European Stocks to Watch
Here some of Wednesday's big movers on European stock markets: Michaniki, Hammerson, Iberia, Technical Olympic, Intercell and Carrefour.
Michaniki (up 6.67%) Greek construction group Michaniki’s shares rose after the company reported Tuesday a 28.8% full-year net profit increase for 2006 and plans to propose a higher dividend.
Hammerson (up 4.05%) Shares in U.K. and French property company Hammerson rose early Wednesday as speculation continued that the company is about to receive a bid approach from Unibail or General Electric.
Iberia (up 2.79%) Iberia shares rose amid speculation the expected "open skies" agreement between U.S. and EU will force European airline consolidation. Lufthansa and British Airways are reportedly interested in bidding for the Spanish company.
Technical Olympic (down 12.90%) The Greek construction group’s shares dipped lower for a second day after its subsidiary Technical Olympic USA posted fourth-quarter profit losses of $201.2 million on Tuesday.
Intercell (down 7.08%) Merrill Lynch is selling 2.5 million shares in Austrian biotech firm Intercell on behalf of private equity firm Apax Partners, a trader told Reuters, driving the stock down.
Carrefour (down 2.09%) French retailer Carrefour shares are down after La Tribune reported Wednesday that the company is to reshuffle its supervisory board.