Stock Movers: Sabadell Considers TSB Sale, Vestas Falls on US Tax Credit News, Apollo Sells Lottomatica Stake

European Stock Movers

• 🇪🇺 This episode of Stock Movers covers significant stock movements in Europe, with insights from Bloomberg's equities reporter Joe Eastston.

Vestas and Clean Energy Stocks Decline

• 🇺🇸 Vestas and other clean energy stocks like Orsted and Nordex are down due to proposed US Senate Republican legislation.
• 💡 The bill aims to end tax credits for wind and solar energy by 2028, earlier than anticipated, impacting companies reliant on these incentives.
• 📉 Vestas is down 3%, with other wind energy companies also experiencing declines.

Apollo's Major Stake Sale

• 💰 An investment vehicle of Apollo Global Management has sold its entire 21.3% stake in the Italian betting firm Lottomatica Group Spa.
• 💸 This significant sale, valued at approximately €2.3 billion ($2.7 billion), is part of a larger wave of European block trades.
• 📈 Investors are capitalizing on a recent market bounce to offload stock.

Banco Sabadell's Strategic Move

• 🇬🇧 Banco Sabadell is reportedly considering the sale of its UK unit, TSB.
• 🛡️ This potential sale is seen as a defensive maneuver as the bank attempts to fend off a takeover bid from rival BBVA.
• 🏦 Analysts suggest potential consolidation in the UK banking sector due to falling mortgage earnings, making smaller firms attractive acquisition targets.
• 📉 Sabadell's stock was down 1% on the news.

Other Notable Deals

• 🎶 A stake sale in Universal Music is also noted, with investors capitalizing on the company's performance.
• 🇮🇪 The Irish government is selling its remaining 2.9% stake in Allied Irish Banks (AIB), marking the bank's return to full private ownership.
• ✈️ Smaller deals include stake sales in companies like Amodus (travel) and Corby.