European Corporate Roundup for Thursday

Iran's Bank Markazi is in focus Thursday after filing a complaint against Deutsche Boerse AG's subsidiary Clearstream, seeking restitution of assets worth about $4.9 billion.

The Iranian central bank filed the complaint against post-trade services provider Clearstream and Italian bank Banca UBAE SpA at a court in Luxembourg, where the subsidiary is based, Deutsche Boerse said.

The complaint seeks restitution for the Iranian bank's assets, which are allegedly held on accounts of UBAE and Bank Markazi with Clearstream and total about $4.9 billion, plus interest. Alternatively, Bank Markazi seeks damages worth the same amount, Deutsche Boerse said.

Deutsche Boerse shares were unaffected in early trade, rising 0.1%.

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Shares in Associated British Foods PLC (ABF.LN) dropped in early deals as the food company reported a decrease in revenue from its sugar business.

AB Sugar's revenue fell 13% at actual exchange rates and 12% in constant currency. AB Foods now expects a greater fall in revenue and profit from the unit than previously forecast, primarily due to "significantly lower" European Union sugar prices following the removal of sales quotas and export constraints.

"Overall, the group's outlook for FY18 remains unchanged with progress expected in adjusted profit and earnings," Liberum Capital says.

Shares fell 2%.

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Experian PLC (EXPN.LN) said Thursday that it would maintain its expectations for fiscal 2018 as it recorded 5% growth in third-quarter organic revenue.

The credit-reporting company said that following tax reform in the U.S., it expects the reduction in its group tax rate will be broadly offset by reduced tax deductions for interest and other costs. It expects its group tax rate for the year ending March 31 will be unchanged from previous guidance of between 26% and 27%, and will be within a similar range in fiscal 2019.

For the three months ended Dec. 31, Experian said total revenue growth at actual exchange rates was 8% and 6% at constant exchange rates.

Shares rose 1.2% after the trading update.

(END) Dow Jones Newswires

January 18, 2018 04:05 ET (09:05 GMT)

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