STOCKS NEWS EUROPE-Manitou falls on U.S. Gehl unit

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09:55GMT 01April2009-Manitou falls on U.S. Gehl unit

---------------------------------------------------- Shares in Manitou (MANP.PA) fall as much as 11 percent after the French maker of forklifts posts a drop in 2008 net profit and says its U.S. Gehl unit could file for Chapter 11 bankruptcy protection.

"Depreciation relating to Gehl reduces 2008 net profit to 4 million euros whereas the market was expecting 45-50 million and the lack of an agreement with banks relating to Gehl is weighing on the stock," Portzamparc analyst Aurelien Ripoche says.

Manitou can pursue further talks with its banks over Gehl or let it file for Chapter 11, Ripoche says, adding: "The best is to find an amicable solution."

Shares in the company are 3.1 percent lower at 4.70 euros by 0953 GMT.

Reuters Messaging rm://james.regan.reuters.com@reuters.net

09:45GMT 01April2009-Sportech up after submits VAT claim

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Shares in betting firm Sportech (ROD.L) gain more than 3 percent after the company says it has submitted a claim to Her Majesty's Revenue & Customs to recover "in excess of 40 million pounds" in overpaid VAT for its Spot the Ball game offered between 1979 and 1996.

"We caution a successful outcome is not guaranteed and the process is likely to drag on for a number of years, but see the claim as yet another positive catalyst which is not, in any way, reflected in the current 5 times P/E, 5 times EV/EBITDA, 15 percent FCF yield valuation," Investec Securities says in a note.

The broker highlights that the amount could increase to over 100 million pounds including interest.

Investec has a "buy" rating on the stock.

Reuters Messaging rm://tricia.wright.reuters.com@reuters.net