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Look at some of the stocks on the move today in Europe. I'm to you Ada Bay with Stephen Carroll and we're joined by Bloomberg's Breaking News editor Louise Mean Louise Monte de Pasci seems to be very popular this morning. It's being inundated with offers. Can you tell us more about what's going on there?
It is?
Indeed, yes, I'll start with the most recent one. So Intesa, the other Italian bank, has offered to buy Montepasti, So that would if you know, if that all came through and came to fruition, that would boost Intesa's position as the largest lender in itlay would also create one of Europe's most valuable banks. So that's one of the offers that it's had. That it comes a day after a separate offer from Banco BPM, also of course an Italian bank.
They pitched what they're calling a merger of equals so to combine, and the combined group would be worth about fifty billion euros in total. So an interesting note from Blueberg Intelligence saying in Tessa's offer is more advanced and binding than Banco BPMS and therefore is putting pricing pressure on Banco. So who knows, maybe a bit of a kind of bidding wall will play out. That's kind of
waiting to be seen. But at the moment, Monte Dee Pascual shares jumping as much as ten percent this morning to the highest since twenty twenty two. Obviously, any deal is going to have bigger implications in the Italian banking sector, adding to a flurry of activity we've been seeing in recent years already in that sector. So we're going to be keeping a close eye. And that's some really interesting activity playing out there.
And in London the Stock Exchange missing out on a sweet deal.
Indeed, we're well London, it is losing Tait and Lyle, obviously known as one of Britain's biggest, oldest, largest suitet relation firms. So it's being bought by the US rival Ingredient for two point seven billion pounds. That's been agreed and as you say, it's it's another big name leaving London Stock Exchange. If this happens. So the offer is six hundred and fifteen pence per share in values that's mostly in cash and then the rest is in dividends.
That represents a sixty percent premium to take and allows share price before the news of a possible deal broke last month. So since then shares a risen about thirty one percent and then this morning more as much as thirteen percent. They're still, however, trading below the offer price. From Ingredients and Less are saying, you know, it's a good deal. There's little risk of another bidder emerging, but there is still some risk around it that regulatory approval
maybe would not be given given competition concerns. So it's been agreed but still has to go through. So yeah, shares rising today and if it all goes through, another big London name leaving the stock change as we've been seeing in recent years.
Okay, perhaps waiting a sweet escape there for Taita Lyle, but moving to pharmaceuticals in the zeal And, farmer are being weighed down by some poor drug results.
Yeah.
So based in Copenhagen, the biotech company said shares stumbling this morning as much as twenty six percent over in Copenhagen for Zealand Farmer. So they had results for two experimental obesity drugs. Neither were great essentially, so one of them a lot of patients discontinued the trial because of gasher intestinal events so nausea, vomiting, all of that. Analystser noting that that drug in particular is notably worse than
rival obesity drugs. And then another one for the second trial, showed less weight loss than Eli Lilly's drugs, so that's obviously one of their main rivals over in the US. So total together, essentially there's concern about Zealand Farmer's ability to compete. It's a crowded market in the weight loss drug space, very competitive. You've got Eli Lilly and a host of other companies. So these poor results from these two trials aren't very reassuring essentially, as I say, shares tumbling on the.
Back of that. The Stockmover's 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.