European shares closed near five-year highs on Monday, helped by gains from Philips and SAP, as well as encouraging U.S. housing data.» Read More
*Philips, AkzoNobel, SAP rise after results. LONDON, Oct 21- European shares steadied around five-year highs on Monday, bolstered by a crop of strong earnings but with investors reluctant to put on big bets at the start of a bumper U.S. data week.
LONDON, Oct 21- The FTSEurofirst 300 index edged up to a new five-year high on Monday, helped by a record peak on Wall Street, strong earnings and expectations the U.S. Federal Reserve will maintain its easy policy. Dutch paints and chemicals company Akzo Nobel surged 6 percent after results.
*SAP and Ericsson lead tech sector down, mirroring Intel. Software maker SAP AG fell 3 percent to the bottom of Germany's DAX after it trimmed its revenue forecast, citing a slowdown in China and echoing U.S. chipmaker Intel late on Wednesday.
European shares closed slightly lower on Friday as investors locked in profits ahead of the weekend and once again focused on the ongoing discussions surrounding the "fiscal cliff" in the U.S.
Some of the names on the move ahead of the open.
The boss of paint maker Akzo Nobel has told CNBC he is "excited to be back" after his temporary departure from the firm and has revealed the U.S. arm of the business will be sold off to focus on Europe and high growth markets.
Ton Büchner, CEO of Akzo Nobel, tells CNBC that the company is selling its US operations as it lacks critical mass in North America and would require significant additional funding to be profitable.
AMSTERDAM-- With its new CEO on an extended sick leave, Dutch chemicals conglomerate Akzo Nobel NV reported Thursdsay a 2.37 billion loss in the third quarter after taking a massive impairment charge on its home paints business.
Keith Nichols, CFO on AkzoNobel, tells CNBC, demand has been weak in Europe and it is particularly evident in the more consumer facing businesses that we have.
AMSTERDAM-- The chief executive of Akzo Nobel, the world's largest maker of paints by sales, will return to work by the end of this year, the company says.
Shares in AkzoNobel fall 4.4 percent to an 11- week low as the Dutch paints maker's Chief Executive Ton Buechner is still on medical leave, dashing analysts' hopes for a quick turnaround at the company.
*Morgan Stanley cuts Akzo Nobel price target to 52 euros from 54. euros; rating equal-weight* Morgan Stanley raises BASF price target to 75 euros from 74 euros; rating overweight. *Morgan Stanley cuts Lanxess AG price target to 78 euros from 80.
Billionaire Vincent Bollore plans to list shares of his holding company's electric-car-and-batteries unit next year, the French tycoon told daily Les Echos in an interview. The French ad group said it had acquired 117,415 shares in LBi International NV as part of a deal to acquire the Dutch agency announced in September.
Oct 11- Akzo Nobel NV:. *Canaccord Genuity raises Akzo Nobel to buy rating; raises price. Reuters Station users, click. 1580.
AMSTERDAM, Oct 11- The chief executive of Dutch paints company AkzoNobel has not yet returned from medical leave, and the firm's supervisory board will convene next week to discuss the latest medical advice, AkzoNobel said on Thursday.
Oct 10-=============================================================================== Summary analysis-- Akzo Nobel N.V.------------------------------- 10- Oct-2012=============================================================================== CREDIT RATING: BBB+/ Stable/A-2 Country: Netherlands Primary SIC: Chemical preparations, nec Mult. CUSIP6: 010199=============================================================================== Credit Rating History: Local currency Foreign currency 25- Feb-2009 BBB+/ A-2 BBB+/ A-2 28- Jun-2000 A-/A-2 A-/A-2=============================================================================== Rationale.
*Dow agrosciences acquires cal/west seeds. *Dow agrosciences llc says financial terms of the agreement were not disclosed. choice brands, cal/west srl Argentina.
Oct 4- Akzo Nobel NV:. *Barclays cuts Akzo Nobel NV price target to 47.70 euros from 49.10 euros; rating equal weight. Reuters Station users, click. 1580.
Despite the fact that Akzo Nobel has reported better than expected second quarter results ( 8 percent), the world's top maker of paint sees difficult times ahead amid rising raw material prices and slowing economic growth, Akzo Nobel's CEO Ton Buchner told CNBC.
AkzoNobel's third quarter sales fell below analysts' expectations, and the Dutch paint firm is now restructuring its operations. CEO Hans Wijers joined CNBC to discuss.