BUZZ-China's Tencent falls on report of eyeing bigger Ubisoft stake at high price-To The Moon - Tiger Brokers Online Investing Community - To The Moon

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BUZZ-China's Tencent falls on report of eyeing bigger Ubisoft stake at high price

Reuters2022-08-05

** Shares of China's largest social network and gaming firm Tencent Holdings fall 2.5% to HK$304.20, their biggest daily pct drop since July 29

** Stock on course to snap two straight sessions of gains; second biggest pct decliner in Hang Seng Tech Index

** Tencent plans to raise its stake in French video game group Ubisoft Entertainment SA as the Chinese gaming giant pivots to the global gaming market, four sources with direct knowledge of the matter told Reuters

** Tencent has reached out to the French firm's founding Guillemot family and expressed interest in increasing its stake in the firm, the sources said. It is not clear how much more Tencent wants to own in Ubisoft

** Tencent could offer up to 100 euros ($101.84) per share to acquire the additional stake, representing a premium of 127% to the stock's 44 euros average price over the past three months and is close to its historical price ceiling at 108 euros in 2018

** Hang Seng Tech Index climbs 0.2%, while Hang Seng Commerce & Industry Index slips 0.4% and Hang Seng Index eases 0.1%

** As of last close, the stock had dropped 29.6% this year

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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QCW79
·2022-08-08
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