1 00:00:02,520 --> 00:00:08,720 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The. 2 00:00:08,720 --> 00:00:12,560 Speaker 2: Stock Movers Report, your roundup of companies making moves in 3 00:00:12,600 --> 00:00:15,880 Speaker 2: the stock market, harnessing the power of Bloomberg Data. 4 00:00:16,520 --> 00:00:18,040 Speaker 3: Let's take a look at some stocks on the move 5 00:00:18,079 --> 00:00:20,680 Speaker 3: today in Europe. I'm Stephen kra with Lizzie Burdon, and 6 00:00:20,760 --> 00:00:24,800 Speaker 3: we're joined by Bloomberg's Breaking News editor Louise Moon for more. Louise, 7 00:00:24,880 --> 00:00:28,440 Speaker 3: let's start with Tether. Have they dropped the ball on 8 00:00:28,480 --> 00:00:29,400 Speaker 3: a major acquisition? 9 00:00:29,480 --> 00:00:33,320 Speaker 1: Bed a very good pun? They're Stephen, Well, they seem 10 00:00:33,400 --> 00:00:36,880 Speaker 1: to have so. Late on Friday, a bid came for Juventus, 11 00:00:36,920 --> 00:00:40,880 Speaker 1: the Italian football team, from Tether, the crypto firm, the 12 00:00:42,680 --> 00:00:44,559 Speaker 1: owners the majority owners of the foot team. One of 13 00:00:44,640 --> 00:00:48,680 Speaker 1: Isley's most influential families, the Acnelly family, their investment vehicle 14 00:00:49,320 --> 00:00:54,560 Speaker 1: x AL, had meetings over the weekend and have unanimously 15 00:00:54,720 --> 00:00:58,640 Speaker 1: decided not to recommend. So they've rejected that bids, as 16 00:00:58,680 --> 00:01:00,400 Speaker 1: I say, that was made late on Friday, valued the 17 00:01:00,480 --> 00:01:03,760 Speaker 1: ventors at but one point one billion euros and they've 18 00:01:03,760 --> 00:01:06,000 Speaker 1: said they don't have any intention of selling their steak 19 00:01:06,080 --> 00:01:10,959 Speaker 1: to Tether or to anyone else. Really, so really interesting 20 00:01:11,000 --> 00:01:13,240 Speaker 1: one it would be you know, this is a this 21 00:01:13,319 --> 00:01:15,520 Speaker 1: is a major bid by crypto firm, and interestingly, they 22 00:01:15,520 --> 00:01:18,279 Speaker 1: already own as of aprin about just over ten percent 23 00:01:18,360 --> 00:01:20,600 Speaker 1: steak of your ventors. So we'll have to see if 24 00:01:20,600 --> 00:01:23,040 Speaker 1: they come back with a separate bid, But for the moment, 25 00:01:23,080 --> 00:01:26,200 Speaker 1: it looks as though Excell, the family's investment vehicle, are 26 00:01:26,240 --> 00:01:29,039 Speaker 1: saying no, and they're saying no to selling their steak 27 00:01:29,360 --> 00:01:32,479 Speaker 1: to anyone. It comes, you know, interestingly, at the same 28 00:01:32,480 --> 00:01:35,720 Speaker 1: time as they're kind of reshaping their portfolio quite widely, 29 00:01:35,760 --> 00:01:38,800 Speaker 1: they also control Ferrari and they're the biggest single investment 30 00:01:38,800 --> 00:01:42,640 Speaker 1: in Selanders, so some big holdings across Europe and on 31 00:01:42,680 --> 00:01:46,039 Speaker 1: the football side, as Juventus is kind of struggling both 32 00:01:46,080 --> 00:01:48,720 Speaker 1: on the pitch and also with the higher cost to 33 00:01:48,720 --> 00:01:53,560 Speaker 1: stay competitive at such a high level. So yeah, it 34 00:01:53,600 --> 00:01:55,680 Speaker 1: was really interesting news late on Friday, and then as 35 00:01:55,720 --> 00:01:57,360 Speaker 1: of today, as I say, it's being rejected and the 36 00:01:57,440 --> 00:01:59,760 Speaker 1: inventor shares rising on this the most. 37 00:01:59,600 --> 00:02:03,280 Speaker 2: In a year. Meanwhile, not good news for Sonofi. 38 00:02:03,400 --> 00:02:05,240 Speaker 1: In fact, we've had a string of setbacks for the 39 00:02:05,280 --> 00:02:09,000 Speaker 1: company this morning. Indeed, two big setbacks for Sonafi's This 40 00:02:09,120 --> 00:02:13,720 Speaker 1: is related to its experimental multiple crosis drug. The first 41 00:02:13,760 --> 00:02:17,480 Speaker 1: one is that there's been a regulatory delay in the US. 42 00:02:17,639 --> 00:02:19,520 Speaker 1: No reason was given for this, and it had already 43 00:02:19,520 --> 00:02:21,560 Speaker 1: been pushed back by three months in September, so that's 44 00:02:21,600 --> 00:02:25,639 Speaker 1: a delay for regulatory approval. And then the second failure 45 00:02:25,800 --> 00:02:29,799 Speaker 1: is a FAILI in a late stage clinical trial. So 46 00:02:30,040 --> 00:02:33,160 Speaker 1: shares have declined in Sonafi the most in the more 47 00:02:33,160 --> 00:02:35,280 Speaker 1: than three months on the back of this kind of 48 00:02:35,360 --> 00:02:38,520 Speaker 1: double whammy of bad news, and as saying, you know, 49 00:02:38,639 --> 00:02:42,480 Speaker 1: this could threaten their ability to hit peak sales for 50 00:02:42,520 --> 00:02:45,600 Speaker 1: the year, peak annual sales, and it's not the first 51 00:02:45,639 --> 00:02:48,000 Speaker 1: hurdle they've faced with this medicine. You know, there's been 52 00:02:48,080 --> 00:02:52,440 Speaker 1: some some that trials are pointed to some risks already 53 00:02:52,520 --> 00:02:56,640 Speaker 1: in liver injuries. So there's kind of speculation when this 54 00:02:56,720 --> 00:03:00,920 Speaker 1: approval will come, if it will come, But Alisa also 55 00:03:00,960 --> 00:03:02,919 Speaker 1: saying it's a bit too early to write it off, 56 00:03:03,000 --> 00:03:05,160 Speaker 1: that there's no alternative in the market so far, so 57 00:03:05,800 --> 00:03:07,720 Speaker 1: we'll have to wait and see if the approval comes 58 00:03:07,880 --> 00:03:09,040 Speaker 1: and in what form that takes. 59 00:03:09,280 --> 00:03:10,919 Speaker 3: Okay and shares in the company down around two and 60 00:03:10,919 --> 00:03:13,000 Speaker 3: a half percent of the moment. We'll go to TT 61 00:03:13,160 --> 00:03:16,679 Speaker 3: Electronics next their share is down over fourteen percent. What's 62 00:03:16,720 --> 00:03:17,040 Speaker 3: going on? 63 00:03:17,280 --> 00:03:21,680 Speaker 1: Yeah, absolutely plunging in London today. A bit of a 64 00:03:21,680 --> 00:03:24,200 Speaker 1: potentially a niche name, not necessarily kind of widely known, 65 00:03:24,440 --> 00:03:27,679 Speaker 1: but TT Electronics a smaller firm here in the UK 66 00:03:27,760 --> 00:03:31,160 Speaker 1: and electronics maker. They've been the center of a bit 67 00:03:31,160 --> 00:03:32,880 Speaker 1: of a takeover battle for the last few weeks. So 68 00:03:33,680 --> 00:03:37,560 Speaker 1: firstly there's a Swiss Swiss firm that bid for TT 69 00:03:37,680 --> 00:03:41,880 Speaker 1: Electronics and then one of their key shareholders, debate investors, 70 00:03:43,320 --> 00:03:46,320 Speaker 1: weren't keen essentially on that going through, and said that 71 00:03:46,360 --> 00:03:48,880 Speaker 1: they themselves would make an offer. They already hold twenty 72 00:03:49,000 --> 00:03:52,640 Speaker 1: just over twenty four percent steak in TT Electronics, so 73 00:03:53,000 --> 00:03:56,560 Speaker 1: they said that they would make a rival offer and 74 00:03:56,600 --> 00:03:59,280 Speaker 1: then as of this morning, they have said that they won't. 75 00:03:59,440 --> 00:04:02,480 Speaker 1: So it was a bit of a potential take of 76 00:04:02,480 --> 00:04:04,960 Speaker 1: a battle that was going to happen. But they say 77 00:04:04,960 --> 00:04:07,920 Speaker 1: they still continue to believe that the Swiss firm Sackles 78 00:04:07,960 --> 00:04:11,160 Speaker 1: offer is unattractive and they're going to vote against it. 79 00:04:11,200 --> 00:04:12,920 Speaker 1: But they're not making off of themselves, so it'll be 80 00:04:13,080 --> 00:04:15,240 Speaker 1: interesting to see how that plays out. And you know, 81 00:04:15,280 --> 00:04:19,520 Speaker 1: if that's a big shareholder rejecting that bid, so what 82 00:04:19,640 --> 00:04:23,520 Speaker 1: happens as of the vote when it comes, but at 83 00:04:23,520 --> 00:04:27,320 Speaker 1: the moment, no kind of take a battle at the moment, 84 00:04:27,360 --> 00:04:29,640 Speaker 1: but yes, Teev shares plunging on the back of that. 85 00:04:31,080 --> 00:04:35,120 Speaker 2: The Stock Movers report from Bloomberg Radio. Check back with 86 00:04:35,200 --> 00:04:37,799 Speaker 2: us throughout the day for the latest roundup of companies 87 00:04:37,839 --> 00:04:40,920 Speaker 2: making news on Wall Street and for the latest market 88 00:04:40,960 --> 00:04:45,440 Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, 89 00:04:45,520 --> 00:04:49,039 Speaker 2: Bloomberg dot com, and on Applecarplay and Android Auto with 90 00:04:49,120 --> 00:04:50,599 Speaker 2: the Bloomberg Business app.