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Well, let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking News editor Louise Louise.
Good morning.
Let's start with banking then and Sosage General in France and encing a one billion euro buyback.
Indeed, so this will begin this month, so November seventeenth, and it's being well received, been seeing as a bit of a boost for investors. They've been holding out for more payments. That's after Sostchen had their third quarter results a few weeks ago and they didn't outline fresh payments within those results. And that was even though its capital buffer was comfortably above a level that had set at a threshold to then return more money, but it didn't
announce it in those quarter results. And so today has been seeing as quite a boost. Been doing very well at share prices, more than doubled since the beginning of the year. Has been one of the best performers among lenders in Europe. So as I say, shares edging slightly higher this morning on a bit of positivity for that one billion share buy back.
Indeed, shares also writing higher too in Total Energy in France after a new m and a deal announced from them. What should we learn.
Yeah, so they're buying a fifty percent steak that's in a portfolio of assets of power generation assets from an energy holding company called EPH. So it's a joint venture, so fifty to fifty for these assets in Western Europe. So this will be things like power plants and batteries across a whole host of countries, so Italy, the UK and others. They're buying that for five point one billion euros. EPH that their now their JV partner is owned by
check billionaire general Daniel Kritinski. Interestingly, and in exchange for the deal, they'll get a four point one percent steak in Total, so they'll become one of Total's largest shareholders. So an interesting deal in that space. It kind of comes as Hotel is continuing to expand more in the power sector as part of their diversification. Some of their rivals are getting more sales from things like fossil fields,
but they're focusing on electricity. So as you say, shares tick tire on the back of that, they didn't gain that. They weren't, you know, kind of soaring this morning. They only slight ticked Tire potentially held back by them saying that as a result of this new deal they're lowering their KAPEX guidance by a billion dollars a year, so potentially holding back those gains. But yeah, an interesting deal in that space this morning.
Okay, And then we're turning to advertising now. Shares in WPP and London up three point four percent, a potential takeover.
Target potentially, Yes, there were reports over the weekend, so the Times in London reported that there'd been some takeover interest for WPP. So this is from a French advertising agency and they say they're in. They've held advanced takeover talk. So nothing's been confirmed yet from either side, so we're waiting to see if anything will come. But as you say, WP shares reacting quite positively to that. They've had quite a bad run. If you look at their share price,
they're down almost seventy percent so far this year. They cut their growth guidance last year. They've been that they used to be as you'll know they used to be one of the world's largest ads agencies, but more recently they've been battling kind of a reduction spending from clients, the rise of AI, more competition, and that's really been hammering their share price. So potential takeover for them and will be keep you a close eye on that one.
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