WEBVTT - Juventus's Crypto Bid, Sanofi Setbacks, TT Electronics Falls

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The.

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<v Speaker 2>Stock Movers Report, your roundup of companies making moves in

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<v Speaker 2>the stock market, harnessing the power of Bloomberg Data.

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<v Speaker 3>Let's take a look at some stocks on the move

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<v Speaker 3>today in Europe. I'm Stephen kra with Lizzie Burdon, and

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<v Speaker 3>we're joined by Bloomberg's Breaking News editor Louise Moon for more. Louise,

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<v Speaker 3>let's start with Tether. Have they dropped the ball on

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<v Speaker 3>a major acquisition?

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<v Speaker 1>Bed a very good pun? They're Stephen, Well, they seem

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<v Speaker 1>to have so. Late on Friday, a bid came for Juventus,

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<v Speaker 1>the Italian football team, from Tether, the crypto firm, the

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<v Speaker 1>owners the majority owners of the foot team. One of

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<v Speaker 1>Isley's most influential families, the Acnelly family, their investment vehicle

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<v Speaker 1>x AL, had meetings over the weekend and have unanimously

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<v Speaker 1>decided not to recommend. So they've rejected that bids, as

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<v Speaker 1>I say, that was made late on Friday, valued the

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<v Speaker 1>ventors at but one point one billion euros and they've

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<v Speaker 1>said they don't have any intention of selling their steak

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<v Speaker 1>to Tether or to anyone else. Really, so really interesting

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<v Speaker 1>one it would be you know, this is a this

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<v Speaker 1>is a major bid by crypto firm, and interestingly, they

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<v Speaker 1>already own as of aprin about just over ten percent

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<v Speaker 1>steak of your ventors. So we'll have to see if

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<v Speaker 1>they come back with a separate bid, But for the moment,

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<v Speaker 1>it looks as though Excell, the family's investment vehicle, are

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<v Speaker 1>saying no, and they're saying no to selling their steak

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<v Speaker 1>to anyone. It comes, you know, interestingly, at the same

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<v Speaker 1>time as they're kind of reshaping their portfolio quite widely,

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<v Speaker 1>they also control Ferrari and they're the biggest single investment

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<v Speaker 1>in Selanders, so some big holdings across Europe and on

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<v Speaker 1>the football side, as Juventus is kind of struggling both

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<v Speaker 1>on the pitch and also with the higher cost to

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<v Speaker 1>stay competitive at such a high level. So yeah, it

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<v Speaker 1>was really interesting news late on Friday, and then as

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<v Speaker 1>of today, as I say, it's being rejected and the

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<v Speaker 1>inventor shares rising on this the most.

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<v Speaker 2>In a year. Meanwhile, not good news for Sonofi.

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<v Speaker 1>In fact, we've had a string of setbacks for the

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<v Speaker 1>company this morning. Indeed, two big setbacks for Sonafi's This

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<v Speaker 1>is related to its experimental multiple crosis drug. The first

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<v Speaker 1>one is that there's been a regulatory delay in the US.

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<v Speaker 1>No reason was given for this, and it had already

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<v Speaker 1>been pushed back by three months in September, so that's

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<v Speaker 1>a delay for regulatory approval. And then the second failure

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<v Speaker 1>is a FAILI in a late stage clinical trial. So

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<v Speaker 1>shares have declined in Sonafi the most in the more

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<v Speaker 1>than three months on the back of this kind of

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<v Speaker 1>double whammy of bad news, and as saying, you know,

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<v Speaker 1>this could threaten their ability to hit peak sales for

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<v Speaker 1>the year, peak annual sales, and it's not the first

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<v Speaker 1>hurdle they've faced with this medicine. You know, there's been

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<v Speaker 1>some some that trials are pointed to some risks already

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<v Speaker 1>in liver injuries. So there's kind of speculation when this

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<v Speaker 1>approval will come, if it will come, But Alisa also

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<v Speaker 1>saying it's a bit too early to write it off,

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<v Speaker 1>that there's no alternative in the market so far, so

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<v Speaker 1>we'll have to wait and see if the approval comes

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<v Speaker 1>and in what form that takes.

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<v Speaker 3>Okay and shares in the company down around two and

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<v Speaker 3>a half percent of the moment. We'll go to TT

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<v Speaker 3>Electronics next their share is down over fourteen percent. What's

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<v Speaker 3>going on?

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<v Speaker 1>Yeah, absolutely plunging in London today. A bit of a

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<v Speaker 1>potentially a niche name, not necessarily kind of widely known,

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<v Speaker 1>but TT Electronics a smaller firm here in the UK

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<v Speaker 1>and electronics maker. They've been the center of a bit

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<v Speaker 1>of a takeover battle for the last few weeks. So

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<v Speaker 1>firstly there's a Swiss Swiss firm that bid for TT

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<v Speaker 1>Electronics and then one of their key shareholders, debate investors,

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<v Speaker 1>weren't keen essentially on that going through, and said that

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<v Speaker 1>they themselves would make an offer. They already hold twenty

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<v Speaker 1>just over twenty four percent steak in TT Electronics, so

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<v Speaker 1>they said that they would make a rival offer and

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<v Speaker 1>then as of this morning, they have said that they won't.

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<v Speaker 1>So it was a bit of a potential take of

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<v Speaker 1>a battle that was going to happen. But they say

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<v Speaker 1>they still continue to believe that the Swiss firm Sackles

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<v Speaker 1>offer is unattractive and they're going to vote against it.

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<v Speaker 1>But they're not making off of themselves, so it'll be

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<v Speaker 1>interesting to see how that plays out. And you know,

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<v Speaker 1>if that's a big shareholder rejecting that bid, so what

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<v Speaker 1>happens as of the vote when it comes, but at

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<v Speaker 1>the moment, no kind of take a battle at the moment,

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<v Speaker 1>but yes, Teev shares plunging on the back of that.

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<v Speaker 2>The Stock Movers report from Bloomberg Radio. Check back with

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