Investing in Europe #63
Company news and results
Ryanair adjusted its full-year March 2022 guidance to the bottom half of the previously guided range. Traffic recovered to over 97m.
Chr. Hansen reported a 14% organic growth in the December - February quarter, mainly driven by volume. EBIT margin expanded to 27.7%, up from 27.0% last year. Full-year revenue guidance was adjusted up, EBIT margin down. Free cash flow guidance remained unchanged.
Deals and IPO
Telecom Italia rejects KKR due diligence request, blocking $12bn takeover bid (link)
GIP, Brookfield waiting on Atlantia as Benettons study rival bid (link)
Oil tanker groups Euronav and Frontline plan $4.2 bln tie-up (link)
Other news
Ukraine: EU agrees fifth package of restrictive measures against Russia (link). Among the new measures:
An import ban on all forms of Russian coal. This affects one fourth of all Russian coal exports, amounting to around €8 billion loss of revenue per year for Russia.
Global food prices rise to highest ever levels after Russian invasion (link)
Germany unveils relief package for companies amid Ukraine crisis (link)