German stocks - Factors to watch on July 23
FRANKFURT, July 23
FRANKFURT, July 23 (Reuters) - The DAX top-30 index looked set to open 0.3 percent higher on Tuesday, according to premarket data from brokerage Lang & Schwarz at 0622 GMT.
The following are some of the factors that may move German stocks:
Indicated 0.2 percent lower
The departure of co-CEO Jim Hagemann Snabe follows a power struggle within the company's dual CEO structure, German business daily Handelsblatt reported, citing company sources.
Snabe said he was stepping down from management after a 20-year career at SAP, including three years as co-CEO, citing personal reasons.
Indicated 0.6 percent higher
Deutsche Bank AG has poached UBS AG's veteran head of investment banking in Thailand, Phumchai Kambhato, in a push to take advantage of Thai companies' growing appetite for overseas deals, sources with knowledge of the matter said.
Indication not available
Dutch telecoms group KPN will sell its German unit E-Plus to competitor Telefonica Deutschland for 5 billion euros ($6.6 billion) in cash and a 17.6 percent stake in the merged company.
Separately, Telefonica Deutschland said its second-quarter operating income before depreciation and amortisation (OIBDA) fell 7.2 percent to 294 million euros.
Related news and
Indicated 1.1 percent lower
German diversified holding company Franz Haniel & Cie, which holds little over half of Celesio, has hired JP Morgan to advise on the sale of a full or partial stake in the German drug distributor or a partnership with another company, Bloomberg reported, citing two people familiar with the matter.
Indicated 3.0 percent higher
The company said second-quarter net profit reached $2.1 million, below the average analyst forecast for $3.1 million.
ANNUAL GENERAL MEETINGS:
PROSIEBENSAT1 - proposed div 5.65 eur/shr
PRIME OFFICE REIT - proposed div 0.18 eur/shr
HEIDELBERGER DRUCK - no proposed div
OVERSEAS STOCK MARKETS
Dow Jones +0.01 pct, S&P 500 +0.2 pct, Nasdaq +0.4 pct at Monday's close.
Nikkei +0.8 pct at Tuesday's close.
EUROPEAN FACTORS TO WATCH
REUTERS TOP NEWS ($1 = 0.7580 euros) (Reporting by Christiaan Hetzner and Christoph Steitz)