joining me on the phone is osram 's cfo.e we got the news of the offer and the acceptance of the board, bloomberg was reporting osram was looking for an oscar -- offer of 36 euros a share. you got 35. are you satisfied with the officer? >> good morning -- offer? >> thank you for having me on the show. we find it attractive for shareholders to get a 23% premium compared to three months rolling and a value of essentially 3.4 billion euros. we will remain self sustaining. a lot of business continuity for business partners. it is attractive to employees. a lot of labor provisions will stay in effect -- intact. pensions are safeguarded for our people and it is an attractive with transformation. yes, we support the author. -- offer. nejra: talk to me about how osram will benefit because it has been a bit of a tough time for you. you've had six profit warnings in just over a year. how will this change things for osram on that front? we had three profit warnings over the last 15 months because of the business environment changing dr

osram is up more than 3% this morning.ze, they are confirming the bid 3.4 billion euros from bain and carlyle and the board will meet as soon as today to vote on that. down about 2%, this morning. we are seeing basic minerals under pressure this morning as ddu group is saying the iron ore price may be overdone this year and not following fundamentals. overnight, the u.s. administration, donald trump moving to put more tariffs on steel coming from asia. anna: thank you, henry with your movers. officials are set to remove talks in the coming weeks that larry kudlow says for now, those discussions will happen over the phone. >> the team leaders are secretary lighthizer and steve mnuchin. i don't know exactly when. they will be on the phone this weekend be scheduling a face-to-face meeting. lots of communication. while there may be optimism over a trade deal, that hasn't stopped president trump from leveling more accusations of currency manipulation at china and the eu. brusselsd beijing and are pumping money into their system

dani burger is looking at osram, joe easton is covering baby foods and annmarie hordern is focused onanking i bnp paribas. this is a bank cutting back on research. annmarie: they are getting ready to -- rid of their asia equity research in hong kong and relying on morningstar.

osram will decide shortly if it was accepted the offer.ory board -- if it will accept the offer. the supervisory board set to meet later today. nejra: all eyes will be on the numbers for u.s. jobs data tomorrow. the fed will be looking for signs of strain as policymakers consider whether to cut interest rates. while many are leaning toward a reduction, the cleveland president -- fed president says it is too soon to call for one. >> we expected some sloan this year to trend -- slowing this year to trend. nejra: let's bring in the chief economist at standard financial group. she argues there are a number of data points coming that could lead the fed to actually cut, and not starting with the jobs number. do you agree? james: the fed is in a bit of a bind because the markets are at least baked in at least a 25% basis cut in july -- 25 point basis cut in july. i think tomorrow will be critical. i think anything significantly will give a green light to the fed. we had a disappointing adp number yesterday. i think that will be enough for the fed

private equity firms carlyle and bain have put in a $3400000000.00 offer for german lighting group osram the company for years even subsidiary employs $26000.00 people the purchase offer reportedly includes guarantees that office locations and jobs will be maintained has been struggling to turn a profit in recent times a final decision about buyout is expected later today. by saying business with you. i'm still the they were more than tired and in the end there's a me you're not allowed to stay here anymore we mustn't do that. are you familiar with this. with the smugglers we're lions of. what's your story ready. i'm one i was and women especially are victims of violence. take part and send us your story we are trying in all weathers to understand this new culture. another visitor another you want to become a citizen. in for migrants your platform for a little information. from . welcome to culture we'll be traveling around the world to find out which splenda sets become unesco's new world heritage sites also coming up. you'll find it decorative. all over rural pennsylvania but they orig

in march osram issued its fifth profit warning in just over a year.'s lights are used in cars and smartphones. that is the latest bloomberg business flash. coming up, we are live in boston with the matt miller getting ready for the boston pops concert and fireworks spectacular. this is bloomberg. ♪ ♪ guy: some of the numbers behind the boston pops fireworks spectacular. let's go there now to boston where we find bloombergs matt miller. you are on the stage. what does the view look like? matt: there is a lot more sun here that i typically experience at the european central bank in frankfurt. a very different climate and even a little bit more exciting, depending on the meeting. some of the ecb meetings can get crazy now with christine lagarde. i am looking forward to it. these people have been camping out all night long to get the best the to see the boston pops. some have been coming for 10, 20, or 30 years. this is a traditional ongoing concert. we will celebrate the 243rd birthday of america tonight and we are getting pretty chuffed. surprised peopl

. >>> bain capital and the carlyle group have agreed to buy osram for $4 billion they make l.e.d.d lights for stage and film sets and growing plants indoors in the u.s. it owns the sylvania brand. osram backs the buyout bid shares are higher today after jumping 13% on wednesday >>> the uk's antitrust regulator is considering whether to launch a probe into amazon's investment in food delivery service deliveroo. in may amazon said deliveroo would lead a 6$600 million funding round. uk investors have imposed an initial enforcement order which prevents businesses from pushing ahead with a tie-up. in a statement amazon says its investment would be positive for consumers. deliveroo uses 60,000 riders to deliver meals from 80,000 restaurants in 14 countries. >>> general motors says sales in china fell 12% in the second quarter. the ate utomaker said they werei by slowing economies and increased competition for mid priced suvs. it's the fourth straight quarterly sales decline for gm in china there was a bright note. sales of gm's luxury brand cadillac road by 36% >>> from china to the u.s

to the upside, osram. 3.4board has approved that billion euro bid from bain and crl ityle.hina is sticking to its demand that the u.s. lift all tariffs as a condition for any trade deal. francine lacqua spoke to standard chartered's chief executive. ofi think the period , whiched globalization is part of what characterized the early part of the last decade, was very good for global growth, very good for a global bank like standard chartered. it was very good for its subset of the population and left another subset of the population behind, in particular, middle-class in developed countries. the political will to go back to unbridled globalization seems to have passed. i equate a national -- natural extension of the view that the population my small country is much more important to me than a population a much larger country. >> what does it mean for where you see growth, supply chains? do they come back or are they permanently changed? >> it is always fascinating to pick up the soundbites about china becoming the force for good in globalization, having taken that mental fro

issue -- in rim march, osram issued its sixth profit warning.tsche bank ceo christian sewing is putting the final touches on a sweeping turnaround plan, which could include thousands of job cuts. the supervisory board meets this weekend. bloomberg's durham bank reporter, joins us now. this is a slow burn story we've been following clear a while. what is the latest news? reporter: as we are about to celebrate july 4 in the u.s., this is now heading for a showdown as well on sunday. the supervisory board is scheduled to meet, confirmed by the bank officially. our information is that they will meet and ratify the restructuring report we've been reporting on for months now. many of the details have been reported by us. they will more than likely ratify that, and there will be an official announcement may be sunday or monday, and we will then see the full plan. anna: are we looking at job cuts? that's what we've been talking about for some time. management changes? i guess that depends on future structure of the business. steven: that's right. it's g

osram has struggled since 2013. yvonne: indian markets have just opened for trade.o to mumbai. it is budget day today. how are things shaping up? >> so far, so good. marginal gains on expected lines. we are not expecting very sharp moves in the benchmark at least before the presentation of the union budget. marginally in the green. gains we of the four-d have seen. the banking index continues to do well. a word on the indian rupee, which has continued to strengthen against the u.s. dollar and has continued to climb, now at 68.6. that will continue to be. that will be in focus. haslinda: the budget could have a bearing on some sectors. how are they doing? consumption, which is going to be the focus considering the kinds of slowdown we have seen over the past couple of quarters. we are keeping an eye on discretionary. the realty sector has advanced around 1%. the other sector we are keeping an eye on, the government owned banking sector. the banking index is up around half a percent around with -- have a percent. the usual consumption names will be in the limelight to

osram's managing boards have backed a 3$3.4 billion takeover offer from bane and carlyle. the firms had made extensive commitments over the company's growth strategy, employees and the various locations where it manufacturers. the bid of 35 euros a share represents a premium of 21% before the offer was made public. >>> norwegian air shares are higher after iag reaffirmed it's not interested in the low-cost carrier. this followed a report in spanish media that the owner of british airways was preparing an offer within the next fortnight. you can tweet us at @streetsignscnbc. >>> greece is set to hold a snap election with the ruling government trailing in opinion polls. we'll have more on this weekend's vote after the break take prilosec otc and take control of heartburn. so you don't have to stash antacids here... here... or, here. kick your antacid habit with prilosec otc. one pill a day, 24 hours, zero heartburn. we like drip coffee, layovers- -and waiting on hold. what we don't like is relying on fancy technology for help. snail mail! we were invited to a y2k party... uh

osram up 2% after they confirmed the 3.4 billion euro bid from bain and carlisle.he downside, among 3%. 113.ore trading around there is some worry that they were having this pullback. saying that the fundamentals do not match what is going on in the market. francine: let's get straight to the bloomberg first word news. trump has resumed his attacks on china and the eu. he claims both are manipulating their currencies to gain an unfair vantage. he says the u.s. should do the same. his comments sparked speculation that treasury could intervene to weaken the dollar. u.s. and chinese officials will talk by phone in the coming weeks to solve echoing trade war, according to larry kudlow -- to solve the trade war, according to larry kudlow. we spoke to mark mobius. >> the currency weapon has been on the table for some time. as you know, the chinese have used this weapon. it's interesting that maybe in preparation for this next meeting, the chinese about their currency to get stronger against the u.s. dollar. >> deutsche bank's overhaul plan could reportedly cost as much a

anna: thank you so much, ingles licht.eo of osram we are watching the banking sector very much at thee again. credit suisse. is what we are watching after its main trading unit and new money eat years. we will dive into -- beat peers. ♪ ♪ anna: welcome back. seven minutes or so to go until the start of the equity trading day. let's get your stocks to watch. we have gathered together bloomberg's dani berger looking at credit suisse, and annmarie hordern is covering b.n.p. paribas. annemarie, the banking sector is in focus on a number of fronts. give us the french story. annmarie: bnp looks like it will be higher at the open, really outshining wall street in the sense that we are seeing the worst first half of the year in a decade for securities trading. the first second straight quarter, that for a second straight quarter, bnp rebounded in their fixed income business. that is beating global giants like j.p. morgan with that number. goldman sachs said it was a solid set of results especially p&l and cet1 ratio being positive. matt: paul, what is the story with the makeup maker l'oreal?

osram's supervisory and management board accepted a 3.4 billion euro takeover bid from bain capital andthis ends the german lighting company's relatively brief and contentious period as a standalone enterprise. bain and carlyle are offering 35 euros per share. >> we will receive very good support. a $.26 premium advise the company on the 2020 consensus night, significantly -- if you look at the multiples, we would be in the top digit range and from that perspective -- shoesnnies in running delivering ramen noodles. that is uber's plan for expansion in japan. it might sound ridiculous, but stick with me. the chief executive says the elderly are actually signing up to be uber eats couriers. most workers use a bike or scooter and seniors wanting exercise delivering on foot. that's your bloomberg business flash. nejra: thank you. italy has avoided punishment from the eu over its growing deficits but the truce will face its biggest test in a few months when the government has to deliver its 2020 budget and with the deputy prime minister promising tax cuts worth 15 billion euros there were al