Advertisement
Singapore markets close in 2 hours 57 minutes
  • Straits Times Index

    3,172.08
    +0.15 (+0.00%)
     
  • Nikkei

    39,856.44
    +116.04 (+0.29%)
     
  • Hang Seng

    16,563.84
    -173.26 (-1.04%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Bitcoin USD

    65,169.14
    -3,485.48 (-5.08%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • Dow

    38,790.43
    +75.63 (+0.20%)
     
  • Nasdaq

    16,103.45
    +130.25 (+0.82%)
     
  • Gold

    2,160.60
    -3.70 (-0.17%)
     
  • Crude Oil

    82.49
    -0.23 (-0.28%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • FTSE Bursa Malaysia

    1,550.00
    -3.64 (-0.23%)
     
  • Jakarta Composite Index

    7,344.13
    +41.68 (+0.57%)
     
  • PSE Index

    6,897.49
    +44.20 (+0.64%)
     

Trending tickers: Asos | Mondi | UBS | Palo Alto Networks

The latest investor updates on stocks that are trending on Monday

LOS ANGELES, CALIFORNIA - NOVEMBER 10: A view of the atmosphere during ASOS | Nordstrom After Dark at ASOS | Nordstrom at The Grove on November 10, 2022 in Los Angeles, California. (Photo by Gonzalo Marroquin/Getty Images for Nordstrom)
Asos approached in £1bn takeover bid by Turkish fast fashion peer. Photo: Getty (Gonzalo Marroquin via Getty Images)

Asos (ASC.L)

Asos’ share price jumped 8% after the struggling online fashion retailer received a £1bn ($1.24bn) approach from a Turkish company backed by Chinese giant Alibaba (BABA).

The Times cited city sources as saying that Asos received an approach from Turkish online retailer Trendyol in late December. The mooted deal would have valued Asos at between £10 and £12 a share.

Talks are not thought to be active but news of the recent bid interest sent shares in Asos jumping 15% higher at one stage in Monday morning trading.

Read more: FTSE 100 and European stocks higher as oil prices rise on Saudi supply cut

ADVERTISEMENT

Trendyol – which in 2021 raised £265m from Alibaba and £1.2bn from other investors including SoftBank and the Qatar Investment Authority – is said to have been working with advisers from Morgan Stanley on the approach.

Mondi (MNDI.L)

London-listed shares in Mondi slipped by over 2% as the British packaging and paper group pulled out of its deal to sell part of its Russian business to venture capital firm Augment.

It said it would not go ahead with the sale of Mondi Syktyvkar and two affiliated entities after a lack of progress in gaining the necessary approvals.

In a statement, the company said it remains committed to selling Syktyvkar and “will continue to assess all alternative divestment options”.

A separate deal announced in December to dispose of three Russian packaging converting operations to Gotek Group is not affected.

Many companies suspended or halted operations in Russia last year as Western governments-imposed sanctions following Moscow's invasion of Ukraine.

Moscow has demanded that companies leaving Russia sell their operations for at least half price and claimed 10% of the sale for the federal budget, termed an "exit tax" by the US Treasury.

UBS (UBS)

UBS has said that it expects to complete its takeover of long time rival Credit Suisse (CS) as early as next week.

The combined entity brings together two of Switzerland’s biggest banks with invested assets of more than $1.5tn (£1.2tn).

UBS said today that it expects to complete the acquisition by as early as June 12.

It said: “Completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and to satisfaction, or waiver by UBS, of other remaining closing conditions.”

It marked a historic takeover of the bank which was in the midst of a turnaround and had seen its share price tank over a matter of days.

It came amid turmoil in the global banking sector, with concerns mounting following the collapse of two regional banks in the US, leading to volatility across financial markets.

Palo Alto Network (PANW)

Palo Alto Networks' shares surged higher in pre-market trading after S&P Dow Jones Indices said the cybersecurity group would replace DISH Network (DISH) in the S&P 500 (^GSPC).

Palo Alto Networks, which met the base criterium for S&P 500 inclusion earlier this year when it posted its fourth consecutive profitable quarter, will replace DISH in the main US stock benchmark prior to the start of trading on June 20.

Read more: Oil prices continue rally after top crude exporter cuts output

The Santa Clara, CA-based company offers network security solutions to enterprises, service providers and government entities worldwide.

For fiscal 2022, the company reported total revenues of $5.50bn, which grew 29% year over year.

Palo Alto’s fiscal 2022 revenues from its products increased 21.4% year over year to $1.36bn. Revenues from subscriptions and support grew 31.8% to $4.14bn.

Watch: Market trends: Palo Alto Networks, Intuit, LVMH earnings

Download the Yahoo Finance app, available for Apple and Android.