Belgo-Dutch wealth management: onshore liquid assets set to grow

Published By Datamonitor

Ahold/Delhaize: a merger of convenience

Dutch retailer Ahold and smaller rival Delhaize are in talks, with a merger between the two seen by many as the most plausible outcome. Ahold's and Delhaize's business operations may well be split along geographical lines, with Ahold running a future European division while Delhaize could affect the turnaround of Ahold's underperforming US arm.

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Netherlands: Network liberalization will guarantee both consolidation and competition

By creating a fully independent transmission system the Dutch government may hasten Nuon's takeover by a foreign utility. However, after European utilities consolidate, fully independent transmission networks may turn out to have been a prescient policy decision.

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Laurus: survival strategy

Eight months since Dutch supermarket group Laurus announced a radical change in strategy to turn around years of dismal performance, it has made only limited headway in the face of severe competition. The recent resignation of CEO Harry Bruijiniks could well be a reflection of the inability of the strategy to work.

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TNT Logistics' position in pecking order may soon be challenged

TNT has announced that it is to sell its logistics division to affiliates of Apollo Management, a US private equity firm, for E1.48 billion. While the sale of the business unit has been on the cards since 2005, Datamonitor's Chris Morgan questions whether the new TNT Logistics will be able to take part in further market consolidation which is no doubt inevitable in the short term...

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Ahold: breaking up is hard to do

Against a backdrop of stagnating sales, troubled retailer Ahold has come under pressure from two hedge funds, Centaurus and Paulson. Holding a 6.4% stake in the company, the two shareholders claim that the current share price of E7.33 could rise to E9, if the group were broken up into its separate units - a prospect that now appears increasingly real.

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Crucell: failed vaccine disappoints

Crucell has halted development of Aerugen, its late-stage vaccine candidate for the prevention of Pseudomonas aeruginosa infection in cystic fibrosis patients, following disappointing phase III trial results. Although this is something of a setback for vaccine development within the field of cystic fibrosis, other efforts focusing on ion channel therapy still provide a glimmer of hope.

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EULAR: Roche and BMS target RA market

By presenting new data at the rheumatology conference currently being held in Amsterdam, Roche and Bristol-Myers Squibb are hoping to encourage uptake of their recently approved rheumatoid arthritis drugs. Although the data illustrates the addition of valuable new treatment options, an increasingly competitive market is set to limit the impact of Rituxan and Orencia in this indication.

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Lukoil: brand new to western forecourts

Lukoil is keen to continue its charge across the European forecourt retailing sector as displayed by its interest in the soon-to-be-auctioned portfolio of ChevronTexaco forecourt retailing sites in the Benelux countries. With upstream infrastructure already in place, the capture of such a valuable retail network will ensure Lukoil achieves its goal of establishing its brand as a major player.

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TNT: solid Q1 but what of TNT Logistics?

Dutch mail company TNT has posted solid Q1 results, with turnover growing by 9% year-on-year and operating income rising by 14% to E329 million. The results are a further step in the right direction for TNT. However, the future is less certain for TNT Logistics, which, despite giving a stable performance, still recorded an overall loss of E11 million.

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