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Let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll with Anna Edwards, and we're joined by Bloomberg's Breaking news editor Louise Moon. Louise, good morning. Let's start then with that big move that we've seen in Universal Music Group shares up almost thirteen percent this morning.
Yeah, that is after Bill Lackman's Pershing Square Holdings, obviously listed in London, has proposed a merger with Universal Music Groups. So Universal Music Group is the world's largest such company. You know, represents the likes of Taylor Swift, Drake and other huge artists.
So thank you for listening those. That was a true question we all had earlier. Exactly who is saying he was signed to Universal Music Group. The answer is almost everyone, almost everyone.
Yeah, So Pershing essentially has proposed to merge with UMG, and in that proposal is nine point four billion euros in cash plus shares in the new company, So it merge with it with a blank check company and move its listing to New York. So U and g's currently listened at AMSAMS, so that would result in a shift of listing. This offer values it at a seventy eight percent premium to the last closing price, and as you say, shares
did rise and ups down. There rose as much as twenty four percent earlier, so quite a jump, but still
trading well below the offer price. It all comes after Acman, he's he's already a shareholder, he's got about four point five percent shareholding in UMG, and he's being kind of pushing for a lot of change recently, and then in his letter this morning saying that you know, it's stock price, in his words, has languished due to a combination of issues unrelated to the performance of its music business, and he thinks that this deal can essentially solve all of
those issues. Now, the real kind of hurdle is to get past the other major shareholder, so one of them being French billionaire media billionaire Belore.
So there's doubts over whether Hill support that.
So there's quite a few hurdles to get through, So it would be an interesting one to keep track of. But yeah, a potential huge deal there from pershing towards Universal Music Group and Louise.
We're also watching energy markets, of course, ahead of the US deadline to Iran they want to sign some sort of deal and reopening the straight ORFORAR moves part of that. So how are we watching energy markets today? The oil price itself is actually paired earlier gains.
It yeah has yeah, Shell and BP, so focusing on those who are on the foot Sea hundred.
They're kind of tracking that.
They're they're among the top stocks that are kind of adding the most to gains on the foot Sea one hundred. This morning, both higher but not by huge amounts. They were of about one percent slightly that they are still higher but at a lower amount now going through the morning. Of course, as you say, this is all kind of tracking what's going on and as the deal nears, you know, obviously the expiry is is the end of this evening
a US time. For Shelle and for BP, they i mean their shares have have had huge gains so far this Yes, this kind of adds to that. BP's up about forty percent, Shells up about thirty one percent, both on track for the strongest yearly performance since twenty twenty two, and then tomorrow morning, actually we're going to get Shell's first quarter production updates, so we'll see how how it's actually been faring, you know, in that sense tomorrow morning.
But yeah, as you say, tracking those those energy moves and both both higher today.
Okay, we're also looking at the moves in the shares for JC Deco.
Yes, the outdoor French advertising company. So they've had another upgrade. They've had a few recently, this time from t D Cowen from a buy to a hold, and that's prompting
its shares to rise up almost six percent this morning. Essentially, the analyst is saying that it's seeing a clear inflection point as China, the Chinese market returns to growth, so that's on the back of stronger travel, better demand from advertisers, and then kind of more widely, not just China, but this global shift in advertising budgets away from kind of traditional channels and towards out of home, and that's also been noted by other analysts that have upgraded the company recently.
So for example, JPMorgan upgraded in March.
So now if you look at the overall analysts ratings, they've got nine buys five holds and no cells. So there's the analysted eighty accounts were saying, you know, the scope for more upside because if you look back at their at their share price in terms of historical levels, they're still at quite a low level historically, but it has been taking higher recently.
So another upgrade for them.
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