European Stocks to Watch
Here some of Wednesday's big movers on European stock markets: Telekom Austria, Scania, Resolution, MAN, Iberia, Endesa, Vallourec, Lloyds TSB, RBS and ITV.
Telekom Austria (up 4.42%)UBS upgrades Telekom Austria to buy from neutral, and increases price target to 21.90 euros from 21.60 euros, sending stocks higher.
Scania (up 3.91%) Volkswagen, already top owner in Scania, said on Wednesday it had raised its stake in the Swedish truck maker as it stepped up pressure for an eventual merger with jilted suitor MAN.
Resolution (up 3.13%) Shares in Resolution jumped to the top of the FTSE gainer list as a change in senior management increased speculation that a takeover offer for the British insurer could be made soon.
MAN (up 3.08%) Shares of MAN, Europe's third-largest truck-maker, increased as Volkswagen said it seeks to forge a new entity from Scania, MAN and its own commercial vehicles.
Iberia(up 3.18%) Shares fuelled by M&A speculation in the European airline sector.
Endesa (up 2.34%) Shares in Endesa rose after E.ON said its 41 billion euro ($53.8 billion) takeover bid no longer depends on Endesa shareholders agreeing to scrap a rule that limits any one investor's vote to 10%.
Vallourec (down 6.79%) Vallourec, the world's largest producer of seamless steel tubes, said on Tuesday its 2006 net profit jumped 93.9% but missed market expectations, sending shares lower.
Lloyds TSB (down 4.17%) and Royal Bank of Scotland (down 2.64%) Banking sector shares dipped lower after dividend payouts.
ITV (down 2.70%) ITV’s stocks fell after executive chairman, Michael Grade, said the broadcaster needs to focus on improving its programming after it posted a 19% fall in underlying pretax profit due to a poor advertising market.