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But let's take a look at some stops on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg's Breaking These editor Louise Moon.
Louise, good morning.
So let's start with the most important deal of the day, and that's because it's about ice cream rather than anything else. The Magnum ice cream spinoff has started trading.
Tell us more it is it has it has well.
It's also the world's biggest ice cream company, so you know it's a big deal. It was valued at seven point eight billion euros this morning, had it. So this is its market debut today after spinning off from Unilever. So that's listing. It's a triple listing. So it's in Amsterdam, London and New York. So shares an AMSAM opened at twelve euros twenty and then they've ticked higher, so do quite well.
This morning in their first listing.
It's an interesting one in terms of Unilever simplifying their portfolio. The ice cream unit's been underperforming for years. It's been their least profitable division, so last year they decided they were going to separate it. So it's been a long ongoing process, a long ongoing process that was also then delayed by the US government shutdown, but it's now finally happening, and the aim now is kind of to revive its performance as a stand alone business, focus on boosting growth.
They've set sales growth targets of up to five percent from next year, which is kind of broadly in line with the wider market. So unless it's saying that, you know, there are positives in the sense that their management team is quite well regarded, they're saying that the company can reinvest in growth and boost themselves as a standalone company, but also kind of cautioning that there are some challenges
as well. You know, consumers are a bit more health conscious now there's weight loss drugs which.
Are kind of totally changing the industry.
It's also quite a capital inte of business, so it'll be one to keep an eye on to see how it does. But they're debut listing doing quite well this morning.
Yeah, I'll have to see. Also, Sorry, I was going to say we have see also how it does in New York when it opens later today.
Indeed, because we've got three share listings to stuck out for and not just to not just one thing to be watching this morning. Share is currently trading at twelve eighty six in Amsterdam and you and leave A shares have turned positive now too. Let's focus on another story from the UK though, Smith and Nephew making some waves with their latest Top Day talkers through the market reaction.
Indeed, Yeah, a lot of updates from them this morning.
So they've outligned a new growth strategy as they've they've finished a previous one and they've outliged their next one. They've updated guidance for this year. They say they're on track to hit guidance and then they've updated it to include a higher free cash flow, and they've also set fresh targets for the future for twenty twenty eight. So shares are taking higher on this whole host of news.
This is the head of their They've got a capital market day later today where they'll present all of this to investors, particularly their new strategy. So essentially that's aiming to simplify their range, simplify their their product range and reduce the need for you know, more capital, more more inventory. It didn't kind of didn't give much specifics, so we'll have to see if that comes out of that capital markets they and also we'll have to see how shares
then react once investors have that news. You know, investors have kind of been questioning relatively recently its ability to accelerate growth further. So once this kind of starts to happen and they get more details, it'll be interesting to watch that share price. But at the moment taking slightly higher into the green on the back of that strategy change.
Okay, one to.
Watch up one point six percent of the moment. Let's talk oil next in France and total Energy.
What have we learned from them.
Yes, so they have agreed to combine their UK oil and gas business with Repsol and Hittech Vision. So it's it's essentially the latest bit of consolidation in the North Sea. You know, outputs dwindling in the North Sea. There's also the windfall tax, so producers have quite a lot to contend with. So there's been a lot of consolidation in the space on the back of that. So this is
the latest deal as you say, so Total Energy. So they're going to buy almost of fifty percent holding in a company called neon X, which is a joint venture between Repsol and hit Up Vision. And essentially, you know, the wider plans as many of these producers doing, is to slash costs through economies of scale. This is a quite a good analyst quote this morning. So yeah, it shares from Total Energies traded down slightly or repsolts were up slightly in Madrid. So there's deals set to go
through during the first half of next year. And yeah, as I say, the latest in kind of waving forsolidation in the.
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