Oddo BHF upgrades M6 as TF1 merger talks gather pace
BUZZ-Oddo BHF upgrades M6 as TF1 merger talks gather pace ** Oddo BHF upgrades French broadcaster M6 MMTP.PA to 'outperform' from 'neutral' on optimism over a potential merger deal with domestic rival TF1 TFFP.PA
** The broker refers to a Le Parisien report saying advanced talks between the two companies are underway
** "The speculative aspect is a reason to buy, given that the risk of the deal falling through is, in our view, low and that M6 is the target," it writes
** Oddo applies a 20% takeover premium to its fundamental valuation, leading to an €18 target price
** The broker says a deal cannot be completed before May 2028 due to broadcasting licence constraints, though an announcement could come earlier
** Share are on track for their best day since September 2022
** Of eight analysts covering M6, one rates the stock "buy", three "hold" and four "strong sell" or "sell" - LSEG data
(Reporting by Margaux Perrin in Gdansk)
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