Monday 12 December, 1:00 PM GMT (Thomson Financial): European markets have
lost some momentum but continue to tread in positive territory ahead of
the opening session on Wall Street. The media sector continues to lead,
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 7.30 points or 0.13% to 5524.70, while
Paris's CAC-40 Index is up 20.26 points or 0.43% to 4681.27. Frankfurt's
DAX Index is up 30.54 points or 0.58% to 5312.67 and Milan's S&P MIB Index
is up 155.0 points or 0.45% to 34,966. The pan-European blue chip Dow
Jones Stoxx 50 Index is up 6.44 points or 0.19% to 3350.01.
* Shares in French broadcasters TF1, Vivendi Universal and Metropol
continue to trade higher on talks of a possible tie-up of their French pay
TV services. These negotiations relate to a possible combination of TPS
and Canal+ Group, which would be in the best interest of current and
future subscribers and which would preserve the identities of the two
companies.
* 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 defense 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 refueling 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.
* Vattenfall Group is reviewing U.K. power utilities as merger and
acquisition opportunities as part of its strategy to expand out of its
core Swedish market. "We are looking at several business opportunities in
the U.K., but we don't comment on specifics before we've done a deal,"
Erik von Hofsten, head of media at Vattenfall's Nordic operations said. He
wouldn't confirm or deny U.K. press reports that the firm had hired a
London-based consultant to review Centrica, Scottish Power, Scottish &
Southern and United Utilities as potential takeover targets.
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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