europe Market Commentary.
The information herein is believed to be true and accurate. If you have
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SOURCE Thomson Financial Corporate Group
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