13 minutes ago
Renewable energy producer Encavis rises 27% on takeover offer
The stock price of German renewable energy producer Enkavis rose after investment firm KKR confirmed that it had made a takeover offer for the company for 17.50 euros ($19.14) per share in cash and approximately 2.8 billion yen in stock. , soared 27% in early trading.
The deal represents a 54% premium over the stock’s closing price on March 5, the day before a Bloomberg report revealed talks surrounding the deal.
Energy systems company Wiesmann will act as a co-investor in the KKR-led consortium.
Encavis’ board of directors supports the proposal, the statement said.
Encavis CFO Christoph Hussmann said: “Over the past few years, Encavis has grown to become one of Europe’s leading independent power producers and we have strong ambitions to continue on this growth path.” .
“Together with KKR and Wiesmann, we aim to bring on board a partner who shares the same long-term, entrepreneurial approach and extensive investment experience supporting the energy transition,” added Hasmann.
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Encavis stock price.
1 hour ago
Deliveroo’s losses narrowed
Passengers at the Deliveroo near Victoria Station in London, England, March 31, 2021.
Dan Kitwood | Getty Images
Meal delivery company Deliveroo on Thursday reported a full-year loss of 31.8 million pounds ($40.7 million), moving it closer to profit from a 294.1 million pound loss a year earlier.
Adjusted profit, which excludes the impact of one-off costs associated with exiting certain markets, was £85.4m, beating the company’s previous guidance and increasing from a loss of £45m in 2022.
The UK company will benefit from more efficient delivery networks, optimized marketing spend, lower overhead costs and increased advertising contributions, with adjusted profits of between £110m and £130m in 2024. He said he expects cash flow to be positive.
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Deliveroo stock price.
4 hours ago
CNBC Pro: European stocks are up for the seventh consecutive week.Here’s how long a winning streak usually lasts
European stock markets have risen above a major psychological barrier this month and show no signs of stopping.
The STOXX Europe 600 index reached 500 points for the first time last week, and the benchmark index has since set further record highs. This record is tied for seven consecutive weeks of positive returns.
But if history is any indication, investors don’t need to get nervous about the market’s euphoria. According to a CNBC Pro analysis of stock market data dating back to 1987, stock prices could rise even more in the future.
CNBC Pro subscribers can read more here.
— Ganesh Rao
9 hours ago
CNBC Pro: Chinese stocks are “worth the risk,” says asset manager – Name two of your favorite stocks
Asset manager Jason Su believes Chinese stocks have a bright future, citing short-term and long-term opportunities in the market.
“Chinese stocks are trading at their lowest prices ever. They offer a huge discount and are definitely a good investment in a portfolio. “There’s a risk in that the stocks are so cheap that it’s a risk worth taking,” Hsu, chairman and chief investment officer of Rayliant Global Advisors, told CNBC on March 13. told Pro.
“I always think that if we wait until all the ambiguity and uncertainty is gone, we will miss the opportunity. Everyone is confident that China will be back in the race. “The fact is that a lot of the negative sentiment right now means that preserving China’s future growth is at a significant discount,” he said, naming two stocks he’s watching. he added.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
4 hours ago
European Market: Click here for opening call
European markets were expected to open in negative territory on Thursday.
According to IG data, the UK’s FTSE 100 index is expected to open unchanged at 7,764, Germany’s DAX is down 22 points to 17,937, France’s CAC is down 12 points to 8,128 and Italy’s FTSE MIB is expected to fall 95 points to 33,280.
Proceeds from Porsche, John Lewis Partnership, Vistry and Deliveroo will be paid out. The data release includes Spain’s final inflation figures for February.
— Holly Ellyatt
