On This episode of Stock Movers:
- BP Plc agreed to sell a majority stake in its Castrol lubricants division to US investment firm Stonepeak Partners to raise about $6 billion.
- Sanofi agreed to buy Dynavax Technologies Corp. for about $2.2 billion, as the French drugmaker tries to expand a vaccines business currently anchored by its flu shot franchise.
- Fresnillo and other european mining stocks may be active on Wednesday as gold rises above $4,500 an ounce for the first time on escalating tensions in Venezuela and expectations for more US interest rate cuts. Silver, platinum and copper also hit records
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Episode Transcript
Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report,
your roundup of companies making moves in the stock market,
harnessing the power of Bloomberg Data.
Speaker 2 (00:16):
Now, let's have a look at some of the stocks
on the move today here in Europe. I'm Caroline Hepga
and I'm joined by Bloomberg reporter Kit Reese. Kit good
to speak to you. There are some stocks trading today.
It's a holiday shortened day and quite a number of
European markets are closed for the whole day anyway. But
BP is moving. They outed their CEO last week and
(00:38):
we've got some fresh news today.
Speaker 3 (00:40):
What's been happening, Yes, so we're getting a little bit
of m and A news this morning. So BP has
agreed to sell a majority steak in its Castro business
to Stone Peak Partners. So Castrow that makes lubricants for
autos and industries, and it has also been developing a
liquid cooling technology for use in AI data centers. So
(01:00):
BP will raise around six billion dollars for sixty five
percent stake in the group, and it looks like the
deal will be completed by the end of next year.
So it's it's been a really busy year for BP,
as you mentioned, you know, they they're replacing their CEO
after just two years in the job, and it's really
come under pressure from an activist investor, Elliott to pivot
back towards fossil fuels after and not particularly successful foray
(01:24):
into renewables. So it's also struggle because the oil price
has been very volatile. So if I'm looking at the
shares that are up at abouto point four percent this morning,
so not a huge move, but overall, you know, it's
part of this divestment strategy, part of its efforts to
restructure and refocus on things like oil and gas. The
shares are up ten percent this year and they've really
(01:44):
underperformed the stock six hundred energy sectors twenty percent gain,
so there's still quite a long way to go, but
it's a move in the right direction.
Speaker 2 (01:51):
Interesting, So that's BP. Meanwhile, the French drug maker Sanofi
making a bed against vaccine fatigue. How are they doing that?
Speaker 3 (02:02):
Yeah, definitely. So they're buying Dinovax technology for two point
two billion dollars, which would give it exposure to the
adult immunization market. So dino Vaccines has this hepatitis B
vaccine that's already marketed in the US, and also an
experimental shingles and oculation which is in early human testing.
So I mean, the vaccine business, it's really struggled. Sanofi
(02:26):
has really struggled with this, given that the sales of
flu vaccines have declined in the last quarter. There's also
growing competition in Europe which has kind of pushed down prices,
and fewer people are getting vaccinated in the US. But overall,
it's an interesting bet. The shares are down very slightly
this morning, which could be because the FDA has rejected
Sanofi's experimental multiple sclerosis drug, which is it's been taken
(02:48):
as a bit of a bit of a negative this morning.
But overall, it's an interesting bet, as you say, on
the vaccine market, and we'll just see how it kind
of develops for them.
Speaker 2 (02:58):
Okay, so that's on Sinofi. Meanwhile, gold, silver, and platinum. No,
it's not a new Nativity hymn. It's about mining stocks.
Tell us more, git.
Speaker 3 (03:09):
I mean, these metals have seen an absolutely stunning rally
this year, and yeah, they're all at record highs today.
So this really boosts the companies that get these metals
out of the ground. So stocks like Frisnillo up four
hundred and twenty percent this year. It mines silver. Howkstiled
Endeavor also way up over one hundred percent this year.
(03:32):
There's a lot of a safe haven appeal for pressure's
metals miners, and we're seeing tensions and Venezuela between the
Ukraine and Russia, which boosts the peel of these kind
of assets. And with copper it's also just soaring. There's
warriors over tighter supply next year. And also the metal
is used in new technology, especially in things like electrification
(03:54):
and in data centers, which are obviously key for powering
the artificial intelligence. And so you know, the basic resources
sectors of about twenty six percent this year in Europe,
it's one of the most the top performing sectors in
Europe this year. And we've seen companies like Antifagasta shares
up over one hundred percent. It has a copper mine
in Chile. Anglo American up twenty nine percent. So you know,
(04:15):
the big question will be candy stocks sustain these gains
into next year, so we'll have to see, you know,
how these trades pan out. But overall, you know, the
precious metals just keep on flying.
Speaker 1 (04:26):
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
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