Vedanta Resources Plc, the mining company controlled by billionaire Anil Agarwal, and Antofagasta Plc led basic-resource producers lower as metals retreated. BAE Systems Plc slid 1.5% after forecasting no growth at its Land and Armaments unit for as long as five years. Gamesa Corporacion Tecnologica SA sank 6.7% after its chief executive officer resigned.

The Dow Jones Stoxx 600 Index slipped 0.3% to 242.72, trimming this week's gain to 3.7%, the steepest advance since July. The gauge has retreated 1.4% from this year's high on Sept. 17 as data on US unemployment, manufacturing and consumer confidence missed economists' forecasts, fueling concern that the global economic recovery may not be robust.

National benchmark indexes rose in 11 of the 18 western European markets. The UK's FTSE 100 added 0.1% while France's CAC 40 slipped 0.2%. Germany's DAX lost 0.1% as K+S AG retreated.

The Stoxx 600 posted the biggest gain since July 24 this week as US service industries grew after 11 months of contraction and Alcoa Inc., the largest US aluminum producer, reported an unexpected third-quarter profit.

Stada Arzneimittel AG rallied 7.4% to 20.20 Euros, the best performer on the Stoxx 600. BofA Merrill Lynch Global Research resumed coverage of the German generic-drug maker with a "buy" recommendation.

German stocks declined, with the benchmark DAX Index trimming its biggest weekly gain since July, as a report showed exports unexpectedly dropped for the first time in four months.

The DAX slipped 0.1% to 5,711.88. The measure still climbed 4.5% this week after US service industries expanded in September for the first time in a year and Alcoa Inc., the largest US aluminum producer, reported an unexpected third-quarter profit. The broader HDAX Index added less than 0.1% Friday.

Sales abroad in August, adjusted for working days and seasonal swings, slid 1.8% from July, when they climbed a revised 1.7%, the Federal Statistics Office said. Economists expected a gain of 1.9%, the median of 12 forecasts in a survey showed.

K+S AG, Europe's biggest producer of potash, declined 1.4% to 38.35 Euros, snapping a four-day gain. Belarusian Potash Co. said worldwide industry sales this year may drop to less than half of 2008's level, providing the glummest outlook yet among suppliers of the crop nutrient.

Salzgitter AG, Germany's second-largest steelmaker, fell 1.4% to 67.33 Euros, following European basic-resource shares lower as metals including copper, nickel and tin dropped.

Volkswagen, Europe's biggest carmaker, slid 1.4% to 112.71 Euros, erasing Thursday's gain.

Deutsche Boerse, operator of the Frankfurt exchange, climbed 1% to 56.75 Euros, a fifth straight advance in the longest winning streak since July. Adidas AG, the world's second-largest sporting goods maker, increased 1% to 34.85 Euros, snapping a two-day decline.

Hugo Boss jumped 5% to 28.24 Euros, the steepest gain in two months, after the clothing maker was upgraded to "outperform" from "neutral" at Exane BNP Paribas, which cited "the potential for cost savings."

Stada Arzneimittel surged 7.3% to 20.20 Euros, the highest closing price since January, after BofA Merrill Lynch Global Research reinstated coverage of the shares with a "buy" recommendation.

Leoni added 1.8% to 15.74 Euros. Germany's biggest maker of automotive electrical cables may reach annual sales of almost 2.2 billion Euros, Boersen-Zeitung reported, citing an interview with Chief Executive Officer Klaus Probst.

Celesio, the largest drug wholesaler in Europe, rose 1.5% to 18.80 Euros as Equinet AG upgraded the stock to "buy" from "accumulate."

France's CAC 40 Index slipped 7.20, or 0.2%, to 3,799.61 in Paris, for a 4.1% gain this week. The SBF 120 Index lost 0.1% Friday.

ArcelorMittal dropped 29 cents, or 1.1%, to 25.45 Euros, falling for a second day this week. The world's largest steelmaker was cut to "hold" from "buy" by analysts at Royal Bank of Scotland Group Plc, who cited "limited upside potential" in the share price.

CNP Assurances, France's largest life insurer, jumped 3.47 Euros, or 4.9%, to 73.66 Euros, its biggest gain since May. Exane BNP Paribas raised its recommendation on the shares to "outperform" from "neutral."

Jacquet Metals, a metals producer, surged 2.74 Euros, or 6%, to 48.45 Euros, its biggest increase in more than two months. Societe Generale raised its recommendation on the shares to "buy" from "hold."

Nexeya soared 1.44 Euros, or 18%, to 9.39 Euros for a record gain. The maker of electronic products said 2008-09 net income rose 5.9% to 4.2 million Euros ($6.2 million). Analysts at Gilbert Dupont raised the stock to 'buy' from 'add'.

PPR slipped 1.46 Euros, or 1.7%, to 86.38 Euros, falling for a third day. Natixis Thursday cut its recommendation on shares of the French owner of the Gucci Group to "add" from "buy."

"After the recent remarkable share performance, the share's upside now looks more modest," the analysts wrote. PPR is up 49% since Jun. 30.

Valeo, France's second-largest auto-parts supplier, added 61 cents, or 3.1%, to 20.36 Euros, advancing for a fifth day. CA Cheuvreux raised its recommendation on the shares to "outperform" from "underperform," saying "next year, suppliers will enjoy a mechanical rebound in production in Europe."

In Brussels the Bel 20 closed the day at 2,547.01, up 0.19% on the day.

Belgian PVC window frame maker Deceuninck said on Thursday that it had received subscriptions representing 93.19% for its 4-for-1 rights offer priced at 0.98 Euros.

The company launched an 84.5 million Euro ($124.9 million) rights issue to repay 41.3 million Euros in debt, fund its restructuring and finance working capital. The company said major shareholders Sofina NV, Desco SAK and Defiac NV had exercised their rights and subscribed to new shares for a total 33.42 million Euros.

Deceuninck said ING, KBC Securities, BNP Paribas Fortis and Dexia had underwritten the rights issue.

Anheuser-Busch InBev is within a short dash of its $7 billion divestment target after selling its US theme parks, strengthening its hand in further sales even if renewed acquisitions may be some way off.

The sale of its SeaWorlds and Busch Gardens to Blackstone brings the world's largest brewer's divestments to some $6.5 billion. It remains on course to pay off $45 billion of loans that funded InBev's $52 billion takeover of its US rival last November.

AB InBev shares rose as much as 3.4% on Thursday to 32.70 Euros, their highest level since May 2008.

The brewer of Budweiser, Stella Artois and Beck's needs just one further sale to hit its target, the most likely being its 11 breweries in seven central and eastern European countries.

Private equity firm CVC Capital Partners has submitted the only bid, of around $2 billion, sources have said.

AB InBev, determined that none of its divestments become fire sales, has held out for some weeks, prompting CVC to put more equity into its bid, according to bankers close to the deal.

The Blackstone sale reinforces the view that the brewer needs no fire sales and could withdraw.

The AEX in Amsterdam closed out this week at 315.55, up 0.25% for the session.

Supermarket group Jumbo said on Thursday it was not considering raising a 480 million Euro offer for Dutch peer Super De Boer after a third food retailer indicated it was prepared to pay 36 million more.

Super de Boer has become the focus of long-awaited consolidation in the sector, with four Dutch supermarkets now chasing ownership of it in two separate camps.

"We are still very comfortable with our proposal. It is in the interest of all stakeholders. At this moment, we are not considering (raising) our offer," Jumbo spokesman Jeroen Sparrow said.

Jumbo, which is offering 4.20 Euros per share, agreed to sell about 80 Super De Boer stores to rival grocer Schuitema, which operates the C1000 brand, if its bid succeeded.

But rival Sperwer upped the stakes on Wednesday with a preliminary bid worth 516 million Euros after it reached a deal to sell about 40 Super De Boer stores on to market leader Ahold.

A consortium led by Global Infrastructure Partners (GIP) is close to a deal to buy London's Gatwick Airport for up to 1.8 billion Euros this month, sources familiar with the deal said on Wednesday.

Dutch telecoms group Royal KPN NV raised its buyout offer to minority shareholders of iBasis Inc on Monday as it battles to take over the US voice traffic carrier. KPN already owns 56% of iBasis and said its new offer, increased to $2.25 per share from $1.55, values the remaining stake at $70 million and gives a 73.1% premium over the closing price of iBasis's shares on July 10, just before KPN's first offer was made.

Shares in iBasis were up 7.5% at $2.30 by 1409 GMT. They have been trading above $1.55 since KPN made its first offer in July. KPN was up 1.4% at 11.54 Euros.

iBasis has so far resisted the sale, saying KPN's offer is "grossly inadequate and opportunistic" and has challenged the move in court.

In a statement KPN said it continues to pursue its counterclaims which "seek to invalidate the 'poison pill' purportedly adopted by iBasis." It added that the Delaware Court of Chancery would hear its claims on Oct. 8 and 9.

In reaction to the revised bid, iBasis said it would review and evaluate the offer and make a recommendation to its stockholders in due course.

"iBasis stockholders are urged to consider the ... recommendation before taking any action with respect to KPN`s revised offer," the US company said in a statement.

The price of the tender offer has been at the centre of the dispute as iBasis has accused KPN of concealing internal projections suggesting the company might perform better than projected, perhaps justifying a higher offer.

KPN's offer expires on Oct. 23, the Dutch company said.

The SMI in Zurich finished the week on 6,291.64, this was a decline of 0.22%.

Swiss pharmaceutical company Novartis AG said Thursday it has gained exclusive world-wide rights to market a drug candidate that is currently in late-stage trials to treat infections caused by drug-resistant bacteria.

The drug candidate, dubbed PTK 0796, is in trials to treat patients with complicated skin and skin-structure infections. The drug could become the first once-a-day broad-spectrum antibiotic that can be given as a tablet or intravenously, Novartis said.

Broad-spectrum antibiotics fight bacteria such as methicillin-resistant Staphylococcus aureus, or MRSA, which cause complicated, sometimes fatal, skin infections and which are resistant to drugs already on the market. Novartis will share the responsibility for developing the drug with US-based, closely held Paratek Pharmaceuticals.

Swiss flavours and fragrances maker Givaudan AG showed signs of emerging from recession as customers warily rebuild stocks, helping its nine-month sales meet forecasts and boosting the stock.

Givaudan, which makes ingredients for designer perfumes such as Calvin Klein and Burberry, confirmed on Friday its previous forecast to outgrow the broader market for 2009.

The group said customer destocking in its fragrance ingredients unit, which was prevalent in the first half of the year as people spent less on expensive perfumes, appears to have ended.

Shares rose 3.1% to 820 francs by 0726 GMT, versus a 0.3% gain in the DJ Stoxx European chemicals sector.

The maker of ingredients for soaps, confectionery and soft drinks has escaped much of the impact of recession, despite customers running down stocks in the first half.

Nine-month sales fell 4% to 3.0 billion Swiss francs ($2.9 billion) in the first nine months of 2009, hit by the weak US Dollar.

The stock trades at about 14 times forecast 2010 earnings, roughly in line with rivals International Flavors and Fragrances and Symrise.

The groups also compete with Firmenich in the $20 billion flavours and fragrances market, supplying companies like Donna Karan and Givenchy.

Givaudan had been expected to post sales of 3.0 billion francs in the first nine months, according to a Reuters poll of 11 analysts.

The ATX in Vienna ended the Friday trading session at 2,673.96, gains of 0.65% for the day.

Austria's Erste Group Bank is planning to start a roadshow for a rights issue of at least 1 billion Euros ($1.47 billion) in early November, two sources familiar with the deal said on Wednesday.

The share sale is mainly aimed at bolstering capital of emerging Europe's third-biggest lender, which is struggling with rising bad debts in the crisis-stricken former Communist part of Europe, in particular in Romania.

Erste would join a list of European banks tapping markets, including Erste's main competitor in eastern Europe, UniCredit , as well as Societe Generale and BNP Paribas ( BNPQY.PK - news - people ) .

The deal comes as investors have overcome their scepticism on emerging European banks, which bordered on panic in February and March. Erste's share price has more than quadrupled since a low of 6.84 Euros reached on Feb. 24.

At least eight analysts have raised their target prices for the stock in the past month.

The subscription period for the rights issue is planned for mid- to late November, the sources said. The volume of the issue could be higher than 1 billion Euros if demand is good.

Erste shares slightly widened losses on Wednesday, trading down 1.2% at 28.79 Euros.

A spokesman for Erste declined to comment.

Unlike BNP and SocGen, Erste does not aim primarily to pay back 1.2 billion Euro in state capital it received earlier this year, the sources said. Rather, the bank's main goal is to reach a 'solid' Tier 1 ratio, they said.

However, with new equity under its belt, Erste may try and walk away from plans to raise an additional 1 billion Euros in hybrid debt from the government. This debt would rank as lower quality Tier 1, not as core Tier 1 capital as equity does.

To pay back the capital received and do without the hybrid debt, Erste would have to raise around 2.2 billion Euros. However, such a deal would be likely to dilute its main shareholder, a foundation.

Erste is one of Europe's least capitalised banks with a core Tier 1 ratio of 6.6% at the end of June even including the state capital it already received, despite its presence in some risky markets.

Erste owns the biggest bank in Romania, the Balkan country which has received a 20 billion Euro emergency loan from the International Monetary Fund to fend off financial crisis.

Erste Chief Executive Andreas Treichl last week listed 'low capitalisation' among his bank's weaknesses in slides prepared for a presentation at an investor conference, although he added that this was 'justified', without elaborating on the slides.

Unternehmens Invest AG has been informed by Buy-Out Central Europe II Beteiligungs-Invest AG about the fact that Buy-Out Central Europe II Beteiligungs-Invest AG does no longer intend to purchase the total number of UIAG shares held by CROSS Industries AG and to follow up the announced takeover bid.

The assumption, existing due to a legal opinion established in 2006, that no claims can be made against UIAG out of its former interest in Libro AG as a result of forfeiture through the statute of limitations, could not be confirmed beyond a reasonable doubt within the due diligence process.

The OMX in Stockholm rounded off the week at 899.70, adding 0.49% for the day.

The Swedish government said Thursday it will extend its credit guarantee program for banks by six months to maintain stability in the financial sector, amid fears about economic turmoil in Latvia where Swedish banks do extensive business.

The government said the program, providing credit guarantees to banks of up to 1.5 trillion kronor ($214.5 billion), will be extended to the end of April next year.

"Even if the financial markets have improved during the past year it is too early to start winding up the guarantee program," Financial Markets Minister Mats Odell said in a statement. "There is still a need for an extra security net if financial stability should deteriorate again."

Odell also said he wanted to coordinate the eventual phase-out of bank support programs with other countries within the European Union.

The credit guarantee was part of last year's bank security package, which also included a 15 billion kronor ($2.1 billion) stability fund to bail out Swedish banks with solvency problems.

The Swedish banks Swedbank AB, SEB AB and Nordea AB, account for 50% of Latvia's banking industry and mass loan defaults in the Baltics is expected to reverberate through Sweden as well.

Earlier this week Sweden's finance minister Anders Borg lashed out at Latvia's government for failing to fulfill obligations set in a bailout loan agreement signed last summer. The country needed the international bailout loan to avoid bankruptcy and prevent a devaluation of its currency, which could hit people who borrowed money in foreign currency.

Borg and other EU leaders are insisting that Latvia cut next year's deficit - through cutting costs and raising taxes - by 500 million lats ($1 billion).

On Thursday the government said it will hold an extraordinary meeting next Monday to try to find ways to further reduce next year's budget deficit and meet lenders' demands. Latvian Prime Minister Valdis Dombrovskis has said cuts that go too deep would prolong the country's economic agony.

Sweden's Odell welcomed Riga's move, but told local news agency TT the decision to extend the Swedish credit guarantee had nothing to do with the recent turbulence in Latvia.

Our Swedish banks have a sufficient capital base and liquidity to handle even very tough scenarios on the other side of the Baltic Sea," Odell was quoted as saying.

However, Danske Bank analyst Lars Christensen said the turbulence in Latvia "is bad news for everyone," including the Swedish banks.

"It is quite clear that the confidence that Dombrovksis can deliver what he says is very low," he said. "The question is if he has the necessary support within the coalition government."

Nordea, the Nordic region's biggest bank by market value, said on Friday Finnish insurer Sampo Oyj had become its biggest shareholder, overtaking the Swedish state.

At the end of September, Sampo owned 800 million shares in Nordea, or around 19.8% of the stock, data published on Nordea's website showed.

The Swedish state owns 799.2 million shares.

At the end of August, Sampo said it would seek approval to increase its stake above 20% in Nordea.

Sampo had a 19.45% stake in Nordea on Aug. 25, up from 18.5% two weeks earlier.

Sampo Chief Executive Kari Stadigh said in August the company would hike its holding in Nordea to 20% by year end, allowing it to consolidate the Nordic bank's results, but added Sampo did not see the stake rising past 25%.

Swedish telecom operator TeliaSonera AB said Thursday it has reached the 90% threshold required for a squeeze-out of remaining shareholders in Eesti Telekom (ETLAT.ET) since owners representing 29.31% of the shares in the company have accepted its recent cash offer.

TeliaSonera already owned 60.98% in Eesti Telekom.

The Stockholm-based company on Aug. 24 said it would make a cash offer worth around $468 million for the shares it didn't already own in the Estonian operator.

Copenhagen's OMX finished Friday at 332.40, a slight decline of 0.19% for the day's session.

Danish luxury electronics company Bang & Olufsen reported smaller-than-forecast losses for the first quarter of its 2009-10 financial year and stood by its guidance for a break-even result for the full year.

The stereo and television group reported a pretax loss of 53 million Danish crowns ($10.51 million) for the three months to end-August, against a loss of 62 million in the same quarter last year.

The result beat an average forecast of a loss of 69 million crowns in a Reuters survey of six analysts, whose estimates ranged from a loss of 81 million to a loss of 51 million crowns.

Bang & Olufsen shares jumped 5.6% to 66 crowns by 1014 GMT, outperforming a 0.5% gain in the Copenhagen bourse's bluechip index .

"Bang & Olufsen maintains the expectations that the 2009-10 financial year will result in a break-even result before tax based on a turnover level a little below the previously announced 3.2 billion crowns," Bang & Olufsen said in a statement.

First-quarter turnover dropped 25% year-on-year to 565 million crowns, hit by the global economic crisis, Bang & Olufsen said.

The company reduced capacity costs by 98 million crowns to to 278 million, it said.

Turnover in the automotive business grew to 49 million crowns from 44 million a year earlier.

2009 marks a turning point in the Danish economy when clean technologies like wind power have finally terminated the era of pork supremacy.

If asked, you might guess that butter cookies are the leading Danish export, but you would be wrong. The Danes are known for something even more tasty -- pork. Really, really good pork (to which I can attest) and for decades pork has led the charge in Danish GDP (after taxes).
 
But as of 2009, pork will no longer be the leading Danish export. This can be accounted for by two trends. First is an 18% drop in pork exports as more pigs are being sent to Germany where labor is cheaper in the meat industry. Denmark always closely followed the US as the leading pork exporter but now that honor goes to Germany.
 
Second is the rapid growth in the Danish cleantech sector. Almost mirroring the pork decline, clean tech posted 19% growth in 2008 totaling 64 billion DKK, double the number of energy exports just ten years prior.

The Danes use about the same amount of energy Friday as they did in 1980. But over that same period of time, the country's economy has grown by 70 per cent. A tighter focus shows that from 1990 to 2007, economic activity in Denmark grew by 45 per cent while carbon-dioxide emissions were reduced by more than 13 per cent.

Denmark has become synonymous with wind energy. It accounts for 20 per cent of the power generated in the country. Now, the Danes are selling the technology throughout the world and getting rich doing it. The biggest wind-turbine manufacturer in the world, the Danish giant Vestas, can't fill orders from China and India fast enough. Danish exports of energy technology stood at about $13-billion in 2007.

The Danish utility Dong Energy has entered into an agreement with Project Better Place of California to mass-produce electric cars. Work is under way to build recharging and battery-swapping infrastructure throughout the country to make the project feasible. Cars should start to arrive in a couple of years.

But then, who needs cars? Fifty-five per cent of people living in Copenhagen (population 550,000) ride their bikes to work every day. City officials have estimated that people cycle 1.2 million kilometres, seven days a week. That's 30 times around the world every day. No wonder you can't find a fat person anywhere.

Denmark is the most energy-efficient country in Europe. By 2020, 30 per cent of its energy supply will come from renewable sources. All household waste is incinerated to generate heat and power. In Canada, incineration still conjures up images of the technology that hasn't existed in decades.

Each year, the eco-devoted from around the world make pilgrimages to Samso Island, situated off the east coast of the Jutland mainland.

Helsinki's OMX completed the week on 6,346.47, up a full 0.5% for the day.

Finland's economy shrank 9.2% in July from a year earlier, the government statistics agency said, correcting figures it published earlier this week.

Statistics Finland said seasonally adjusted output fell by 0.3% in July from the month before and 9.2% from July 2008. On Wednesday, it said the economy had shrunk by 11.6% annually in July.

Based on Nokia's employee stock option plan, 7 500 shares of Nokia Corporation were subscribed for between September 1, 2009 and September 30, 2009. The total amount of subscription prices will be recorded in the fund for invested non-restricted equity.

The new shares carry full shareholder rights as from the registration date, October 6, 2009. The shares are admitted to public trading on the NASDAQ OMX Helsinki Ltd as of the registration date together with the old Nokia share class (NOK1V).

After the registration, the total number of shares is 3 744 956 052, including the shares held by the company.

Nokia was expected to a report clear improvement in sales when compared to the previous quarter, but third-quarter earnings per share were seen sliding to 0.09 Euro, according to a Reuters poll of 37 analysts.

Its network equipment unit was seen struggling the most, with analysts saying it was time for Nokia to announce further restructuring.

Nokia Siemens slashed annual costs by 2 billion Euros ($2.9 billion), cutting around 9,000 jobs, after its 2007 merger.

The OBX in Oslo ended trade Friday on 306.40, up 0.47% for the session.

One of the world's biggest sovereign wealth funds (SWF) on Thursday renewed its attack on Volkswagen's planned takeover of Porsche as costly and opaque and signalled a more activist approach to shareholdings in its $420 billion portfolio.

Anna Kvam, head of corporate governance at Norway's state fund, said on Thursday it was determined to improve the rights of minority shareholders and raise standards of corporate governance and sustainability in the firms it owns.

But analysts cautioned investors seeking to take on VW that it is a partially state-owned entity with strong unions which operates under laws which shield the company from unwanted pressures.

Volkswagen plans to acquire an initial 42% stake in the Porsche AG sports car unit by the end of this year for a price of 3.3 billion Euros ($4.88 billion), financed in part by issuing new preferred shares in the first six months of 2010. It would also buy other parts of Porsche's business over time.

Norway's police economic crimes unit will investigate transactions made in oil company DNO International's shares, including trades involving the Kurdish Regional Government (KRG).

DNO sold 44 million of its own shares last year to the KRG, which ended up in the hands of privately-held Turkish company Genel Energy, in the process of merging with Heritage Oil (HOIL.L) -- a London-listed oil company active in Kurdistan.

Norway's financial watchdog Kredittilsynet had asked the police to probe the transactions.

In Madrid the IBEX ended the Friday trading session at 11,743.20, a drop of 0.6% for the day.

Telefonica SA pledged Friday to increase shareholder returns with a €1.40 dividend next year, but lowered its forecast until 2012 amid falling revenue in mature European markets.

Europe's largest telecommunications company by market value also lowered its earnings per share target to €2.10 for 2010, down from previous guidance of €2.304.

In a filing to the Spanish market regulator ahead of its Investors Day Friday, Madrid-based Telefonica said its revenue comPound annual growth rate, or CAGR, until 2012 would increase 1% to 4%. In its last Investor Day two years ago Telefonica had set out a revenue CAGR of between 5% to 8% for the period 2006 to 2010.

The company said it would pay a €1.40 dividend for 2010, up 21.7% from €1.15 last time, and that its 2012 dividend would be at least €1.75 a share.

Analysts were upbeat on Telefonica's forecasts. Banesto, in a research note, described the dividend guidance as a "positive surprise," adding that shares would likely react well, at least in the short term.

Telefonica said in a separate presentation that it would use any additional cashflow for a future share buyback, but didn't provide further details.

In the past, Telefonica has used aggressive buybacks to reward shareholders. The company said it targets a free cash flow in excess of €40 billion between 2009 and 2012.

Telefonica also said it would be selective with mergers and acquisitions, limiting this to consolidation in markets where it already operates and to spectrum auctions. The company reiterated that it wants to increase its stake in China Unicom to 10% from the 8.4% it has now, giving it a stronger foothold in the world's largest telephony market.

Spanish wind turbine maker Gamesa said on Thursday it had named banker Jorge Calvet Spinatsch chairman of the company following the resignation of Guillermo Ulacia Arnai.

Calvet, who joined Gamesa's board of directors in 2005, has worked primarily in the financial banking sector, holding posts such as Managing Director and Country Head of UBS in Spain and Chairman of Fortis Bank for Spain and Portugal.

Ulacia, who had served as chairman of the wind turbine maker since 2005, resigned for personal reasons, the company said in a statement.

Lisbon's PSI General Index finished the week on 2,977.27, up 0.18%.

Portugal is now officially out of a recession, reports this week have indicated.

Portugal's economy is likely to shrink less in 2009 than the 3.5% the central bank had predicted earlier and may grow slightly next year, Bank of Portugal Governor Vitor Constancio said on Tuesday.

'At the moment, the prospects point to a lower recession this year (than 3.5% previously estimated) and a gentle growth in 2010,' Constancio told a meeting of Portuguese-speaking African central bankers in Lisbon. The central bank had expected a GDP drop of 0.6% in 2010.

'The performance of the Portuguese economy is likely to be a little better than that expected for the Euro zone,' he said.

Italy's benchmark FTSE MIB Index rose for a second day, adding 106.88, or 0.5%, to 23,770.56 in Milan. The gauge gained 4.9% this week.

Banco Popolare rose 29 cents, or 4.3%, to 7.04 Euros after gaining 4.2% Thursday. Cheuvreux, which cited a meeting with management, said in a note that the bank "is exploring and actively pursuing several capital management options." The brokerage said "Factorit seems to us the most viable option in the near term."

Bulgari rose 32 cents, or 5.9%, to 5.79 Euros, a fifth straight gain. The company's chief executive officer said in an interview that sales improved in the second part of the year, led by gains in Asia and higher demand for handbags. Equita Sim SpA, which has a "hold" on the stock, said in a note there's "room for an upward revision of consensus estimates, which should underpin the stock." Banca Akros increased its price estimate to 6.5 Euros from 4.8 Euros and reiterated an "accumulate" rating.

Davide Campari-Milano rose for a fourth day this week, adding 7.5 cents, or 1.2%, to 6.39 Euros. The Italian distiller known for its bittersweet red aperitif sold 350 million Euros ($515 million) of seven-year bonds. Conditions of the deal were "good," Cheuvreux said in a note. The brokerage kept the stock on its "selected list."

Fiat added 52 cents, or 5.3%, to 10.33 Euros, the highest in more than a year. UniCredit Markets & Investment Banking expects "that the announcement of third- quarter results, due on Oct. 21, and the presentation of Chrysler Group LLC's new industrial plan on Nov. 4, could generate additional news flow able to support the stock's price performance in the short-medium term."

Exor, Fiat's main shareholder, added 36 cents, or 2.7%, to 13.86 Euros.

Intesa Sanpaolo rose 3.5 cents, or 1.2%, to 3.09 Euros, a second day of gains. BNP Paribas may be interested in buying the lender's asset management unit Eurizon Capital SGR, daily MF reported, without saying where it got the information.

The two banks aren't negotiating a transaction yet, the newspaper said.

Maire Tecnimont rose 10.75 cents, or 3.4%, to 3.3 Euros, snapping a two-day decline. The Italian engineering and services company had its price estimate increased to 4.23 Euros from 3.55 Euros at Banca Imi. The brokerage, which cited "2010 earnings visibility from backlog," reiterated a "buy" rating.

Piaggio & C. rose for the first time in three days, adding 3.9 cents, or 2.6%, to 1.56 Euros. Banca Imi upgraded Europe's largest motor-scooter maker to "buy" from "hold." The brokerage cited a "better outlook."

Snai climbed 13% to 3.57 Euros. Weekly magazine Il Mondo reported that private equity fund Carlyle is ready to bid for the company. Equita Sim SpA reiterated a "buy" recommendation on the stock, noting that current prices do not discount any "speculative appeal."

Snai and Snai Servizi, which controls Italy's biggest racetrack manager, said in a statement in response to a request from Italian regulator Consob that there are no talks regarding a potential sale of the controlling stake or the entrance of another shareholder.

Tenaris advanced 49 cents, or 4%, to 12.76 Euros, the highest in a more than a year. The world's biggest maker of seamless steel tubes for pipelines was rated "buy" at UBS AG, which started coverage of the stock with a price estimate of $21. The brokerage also set a price estimate of $42 for the ADR.

In Athens the Athens Composite ended the week at 2,753.23, gains of 0.53% for the session.

Credit Agricole SA's Greek unit Emporiki Bank said Wednesday that its French parent plans to inject Eur1 billion worth of Tier 1 capital into it as part of a restructuring plan intended to return it to profit by the end of 2011.

Since acquiring a majority stake in Emporiki several years ago, Agricole has been striving to turn the Greek bank around. Earlier this year, Emporiki raised Eur850 million through a capital increase and issued Eur250 million in Tier 1 bonds that were fully subscribed by its French parent.

Agricole had owned 8.93% of Emporiki and was in partnership with the bank from 2000. In 2006, it launched a bid for the remaining stake that valued the bank at Eur3.3 billion. It now owns over 82% of it.

Agricole's Chief Financial Officer Bertrand Badre said the French bank had made mistakes with Emporiki but was finally getting around to sorting it out. "We have paid a high price for Emporiki," he told Analysts at a presentation in Paris.

He said Agricole had considered a range of options for the Greek bank - including selling it or merging it with a competitor - before deciding to restructure it.

In a separate statement Wednesday, Agricole said it remained committed to Emporiki and that it will take a Eur500 million impairment charge against its stake in the bank in its third-quarter accounts.

The restructuring plan through 2013 aims to cut costs by improving risk management, loan recovery and streamlining staff. It will also optimize the bank's real-estate assets through sale and leaseback operations, renegotiating branch leases and moving its headquarters out of Athens. The measures should reduce its cost-income ratio to 70% in 2011 and 50% in 2013, the bank said.

Emporiki said the capital injection will cover its needs through 2011 and that it aims to have a Tier 1 ratio of 8%. It didn't say what the level is currently.

Both banks declined to comment on what form the capital injection would take.

Foreign investors pumped a net 722 million Euros ($1.06 billion) into Greece's equities market in September, Athens bourse (EXCr.AT: Quote, Profile, Research) data showed on Wednesday.

Foreign portfolios owned 49.8% of the Greek market's free-float in September, up from 48.4% in August, but down from 51.1% in September 2008.

In contrast, domestic investors were net sellers, with outflows reaching 637 million Euros.

For the whole of 2008, foreign investors were net sellers, with outflows of 3.6 billion Euros.

The average daily trading value in September rose to 251 million Euros from 199 million in August. It was down from the same month a year earlier when the bourse traded 280 million Euros daily.

Foreign investors accounted for 51% of transactions in September, compared with 60.5% in the same month in 2008.

Month-on-month, the Greek equity market's total capitalisation rose 7.24% in September to 98.8 billion Euros, about 39.5% of the country's gross domestic product (GDP). Compared with September 2008, the market's value was down 7.4%.

The market capitalisation of the bourse's blue-chip FTSE-ASE 20-share index, which attracts most of the foreign interest, rose 8.3% month-on-month to 70.7 billion Euros.