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Let's take a look now at some of the stocks on the mood today in Europe. I'm jas Walcock with Caroline Hepger, and we are joined by Bloomberg's Breaking News editor Louise Moon. Louise, let's start with Delivery Hero. So Uber raised its stake in the company yesterday. How are investors taking that news?
Well?
Seemingly, at least judging by the share price this morning, not so well. So it's down over about five percent Delivery Hero that is this morning. So as you say, Uber have increased his stakes. So they were already the largest shareholder, but late last night they bought Aspects Managements shares, So this takes their overll stake now to almost thirty seven percent. So the majority of that is voting, right, it's attached to shares, and then the rest is in instruments.
So the level still actually falls just below the threshold that would trigger mandatory offer, so they're not at that threshold yet, but it does come after well, as they're trying to negotiate a deal to buy Delivery Hero. So Delivery Hero disclosed a bid from Uber over the weekend that would value at about ten billion euros, but that wasn't at a premium to the share price at that point.
So it's kind of this ongoing sagle with Uber trying to increasingly raise its stake in Delivery Hero, trying to obviously buy it out, and some resistance there at the moment or negotiations continuing. But as I say, shares down on the back of that news this morning.
Over five percent.
Yeah, okay, so kind of consolidating, perhaps all consolidating, aren't they into kind of bigger and bigger offerings. Let's think about utilities the company SSE, which is Scottish utility, a big one here in the UK. How investors reacting They had earnings out this morning and also they're thinking about investment they are.
Yeah, so there's kind of twofold to this.
So one was their earnings this morning, so roughly in line and less a kind of highlighting some progress particularly at Doggerbank Offshore when project was obviously the huge one in the UK. The SSE are across, so they're highlighting progress there, they've said they've already been increasing a lot of investment in upgrading the infrastructure and in renewable energy projects, and they're increasing that even more to over five billion pounds.
They reconfirmed their guidance, so there's some reassurance there that things are okay. So shares did slightly, but they're relatively steady. That's really what analysts are focusing on. Despite the other side of it is that sc within that statement said that they are unlikely to meet their twenty thirty renewable energy targets. So they had already called that an ambitious target,
but now they're saying that's unlikely to be achieved. So they're citing things like a difficult market, environment, policy uncertainty, delays to grid connections. So this is across a host of things, but partly on shore wind projects as I say that grid capacity is a major obstacle. So kind of a twofold and quite a mixed statement, but what's really being focused on is that earnings are on line despite all those kind of wider difficulties in upgrading infratructure,
a lot of spending increases there. Things are looking relatively steady in spite of all of that.
And then over to Michelin. I mean, back in February, the CEO made news by warning that France was killing its industry with taxes. Now they're looking to cut costs.
Indeed, yes, so they're considering cutting one thousand, five hundred jobs in France over three years, so that's by twenty twenty nine, all part of cutting costs more widely. As you say, the CEO already kind of warned of this over taxation in France and said that again this morning. So they're pointing to things like economic and regulatory constraints, so those high cost labor, energy and tax pressures in France.
So there won't be any force layoffs, but they're going to you know that they are seeing those one thousand, five hundred jobs and they're saying highly unstable economic environment. The approach aims to optimize cost structure that's too high. And shares fell slightly but not huge amounts. They've been very volatile over the past year. They've had a lot to contend with, partly you know, those comments, risks of tariffs and more, and.
So shares slightly down this morning.
But as you say, given the comments, the CEO said in February.
It's not it's not a major surprise that this is now happening.
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