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.
Speaker 3: So let's take a look at some of the stocks
Speaker 3: that are on the move. Stay in Europe. I'm Tia
Speaker 3: Adibaya with Stephen Carroll and we're joined by Bloomberg's Breaking
Speaker 3: News editor Louise Moon. Louise. Inter Tech is on the
Speaker 3: move this morning. It's Boord saying they are inclined to
Speaker 3: recommend Swedish private equity firm eqt's offer to buy the
Speaker 3: British product testing firm. What's the latest move.
Speaker 1: Yeah, so shares rising on the back of this, rose
Speaker 1: as much as eight percent this morning. They've already shot
Speaker 1: up since eqt's first bid, which was announced early April.
Speaker 1: So in terms of share price, it's closing in on
Speaker 1: the gap of the amount with the takeover proposal that
Speaker 1: this recent one that reached as much as fifty seven
Speaker 1: pounds per share this morning. So as you say, they're
Speaker 1: leaning towards accepting eqt's bid. This is their fourth and
Speaker 1: they've said final bid for inter Tech. Intertex's rejected all
Speaker 1: the other three bids undervaluing it in their words, So
Speaker 1: the first one began at about fifty one pounds fifty
Speaker 1: per share and then they've steadily increased since then. As
Speaker 1: I say, this one sixty pounds a share and that
Speaker 1: values it at about nine point two billion pounds. So
Speaker 1: it's a bit of a change of heart from inter Tech.
Speaker 1: They've come under quite a lot of pressure from investors,
Speaker 1: particularly activist investors. So shareholders that represent about ten percent
Speaker 1: of Intertech have been urging them to talk to EQT,
Speaker 1: and they because because you know that they're supportive of
Speaker 1: this takeovers that includes the likes of Pallazer Capital, Harris Associates,
Speaker 1: Lost Coast Collective all us. Lost Coast Collective was actually
Speaker 1: set up by Nelson Peltz's son, So they've been urging
Speaker 1: Intertech to engage with EQT, and now they are leaning
Speaker 1: towards accepting that. So the deadline for a firm offer
Speaker 1: is June eleventh, so until then we'll be keeping an
Speaker 1: eye as to whether this will actually go through. Of course,
Speaker 1: that would mean another loss of a London listed stock
Speaker 1: being taken private.
Speaker 2: Okay, So that's on Intertech and let's go to banks next.
Speaker 2: ABM Amro reporting in the Netherlands.
Speaker 1: Yeah, they had their quarterly results and shares have jumped
Speaker 1: in Amsterdam. So quarterly profits be expectations. That's on particularly
Speaker 1: on the back of their feet young income which surged.
Speaker 1: They also improve guidance for costs in the full year
Speaker 1: and so a positive set of results, essentially showing that
Speaker 1: their transformation is paying off. The CEO has been at
Speaker 1: the Helm for about a year and she's been doing
Speaker 1: a whole host of transformation efforts, so cutting costs, pulling
Speaker 1: back from less profitable businesses, cutting jobs, bolstering their presence
Speaker 1: in the retail banking space. So Alys is saying that
Speaker 1: these set of results are showing that she's executing rapidly
Speaker 1: on her targets, so doing well and that's being reflected
Speaker 1: in the numbers today.
Speaker 3: Okay, and lastly, Louise a deco, it's hit a ninety
Speaker 3: teen ninety three low this morning. That's before I was born.
Speaker 3: What has prompted such a big beeve tell us why?
Speaker 1: Yeah, pretty shocking down as not just thirteen percent shares.
Speaker 1: This is the Swiss recruiter disappointing margins in their first quarter,
Speaker 1: warning that this will contract further in the second quarter,
Speaker 1: so Bloomberg Intelligence saying their profitability is still being squeezed
Speaker 1: and that might stick structural concerns in the wider sector.
Speaker 1: So peers are also lower on the back of a
Speaker 1: deco's of results this morning, so they likes in London
Speaker 1: of Hayes and Page Group fellow recruiters. Obviously, the space
Speaker 1: has been facing a lot of headwinds for a while,
Speaker 1: companies cutting back on hiring, partly due to geopolitical economic concerns.
Speaker 1: There's the rise of AI which is also impacting hiring levels.
Speaker 1: So yeah, some disappointing margin numbers from them this morning,
Speaker 1: and as you say, shares hitting a nineteen ninety three low.
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