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Let's take a look at some of the stocks on the move today in Europe. I'm Tima Adabai with Stephen Carroll, and we're joined by Bloomberg's Breaking News editor Louise Moon. Louise, good morning. Let's start with TKMS. I've been following this saga over the last few days. It looks like they're teaching the German defense sector that all's fair in love and war.
Well indeed, and shares up as much as twelve percent this morning.
This is on the news that Germany has shelved buying six anti marine warships from Ryan Mattal, the other huge German defense company, and that deal was the largest procurement project in the history of Germany's navy. Instead, they're buying eight warships from TKMS. These are significantly smaller warships, so it's a smaller overall deal, but boosting, as I say, tkms's share price right it out. On the other hand, unsurprisingly, shares are down, sinking as much as sixteen percent.
That's their biggest drop in over a year.
In terms of, you know, the wider context and questions around this, it's in terms of the German government. There's questions over you know, their plans, a lack of visibility about those plans, how it's allocating its expanded defense budget. Obviously, they also pulled out of the Franco German fighter jet program two weeks ago, so there's a few questions around that. But in terms of today's moves, as I say, TKMS rising on the back of that switch in where they're procuring those ships from.
Let's talk next about Sagro rejecting a deal which could have been the biggest for a publicly traded European property firm.
Yeah, really fascinating this one.
So Sagwa shares have soared on the back of this, up as much as twenty percent this morning in London. So i'd say they had a takeover approach from a US rival, a company called Prologuists, and they've rejected that. They've rejected that unequivocally and unanimously in their own words,
that would have valued it at twelve point six billion pounds. Obviously, you know when you first say, kind of logistics and warehouses doesn't necessarily sound like the sexiest topic, but it's really interesting.
It comes on this this boom.
There's been a huge boom in demand for warehouses on the back of a rise in online shopping over the past number of years, and also this need for data centers to support AI, the rise in AI and the boom and AI. So Prologust is the world's biggest industrial landlord and if it bore, if this deal, you know, ever came to fruition, it would extend its presence in Europe as Segro is Europe's biggest warehouse owner, and as you say, this would have been the biggest deal for
a publicly traded European property firm. And lit is saying that the offer price should should give some reassurance that Segro's value is actually more than what's currently reflected in its share price, and hence their four shares rising this morning. And Segro have always expressed kind of a similar view. They came out with a statement not long ago saying that the price falls a long way short of their
own views of their own value. They're comped in their own ability to capture that value in the coming years.
So we'll have to wait and see what happens.
And if Prologusts make another attempt, they have until July twenty second to you know, make a firm offer or walk away. But as I say, big moves and share price this morning, also boosting other UK real estate companies, So the likes of Shaftsbury Capital, Tritax, big Box on this AI potential, this sorry, this m and a potential in the real estate sector.
Okay, and lastly to Trains struggling a bit in the heat but train Line also suffering an analyst signaling failure.
Yes, so they announced a new CEO this morning, a man called Ian Brown. He'll join from the end of September. Most recently he was the boss of Flutter, the gambling Giants UK and Ireland unit, and he was both that experience and previous experience at booking Dot. He's known for you know, having relevant, good experience. He oversaw continued growth at Flutter in that unit, bolstered its market position, so
he's got a good track record. But despite that, shares are actually falling this morning, down as much as four percent, and List is saying that yes, he brings that leadership experience, particularly in consumer and tech, but the company as a whole is facing a lot of headwinds and a lot of challenges, so he'll have to really tackle those for anything good to come of it.
The Stock Movers 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.