WEBVTT - BP's New CEO, Whitbread's , Rheinmetall's Outlook

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The Stock Movers Report, your roundup of companies making moves

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<v Speaker 2>in the stock market. Harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's take a look at some stocks on the move

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<v Speaker 3>today in Europe. I'm Stephen Carroll and I'm joined by

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<v Speaker 3>Bloomberg's Breaking News editor Louise Moon. Louise, good morning. Let's

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<v Speaker 3>start with BP today announcing a major shakeup at the top.

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<v Speaker 1>Indeed, yeah, announcing a new CEO, which was quite an

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<v Speaker 1>unexpected bit of news this morning. So they are replacing

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<v Speaker 1>the old CEO after just two years and bringing in

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<v Speaker 1>a lady called Meg O'Neil. So she's coming from Australia's

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<v Speaker 1>Woodside Energy. She's been there for four years and before

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<v Speaker 1>that she spent about two decades at Exon in the US,

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<v Speaker 1>so it marks quite a few firsts. She's the first

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<v Speaker 1>female CEO across major oil companies. She's also BP's first

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<v Speaker 1>outsider who's been appointed as their top boss, and she's

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<v Speaker 1>being seen as well. Essentially, BB's come under a lot

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<v Speaker 1>of pressure in the past few years from activist investor Elliott.

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<v Speaker 1>They're pushing for a huge turnaround and focusing on a

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<v Speaker 1>focus on their core on oil and gas, which their

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<v Speaker 1>previous CEO has been doing. He has kind of been

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<v Speaker 1>pushing for a major reset. But Analyss is saying that,

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<v Speaker 1>you know that there's room for more aggression, that there

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<v Speaker 1>could be a lot more of an aggressive push towards

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<v Speaker 1>this turnaround. And she's being seen as having quite a

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<v Speaker 1>what one analyst called a hands on track record in

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<v Speaker 1>engineering and operations. So it's signaling that that focus will

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<v Speaker 1>come to the fore and it will be a real

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<v Speaker 1>focus on oil and gas. So potentially some good news there,

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<v Speaker 1>although shares shares aren't reacting too much but did dip

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<v Speaker 1>slightly that there's a bit of worry about you know

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<v Speaker 1>that this could bring a bit of near term turbulance

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<v Speaker 1>for any kind of major push towards that turnaround really

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<v Speaker 1>happens and comes about. So there's a slight bit of

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<v Speaker 1>transition risk, as people are saying. But yeah, a real

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<v Speaker 1>big shake up at BP, and you know they also

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<v Speaker 1>had a new chair in July, so it's a lot

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<v Speaker 1>of change at the top, and you would think that

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<v Speaker 1>Elliott would now be expecting a real change to happen.

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<v Speaker 3>Yeah, indeed, chair is just up by half of one

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<v Speaker 3>percent for BP this morning in London, but so much

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<v Speaker 3>going on. As you say, Louise, let's turn into Whitbread

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<v Speaker 3>next there shows up over six percent. What's going on?

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<v Speaker 1>Yeah, So Whitbread the the hotel operators is obviously they're

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<v Speaker 1>the owner of premit In among other hotel chains. As

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<v Speaker 1>you say that, they're gaining this morning the biggest game

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<v Speaker 1>on the foot of one hundred. This is after a

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<v Speaker 1>activist firm. So in a similar light to BP, an

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<v Speaker 1>activist firm has accumulated just over a six percent stakes.

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<v Speaker 1>This is Corvec's management and they're calling for a review

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<v Speaker 1>of Whitbread. In particular, Whitbread's laid out a five year

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<v Speaker 1>billions three point five billion pound investment plan. They're calling

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<v Speaker 1>for a strategic review of that, and they're saying that

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<v Speaker 1>the current market price of Whtbread reflects a discount to

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<v Speaker 1>their fundamental value. And they also want representation on whipbress board.

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<v Speaker 1>So pushing for that change, which is sending shares higher,

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<v Speaker 1>so potentially a bit of welcome news or being being

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<v Speaker 1>welcomed by the market.

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<v Speaker 3>Okay, So that's yeah, exactly, as we're seeing those shares

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<v Speaker 3>higher this morning, you've also been looking, asked Ryan Mattal

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<v Speaker 3>after an update from the company.

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<v Speaker 1>Yeah, the shares a little change on the update, obviously,

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<v Speaker 1>Ryemetel's always one that's interesting to talk about, and we're

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<v Speaker 1>talking about you look at their share rally of the

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<v Speaker 1>past year that it's rallied about one hundred and fifty percent,

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<v Speaker 1>So little change today, but it's still far higher than

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<v Speaker 1>they were a year ago. They had a update, they

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<v Speaker 1>adjusted their fo your outlooks, so they're seeing they're now

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<v Speaker 1>expecting higher sales and a higher operating margin. A list

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<v Speaker 1>are saying, you know, this is quite reassuring. And alongside

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<v Speaker 1>that update, rhyme Hotel also said that they're aiming to

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<v Speaker 1>divest one of their units, that's all the remaining civil businesses,

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<v Speaker 1>and negotiating with two bids for their power systems units.

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<v Speaker 1>So a bit of change in terms of their business

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<v Speaker 1>units and adjusting the outlook higher on two counts. So

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<v Speaker 1>seen as a reassuring as I say, shares a not

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<v Speaker 1>majorly change, given this is not you know, kind of

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<v Speaker 1>a major boost to the stock that's already seen a

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<v Speaker 1>lot of games.

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