Bloomberg Audio Studios, podcasts, radio News.
The Stock Movers Report, your roundup of companies making moves in the stock market, harnessing the power of Bloomberg Data.
Now, let's have a look at some of the stocks on the mood today here in Europe. I'm Caroline Hepgot with Stephen Cowe and were joined by Bloomberg's Baking News editor Louise Moon. So there's a deal happening. The private equity firm CBC agreed to buy US credit manager Marathon Asset Management. In terms of the market reaction to that.
Shares are actually interestingly down slightly CVC shares that's in Amsterdam, potentially on the back of the value of the Still it's a big, a big buyout. So as you say, they're buying Marathon Asset Management, that's the US firm. The deals valued at as much as one point two billion dollars, so eight hundred million dollars of that is CBC equity, and on top of that there's also an anout consideration linked to future performance at Marathon as well, so it
kind of marks the latest consolidation in this space. A lot of these these tie ups are kind of gathering pace among alternative investment firms and for CVC expands them into the US credit market. It is being pegged as a very positive deal, which is why it's it's interesting that the shares are moving slightly lower. But yeah, so expanding into the US credit market, they say it will
be beneficial to earnings from twenty twenty eight onwards. And it kind of comes after the CEO he's been pursuing these trial trying to pursue these type of acquisitions for a while. He's been wanting to expand their offerings and compete with the likes of kk ARE, those giants. So this marks a step towards that for CVC.
Well to France and next Luise.
And there's a crisis and infant formula stock that's weighing on several companies. It is yeah, stocks kind of falling across the board as this crisis, which has been ongoing, widens to do with infant milk formula. So dan On down almost four percent this morning, wreck It over three percent. Nestley also down over one percent, and this is after on Friday, Danon recalled more of its products, so expanded the number of recalls to more European markets, and this
is all due to changing standards from regulators. It has said that its products remain safe. It's try to reassure in that sense, but that's not really helping its share price. This morning there was an interesting commentary from Barclay's saying that the financial so sorry just to say so. Nesley has also been impacted by this. They've also pulled products
in more than sixty countries. But Barclays are saying that the financial damage for Nesle will be ten times higher than dan On, So as much as this is impacting Danon's stock, the financial damage will actually impact Nessley more. They say that the highest cost of Danon is likely to be up to one hundred million euros, which is obviously a lot, but there's that it will be a lot more for Neslite. So this is a bit of an ongoing crisis across these European infant formula makers.
Hmm yeah, okay, so on infant formula. Now to the retailer fromaka Darty. What is driving the gains for this multinational retailer.
Now, yes, they've had an offer from EP Group, which is obviously led by the Czech billionaire Daniel Kotinski. He's offered to take control. He is already their largest shareholder, but he wants to or the company wants to become the long term majority shareholder. They said that they would keep existing leadership, but they would keep their dividend policy, but they want to be the long term majority shareholder.
So they've offered the value of their offer is about one point one billion euros, so that's thirty six euros per share, which is a nineteen percent premium to the company's previous closing price. So we've seen their stock saw this morning up last time I looked about seventeen percent, but at one point it did hit that nineteen percent, which is that so closing that gap between the last
closing price and the offer price. As I say, they say they want to keep the leadership as it is, they want to keep the dividend policy as it is. They say from their side, they think it's being welcome by the boards. They're calling it a friendly offer, and for EP it's them expanding further into France. So yeah, another eminem m and a deal today.
The Stock Movers report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live. Catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app.