the company will continue to use the wolseley name in the uk and canada. >>> shares in ericsson have fallen to the bottom of the stoxx 600 after the company updated the market on its restructuring process saying the costs related to the plan will be double the original forecast. the swedish group which issued a profit warning just six months ago, has unveiled a new organizational structure to implement the turnaround plan. ericsson has been hurt by increased competition and a lack of demand for wireless products in the shift to 5 g. >> two of tesco's share holds have gone public in opposition to the booker deal. schroders management and artisan say they believe 3.7 billion pounds is too expensive and badly timed. they urged the ceo to aban don't tie up. this morning he said he is pleased with the overall response from investors. >>> and british house builder redrow says it will not sweeten its offer for bovis homes. bovis homes has been the subject of takeover speculation since the co quit earlier this year in the wake of another profit warning. >>> shares in dufrey are trading highe

wolseley provides heating and plumbing surprised -- supplies, has a big presence in the u k and u.s..ncluding group name to ferguson plc. this is the best performer on the stoxx 600 in percentage terms. 4.8%. the most since may 2016. since augustst 2016. this is a portuguese utility that has been raised to buy and we have heard it is offering to buy the 22% stake it doesn't already own in its renewable energy unit. on the downside, looking at ericsson. it is going to book as much as 15 billion swedish krone in extra costs. recent negative developments for some of those expensive. -- expenses. this is the ceo is cutting costs and narrowing focus while contending with contract losses in italy and russia and four straight quarters of revenue declines. we are seeing the stock dropped in the most since november 2016. thanks for that. let's get the bloomberg first word news with juliette saly. the ceo of credit suisse has said the bank has made "massive progress" in its restructuring efforts. speaking exclusively to bloomberg, they now have enough breathing room to consider alternative capi

wolseley as the operator in the givenng space, they have first half pretax profit.lionprofit 515 pounds. 141 pat -- pence per share. this is on the outlook statement. this is the part of the business that accounts for 85% of their everyday -- ebitda. nordic is this was being watched by many in the market setting the importance of clarity on the nordic business and they say they have made a decision to exit the nordics. they're exiting the nordic business, that will be of interest to investors this morning. this is coming through from wealthy. equity markets in the u.s. going down .9 of 1%. there is -- is that bounce being reflected in asian equities? manus: there's a tentative rally which is the settling of the of theand jen going keys. you have london, paris, and frankfurt indicating a bit higher. this is from axa nobel which is trying to defend itself from any further aggressive moves from any takeover. saying they are continuing to outline the strategy of dated in the final guidance. it will further unlock value within the company. those are company lines coming