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AFX TOP STORIES Europe 1605 GMT

LONDON (AFX) - Here are the top stories on AFX News

Airbus confirms 10,000 job cuts, output shifts; seeks partners

PARIS (AFX) - European Aeronautic Defence and Space Co (EADS) unit Airbus confirmed it will cut 10,000 jobs, shift aircraft production lines and seek partners for some facilities that it may sell in the long run.

Announcing details of a long awaited revamp, Airbus said it will have a 680 mln eur provision in the first quarter in connection with the job cuts. A senior official said this means there will be no provision in the full year 2006 results.

Bundesbank chief signals further ECB rate rises

FRANKFURT (AFX) - Bundesbank president Axel Weber signalled that the European Central Bank was

set to further raise its key interest rates, which are already at a five-year high point.

Munich Re posts record FY profit on favourable climatic environment

MUNICH (AFX) - Muenchener Rueckversicherungs AG said full year net profit rose to a record 3.536 bln eur from 2.751 bln a year earlier, exceeding the 3.400 bln forecast by analysts, as the insurance industry was largely spared major losses from natural catastrophes.

The company said it will propose a dividend of 4.50 eur per share for 2006, up from 3.10 in 2005.

Bayer to cut 950 jobs at Bayer Schering Pharma’s Berlin ops

FRANKFURT (AFX) - Bayer AG said it will cut 950 jobs at its Bayer Schering Pharma’s Berlin operations as part of its plan to achieve the previously announced synergy potential of 700 mln eur per year from 2009.

Bayer said that out of the total, 350 staff will take early retirement or other similar packages.

Agfa-Gevaert FY net profit 15.0 mln eur vs net loss 19.3 mln eur

BRUSSELS (AFX) - Belgian imaging technology company Agfa-Gevaert NV posted full-year net profit of 15.0 mln eur, well above analysts’ expectations who had predicted a net loss of 47.6-99.0 mln eur, against a loss of 19.3 mln eur in 2005.

Sales for the full year came in at 3.401 bln eur against 3.308 bln eur in 2005, also outstripping analysts’ expectations at 3.249-3.391 bln eur.

Publicis FY net profit beats consensus on record opg profitability, lower debt

PARIS (AFX) - Publicis Group SA said net profit for 2006 rose 15 pct to 443 mln eur, from 386 mln eur in 2005 and ahead of consensus estimates thanks to record operating profitability and a sharp reduction in net interest and related expenses.

Operating profit for the full year was 713 mln eur, up 10 pct from 649 mln eur a year earlier, and again exceeding consensus estimates.

Holcim FY net, opg beat forecasts as construction sector remains dynamic

JONA, Switzerland (AFX) - Swiss cement maker Holcim Ltd announced a better-than-forecast full year net profit of 2.104 bln sfr, up from 1.511 bln a year earlier, citing strong demand for products and services due to a dynamic construction sector and exceptionally favourable weather conditions.

Analysts had forecast net profit to reach 1.804-1.973 bln sfr, or 1.905 bln on average.

UCB FY net halves, beating forecasts; sees major profit growth this year

BRUSSELS (AFX) - Belgian pharmaceuticals group UCB SA posted a 50 pct drop in full year net profit, due to divestments and increased costs.

It said it expects profit to grow significantly in 2007 when Schwarz Pharma becomes fully integrated into the company.

Fadesa FY net up 27 pct at 230.4 mln eur; sees pre-sales boosting future results

MADRID (AFX) - Fadesa Inmobiliaria SA said net profit grew 27 pct to 230.4 mln eur in the December year, from 181.2 mln a year earlier, on a 31 pct rise in revenues to 1.281 bln.

However, the property group said in a statement that, taking into account expenses related to the takeover bid launched by Grupo Martinsa, net profit stood at 160 mln eur.

Converium FY net profit drops to 57.1 mln usd, beat forecasts

ZURICH (AFX) - Converium Holdings full year net profit dropped to 57.1 mln usd in 2006, from 68.7 mln usd last year hit by a 157 mln usd charge from its divestment from US operations, but exceeded analysts expectations.

Looking ahead, the Swiss reinsurer said it targets a return on equity of 14 pct and gross premiums of 3 bln usd by 2009, while aiming to achieve a combined ration of 96 pct.

Bouygues ups div as FY net tops consensus; 2007 sales seen up 8 pct

PARIS (AFX) - Bouygues SA unveiled a 50 pct leap in net profit in full year 2006, ahead of analyst consensus, thanks in part to disposals, and said robust construction activities mean sales are expected to rise 8 pct in 2007.

Net profit was 1.246 bln eur, up from 832 mln a year earlier, with all units contributing to the rise, which was ahead of the 1.102 bln eur consensus of analyst forecasts prepared by Thomson Financial.

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This entry was posted on Friday, May 25th, 2007 at 8:38 pm and is filed under FX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

AFX TOP STORIES Europe 1605 GMT

LONDON (AFX) - Here are the top stories on AFX News

Italy’s Prodi wins second confidence vote

ROME (AFX) - Italy’s centre-left government easily won a vote of confidence today in the lower house of parliament, formally ending a political crisis sparked by last week’s resignation of Prime Minister Romano Prodi.

The centre-left prevailed in the Chamber of Deputies by 342 to 253, with two abstentions by far-left members.

Bayer to cut 6,100 jobs worldwide including 1,500 in Germany

FRANKFURT (AFX) - BAYER AG said its Bayer HealthCare AG business is to cut 6,100 jobs worldwide, including 1,500 in Germany, as part of a plan to generate synergies from the integration of Schering AG.

The company said 3,150 jobs are to be shed in Europe; 1,000 in the US; 750 in the Asia, Pacific and Japan region; and 1,200 in Latin America and Canada.

Cegedim to buy Dendrite for $751 million

NEW YORK (AP) - Cegedim SA, a French maker of software for pharmaceutical companies, said Friday it is buying Dendrite International Inc., which provides sales and marketing services for pharmaceutical companies, for about $751 million in cash.

The $16 per share offer represents a 40 percent premium over Bedminster, N.J.-based Dendrite’s average closing share price from Feb. 1 to March 1 and a a 25 percent premium over Thursday’s closing price of $12.79.

EADS unit Airbus could get cash injection from French regional authorities

PARIS (AFX) - The presidents of eight French socialist regional councils yesterday signalled their intention of investing in Airbus’ parent company EADS following the announcement of the Power8 restructuring plan for the ailing aircraft unit.

In a letter addressed to French prime minister Dominique de Villepin, the presidents of eight councils including Midi-Pyrenees, Ile-de-France, and Provence-Cote d’Azur, all of which have a socialist majority, criticised the planned 4,300 French job cuts, and asked for details on how they could take a stake in EADS’ capital.

Aker Kvaerner to restructure operations into five global businesses

OSLO (AFX) - Aker Kvaerner ASA said it is to restructure its business by transforming its existing six divisions into “five global business areas”, in a bid to both increase transparency and optimise the efficiency of its overall operations.

The Norwegian engineering firm said that by combining specialised units which work within the same market segments, the company will be able to increase overall capacity and improve its product offering.

Adecco CFO says 1.5 bln eur earmarked for potential acquisitions

ZURICH (AFX) - Temporary employment group Adecco SA said it has a war chest of 1.5 bln eur for potential acquisitions for the coming years, CFO Dominik de Daniel said at the company’s presentation of fourth-quarter and full-year results.

De Daniel emphatically ruled out the possibility of a capital increase to finance acquisitions.

Bodycote rejects Sulzer’s 325 pence a share offer, says it undervalues co

LONDON (AFX) - The board of UK group Bodycote International PLC has rejected a cash offer of 325 pence per share from Swiss engineering firm Sulzer AG.

Bodycote, which is being advised by Lehman Brothers and Credit Suisse, said it considered Sulzer’s proposal but rejected it because it undervalued the company.

Belgacom FY net rises to forecast-beating 973 mln eur vs 959 mln

BRUSSELS (AFX) - Belgian telecommunications group Belgacom SA posted a forecast-beating full-year net profit of 973 mln eur compared with 959 mln a year earlier as sales climbed to 6.1 bln eur from 5.7 bln.

EBITDA was in line with market expectations, easing to 2.149 bln eur from 2.214 bln.

Mediaset FY net slips to 505 mln eur vs 603, div 0.43 per share, unchanged

MILAN (AFX) - Mediaset SpA said its full-year net profit fell to a preliminary 505.0 mln eur from 603.4 mln a year earlier due to weak advertising revenues in Italy.

Nevertheless, the company said it will maintain its dividend at 0.43 eur per share.

Vivendi’s Maroc Telecom posts 16 pct rise in FY net on strong mobile business

PARIS (AFX) - Vivendi’s Maroc Telecom reported a 16 pct rise in 2006 net profit to a total of 607 mln eur, compared to 523 mln eur a year earlier, with the improvement primarily attributable to robust operating profitability in the mobile business.

Operating profit for the full year came out at 904 mln eur, up 15.5 pct from 793 mln eur in 2005.

Linde FY net after minorities 1.838 bln eur vs 514 mln

FRANKFURT (AFX) - Linde AG said its full-year net profit after minorities, including special items, rose to 1.838 bln eur from 514 mln.

The company said its EBITDA more than doubled to 3.830 bln eur from 1.705 bln.

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The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.

AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited

For more information and to contact AFX: www.afxnews.com and www.afxpress.com

This entry was posted on Wednesday, May 23rd, 2007 at 9:09 pm and is filed under FX. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.