then we get to the meggitt story. up 55% today. let's talk about the details. an industrial company, and aerospace supply company like boeing. the british government will have an interest. it is very old company in the u.k. the offer is at 800, we are savvy -- we are trading at 728. why the discount? one reason is we could be having issue with shareholders. i think 75% need to approve. also the british government. interesting how they deal with this. alix: let's get more on that deal. charlotte ryan joins us now. the u.k. government business secretary says he is taking a strong interest in it. does the u.k. government bless this deal? charlotte: good afternoon. that is one of the key questions with this deal. the u.k. government has said it is keeping a close eye on the deal and it is possible they could launch more review. it is worth pointing out a couple of things in favor of parker. this is not a private equity firm. this is an industrial company with its own rich history in the aerospace sector and the company says it has no plans to come in and breakup me

even before you count morrisons, meggitt and ultra, foreign private buyers have spent more money buyingcombined. so should we be worried when public companies fall into private hands? the sums are large now, they certainly are competing with the public equity markets, the public debt markets. to me, competition is a good thing. so some companies will leave the markets, others will come in. i think it's important that we have this dynamic movement, and i think competition between capital is a great thing, it's a great thing for business builders. but others think there should be wider tests of the public interest in takeover battles. where the british companies might be more vulnerable from takeovers that aren't in that long—term interest and don't demonstrably make those commitments to jobs, to pension schemes, to supply chains, that there is a means by which the public—interest test could be judged and met. british companies look cheap to international investors. the uk economy was among the hardest hit by covid, and the pound has never regained its pre—brexit value. some people say bi

parker hannifin agreeing to buy meggitt for 800 pence per share. sanne is in talks with apex over a possible offer at 920 pence per share. we will keep this in mind for the broader theme in u.k. assets. mark, you have been through a few of the themes driving us higher across the asia session. we were focused on the asia story last week. infrastructure, maybe we did not mention it as much as the weekend news flow suggested we should because there seems to have been some development. i wonder if this will be a theme to help lift us through the summer. mark: i think this will be a big driver this week. you are right that we were not talking about it too much. there are two factors. one is it has been building for so long. we have been debating about this for many months. it was inevitable it would come up at some point. last week we had so many other drivers we were not looking one week out. it is expected that by the end of this week we will get an infrastructure deal past. -- and infrastructure deal passed. it is putting upward pressure there. it co

parker hannifin is buying meggitt for $8 million that is a 70% premium to the closing price on fridayareholders there. >>> now to oil and energy. on friday, you might have seen we were at chevron's headquarters in california we talked about the recent quarter. starting up the buyback program again and shift to renewable energy for transportation. the live tv interview wasn't all we did we had a longer forum and recorded for later on. more than ten minutes. we hit everything from renewables to business around the world to increasing diversity in the oil and gas work force here is part of the conversation where we asked ceo and chairman mike wirth of the energy mix of the future >> our primary focus in this will be renewable fuels and natural gas and diesel carbon capture and hydrogen. this is to accelerate progress and identify opportunities and pr projects and bringing these to the market >> are they economic >> it depends. in many instances, these are economic when you operate in an environment like california with a regulatory structure that creates incentives and tradeable credits

the rear story -- the real story of the afternoon has been make it -- has been meggitt we had the parker. pricing and risks the u.k. government would get involved, maybe we are seeing regulatory risks emerging. that is not unreasonable. the u.k. government is expressing concerns. then we get this trans time offer, which blows all of that out of the water. they are talking about 900. there is clearly some risk being priced in. nevertheless, we have risen 16% on the back of that. the stock is under pressure. clearly this is a hot company and the offers are coming in fast. 900. it was not long ago we were trading well below that. a mix of private and public markets. alix: from your world to my world. oil clinging on to some of the losses after some pretty good inventory number out of the u.s.. solid draw in inventories for gasoline as well as crude. prices were under pressure already after the bided administration -- after the biden administration asked opec-plus to revise production. do you take that plea as a surprise -- a supply story or demand story? julian: we are certainly seeing the

sam: yes, and i would love to bring more excitement, but for the most part, meggitt and morrison shareve risen a lot. detra - dechra's was more of a technicality than anything. anna: sam, thanks very much. dollar is a little bit stronger. that is something that has changed in the last hour or so. just a bit further to the upside. mark: we are clutching at straws a little bit. similarly, the turkish lira is the best performer at the moment. it has been the best performer in august, the best in july. that has been a bit of a shock for the books. anna: we will keep an eye on that one. mark is going to be watching that data. i will keep an eye on the european traffic lights. that is it for the first hour of the european open. european equity market futures have been quite lackluster. they have maybe been slightly more positive in london, but elsewhere expecting a fairly flat start in today's session. ♪ introducing xfinity rewards. our very own way of thanking you just for being with us. enjoy rewards like movie night specials. xfinity mobile benefits. ...and exclusive experiences, like the

government is to assess 6.3 billion pound takeover of defense and aerospace manufacturer, meggitt. been taken to intervene on the deal. reese witherspoon has sold a majority stake in her production company, hello sunshine to a new firm run by former disney executives. the deal is also backed up by blackstone. valuing the company at $900 million. that is the bloomberg business flash. anna. anna: laura wright in london with your business update. coming up, spiritual opium. that is what a chinese news -- 11% earlier in the session. we go live to hong kong for the latest. this is bloomberg. ♪. ♪ anna: welcome back to the european market open. 22 minutes into our trading session that is dealing with a number of issues. weak momentum in the united states overnight. and negative feelings about the gaming industry in china. chinese tech is once again in focus. this time it is tencent at the center. the stock diving after an offshoot of china's official news agency criticized video games. we are joined by our tech reporter. good to have you with us again. what does the state media say? >> e

interestingly, meggitt backs the original bid.t be because of the assurances parka gave over national security concerns. we are seeing much more interest from foreign companies looking at u.k. firms. we've got the pmi philip morris. for ventura going on -- philip morris bid for ventura going on. we also have a u.k. company that makes polished vodka, and they have had to take over bid at around a 40% premium. a lot of interesting u.k. companies at the moment, and those stocks are worth keeping an eye on. mark: good morning, joe, and i appreciate francine's consideration for my times over. everyone is curious about how cinemas are doing, since it shows how we are normalizing life again. have you been back to the cinema, joe, and what is the cineworld story? joe: i have not been back, but there have been lots of good films coming out in the final quarter. we have the new james bond coming out, the new "top gun" and "spider-man" all coming out in the fourth quarter. but it is a poor reading, to be frank. they are reporting pretax loss

billion when they add that stock if and when they close you have two deeals this morning >> dave meggitt, remember him, he was great and it's, you know, it does make you wonder about u.s. antitrust. i mean, both of these -- afterpay does not have a large market here. >> right >> this mega deal obviously parker hannifin, are u.s. companies looking abroad because they do feel certainly any deal of any size, it's going to get such a close antitrust look that at the very least, it will take a very long time. >> it's all about the voting trust on ksu the stb's vote on the voting trust. if they can delay the vote, the shareholder vote until after that, then that sort of will make a lot of sense. >> again, right, that's actually canadian coming for u.s. but that's a powerful potential trend here is u.s. companies looking abroad they do feel like anything in the u.s. market is going to get so much scrutiny look at all these deals, but the companies being purchased do not have large market shares tin thi company. >> you talk about premiums >> i was shocked at how high now, typically how -- you kn