1 00:00:02,520 --> 00:00:08,720 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The. 2 00:00:08,720 --> 00:00:12,560 Speaker 2: Stock Movers Report, your roundup of companies making moves in 3 00:00:12,600 --> 00:00:15,880 Speaker 2: the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,440 --> 00:00:18,000 Speaker 1: Let's take a look at some stocks on the move 5 00:00:18,040 --> 00:00:20,480 Speaker 1: today in Europe. I'm Stephen Carroll with Anna Edwards, and 6 00:00:20,520 --> 00:00:23,480 Speaker 1: we're joined by Bloomberg's Breaking news editor Louise Moon. Louise, 7 00:00:23,520 --> 00:00:25,800 Speaker 1: good morning. Let's start then with that big move that 8 00:00:25,840 --> 00:00:29,040 Speaker 1: we've seen in Universal Music Group shares up almost thirteen 9 00:00:29,080 --> 00:00:29,960 Speaker 1: percent this morning. 10 00:00:30,080 --> 00:00:33,280 Speaker 3: Yeah, that is after Bill Lackman's Pershing Square Holdings, obviously 11 00:00:33,280 --> 00:00:37,160 Speaker 3: listed in London, has proposed a merger with Universal Music Groups. 12 00:00:37,240 --> 00:00:42,000 Speaker 3: So Universal Music Group is the world's largest such company. 13 00:00:42,040 --> 00:00:45,120 Speaker 3: You know, represents the likes of Taylor Swift, Drake and 14 00:00:45,200 --> 00:00:46,440 Speaker 3: other huge artists. 15 00:00:46,440 --> 00:00:48,160 Speaker 4: So thank you for listening those. That was a true 16 00:00:48,200 --> 00:00:50,720 Speaker 4: question we all had earlier. Exactly who is saying he 17 00:00:50,800 --> 00:00:53,000 Speaker 4: was signed to Universal Music Group. The answer is almost everyone, 18 00:00:53,080 --> 00:00:53,840 Speaker 4: almost everyone. 19 00:00:54,240 --> 00:00:58,840 Speaker 3: Yeah, So Pershing essentially has proposed to merge with UMG, 20 00:00:59,240 --> 00:01:01,960 Speaker 3: and in that proposal is nine point four billion euros 21 00:01:02,000 --> 00:01:04,640 Speaker 3: in cash plus shares in the new company, So it 22 00:01:04,800 --> 00:01:07,040 Speaker 3: merge with it with a blank check company and move 23 00:01:07,080 --> 00:01:09,960 Speaker 3: its listing to New York. So U and g's currently 24 00:01:09,959 --> 00:01:14,000 Speaker 3: listened at AMSAMS, so that would result in a shift of listing. 25 00:01:14,520 --> 00:01:18,040 Speaker 3: This offer values it at a seventy eight percent premium 26 00:01:18,080 --> 00:01:20,319 Speaker 3: to the last closing price, and as you say, shares 27 00:01:20,720 --> 00:01:22,480 Speaker 3: did rise and ups down. There rose as much as 28 00:01:22,520 --> 00:01:26,039 Speaker 3: twenty four percent earlier, so quite a jump, but still 29 00:01:26,040 --> 00:01:30,240 Speaker 3: trading well below the offer price. It all comes after Acman, 30 00:01:30,319 --> 00:01:34,040 Speaker 3: he's he's already a shareholder, he's got about four point 31 00:01:34,080 --> 00:01:37,600 Speaker 3: five percent shareholding in UMG, and he's being kind of 32 00:01:37,840 --> 00:01:42,480 Speaker 3: pushing for a lot of change recently, and then in 33 00:01:42,840 --> 00:01:45,319 Speaker 3: his letter this morning saying that you know, it's stock price, 34 00:01:45,400 --> 00:01:48,120 Speaker 3: in his words, has languished due to a combination of 35 00:01:48,160 --> 00:01:50,800 Speaker 3: issues unrelated to the performance of its music business, and 36 00:01:50,840 --> 00:01:53,680 Speaker 3: he thinks that this deal can essentially solve all of 37 00:01:53,680 --> 00:01:57,520 Speaker 3: those issues. Now, the real kind of hurdle is to 38 00:01:57,560 --> 00:02:01,000 Speaker 3: get past the other major shareholder, so one of them 39 00:02:01,040 --> 00:02:04,280 Speaker 3: being French billionaire media billionaire Belore. 40 00:02:04,440 --> 00:02:06,920 Speaker 4: So there's doubts over whether Hill support that. 41 00:02:07,120 --> 00:02:09,800 Speaker 3: So there's quite a few hurdles to get through, So 42 00:02:09,800 --> 00:02:11,920 Speaker 3: it would be an interesting one to keep track of. 43 00:02:11,960 --> 00:02:15,560 Speaker 3: But yeah, a potential huge deal there from pershing towards 44 00:02:15,639 --> 00:02:16,919 Speaker 3: Universal Music Group and Louise. 45 00:02:16,919 --> 00:02:19,120 Speaker 5: We're also watching energy markets, of course, ahead of the 46 00:02:19,200 --> 00:02:22,440 Speaker 5: US deadline to Iran they want to sign some sort 47 00:02:22,520 --> 00:02:26,320 Speaker 5: of deal and reopening the straight ORFORAR moves part of that. 48 00:02:26,520 --> 00:02:30,400 Speaker 5: So how are we watching energy markets today? The oil 49 00:02:30,440 --> 00:02:33,120 Speaker 5: price itself is actually paired earlier gains. 50 00:02:33,000 --> 00:02:36,200 Speaker 3: It yeah has yeah, Shell and BP, so focusing on 51 00:02:36,240 --> 00:02:37,640 Speaker 3: those who are on the foot Sea hundred. 52 00:02:38,000 --> 00:02:39,280 Speaker 4: They're kind of tracking that. 53 00:02:39,360 --> 00:02:41,320 Speaker 3: They're they're among the top stocks that are kind of 54 00:02:41,320 --> 00:02:44,200 Speaker 3: adding the most to gains on the foot Sea one hundred. 55 00:02:44,280 --> 00:02:46,760 Speaker 3: This morning, both higher but not by huge amounts. They 56 00:02:46,800 --> 00:02:49,600 Speaker 3: were of about one percent slightly that they are still 57 00:02:49,639 --> 00:02:53,119 Speaker 3: higher but at a lower amount now going through the morning. 58 00:02:53,160 --> 00:02:54,520 Speaker 3: Of course, as you say, this is all kind of 59 00:02:54,800 --> 00:02:58,400 Speaker 3: tracking what's going on and as the deal nears, you know, 60 00:02:58,520 --> 00:03:01,760 Speaker 3: obviously the expiry is is the end of this evening 61 00:03:01,840 --> 00:03:06,920 Speaker 3: a US time. For Shelle and for BP, they i 62 00:03:06,960 --> 00:03:09,320 Speaker 3: mean their shares have have had huge gains so far 63 00:03:09,400 --> 00:03:11,400 Speaker 3: this Yes, this kind of adds to that. BP's up 64 00:03:11,400 --> 00:03:14,399 Speaker 3: about forty percent, Shells up about thirty one percent, both 65 00:03:14,440 --> 00:03:17,920 Speaker 3: on track for the strongest yearly performance since twenty twenty two, 66 00:03:18,040 --> 00:03:20,760 Speaker 3: and then tomorrow morning, actually we're going to get Shell's 67 00:03:20,760 --> 00:03:24,440 Speaker 3: first quarter production updates, so we'll see how how it's 68 00:03:24,480 --> 00:03:28,360 Speaker 3: actually been faring, you know, in that sense tomorrow morning. 69 00:03:28,400 --> 00:03:31,000 Speaker 3: But yeah, as you say, tracking those those energy moves 70 00:03:31,000 --> 00:03:32,480 Speaker 3: and both both higher today. 71 00:03:32,840 --> 00:03:35,160 Speaker 1: Okay, we're also looking at the moves in the shares 72 00:03:35,240 --> 00:03:36,480 Speaker 1: for JC Deco. 73 00:03:36,760 --> 00:03:40,320 Speaker 3: Yes, the outdoor French advertising company. So they've had another upgrade. 74 00:03:40,400 --> 00:03:42,520 Speaker 3: They've had a few recently, this time from t D 75 00:03:42,680 --> 00:03:47,480 Speaker 3: Cowen from a buy to a hold, and that's prompting 76 00:03:47,480 --> 00:03:51,280 Speaker 3: its shares to rise up almost six percent this morning. Essentially, 77 00:03:51,280 --> 00:03:53,720 Speaker 3: the analyst is saying that it's seeing a clear inflection 78 00:03:53,880 --> 00:03:57,440 Speaker 3: point as China, the Chinese market returns to growth, so 79 00:03:57,480 --> 00:04:02,000 Speaker 3: that's on the back of stronger travel, better demand from advertisers, 80 00:04:02,280 --> 00:04:04,760 Speaker 3: and then kind of more widely, not just China, but 81 00:04:04,880 --> 00:04:09,040 Speaker 3: this global shift in advertising budgets away from kind of 82 00:04:09,080 --> 00:04:11,240 Speaker 3: traditional channels and towards out of home, and that's also 83 00:04:11,280 --> 00:04:15,360 Speaker 3: been noted by other analysts that have upgraded the company recently. 84 00:04:15,400 --> 00:04:17,159 Speaker 4: So for example, JPMorgan upgraded in March. 85 00:04:17,200 --> 00:04:19,320 Speaker 3: So now if you look at the overall analysts ratings, 86 00:04:19,360 --> 00:04:23,360 Speaker 3: they've got nine buys five holds and no cells. So 87 00:04:23,560 --> 00:04:26,279 Speaker 3: there's the analysted eighty accounts were saying, you know, the 88 00:04:26,360 --> 00:04:28,960 Speaker 3: scope for more upside because if you look back at 89 00:04:28,960 --> 00:04:31,200 Speaker 3: their at their share price in terms of historical levels, 90 00:04:31,200 --> 00:04:34,280 Speaker 3: they're still at quite a low level historically, but it 91 00:04:34,320 --> 00:04:35,480 Speaker 3: has been taking higher recently. 92 00:04:35,520 --> 00:04:37,479 Speaker 4: So another upgrade for them. 93 00:04:37,640 --> 00:04:41,640 Speaker 2: The Stock Movers Report from Bloomberg Radio. Check back with 94 00:04:41,720 --> 00:04:44,320 Speaker 2: us throughout the day for the latest roundup of companies 95 00:04:44,360 --> 00:04:47,480 Speaker 2: making news on Wall Street and for the latest market 96 00:04:47,520 --> 00:04:52,000 Speaker 2: moving headlines. 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