A consortium led by Royal Bank of Scotland unveiled a $98-billion bid for ABN AMRO (up 4.29%) Tuesday, in attempt to trump an agreed takeover by Barclays.
The group, which includes Spain's Santander and Belgium's Fortis, said their offer is 13% higher than the one proposed by the Barclays. But it’s contingent upon securing ABN-owned LaSalle, which the Dutch bank agreed to sell to Bank of America earlier this week.
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Wavecom (up 11.37%) Wavecom reported on Wednesday that first-quarter revenue of 48.1 million euros ($65.64 million), up from 28.2 million euros ($38.48 million) in the same quarter a year ago.
Aggreko (up 8.67%) The British temporary power generator provider said on Wednesday that its 2007 profits would be well ahead of analysts’ current forecasts after a strong first-quarter and a string of new contracts.
Novozymes (up 7.91%) The Danish enzymes producer posted a 30% increase in first-quarter net profit, driven by strong sales of enzymes used for ethanol production, and raised its outlook for 2007.
J. Sainsbury (up 7.26%) Shares of the British retailer rose after reports that the UK's third-biggest grocer may yet again be a potential takeover target.
Banco Commercial Portugues (up 5.92%) Portugal’s bank raised its offer for smaller rival Banco BPI to 7 euros ($9.50) a share. The new offer would value BPI at about 5.3 billion euros ($7.2 billion), according to a Dow Jones Newswires calculation.
Alstom (up 5.83%) U.S. investment bank Morgan Stanley upgraded the French industrial group Alstom to “overweight” from “equalweight” and increased its price target to 130 euros from 87 euros, citing expected margin gains in the power business.
Shire (up 5.71%) Britain’s third largest drug maker reported that first-quarter revenues increased by nearly a third and predicted full-year revenue growth in the low 20% range.
Michelin (up 4.63%) The French tire group Michelin reported a 5.5% increase in first-quarter sales to 4.2 billion euros ($5.70 billion).
Assa Abloy (down 1.87%) The company reported first-quarter earnings that were generally inline with analysts’ expectations.
Deutsche Post (down 2.56%) The German logistics and courier company may lose its letter monopoly on Jan 1, 2008.