Speaker 1: Bloomberg Audio Studios, Podcasts, radio News, The.
Speaker 2: Stock Movers report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg data, and.
Speaker 3: Look at some of the stocks on the move today
Speaker 3: in Europe. I'm to you Ada Bay with Stephen Carroll
Speaker 3: and we're joined by Bloomberg's Breaking News editor Louise Mean
Speaker 3: Louise Monte de Pasci seems to be very popular this morning.
Speaker 3: It's being inundated with offers. Can you tell us more
Speaker 3: about what's going on there?
Speaker 2: It is?
Speaker 1: Indeed, yes, I'll start with the most recent one. So Intesa,
Speaker 1: the other Italian bank, has offered to buy Montepasti, So
Speaker 1: that would if you know, if that all came through
Speaker 1: and came to fruition, that would boost Intesa's position as
Speaker 1: the largest lender in itlay would also create one of
Speaker 1: Europe's most valuable banks. So that's one of the offers
Speaker 1: that it's had. That it comes a day after a
Speaker 1: separate offer from Banco BPM, also of course an Italian bank.
Speaker 1: They pitched what they're calling a merger of equals so
Speaker 1: to combine, and the combined group would be worth about
Speaker 1: fifty billion euros in total. So an interesting note from
Speaker 1: Blueberg Intelligence saying in Tessa's offer is more advanced and
Speaker 1: binding than Banco BPMS and therefore is putting pricing pressure
Speaker 1: on Banco. So who knows, maybe a bit of a
Speaker 1: kind of bidding wall will play out. That's kind of
Speaker 1: waiting to be seen. But at the moment, Monte Dee
Speaker 1: Pascual shares jumping as much as ten percent this morning
Speaker 1: to the highest since twenty twenty two. Obviously, any deal
Speaker 1: is going to have bigger implications in the Italian banking sector,
Speaker 1: adding to a flurry of activity we've been seeing in
Speaker 1: recent years already in that sector. So we're going to
Speaker 1: be keeping a close eye. And that's some really interesting
Speaker 1: activity playing out there.
Speaker 2: And in London the Stock Exchange missing out on a
Speaker 2: sweet deal.
Speaker 1: Indeed, we're well London, it is losing Tait and Lyle,
Speaker 1: obviously known as one of Britain's biggest, oldest, largest suitet
Speaker 1: relation firms. So it's being bought by the US rival
Speaker 1: Ingredient for two point seven billion pounds. That's been agreed
Speaker 1: and as you say, it's it's another big name leaving
Speaker 1: London Stock Exchange. If this happens. So the offer is
Speaker 1: six hundred and fifteen pence per share in values that's
Speaker 1: mostly in cash and then the rest is in dividends.
Speaker 1: That represents a sixty percent premium to take and allows
Speaker 1: share price before the news of a possible deal broke
Speaker 1: last month. So since then shares a risen about thirty
Speaker 1: one percent and then this morning more as much as
Speaker 1: thirteen percent. They're still, however, trading below the offer price.
Speaker 1: From Ingredients and Less are saying, you know, it's a
Speaker 1: good deal. There's little risk of another bidder emerging, but
Speaker 1: there is still some risk around it that regulatory approval
Speaker 1: maybe would not be given given competition concerns. So it's
Speaker 1: been agreed but still has to go through. So yeah,
Speaker 1: shares rising today and if it all goes through, another
Speaker 1: big London name leaving the stock change as we've been
Speaker 1: seeing in recent years.
Speaker 3: Okay, perhaps waiting a sweet escape there for Taita Lyle,
Speaker 3: but moving to pharmaceuticals in the zeal And, farmer are
Speaker 3: being weighed down by some poor drug results.
Speaker 2: Yeah.
Speaker 1: So based in Copenhagen, the biotech company said shares stumbling
Speaker 1: this morning as much as twenty six percent over in
Speaker 1: Copenhagen for Zealand Farmer. So they had results for two
Speaker 1: experimental obesity drugs. Neither were great essentially, so one of
Speaker 1: them a lot of patients discontinued the trial because of
Speaker 1: gasher intestinal events so nausea, vomiting, all of that. Analystser
Speaker 1: noting that that drug in particular is notably worse than
Speaker 1: rival obesity drugs. And then another one for the second trial,
Speaker 1: showed less weight loss than Eli Lilly's drugs, so that's
Speaker 1: obviously one of their main rivals over in the US.
Speaker 1: So total together, essentially there's concern about Zealand Farmer's ability
Speaker 1: to compete. It's a crowded market in the weight loss
Speaker 1: drug space, very competitive. You've got Eli Lilly and a
Speaker 1: host of other companies. So these poor results from these
Speaker 1: two trials aren't very reassuring essentially, as I say, shares
Speaker 1: tumbling on the.
Speaker 2: Back of that. The Stockmover's report from Bloomberg Radio. Check
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