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