European Stocks to Watch
Here some of Tuesday's big movers on European stock markets:Whitbread, Storebrand, Iberia, ABN Amro, Barclays, Friends Provident, Technical Olympic and Deutsche Post.
Whitbread (up 12.58%) Shares in Whitbread rallied on Tuesday after traders cited talk of a 2,300 pence a share bid from a private equity firm for the British leisure group.
Storebrand (up 11.43%) Storebrand’s shares soared after the Norwegian government allowed Icelandic bank Kaupthing and Norwegian insurance company Gjensidige to up their stake in the company, fuelling speculation of a bidding war for the insurer.
Iberia (up 7.29%) Iberia’s shares jumped on renewed speculation that British Airways could bid for the Spanish flagship carrier.
ABN Amro (up 2.77%) and Barclays (up 3.62%) Shares in Dutch bank ABN Amro and Barclays rose on Tuesday after they confirmed they were in exclusive talks that could see Britain's third-biggest bank pay more than $80 billion for its competitor.
Friends Provident (down 7.30%) Britain's Friends Provident posted a 3% drop in 2006 profit, in line with expectations, but it also warned that challenging markets could disrupt its ambitious target of tripling U.K. new business profit by 2008, causing shares to fall after yesterday’s gains, Reuters reported.
Technical Olympic (down 6.06%) Greek Construction group Technical Olympic’s shares fell after announcing that its NYSE-listed unit posted a full-year net loss for 2006, due deposit writeoffs and order cancellations.
Deutsche Post (down 4.95%) Deutsche Post World Net said on Tuesday that it expects its services operations to post a loss on earnings before interest and taxes of 700 million euros ($929 million) in 2007.