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Let's take a look at some of the stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking News editor Louise Man and Luise good morning. Let's start with steel and a takeover on the cards for the metals company Klockner.
Indeed, yes, so this is the German metals company, as you say, takeover deal by a company called Worthington Steele in the US. They've agreed to buy it for eleven euros Persia in cash. They had already been in takeover talks. This was reported in early December. Shares rose quite a bit on that at the time and since then have stayed higher. And then this morning shares have absolutely saw. They've sawd thirty percent back to levels last scene in
twenty twenty two, hitting that eleven euro mark. Background Wise, this comes as Clocklan has been selling off a lot of.
Its units, been trying units.
It's been trying to get rid of a lot of these more volatile low margin businesses and focus on higher value areas, essentially trying to boost profitability. So Anlys is saying that, you know, this is a good price. This is that they're kind of welcoming this deal, seeing a high probability that goes through by the end of the year. So shelving off those those kind of non performing units and now getting this takeover offer.
Yeah, and shows up twenty eight percent on the back of that as well. Let's start into portion next. Having trouble delivering sales.
Yeah, slightly less good story this morning for them. So deliveries fell ten percent last year. That's the steepest drop since two thousand and nine, which is obviously the financial crisis, So a bad year for them. This is all on the back of weak demand for electric vehicles, a slump in China. So but both China and Germany led those declines, and it comes as a Porsche's been struggling heavily.
Last year was a bad year for the company.
It cut us out and look four times and it's this has it's been struggling with kind of a host of issues. You know, there was tariffs in the US, which is its most important market. They've also been trying to correct what was a bit of an overly ambitious rollout of electric vehicles. In September, they dropped down from the blue chip index, the DAX in Germany to the m DAX, which is the MidCap. So they've pledged to improve that this year. They've got a new CEO that
started in January. But yeah, this is all on the back of last year not being a good year, deliveries falling ten percent.
Okay, well want to watch as well from here a more positive market reception though, for the gains at the Gym Group are not just those from their clients.
Yes, they've been raised to an outperform by RBC. So now Gym Group has got nine buys, one hold and no cells, so good analyst ratings there. RBC are seeing what they're calling revenue driven profit growth. That's after Gym Group introduced even cheaper off peak memberships. Obviously they're known for being a low costume that's their Murdos Operendi, and they've introduced cheaper off peak memberships obviously of seeing potential volume growth as well, and as you say, I mean
this comes in in the peak health season. Everyone's I'm sure getting their memberships for January to start the year well so.
Some good news ye at this morning for Gym Group.
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