The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

0906 ET - BT Group's acquisition of TalkTalk and PlatformX Communications is positive and likely to be approved by the U.K. government, Berenberg analysts write. "The U.K. government will decide on the deal before the end of October, but given the lack of alternatives we would expect it to be approved," they say. The analysts say the deal is positive for a number of reasons, including that it limits market and service disruption for customers, and avoids Openreach revenue and line losses. Berenberg has a buy rating on the stock and 3-pound target price. Shares are up 1.2% at 198.60 pence and 8% higher over the year to date. (ian.walker@wsj.com)

0904 ET - Carlsberg should see improved revenue growth over the third quarter despite a likely slowdown in volume growth, analysts at Bernstein write in a note to clients. Bad weather and destocking in China will weigh on volumes at the Danish brewer, but a better price mix should offset those negatives, Bernstein says. For the full year, current expectations on input-price inflation should hold true, the brokerage adds. (joshua.kirby@wsj.com; @joshualeokirby)

0848 ET - Intesa Sanpaolo's weekend move on its offer for Banca Monte dei Paschi di Siena put the ball back in its target's court, forcing Monte dei Paschi to convince shareholders of the merits of its alternative plan, Oddo BHF says. Intesa raised the price of its offer by roughly 800 million euros to 31.4 billion euros, as long as Monte dei Paschi shareholders reject the alternative bids for Banco BPM and Banca Generali. This skillfully turns the pressure back on Monte dei Paschi and avoids a protracted uncertainty phase by making Monte dei Paschi shareholders choose at a vote scheduled for this month, Oddo's Steven Gould and Benoit Valleaux say in a research note. Intesa and Monte dei Paschi shares rise 1.3% and 1%, respectively. (adria.calatayud@wsj.com)

0826 ET - Cenovus' plan to buy Athabasca Oil is the latest step in a wave of consolidation in Canada's oil sands region. Major Canadian producers are locking up contiguous, long-life oil assets in the region as energy falls under the global spotlight. Domestically, the C$5.7 billion acquisition is bolstered by momentum for key export corridors like the proposed Pacific Link pipeline, which promises faster access to global markets. The deal comes about a year after Cenovus' takeover of MEG Energy, and continues the trend of solidifying its position in Alberta. Cenovus says the acquisition adds 45,000 barrels a day of immediate output and targets 115,000 barrels a day by 2032, allowing it to maximize operational scale, capture C$85 million in annual synergies and capitalize on expanding export access. (adriano.marchese@wsj.com)

0808 ET - Suncor Energy's sale of interests in Eastern Canadian offshore assets for at least C$1.2 billion makes strategic sense, even if the transaction looks largely net present value-neutral, Raymond James' Michael Barth reckons. Suncor is selling its 48% interest in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose offshore assets to Ithaca Energy. Barth notes Suncor also is transferring about C$1.4 billion of liabilities. The assets have a relatively short current life, and an exit frees up cash for share buybacks or accelerated growth in Suncor's core portfolio, the analyst says. Raymond James retains an outperform call and C$118 target on Suncor's shares. (robb.stewart@wsj.com)

0802 ET - Intesa Sanpaolo strengthened its hand in its pursuit of Banca Monte dei Paschi di Siena by bumping the cash component of its offer and winning the support of its target's biggest shareholder, Delfin, Barclays analysts say in a research note. In addition to more cash, Intesa also offered more clarity on its conditions as its bid is subject to Monte dei Paschi shareholders rejecting the bank's alternative proposals to buy Banco BPM and Banca Generali, the analysts say. "Combined with Delfin's commitment to tender its 17.6% stake in MPS, we think this strengthens [Intesa's] position, and BPER's too," the analysts add, referring to Intesa's proposed partner to buy part of Monte dei Paschi's assets. Intesa shares rise 1.3%, while Monte dei Paschi's are up 0.7%.(adria.calatayud@wsj.com)

0753 ET - Schneider Electric's $22.6 billion deal to buy PTC shouldn't raise major antitrust concerns, but politics could theoretically pose a threat, MKI Global Partners says. "PTC's software is widely used across the U.S. defense industrial base, and the buyer is French at a time when relations between Washington and Paris are poor, strained by disputes over Greenland, tariffs, digital regulation, the Middle East and other matters," MKI says. From an antitrust perspective, there is some overlap between Schneider and PTC's portfolios in industrial augmented reality software and electrical design software, but this is small and could be fixed with a sale, according to MKI. Schneider shares fall 9.8%, while PTC rises 37% in U.S. premarket trading. (adria.calatayud@wsj.com)

0725 ET - Schneider Electric's proposed acquisition of Boston-based PTC marks the latest foray into software for a company that has shown repeated appetite for engineering-software assets, J.P. Morgan analysts say in a research note. "A completed deal would be a rare cross-border software transaction amid a marked sector slowdown as companies assess AI's implications for their business models," the analysts say. The $22.6 billion deal far eclipses the French industrial group's $11 billion purchase of Aveva in 2023 and its $3.1 billion agreement to acquire Cognite in June, the analysts add. For PTC, the price of the deal is in the same region as what was speculated last year with Autodesk, according to JPM. Schneider shares fall 9.9%, while PTC's surge 37% in U.S. premarket trading. (adria.calatayud@wsj.com)

0712 ET - Schneider Electric's proposed $22.6 billion acquisition of U.S. software maker PTC could have strategic merits, even if investors balk at the price, J.P. Morgan analysts say in a research note. "Large-scale [mergers and acquisitions are] typically unwelcome in the first instance by European investors, although Schneider Electric's deals have typically proven strategically astute, if debatable from a valuation standpoint," the analysts say. PTC moves Schneider's own Aveva to the front rank of design and lifecycle software from the periphery, they add. The French group's industrial-automation division--where Aveva resides--required some kind of action to reaffirm its position relative to peers and time will tell whether PTC serves that purpose, JPM says. Schneider shares fall 9.9%, while PTC is up 38% in U.S. premarket trading. (adria.calatayud@wsj.com)

0651 ET - Laopu Gold now offers value, says Henry Soediarko of CrossASEAN Research. The analyst's assessment comes as the stock has lost about 60% of its value since hitting a peak in January, when gold prices surged to all-time highs. Compared with its July 2025 record, the stock has plunged by 70%. While plenty of pre-IPO investors have taken profit, Soediarko argues that the Chinese jeweler is "actually doing quite well" based on operating figures. Laopu Gold is different from Chow Tai Fook Jewellery in that it's "more of a global luxury house than a goldsmith," the analyst writes on Smartkarma. At a price/earnings ratio of 7 times and a 10% dividend yield, Laopu Gold may offer value, he adds. Shares last ended 0.6% lower at HK$325.20. (farah.elias@wsj.com)

0649 ET - Banca Monte dei Paschi di Siena's bids for Banco BPM and Banca Generali seem likely to fail after Intesa Sanpaolo threatened to walk away from its own Monte dei Paschi offer if shareholders back them, Autonomous Research's Luis Pratas says in a research note. This effectively turns a Monte dei Paschi shareholder vote due to take place later this month into a referendum on the competing proposals, Pratas says. Delfin--Monte dei Paschi's biggest shareholder--committed to support the Intesa bid, which reduces the likelihood of either of the Monte dei Paschi-led bids being approved, the analyst says. Intesa and Monte dei Paschi shares are little moved. (adria.calatayud@wsj.com)

0626 ET - Bitcoin's recent rally marks a return to the debasement trade that began with Treasury Secretary Scott Bessent's intervention in Treasury markets, Capital.com's Kyle Rodda says. "That fundamental driver reveals a lot about Bitcoin's function and why it's remained relatively well supported recently," he says. "It's a trade on US policy largesse, an anti-fiat hedge and overall a portfolio diversifier." Rodda adds that bitcoin's prospects are looking increasingly positive and the lows of the cycle may have passed. Bitcoin is 0.3% higher at $86,046.