European Movers: Commerzbank (CBK GY) +3.5%, Zurich Insurance (ZURN SW) +0.4%, CRH (CRH LN) +0.3%, UniCredit (UCG IM) -0.5%, National Grid (NG/ LN) -0.9%, Henkel (HEN3 GY) -1.1%

Commerzbank (CBK GY), UniCredit (UCG IM) - UniCredit has launched a voluntary exchange offer on Commerzbank, do not expect to achieve control. Offer looks to exceed the 30% stake. Offer represents a EUR 30.80/shr price, a 4% premium. (UniCredit) 

CRH (CRH LN) - CRH intends to delist its ordinary shares and 7% preference shares from the London Stock Exchange and, subject to shareholder approval, cancel its 5% and 7% preference shares. (CRH)

Henkel (HEN3 GY) downgraded to Underweight from Equal Weight at Morgan Stanley

National Grid (NG/ LN) downgraded to Sell from Neutral at UBS 

Zurich Insurance (ZURN SW) upgraded to Hold from Reduce at Kepler Cheuvreux