February 20, 2017 / 6:15 AM / 9 months ago

German stocks - Factors to watch on February 20

FRANKFURT, Feb 20 (Reuters) - The DAX top-30 index looked set to open 0.6 percent higher on Monday, according to premarket data from brokerage Lang & Schwarz at 0705 GMT.

The following are some of the factors that may move German stocks:

DEUTSCHE TELEKOM

Indicated 1.5 percent higher

Japan’s SoftBank is prepared to give up control of Sprint to Deutsche Telekom’s T-Mobile US to clinch a merger of the two U.S. wireless carriers, people familiar with the matter told Reuters.

E.ON

Indicated 0.6 percent higher

Manager Magazin reported that U.S. investor Peter Schoenfeld Asset Management, which holds an undisclosed stake of less than 3 percent in E.on, has joined Hedge fund Knight Vinke in calling on E.on to split itself up into separate businesses.

VOLKSWAGEN

Indicated 1.1 percent higher

VW group has fixed 3.2 million of the 10.8 million diesel cars globally that were equipped with a software to cheat emissions tests, weekly Automobilwoche cited VW executive Manfred Bort as saying. In Germany, almost 1.5 million out of 2.6 million diesel cars have been fixed.

COVESTRO

Up 2.6 percent in early Frankfurt trade

The plastics maker reported a higher-than-expected earnings increase for the fourth quarter, as it managed to raise prices and volumes.

DIALOG SEMICONDUCTOR

Indicated unchanged

The chip maker said it concluded the second trance of its share buyback at an average price of 38.765 euros a share.

BERTRANDT

Indicated 0.3 percent higher

The group reported first-quarter operating profit of 17.6 million euros, compared with consensus for 18.5 million, and said it expected a modest increase in profit for the full year. Poll:

DIC ASSET

Down 0.1 percent in early Frankfurt trade

The commercial real estate company’s CEO Aydin Karaduman told Boersen-Zeitung that consolidation in the commercial real estate market should pick up over the medium- to long term, following a trend in the residential property market. DIC Asset is well positioned to take active steps, he added.

WCM

No indication available

The company said it was buying a retail centre in the eastern German city of Jena for 21 million euros, which it was partly financing through a mandatory convertible under which it would issue 2.1 million new shares.

AIR BERLIN

Indicated 1.7 percent higher

The struggling airline said late on Friday it was issuing convertible bonds worth 125 million. Etihad Airways is backing the transaction with 53.7 million euros. As part of the deal, holders of the existing convertible bonds have offered to exchange old bonds for new ones worth 41.3 million euros.

SINNERSCHRADER

Indicated 14 percent higher

Accenture plans to make an agreed takeover offer for digital marketing firm SinnerSchrader for 9 euros cash per share, a premium of around 31 per cent to the 3-month volume-weighted average share price.

OPEL

PSA has pledged to the German government to continue operating all four of Opel’s German production sites as part of the French carmaker’s planned takeover of General Motors’ European arm, Sunday paper Bild am Sonntag reported.

ANALYSTS’ VIEWS

HAPAG-LLOYD - Deutsche Bank raises to “buy” from “hold”, raises target price to 32.50 euros from 28.60 euros

STABILUS - Macquarie cuts to “neutral” from “outperform”

OVERSEAS STOCK MARKETS

Dow Jones unchanged, S&P 500 +0.2 pct, Nasdaq +0.4 pct at close.

Nikkei +0.1 pct, Shanghai stocks +1.2 pct.

Time: 7.08 GMT.

GERMAN ECONOMIC DATA

German January producer prices +0.7 pct m/m, +2.4 pct y/y vs Rtrs poll avg +0.3 pct m/m, +2.0 pct y/y.

EUROPEAN FACTORS TO WATCH

DIARIES

REUTERS TOP NEWS ($1 = 0.9392 euros) (Reporting by Edward Taylor, Ludwig Burger and Maria Sheahan)

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