Europe Movers: Ahold, BP, Norsk Hydro, Rio Tinto, Siemens

Arthi Gupta
29 Nov, 2012
New York City

Ahold to increase its existing cost savings program from

[R]11:30 AM Frankfurt – Ahold to increase its existing cost savings program from €350 million to €600 million. Norsk Hydro estimates world aluminum demand outside China to grow 2% in 2012 Siemens agreed to acquire Invensys Rail for approximately €2.2 billion.[/R]

Baring Emerging Europe PLC fell 0.3% to 683.46 pence after the investment company reported full year profit of £27.19 million compared with a loss of £69.17 million a year ago.

BP plc climbed 0.2% to 430.05 pence after the oil and gas explorer has been banned temporarily from bidding for new U.S. contracts by the Environmental Protection Agency. The temporary suspension does not affect any existing contracts the company has with the U.S. government, including those relating to current and ongoing drilling and production operations in the Gulf of Mexico.

Hogg Robinson Group plc plunged 6.1% to 49.75 pence after the data management services provider reported first-half revenue fell 10% to £168.9 million. Profit for the half year dipped to £11 million from £11.6 million in the same period last year.

Koninklijke Ahold NV rose 0.6% to €9.81 after the Netherlands-based retailer said that it would increase its existing cost savings program from €350 million to €600 million, to fuel further investments.

Norsk Hydro ASA increased 2.5% to NOK 26.87 after the Norwegian aluminum producer estimates world aluminum demand outside China to grow 2% in 2012 and 2% to 4% in 2013.

Rio Tinto plc soared 3.9% to 3,055 pence after the miner said it is targeting cumulative savings of more than $5 billion of operating and support costs by the end of 2014.

SBM Offshore N.V. advanced 2.1% to €8.58 after the offshore energy systems provider announced that the sale of GustoMSC, its non-core design and engineering unit, became unconditional on November 28, and that around $185 million transaction with Parcom Capital has been completed.

Siemens AG edged higher 0.6% to €79.44 after the German industrial conglomerate agreed to acquire Invensys Rail, the rail automation business of Invensys for approximately €2.2 billion or £1.742 billion.

The British Land Company plc climbed 0.8% to 541 pence after the real estate investment trust acquired the 2.3 acre Canal Corridor North site in Lancaster city centre. The land includes the former Mitchell’s of Lancaster brewery.

Zurich Insurance Group AG increased 1.9% to Sfr235.20 after the insurer said it is on track to reduce run-rate costs in mature markets by $500 million by the end of 2013 which are redeployed to strengthen its presence in its growth markets.