Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's take a look at some stocks on the move
Speaker 3: today in Europe. I'm Stephen kra with Lizzie Burdon, and
Speaker 3: we're joined by Bloomberg's Breaking News editor Louise Moon for more. Louise,
Speaker 3: let's start with Tether. Have they dropped the ball on
Speaker 3: a major acquisition?
Speaker 1: Bed a very good pun? They're Stephen, Well, they seem
Speaker 1: to have so. Late on Friday, a bid came for Juventus,
Speaker 1: the Italian football team, from Tether, the crypto firm, the
Speaker 1: owners the majority owners of the foot team. One of
Speaker 1: Isley's most influential families, the Acnelly family, their investment vehicle
Speaker 1: x AL, had meetings over the weekend and have unanimously
Speaker 1: decided not to recommend. So they've rejected that bids, as
Speaker 1: I say, that was made late on Friday, valued the
Speaker 1: ventors at but one point one billion euros and they've
Speaker 1: said they don't have any intention of selling their steak
Speaker 1: to Tether or to anyone else. Really, so really interesting
Speaker 1: one it would be you know, this is a this
Speaker 1: is a major bid by crypto firm, and interestingly, they
Speaker 1: already own as of aprin about just over ten percent
Speaker 1: steak of your ventors. So we'll have to see if
Speaker 1: they come back with a separate bid, But for the moment,
Speaker 1: it looks as though Excell, the family's investment vehicle, are
Speaker 1: saying no, and they're saying no to selling their steak
Speaker 1: to anyone. It comes, you know, interestingly, at the same
Speaker 1: time as they're kind of reshaping their portfolio quite widely,
Speaker 1: they also control Ferrari and they're the biggest single investment
Speaker 1: in Selanders, so some big holdings across Europe and on
Speaker 1: the football side, as Juventus is kind of struggling both
Speaker 1: on the pitch and also with the higher cost to
Speaker 1: stay competitive at such a high level. So yeah, it
Speaker 1: was really interesting news late on Friday, and then as
Speaker 1: of today, as I say, it's being rejected and the
Speaker 1: inventor shares rising on this the most.
Speaker 2: In a year. Meanwhile, not good news for Sonofi.
Speaker 1: In fact, we've had a string of setbacks for the
Speaker 1: company this morning. Indeed, two big setbacks for Sonafi's This
Speaker 1: is related to its experimental multiple crosis drug. The first
Speaker 1: one is that there's been a regulatory delay in the US.
Speaker 1: No reason was given for this, and it had already
Speaker 1: been pushed back by three months in September, so that's
Speaker 1: a delay for regulatory approval. And then the second failure
Speaker 1: is a FAILI in a late stage clinical trial. So
Speaker 1: shares have declined in Sonafi the most in the more
Speaker 1: than three months on the back of this kind of
Speaker 1: double whammy of bad news, and as saying, you know,
Speaker 1: this could threaten their ability to hit peak sales for
Speaker 1: the year, peak annual sales, and it's not the first
Speaker 1: hurdle they've faced with this medicine. You know, there's been
Speaker 1: some some that trials are pointed to some risks already
Speaker 1: in liver injuries. So there's kind of speculation when this
Speaker 1: approval will come, if it will come, But Alisa also
Speaker 1: saying it's a bit too early to write it off,
Speaker 1: that there's no alternative in the market so far, so
Speaker 1: we'll have to wait and see if the approval comes
Speaker 1: and in what form that takes.
Speaker 3: Okay and shares in the company down around two and
Speaker 3: a half percent of the moment. We'll go to TT
Speaker 3: Electronics next their share is down over fourteen percent. What's
Speaker 3: going on?
Speaker 1: Yeah, absolutely plunging in London today. A bit of a
Speaker 1: potentially a niche name, not necessarily kind of widely known,
Speaker 1: but TT Electronics a smaller firm here in the UK
Speaker 1: and electronics maker. They've been the center of a bit
Speaker 1: of a takeover battle for the last few weeks. So
Speaker 1: firstly there's a Swiss Swiss firm that bid for TT
Speaker 1: Electronics and then one of their key shareholders, debate investors,
Speaker 1: weren't keen essentially on that going through, and said that
Speaker 1: they themselves would make an offer. They already hold twenty
Speaker 1: just over twenty four percent steak in TT Electronics, so
Speaker 1: they said that they would make a rival offer and
Speaker 1: then as of this morning, they have said that they won't.
Speaker 1: So it was a bit of a potential take of
Speaker 1: a battle that was going to happen. But they say
Speaker 1: they still continue to believe that the Swiss firm Sackles
Speaker 1: offer is unattractive and they're going to vote against it.
Speaker 1: But they're not making off of themselves, so it'll be
Speaker 1: interesting to see how that plays out. And you know,
Speaker 1: if that's a big shareholder rejecting that bid, so what
Speaker 1: happens as of the vote when it comes, but at
Speaker 1: the moment, no kind of take a battle at the moment,
Speaker 1: but yes, Teev shares plunging on the back of that.
Speaker 2: The Stock Movers report from Bloomberg Radio. Check back with
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