Additional European Equity News - 11th August 2026
Air Liquide (AI FP) - UK CMA is seeking views on the anticipated acquisition by Vivisol of Air Liquide's home oxygen services business. A formal investigation has not yet been launched. (Gov.uk)
Bellway (BWY LN) - Trading Update: Underlying operating profit is expected to be c. GBP 320mln. Will launch a further GBP 50mln share buyback when current buyback concludes in August. (Bellway)
InterContinental Hotels (IHG LN) - H1 2026 (USD): Revenue 2.66bln (exp. 2.67bln, prev. 2.52bln Y/Y), Operating Profit 671mln (prev. 623mln Y/Y). On track to deliver over USD 1.2bln to shareholders in 2026. CEO: "Trading in the US accelerated in the second quarter, growth in Greater China continued and a good performance elsewhere in our EMEAA region helped offset challenges in the Middle East. We remain on track to meet full year consensus profit and earnings expectations." (IHG)
Lion Finance Group (BGEO LN) - H1 2026 (GEL): Net Profit 1.20bln (prev. 1.03bln Y/Y). Declares a quarterly dividend of 305/shr in Q2, bringing the cumulative H1 dividend to 5.90/shr. Board approves a further GEL 59mln share buyback. (Lion Finance Group)
Norsk Hydro (NHY NO) - Co. announces that Alunorte reduces alumina production to 50% due to natural gas supply disruptions. (Norsk Hydro)
Phillips (PHIA NA), Exor (EXO NA) - Phillips announces that they have agreed to update their long-term agreement with Exor. Exor will be able to increase its shareholding in Phillips to up to 22%. Exor also has the option to further increase its stake subject to approvals. (Phillips)
Spirax (SPX LN) - H1 2026 (GBP): Revenue 863.8mln (prev. 822.2mln Y/Y), Adj. Operating Profit 171.1mln (prev. 158.8mln Y/Y). On track to deliver FY26 guidance. (Spirax)
UBS Group (UBSG SW) - The Swiss government is set to discuss a number of changes to a draft bill to overhaul capital regulations on Tuesday. (Bloomberg)
UniCredit (UCG IM) - Co. has lost its appeal regarding the revaluation of its Bank of Italy shares, amounting to EUR 400mln. (Milano Finanza)
Partners Group (PGHN SW) downgraded to Hold from Buy at Deutsche Bank
Rheinmetall (RHM GY) initiated with Outperform at RBC
Saab (SAABB SS) upgraded to Overweight from Underweight at Barclays
This is the standard morning research-sheet wrap, a mixed bag of interim results, corporate actions, and rating changes rather than a single market-moving event, and the correct treatment is item by item rather than as a tape-level signal. The substantive threads are familiar in kind: a UK competition review of a healthcare asset disposal that sits in the customary pre-investigation phase where remedies rather than prohibition are the modal outcome; a defence name initiated positively and another upgraded, consistent with the sustained rerating of the European defence complex that has drawn fresh broker coverage in recent years; and an anchor shareholder deepening its grip on a Dutch healthcare technology name, a pattern in which family holding structures have historically consolidated influence gradually rather than via tender. The alumina production cut on gas supply disruption is the item with commodity transmission, feeding through alumina and aluminium premia rather than the gas curve itself, and curtailments of this kind have tended to tighten the semi-finished chain before the exchange price. The Swiss capital bill discussion for the large domestic bank is a slow-burn regulatory story where drafts have historically been watered down between consultation and enactment. The rating moves at the foot are flow events, relevant for a session, not beyond.