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CHR - Chr Hansen Holding A/S News Story

DKK553.4 7.2  1.3%

Last Trade - 17/05/21

Consumer Defensives
Large Cap
Market Cap £8.34bn
Enterprise Value £9.77bn
Revenue £792.4m
Position in Universe 85th / 1832

LIVE MARKETS-STOXX up, Bayer rallies, earnings in focus

Thu 27th June, 2019 8:34am
* European shares open higher, up 0.2%
    * STOXX 600 snaps 4-day losing streak
    * Bayer rallies, Elliott welcomes steps to address litigation
    * Earnings in focus: H&M, Chr Hansen
    * US, China agree tentative trade truce before G20 - SCMP

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your
thoughts on market moves:
    European shares are off to a positive start with the STOXX 600  .STOXX  snapping a four-day
losing streak following gains in Asia on the back of a report in the South China Morning Post
which bolstered hopes of a trade truce between China and the U.S. just before their leaders meet
at this weekend's G20. The pan-European benchmark is up 0.2%.  
    In corporate news Bayer  BAYGn.DE  is a big focus after the group hired a lawyer and formed
a committee to address glyphosate litigation. Activist shareholder Elliott welcomed its steps to
improve supervision of litigation issues and revealed for the first time its holding, saying the
company is undervalued. Bayer shares are up more than 6%.
    "The... actions of the supervisory board might be an indication for a quicker than expected
solution in the glyphosate litigation cases," says Baader Helvea, affirming its bullish view on
the stock.
    Elsewhere earnings news is driving the biggest movers.
    Swedish fashion retailer H&M  HMb.ST  led the gainers in Europe, up 9.5% after it reported a
slight drop in fiscal second-quarter pretax profit but said sales of its summer collections had
gotten off to a good start and that it was selling more clothes at full price.    
    Top faller is Chr Hansen  CHRH.CO , down 13% after the Danish food ingredients maker
reported quarterly profit that fell short of forecasts and cut its revenue outlook for the year,
hurt by a disappointing performance at its food colouring and animal health businesses.    
    In sectors, financials are providing the biggest uplift, helped by a rebound in government
bond yields after comments from Federal Reserve officials cooled expectations over aggressive
rate cuts in the U.S.
    (Danilo Masoni)
    European shares are set to open higher following gains in Asia on a report in the South
China Morning Post that the US and China have tentatively agreed to a truce in their trade war
before their leaders meet tomorrow at the G20.
    Futures on main country benchmarks are up 0.2-0.5% following four straight sessions of
losses on cooling expectations of aggressive rate cuts by the Federal Reserve and caution before
the G20. The STOXX 600 however has recovered from the May sell-off and is set to close June up
more than 3 percent and not much far away from the nine-month high hit in April.
    On the corporate front, it seems dealmaking, stakebuilding and IPOs are dominating
headlines, while earnings also start to trickle in.
    Elliot has revealed for the first time it has taken a 1.1 billion euros ($1.25 billion)
stake in Bayer, saying the company is undervalued and shares are up as much as 4.5% in early
Frankfurt trading.
    Bayer has also hired an external lawyer to advise its supervisory board and has set up a
committee to help resolve a multi-billion dollar glyphosate litigation issue.
    Meanwhile, sources from Brussels told Reuters that Vodafone is set to secure EU approval for
its $22 billion bid for Liberty Global's cable networks in Europe. Its shares are indicated up
    Still in M&A, Reuters said Generali and rival Grupo Catalana Occidente are vying to take
control of Portuguese insurance firm Tranquilidade in a deal worth up to $682 million. French
retailer Casino said it plans to restructure its Latin America business, while Italian brake
maker Brembo is eyeing an acquisition target of "significant size".    
    In IPO news, VW unit Traton lowered its price range, Thyssenkrupp stuck to its elevator
listing plans, while Swiss Re set the IPO price range for its UK life assurance business. 
    Among top movers, traders flag Premier Oil, seen up 4-10%, after a big upgrade to production
estimates for its Xama field, while a revenue warning Chr Hansen is set to send shares in the
Danish bioscience company down 5-8%. Serco is seen rising 3-5% after nudging its full-year
revenue target higher.
    Elsewhere, the U.S. Federal Aviation Administration has identified a new risk that Boeing
must address on its 737 MAX before the grounded jet can return to service. The news is seen
lifting shares in European rival Airbus by 1%.
    Other stock movers: France's Macron says no need to lower govt's stake in Renault; H&M Q2
profit just lags forecast, summer collections off to strong start;  Britain's Kingfisher names
Carrefour's Garnier as new CEO; Wet summer hurts Greene King's sales in new financial year 
    (Danilo Masoni)

    Turning to the corporate front it looks that dealmaking and IPOs are dominating headlines so
far this morning, even though there is nothing earth-shattering.
    Sources from Brussels said Vodafone  VOD.L  is set to secure EU approval for its $22 billion
bid for Liberty Global's cable networks in Germany and central Europe, while in IPO news, Traton
 8TRA.BE  lowered its price range, Thyssenkrupp  TKAG.DE  stuck to its elevator listing plans,
while Swiss Re  SRENH.S  set the range for the flotation of its UK life assurance business. 
    Still in M&A, it also seems that a race to take control of Portuguese insurance firm
Tranquilidade has reached a crucial point.*:nL8N23X2UI
    Meanwhile in France, President Macron said there's no need to lower the government's stake
in Renault  RENA.PA  and that he wants the Nissan alliance to strengthening its synergies. 
    Anyhow, here's your full early morning headlines roundup:
    Vodafone set for EU go-ahead on Liberty Global deal - sources*:nL8N23X5C4
    VW's Traton sets price range for IPO at 27-28 euros a share*:nL8N23X56Y
    Thyssenkrupp sticks to elevator listing plan amid bid talk*:nL8N23X4ZA
    Global Fashion Group lowers IPO offer price to 4.50 euros a share*:nFWN23X0VA
    Generali, Catalana in final race for $682 mln Portuguese deal - sources*:nL8N23X2UI
    Bayer seeks glyphosate litigation advice as Elliott reveals stake*:nL8N23X5IO
    France's Macron says no need to lower govt's stake in Renault*:nL4N23Y11K
    Hexagon CEO Rollen found not guilty of insider trading in appeals case*:nL8N23X5Q0
    No breakthrough in Swiss-EU battle of the bourses*:nL8N23X2VR
    (Danilo Masoni)
    The positive mood seen in Asia overnight following a report in the South China Morning Post
(SCMP) that the United States and China have tentatively agreed to a truce in their trade war*:nL4N23Y10R is set to spread to Europe this morning.
    Spreadbetters at IG expect London's FTSE to open 6 points higher at 7,423, Frankfurt's DAX
to open 42 points higher at 12,287, and Paris' CAC to open 12 points higher at 5,512. 
    On Wednesday the STOXX 600  .STOXX  fell 0.3%, suffering its fourth straight session of
losses, on cooling expectations over aggressive rate cuts by the Fed and as caution over
Sino-U.S. trade relations prevailed before this weekend's G20 summit, where Trump and Xi will
    Turning to the day ahead, Rabobank highlights that's going to be another session of session
of second-tied data: "We only have Eurozone confidence surveys to look to, expected broadly
unchanged and hence sending no new signals, and German CPI, seen 0.1% m/m, 1.3% y/y" and "There
is another look at US Q1 GDP, but that’s very much yesterday’s story (and expected 3.2%)."
    (Danilo Masoni)

($1 = 0.8807 euros)

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