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Well, let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll with Lizzie Burden, and we're joined by Bloomberg's Breaking News editor Louise Me and Louise Good morning. Let's start with the UK insurer Beasley, shares dropping after it rejected a takeover bid.
Indeed, yes, so rejected a bid from Zurich, the Swiss insurance firm, and that's for seven point seven billion pounds, so it's almost thirteen pounds a share essentially. So Beasley have rejected that just earlier this morning, saying that it materially undervalues the company and they're kind of emphasizing their long term prospects as a standalone company. So this is
the third proposal from Zurich Insurance. They've all been rejected by Beasley, but they've only actually gone public with this with the with the third one, the actual offer that was on Monday, So that's the as I say, they almost thirteen pounds a share, which marked a fifty six percent premium to buz's closing price the day before that, on the last trading day before that, on the friday.
So when they went public, shares swored about thirty to thirty percent, and then, as you say today, they once they've rejected that offer, shares fir about seven percent, and then I've actually paid their losses slightly books, but they're still far higher than they were a week ago before this offer was disclosed.
So the question now is what will happen.
Will Zurich follow up with a higher bid, or will this attract more suitors. So we'll be keeping an eye for potential M and A in their insurance space.
Well.
In the meantime, turning to B and M, louise turnaround costs weighing on the discount retailer. Indeed, yes, so B and M cut their guidance again today. They are essentially investing, as you say, in their turnaround plans, they're going back to basics. They've said that this investing in prices in clearing stock is all weighing on profits. They now see earnings next year of up to four hundred and seventy five million pounds. It was previously five hundred and twenty
million pounds. This is ongoing struggles. They had a profit warning on October. They cut their guidance again two weeks later after an accounting era, all on the back of more competition in the space, higher wages as a lot
of retailers or all retailers are seeing in Britain. So there was a note from Bloomberg Intelligence Intelligence on the back of B and m's update today saying, you know, it confirms there aren't really any expectations of easy recoveries for it, but there is a small glimmer of hope or light.
That same sort of sales fell less than expected.
So that's their BIA saying that's a bit of an early positive sign in terms of their turnaround. And B and M themselves has said they're confident in boosting their long term performance. So shares initially dropped on the back of the guidance cup but last SNY look they pushed slightly into the green potentially on that bit of future positivity.
Yeah, so indeed want to keep an eye on as well as we're looking at those BNM shows. As you say, just turned into the positive up by six tens of one percent. Let's go to Telenor next, the Norwegian telecoms provider selling a steak in a tie operator.
Yes, a bit more MNA action.
So selling a steak in Thai telecoms firm True Corp for three point nine billion dollars. They had about thirty percent holding in that company. They've sold it to a company that's actually owned by the chairman of True that the Tai telencoms firm, and they're part of one of Asia's wealthiest families. And it comes with the context of Teleanor having been overhauling its operations. They're focusing on their core,
their Nordic business that accounts for most of their revenue. So, for example, they've already sold their Pakistani operations or agreed to sell them a couple of years ago.
They've got a new CEO.
Shares up this morning on the back of this latest steak sale, investors saying, you know, it makes strategic sense.
It aligns with the aim of reducing.
Their exposure on Asia and focusing on their Nordic corpusness.
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