Edenred Rises, Tesco Dips, Evonik Down

a potential takeover. So this was confirmed this morning, confirming local media reporting in France that had said that they've been approached by the takeover and also that BC Funds had approached four other funds to create consortium to take over Eden Red. So that's kind of all the detail

we have at the moment. There's no certainty about offer that will be made, but on the back of that limited News shares rose eighteen percent, and we'll be keeping an eye to see if any deal is well, an offer is made and any deal comes to fruition with that, okay, So that on Eden read I. Meanwhile, every little is not really helping the UK's largest supermarket chain, that's Tesco, it is not. They had their first quarter results this morning and essentially it was a combination of two very

British things. Wet weather and a bit of pessimism didn't really help Tesco's taking a bit of a toll. So like flight sales missed estimates. They rose, they did rise, they rose one point eight percent, but it was expected to rise two point seven percent, So missing those estimates. Shares down. As you say, they're down almost four percent

at one point this morning. So as I say, they're citing two main things, so one less consumer confidence essentially obviously the Iram war hitting a host of costs, costs rising, purse strings being tightened. And then on the other side, it was quite a tough comparison to results last year. Last year was very hot weather, this year less so in that period. So last year's hot weather fuel sales

of items like barbecues, drinks, those kind of things. So it was a tough comparison because of the weather, and also there's a factor that last year was also even better because there was a cyber attack at MNS which essentially drove shoppers to Tesco. So a tough comparison and weaker consumer sentiment has to be said. It's not all bad. Tesco is still, as you said, the UK's largest supermarket

by a long way. It's also been ramping up sales of its premium range that performed really well and it kept its outlook steady, so analyst is saying they're not too concerned. The online performance is still strong and actually this fallen share by this morning could be treated as a bit of a buying opportunity.

which is about fifth of its workforce. They're saying that competition internationally is very fierce, increasingly fierce, particularly from Asia. They also cited unpredictable politics globally, persistently weak economic growth, and it's an ongoing story. They've been on a cost cutting drive for about two years and it's happening across the whole chemicals industry. So shares fell as much as about three percent.