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Equities

Market Chatter: Uniper Sale Gains Momentum Amid Interest from 10 Bidders

German state-owned utility Uniper (UN0.F) received expressions of interest from around 10 prospective buyers as of the June 12 deadline, Bloomberg News wrote Thursday, citing people familiar with the matter.New bidders consist of KKR & Co., Japan's Jera, and Canadian pension fund Caisse de dépôt et placement du Québec, the sources said. Equinor (EQNR.OL), RWE (RWE.F), and Brookfield Asset Management in a consortium with Canada Pension Plan Investment Board, Vattenfall, Fortum (FORTUM.HE), Czech billionaire Daniel Křetínský's EPH, and TotalEnergies (TTE.PA, TTE.L, TTE.BR) also expressed interest in Uniper, according to the report.In an emailed statement to, Finnish state-owned Fortum said it does not comment on any possible ongoing processes, but is "always interested" in discussing the potential acquisition of hydro and nuclear power, including Uniper's Swedish assets.CPP Investments had no comment. Uniper, KKR, Jera, La Caisse, Equinor, RWE, Brookfield, Vattenfall, EPH, and TotalEnergies did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Update: TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France
US Markets

Update: TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France

(Updates to add information)French energy major TotalEnergies (TTE.PA, TTE.L) is moving forward with plans to develop a 1.5-gigawatt wind farm off the coast of Normandy, France, the largest renewables project in the country.TotalEnergies said Thursday its wholly owned project company Centre Manche Energies submitted the application for single authorization of the project, which was initially awarded by the state in September 2025 to TotalEnergies and RWE (RWE.F). The German utility later exited the consortium.The application includes technical and environmental studies, a preliminary design for the wind farm, and the proposed installation program. Once completed, the project is expected to produce six terawatt-hours of electricity annually, enough to power more than 1 million homes.The three-year project is expected to require an investment of 4.5 billion euros and create 2,500 jobs during the construction phase. TotalEnergies said it plans to tap the local workforce, which possesses expertise in the offshore wind sector.In addition, TotalEnergies plans to source wind turbines and electric cables from European suppliers, a move expected to provide further support to regional industry and manufacturing.Centre Manche Energies will pursue consultations with local authorities, environmental groups, seafarers, and the public to ensure the project is integrated into the regional economy and community, TotalEnergies said.TotalEnergies shares rose 4% in early trading in London, while the stock posted a modest gain in Paris.

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TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France
US Markets

TotalEnergies Advances 1.5-GW, EUR4.5 Billion Wind Project in France

French energy major TotalEnergies (TTE.PA, TTE.L) is moving forward with plans to develop a 1.5-gigawatt wind farm off the coast of Normandy, France, the largest renewables project in the country.TotalEnergies said Thursday its wholly owned project company Centre Manche Energies submitted the application for single authorizaiton of the project, which was initially awarded by the state in September 2025 to TotalEnergies and RWE (RWE.F). The Gernan utility later exited the consortium.The application includes technical and environmental studies, a preliminary design for the wind farm, and the proposed installation program. Once completed, the project is expected to produce six terawatt-hours of electricity annually, enough to power more than 1 million homes.The three-year project is expected to require an investment of 4.5 billion euros and create 2,500 jobs during the construction phase. TotalEnergies said it plans to tap the local workforce, which possesses expertise in the offshore wind sector.In addition, TotalEnergies plans to source wind turbines and electric cables from European suppliers, a move expected to provide further support to regional industry and manufacturing.TotalEnergies shares rose 4% in early trading in London, while the stock posted a modest gain in Paris.

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Research

Grupo Santander Boosts RWE PT, Keeps Outperform Rating

Grupo Santander on Monday increased its price target for German utility RWE (RWE.F) to 66.35 euros from 49 euros, while maintaining its outperform rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Research

BNP Paribas Downgrades RWE to Neutral, Trims PT

BNP Paribas on Thursday downgraded energy company RWE (RWE.F) to neutral from outperform while reducing its price target to 59.70 euros from 60.80 euros.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Asia Markets

Germany's DAX Index Retreats Amid Reignited US-Iran Conflict Fears

German shares ended the trading week in the red, as the markets monitored geopolitical tensions in the Middle East and trade negotiations between the US and China.At Friday's closing, the blue-chip DAX index lost 2.07%.In a Thursday interview with Fox News, Trump said he is "not going to be ​much more patient" with Iran, urging the country to make a deal with Washington. Ongoing tensions in the Middle East and shipping disruptions in the Strait of Hormuz continued to support oil prices, adding to inflation and growth concerns. According to Deutsche Bank Research, Brent crude oil prices climbed another 1.21% overnight to $107.00 per barrel.Rystad Energy also warned about tightening jet fuel supplies in Europe as the Strait of Hormuz remains closed."Europe is not facing a tight market. It is facing a structural supply hole," Susan Bell, Rystad Energy's senior vice president of commodities - oil said. "Record US Gulf Coast exports of 110,000 [barrels per day] into Europe and a handful of Dangote cargoes are welcome, but they cover less than half the deficit."Back at home, the ifo Institute reported that business sentiment in Germany's residential construction sector deteriorated, as the industry navigates supply chain issues and rising capital costs fueled by geopolitical uncertainty. The business climate index plunged to -28.4 points in April 2026 from -19.3 points a month ago, marking its sharpest drop since April 2022.On the corporate front, Renk Group (R3NK.F) was down 2.68%, as Berenberg adjusted its price target and forecasts for the military and civilian propulsion systems company to incorporate anticipated drops in German vehicle orders."RENK's medium-term outlook is underpinned by a EUR16.5bn order pipeline. Germany accounts for less than one-fifth of the total, on our estimates, offering an attractive level of diversification. We err on the side of caution and lower our German vehicle order intake assumptions, and this results in minor cuts to our EPS estimates," Berenberg wrote. "We lower our price target to EUR72 (from EUR76) to reflect our lower estimates and lower peer multiples."Meanwhile, RWE (RWE.F) and Abu Dhabi Future Energy Co., d/b/a Masdar, secured approval from the UK Department for Energy Security and Net Zero to develop the Dogger Bank South West and Dogger Bank South East offshore wind farms off the northeast coast of England. The projects have a combined installed capacity of 3 gigawatts. The German energy group ended the session 2.30% lower.

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