• Siemens Energy mulls spin-off, IPO or merger for TI business
• UniCredit considers share swap to obtain Delfin’s Generali stake
• Elliott demands Bunzl consider buybacks, review of NA operations

Siemens Energy is evaluating strategic options for its Transformation of Industry (TI) division.

The EUR 146bn market cap Frankfurt-listed power and energy technology provider is considering various alternatives, including a spin-off, an IPO, or a merger with a competitor, and plans to sell a 60% stake in the business while retaining the remaining 40%, according to a report in Manager Magazin yesterday (18 June).

The division which employs about 17,000 people, could be valued at up to EUR 13bn-EUR 15bn under an expansion scenario, according to internal projections, the German financial magazine added.

TI is Siemens Energy’s industrial technology division. It provides products, systems, solutions and services that improve the performance, energy efficiency and sustainability of industrial processes.

The division generated revenue of EUR 5.7bn and reported profit before special items of EUR 646m in 2025, according to its annual report.

The reported move comes amid broader shareholder pressure, including from Ananym Capital. The US-based activist investor built a stake in December and has called for the spin-off of Siemens Energy’s loss-making wind turbine unit, Siemens Gamesa.

Shares in Siemens Energy gained almost 5% yesterday following the report and closed at EUR 169.34.

UniCredit pursues Delfin’s 10% Generali stake

UniCredit is taking full advantage of its recent stock market rally.

The Milan-listed banking major is considering a share swap with Delfin, according to a report in Italian daily Il Sole 24 Ore.

Delfin is the holding company of the Del Vecchio family, which holds a 10% stake in EUR 65bn market-cap Italian insurer Assicurazioni Generali.

Delfin has, however, rejected an initial proposal from the bank as it prefers a cash deal and is wary of exchanging shares given UniCredit’s current high valuation, the report added.

UniCredit has previously eyed Delfin’s stakes in both Generali and Banca Monte dei Paschi di Siena (BMPS), as noted by The Morning Flash.

The latest report comes after peer Intesa Sanpaolo announced a takeover offer for Banca Monte dei Paschi di Siena (BMPS), earlier this month (8 June).

If completed, that transaction would give Intesa control of a 13.2% stake in Generali that is held by Mediobanca – the Italian lender that was acquired by BMPS last year.

UniCredit owns 9.2% of Generali and would need to seek permission from Italian insurance regulator Ivass to increase its holdings above 10%, the report added.

Shares in Generali have gained 9% since Intesa approached BMPS and closed at EUR 42.34 yesterday for a market cap of GBP 64.9bn.

Elliott pushes for action at Bunzl

London-listed distribution and services group Bunzl is the latest listed company to come under activist pressure.

Elliott Investment had built a 5% stake and is demanding Bunzl to conduct a share buyback of up to 10% of its market capitalisation and to carry out a strategic review of its North American business, according to a Bloomberg report on Monday (15 June).

The move follows weak trading since April last year when Bunzl cited margin pressure from deflation, North American execution challenges, and the rollout of its own-brand strategy, alongside a customer contract loss.

In 2025, the North American business generated GBP 6.3bn in revenues, accounting for 53% of group revenues, and delivered adjusted operating profit of GBP 441m, according to the company’s latest annual report.

Bunzl shares gained marginally on Monday but as of yesterday’s close at GBP 24.94, it was down about 2% for the week, giving it a market cap of GBP 8.1bn.

Endenred attracts buyout interest

Edenred was one of the biggest gainers on the Stoxx 600 yesterday amid reports that it had attracted takeover interest.

London-based private equity firm BC Partners is considering a bid for Edenred and has approached four potential financial partners, including Canadian pension fund PSP Investments, to back the possible transaction, according to a report by French publication La Lettre.

The Paris-listed provider of employee benefits and engagement solutions confirmed it had been approached by investment funds but said it had no information to assess the seriousness of their interest.

Shares in Edenred surged 17% to close at EUR 24.23 yesterday, giving it a market cap of EUR 5.7bn.