Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look now at some of the stocks
Speaker 3: on the mood today in Europe. I'm jas Walcock with
Speaker 3: Caroline Hepger, and we are joined by Bloomberg's Breaking News
Speaker 3: editor Louise Moon. Louise, let's start with Delivery Hero. So
Speaker 3: Uber raised its stake in the company yesterday. How are
Speaker 3: investors taking that news?
Speaker 2: Well?
Speaker 1: Seemingly, at least judging by the share price this morning,
Speaker 1: not so well. So it's down over about five percent
Speaker 1: Delivery Hero that is this morning. So as you say,
Speaker 1: Uber have increased his stakes. So they were already the
Speaker 1: largest shareholder, but late last night they bought Aspects Managements shares,
Speaker 1: So this takes their overll stake now to almost thirty
Speaker 1: seven percent. So the majority of that is voting, right,
Speaker 1: it's attached to shares, and then the rest is in instruments.
Speaker 1: So the level still actually falls just below the threshold
Speaker 1: that would trigger mandatory offer, so they're not at that
Speaker 1: threshold yet, but it does come after well, as they're
Speaker 1: trying to negotiate a deal to buy Delivery Hero. So
Speaker 1: Delivery Hero disclosed a bid from Uber over the weekend
Speaker 1: that would value at about ten billion euros, but that
Speaker 1: wasn't at a premium to the share price at that point.
Speaker 1: So it's kind of this ongoing sagle with Uber trying
Speaker 1: to increasingly raise its stake in Delivery Hero, trying to
Speaker 1: obviously buy it out, and some resistance there at the
Speaker 1: moment or negotiations continuing. But as I say, shares down
Speaker 1: on the back of that news this morning.
Speaker 4: Over five percent.
Speaker 5: Yeah, okay, so kind of consolidating, perhaps all consolidating, aren't
Speaker 5: they into kind of bigger and bigger offerings. Let's think
Speaker 5: about utilities the company SSE, which is Scottish utility, a
Speaker 5: big one here in the UK. How investors reacting They
Speaker 5: had earnings out this morning and also they're thinking about
Speaker 5: investment they are.
Speaker 4: Yeah, so there's kind of twofold to this.
Speaker 1: So one was their earnings this morning, so roughly in
Speaker 1: line and less a kind of highlighting some progress particularly
Speaker 1: at Doggerbank Offshore when project was obviously the huge one
Speaker 1: in the UK. The SSE are across, so they're highlighting
Speaker 1: progress there, they've said they've already been increasing a lot
Speaker 1: of investment in upgrading the infrastructure and in renewable energy projects,
Speaker 1: and they're increasing that even more to over five billion pounds.
Speaker 1: They reconfirmed their guidance, so there's some reassurance there that
Speaker 1: things are okay. So shares did slightly, but they're relatively steady.
Speaker 1: That's really what analysts are focusing on. Despite the other
Speaker 1: side of it is that sc within that statement said
Speaker 1: that they are unlikely to meet their twenty thirty renewable
Speaker 1: energy targets. So they had already called that an ambitious target,
Speaker 1: but now they're saying that's unlikely to be achieved. So
Speaker 1: they're citing things like a difficult market, environment, policy uncertainty,
Speaker 1: delays to grid connections. So this is across a host
Speaker 1: of things, but partly on shore wind projects as I
Speaker 1: say that grid capacity is a major obstacle. So kind
Speaker 1: of a twofold and quite a mixed statement, but what's
Speaker 1: really being focused on is that earnings are on line
Speaker 1: despite all those kind of wider difficulties in upgrading infratructure,
Speaker 1: a lot of spending increases there. Things are looking relatively
Speaker 1: steady in spite of all of that.
Speaker 3: And then over to Michelin. I mean, back in February,
Speaker 3: the CEO made news by warning that France was killing
Speaker 3: its industry with taxes. Now they're looking to cut costs.
Speaker 1: Indeed, yes, so they're considering cutting one thousand, five hundred
Speaker 1: jobs in France over three years, so that's by twenty
Speaker 1: twenty nine, all part of cutting costs more widely. As
Speaker 1: you say, the CEO already kind of warned of this
Speaker 1: over taxation in France and said that again this morning.
Speaker 1: So they're pointing to things like economic and regulatory constraints,
Speaker 1: so those high cost labor, energy and tax pressures in France.
Speaker 1: So there won't be any force layoffs, but they're going
Speaker 1: to you know that they are seeing those one thousand,
Speaker 1: five hundred jobs and they're saying highly unstable economic environment.
Speaker 1: The approach aims to optimize cost structure that's too high.
Speaker 1: And shares fell slightly but not huge amounts. They've been
Speaker 1: very volatile over the past year. They've had a lot
Speaker 1: to contend with, partly you know, those comments, risks of
Speaker 1: tariffs and more, and.
Speaker 4: So shares slightly down this morning.
Speaker 1: But as you say, given the comments, the CEO said
Speaker 1: in February.
Speaker 4: It's not it's not a major surprise that this is
Speaker 4: now happening.
Speaker 2: The Stock Movers Report from Bloomberg Radio. Check back with
Speaker 2: us throughout the day for the latest roundup of companies
Speaker 2: making news on Wall Street and for the latest market
Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,
Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with
Speaker 2: the Bloomberg Business app.