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 00:00:16,480 --> 00:00:18,000 Speaker 3: Well, let's take a look at some stocks on the 5 00:00:18,000 --> 00:00:20,520 Speaker 3: move today in Europe. I'm Stephen Carroll with Lizzie Burden, 6 00:00:20,560 --> 00:00:22,960 Speaker 3: and we're joined by Bloomberg's Breaking News editor Louise Me 7 00:00:23,079 --> 00:00:27,680 Speaker 3: and Louise Good morning. Let's start with the UK insurer Beasley, 8 00:00:27,840 --> 00:00:30,280 Speaker 3: shares dropping after it rejected a takeover bid. 9 00:00:30,680 --> 00:00:34,440 Speaker 1: Indeed, yes, so rejected a bid from Zurich, the Swiss 10 00:00:34,479 --> 00:00:37,800 Speaker 1: insurance firm, and that's for seven point seven billion pounds, 11 00:00:37,800 --> 00:00:41,839 Speaker 1: so it's almost thirteen pounds a share essentially. So Beasley 12 00:00:41,840 --> 00:00:44,600 Speaker 1: have rejected that just earlier this morning, saying that it 13 00:00:44,680 --> 00:00:48,559 Speaker 1: materially undervalues the company and they're kind of emphasizing their 14 00:00:48,600 --> 00:00:52,239 Speaker 1: long term prospects as a standalone company. So this is 15 00:00:52,280 --> 00:00:56,760 Speaker 1: the third proposal from Zurich Insurance. They've all been rejected 16 00:00:56,760 --> 00:00:59,560 Speaker 1: by Beasley, but they've only actually gone public with this 17 00:00:59,720 --> 00:01:02,200 Speaker 1: with the with the third one, the actual offer that 18 00:01:02,320 --> 00:01:05,440 Speaker 1: was on Monday, So that's the as I say, they 19 00:01:05,560 --> 00:01:08,920 Speaker 1: almost thirteen pounds a share, which marked a fifty six 20 00:01:08,959 --> 00:01:12,319 Speaker 1: percent premium to buz's closing price the day before that, 21 00:01:12,360 --> 00:01:14,360 Speaker 1: on the last trading day before that, on the friday. 22 00:01:14,800 --> 00:01:17,720 Speaker 1: So when they went public, shares swored about thirty to 23 00:01:17,840 --> 00:01:21,680 Speaker 1: thirty percent, and then, as you say today, they once 24 00:01:21,720 --> 00:01:24,360 Speaker 1: they've rejected that offer, shares fir about seven percent, and 25 00:01:24,360 --> 00:01:26,600 Speaker 1: then I've actually paid their losses slightly books, but they're 26 00:01:26,600 --> 00:01:28,360 Speaker 1: still far higher than they were a week ago before 27 00:01:28,400 --> 00:01:29,479 Speaker 1: this offer was disclosed. 28 00:01:29,640 --> 00:01:32,639 Speaker 4: So the question now is what will happen. 29 00:01:32,680 --> 00:01:35,160 Speaker 1: Will Zurich follow up with a higher bid, or will 30 00:01:35,160 --> 00:01:37,400 Speaker 1: this attract more suitors. So we'll be keeping an eye 31 00:01:37,680 --> 00:01:40,039 Speaker 1: for potential M and A in their insurance space. 32 00:01:40,160 --> 00:01:40,319 Speaker 3: Well. 33 00:01:40,319 --> 00:01:42,880 Speaker 1: In the meantime, turning to B and M, louise turnaround 34 00:01:42,959 --> 00:01:46,080 Speaker 1: costs weighing on the discount retailer. Indeed, yes, so B 35 00:01:46,160 --> 00:01:49,960 Speaker 1: and M cut their guidance again today. They are essentially investing, 36 00:01:49,960 --> 00:01:51,800 Speaker 1: as you say, in their turnaround plans, they're going back 37 00:01:51,840 --> 00:01:54,680 Speaker 1: to basics. They've said that this investing in prices in 38 00:01:54,720 --> 00:01:57,720 Speaker 1: clearing stock is all weighing on profits. They now see 39 00:01:57,720 --> 00:02:00,680 Speaker 1: earnings next year of up to four hundred and seventy 40 00:02:00,720 --> 00:02:03,960 Speaker 1: five million pounds. It was previously five hundred and twenty 41 00:02:04,000 --> 00:02:07,160 Speaker 1: million pounds. This is ongoing struggles. They had a profit 42 00:02:07,200 --> 00:02:10,200 Speaker 1: warning on October. They cut their guidance again two weeks 43 00:02:10,280 --> 00:02:13,200 Speaker 1: later after an accounting era, all on the back of 44 00:02:13,440 --> 00:02:16,560 Speaker 1: more competition in the space, higher wages as a lot 45 00:02:16,600 --> 00:02:21,640 Speaker 1: of retailers or all retailers are seeing in Britain. So 46 00:02:23,280 --> 00:02:25,840 Speaker 1: there was a note from Bloomberg Intelligence Intelligence on the 47 00:02:25,880 --> 00:02:28,360 Speaker 1: back of B and m's update today saying, you know, 48 00:02:28,480 --> 00:02:32,080 Speaker 1: it confirms there aren't really any expectations of easy recoveries 49 00:02:32,120 --> 00:02:34,760 Speaker 1: for it, but there is a small glimmer of hope 50 00:02:34,960 --> 00:02:35,520 Speaker 1: or light. 51 00:02:35,760 --> 00:02:38,280 Speaker 4: That same sort of sales fell less than expected. 52 00:02:38,400 --> 00:02:40,320 Speaker 1: So that's their BIA saying that's a bit of an 53 00:02:40,360 --> 00:02:43,200 Speaker 1: early positive sign in terms of their turnaround. And B 54 00:02:43,280 --> 00:02:45,400 Speaker 1: and M themselves has said they're confident in boosting their 55 00:02:45,400 --> 00:02:49,079 Speaker 1: long term performance. So shares initially dropped on the back 56 00:02:49,080 --> 00:02:51,919 Speaker 1: of the guidance cup but last SNY look they pushed 57 00:02:51,919 --> 00:02:54,880 Speaker 1: slightly into the green potentially on that bit of future positivity. 58 00:02:55,360 --> 00:02:57,320 Speaker 3: Yeah, so indeed want to keep an eye on as 59 00:02:57,360 --> 00:02:59,680 Speaker 3: well as we're looking at those BNM shows. As you say, 60 00:02:59,800 --> 00:03:01,640 Speaker 3: just turned into the positive up by six tens of 61 00:03:01,680 --> 00:03:04,680 Speaker 3: one percent. Let's go to Telenor next, the Norwegian telecoms 62 00:03:04,680 --> 00:03:07,240 Speaker 3: provider selling a steak in a tie operator. 63 00:03:07,480 --> 00:03:08,800 Speaker 4: Yes, a bit more MNA action. 64 00:03:09,000 --> 00:03:12,200 Speaker 1: So selling a steak in Thai telecoms firm True Corp 65 00:03:12,360 --> 00:03:15,200 Speaker 1: for three point nine billion dollars. They had about thirty 66 00:03:15,200 --> 00:03:17,560 Speaker 1: percent holding in that company. They've sold it to a 67 00:03:17,560 --> 00:03:20,760 Speaker 1: company that's actually owned by the chairman of True that 68 00:03:20,880 --> 00:03:23,040 Speaker 1: the Tai telencoms firm, and they're part of one of 69 00:03:23,040 --> 00:03:26,760 Speaker 1: Asia's wealthiest families. And it comes with the context of 70 00:03:27,040 --> 00:03:31,200 Speaker 1: Teleanor having been overhauling its operations. They're focusing on their core, 71 00:03:31,280 --> 00:03:34,640 Speaker 1: their Nordic business that accounts for most of their revenue. So, 72 00:03:34,639 --> 00:03:37,200 Speaker 1: for example, they've already sold their Pakistani operations or agreed 73 00:03:37,200 --> 00:03:39,320 Speaker 1: to sell them a couple of years ago. 74 00:03:39,520 --> 00:03:40,560 Speaker 4: They've got a new CEO. 75 00:03:41,320 --> 00:03:43,760 Speaker 1: Shares up this morning on the back of this latest 76 00:03:43,760 --> 00:03:46,920 Speaker 1: steak sale, investors saying, you know, it makes strategic sense. 77 00:03:47,000 --> 00:03:48,960 Speaker 4: It aligns with the aim of reducing. 78 00:03:48,560 --> 00:03:52,800 Speaker 1: Their exposure on Asia and focusing on their Nordic corpusness. 79 00:03:53,760 --> 00:03:57,760 Speaker 2: The Stock Mover's Report from Bloomberg Radio. 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