European Stocks to Watch: Siemens
Shares of the German engineering group Siemens fell as a corruption probe from the U.S. Securities and Exchange Commission is expected to result in a substantial fine, Chairman Gerhard Cromme told German newspaper Sueddeutsche Zeitung.
Cromme also told the paper that the company didn’t have sufficient provisions to cover the fine.
Siemens plans to debut its VDO automotive electronics unit in an initial public offering, but would consider a takeover offer "if someone puts a lot of money on the table," the paper reported.
Computacenter (Down 6.1%) Goldman Sachs downgraded stock in the London-listed IT infrastructure company, with a sell target of 250 pence, citing a continuing fall in revenue over the medium term.
Areva (Up 2%) The French nuclear engineering company dropped out of the race to win control of German turbine-maker REpower. Indian windpower generator Suzlon Energy will acquire the company for $1.56 billion.
DaimlerChrysler (Up 1.6%) Shares in the German automaker rose as HVB Wealth Management said the potential positive impact of its Chrysler divestment could be much higher than previously expected.
Emap (Up 2.9%) Shares in the U.K. media company rose on speculation that it is preparing to put itself up for sale, a trader told Dow Jones.