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Speaker 1: Bloomberg Audio Studios, podcasts, radio News.

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Speaker 2: The Stock Movers Report, your roundup of companies making moves

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Speaker 2: in the stock market, harnessing the power of Bloomberg Data.

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Speaker 3: Let's take a look at some stocks on the move

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Speaker 3: today in your I'm Tom McKenzie with Stephen Carroll in

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Speaker 3: Brussels and we'll joined bind Bloomberg reporter Chloe Melly. Right now, Chloe,

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Speaker 3: let's start with some deal making. Axo Nobelle, the paint company,

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Speaker 3: new purchase on the horizon. How is the market reacting?

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Speaker 1: Oh well, not too well.

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Speaker 4: So exl Novel has agreed to acquire its small arrival, Exalter,

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Speaker 4: in a deal that values Exalter at about seven point

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Speaker 4: nine billion euros. So this is the combination of several

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Speaker 4: attempts emerged at the last effort actually failed back in

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Speaker 4: twenty seventeen. And this is saying that the consolidation does

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Speaker 4: make sense at this particular point in time. But the

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Speaker 4: price is what some investors are less enthusiastic about, and

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Speaker 4: that is what's led the shes down this morning.

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Speaker 1: After news of the deal.

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Speaker 4: So some analysts said that some shareholders won't be really

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Speaker 4: happy about the prospect of a fifty two percent premium

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Speaker 4: premium for exalter and also both companies have suspended a buyback,

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Speaker 4: so that also explained some of that share movement. The

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Speaker 4: deal is happening in the context of Axonobil and then

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Speaker 4: that wider kind of paint making coating sector being a

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Speaker 4: little little bit of trouble at the moment. Actually really

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Speaker 4: for example, cut its outlook recently because customers are spending

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Speaker 4: less with tariffs and the slowing economy. Some of those pains,

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Speaker 4: for example, are used in autumn manufacturing, and we know

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Speaker 4: of course how that industry has fared recently, so that

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Speaker 4: makes cost synergy is really important and that explains the

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Speaker 4: rationale for that deal.

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Speaker 1: But the price is really the sticking point here.

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Speaker 2: Okay, so that's the latest M and A story that

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Speaker 2: we're watching this morning to Germany, know and Ryan metaliniting

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Speaker 2: an ambitious sales targets.

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Speaker 4: Yeah, so they expect sales of about fifty billion euros

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Speaker 4: in twenty so that is what they announced the capital

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Speaker 4: markets day. So this is a really crucial thing for

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Speaker 4: investors that we're keen to know kind of what the

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Speaker 4: long term prospects look like. You know, Rhemetal is already

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Speaker 4: up one hundred and ninety percent year today, so it

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Speaker 4: really needs to deliver those really ambitious targets to convince

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Speaker 4: investors that the valuation is justified. If we look at

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Speaker 4: another defense company like Hensolt, for example, it fell quite

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Speaker 4: sharply last week because it targeted a growth rate for

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Speaker 4: next year that actually came in below expectations. So the

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Speaker 4: next leg of that rally in the defense sector is

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Speaker 4: really hinging on all of that. Those military spending commitments

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Speaker 4: from governments actually feeding into earning, feeding into sales and

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Speaker 4: profit for those companies, and it seems that the target

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Speaker 4: that Raimetal announced was reassuring in that sentence for those investors.

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Speaker 3: Also on the move today.

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Speaker 1: ICG is what is driving interest in that stop. So

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Speaker 1: first of all, positive positive results.

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Speaker 4: They had profit coming in ahead of expectations, but mostly

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Speaker 4: they announced a partnership with Amundi, which is the Europe's

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Speaker 4: large asset manager. So Amundi is planning to take a

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Speaker 4: ten percent a stake in ICG and there will also

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Speaker 4: be a ten year commercial agreement between the two where

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Speaker 4: Amundi will be the exclusive global distributor for some of

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Speaker 4: icg's products, and the idea for Amundi there is to

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Speaker 4: expand into expanded his footprint into private markets, and ICG

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Speaker 4: is a specialist there, a private equity specialist, a credit specialist,

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Speaker 4: and for ICG that obviously helps.

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Speaker 1: With access to the wealth channel, they said.

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Speaker 4: And it's also obviously quite a high profile partnership with

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Speaker 4: a big name, and all of that contributed to quite

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Speaker 4: a positive share price move this morning for ICG.

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Speaker 2: The stock Mover's report from Bloomberg Radio. Check back with

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Speaker 2: us throughout the day for the latest roundup of companies

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Speaker 2: making news on Wall Street and for the latest market

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Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,

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