意大利银行业并购动态与雷诺遭降级

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The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg data.

Now, let's take [music] a look at some of the stocks on the move today in Europe. I'm Charles Cable with Steven Carroll. We're joined by Bloomberg reporter Khloe Mey. First up, Monte Pashki. Looks like we have a flurry of Italian bank bids. Yeah, M&A in Italy is really a kind of neverending saga. Um, so the latest update as you mentioned is that we've got Monte Depeski seeking to buy two separate banks and so it wants to buy Bank of BPM for about €25 billion and then also Bank of General Ali for about €9 billion.

So for a combined price of 34 billion so big bid there for Monte Deasi. All of that is to avoid being taken over by Intessa S. Pao, which is its much bigger rival. And so we had seen a previous attempt to fend off this takeover by Intessa, which was an option of a merger of equals with Bank OB BPM, but that fell through. And so now Monte Depases is looking at alternative defenses. Um if this bid from this uh bank does go does go through it would create a massive massive lender and able to kind of compete with Intessa and Uni Credit which are the two massive Italian banks.

Um but [clears throat] the transactions would be quite difficult to pull off especially to at the same time um especially given the fact that Pesy is also currently busy integrating a Medio banker which is another deal that happened before. Okay, so that's in the Italian banks and I feel like we all need our spider diagrams out to try and track exactly who's trying to buy who and when. Let's do something much more simple next and talk about cars.

Renault.

Yeah, so Renault got downgraded by Barclays this morning. An analyst mentioned two things in particular, two big challenges, which is a lot of competition and then also the need for major cost cuts from that company. They said that while the new CEO has managed to really instill a sort of sense of urgency in the company, a lot is needed on the costs in particular, obviously it's been a very difficult few months for European car makers overall.

We've seen a lot of profit warnings from different companies and they're all kind of mentioning the same uh hurdles which are the competition in China and then a slowdown in demand in other parts of the world as well. And if we look at Renault specifically, the latest earnings were quite mixed. Although they were in the grand scheme of things actually better than some of its competitors. Um it made good progress on electric vehicles.

It made progress on cost cutting but there was still those question marks on this underlying demand. Uh the raw materials costs as well are a big question mark. And then the Chinese manufacturers are obviously also starting to gain ground in the European market and that is a big problem for Anor. So we are we are seeing the shares down this morning on the back of this downgrade and those challenges that are really set to continue.

And lastly, you're tracking CTS Aventum. They sell tickets for concerts, theater and and sporting events. What's the latest? [clears throat]

Yeah, for CTS it's the latest is earnings that were maybe a bit disappointing. So they did come in line with expectations. They kept their guidance. Um but the shares are down a fair bit this morning. Um so it seems that that was not enough to reassure investors perhaps because expectations are actually quite high for this company. It has 14 buy ratings from analysts only just one sell rating. So that reflects some enthusiasm around the stock.

We had auto BHF analysts uh B saying last month that they expect an improvement in the earnings momentum that they you know that was really driven by um the closure of some loss making festivals lower integration costs as well. So there seems to be a lot of enthusiasm around the stock and the problem is that maybe CTS has not delivered uh to the extent that was hoped and so BNP Paraba is the only sell rating on that stock.

They mentioned that there was disruption that is starting to come to ticket marketplaces. Um and so it might be that they are the ones that end up being right [music] on this stock, but we'll see.

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