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NORDIC STOCKS-Factors to watch on Feb 24
February 24, 2014 / 8:01 AM / 4 years ago

NORDIC STOCKS-Factors to watch on Feb 24

(Updates Scania, adds Algeta, Volvo)

HELSINKI, Feb 24 (Reuters) - The following stocks may be affected by newspaper reports and other factors on Monday:


Volkswagen announced late on Friday plans to buy out minority shareholders of Swedish trucks division Scania for 6.7 billion euros ($9.21 billion).

VW said it will sell preferred shares for up to 2 billion euros, issue hybrid capital of up to 3 billion euros and draw another 2 billion euros from its ample cash reserves of 16.9 billion euros.

Pension fund provider Skandia Liv’s head of equities Caroline af Ugglas expressed skepticism over Volkswagen’s bid.

“I would not recommend selling at this stage,” she was quoted as saying in Swedish business daily Dagens industri over the weekend.

Skandia Liv holds about 0.8 percent of shares in Scania.

Scania said in a statement on Sunday an independent committee would evaluate the Volkswagen offer.

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German drug firm Bayer has clinched a $2.9 billion deal to take over Norwegian cancer drug maker Algeta after receiving 92.17 percent of shares in a cash offer.

Bayer bid for Algeta last year to gain outright control over a novel prostate cancer drug the two have developed jointly since 2009 and started selling in the United States in 2013.

Bayer also said it extended the acceptance deadline by two days to February 26 and expects the deal to close in the first quarter.

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Citigroup upgraded the Swedish truck maker to a buy recommendation from neutral on a target price of 117 Swedish crowns.

“We think expectations are now rebased for a significant earnings surprise as of 2Q14,” Citigroup said in a note.

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Alcatel-Lucent, rival to Finland’s Nokia, said at the Mobile World Congress in Barcelona it would stay out of a brewing price war in the telecoms equipment market.

Analysts have predicted that competition could intensify this year as Nokia’s network unit NSN seeks to rebuild revenues.

Separately, NSN CEO Rajeev Suri declined to comment if Nokia was studying a bid for U.S.-based Juniper Networks, as suggested by a media report last week.

However he told a news conference NSN was looking for ways to extend partnership with Juniper to expand in IP routing.

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Oil services firm Archer, part of shipping tycoon John Fredriksen’s business empire, will take a $430 million non-cash goodwill impairment charge, which will reduce its net equity per share to $1.07 from $1.87.

The impairment is primarily due to reduced pricing and low utilization of equipment as a result of an oversupply of land based oilfield services in the United States, the firm said on Friday.

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Reporting by Copenhagen, Helsinki, Oslo and Stockholm newsrooms $1 = 6.5411 Swedish crowns

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