(Bloomberg) -- Shares of Eni SpA, Italy's largest oil company, and German tiremaker Continental AG have the most potential to gain among European businesses susceptible to a breakup, a study by Merrill Lynch & Co. showed.
The U.S. brokerage put together a list of companies in the region whose businesses rely on two or more divisions and where the units are worth more than the whole, it wrote in a report dated May 1. Merrill's candidates are cheaper than the market relative to earnings and have a ``realistic chance of a breakup'' because of lack of synergies, or a new management or strategy.
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