i can tell you sanofi has been the company that hired goldman sachs.oldman an advisor joining morgan stanley as it continues to try to acquire that company. and so goldman, which has typically advised the likes of a pfizer or an amgen, they participated a couple years ago when they were facing potential activism, goldman is now on the sanofi team. sometimes companies will go out and try to lock up other bankers they think might take part in a potential rival and simply by virtue of doing that sanofi can perhaps send a sign to anybody considering a bid that we're very serious here. doesn't necessarily won't mean there won't be potential other bids for the company. and at this point we've heard nothing from medivation indicating willingness to put itself up by sale. but acting by written consent as sanofi is going to do it limits the choices for the company, which right now is simply arguing its fundamental value, michael and carl, is above or will be above what sanofi is offering. >> it traded -- >> they keep talking about 52-week high at the very least

julie: metavation is rejecting sanofi's offer.ee the shares are not doing much but they are trading substantially above that offer price at $59.62. that seems to imply that investors believe there will be a higher offer either from sanofi or other names that have been floated as possible acquirers. medivation says the letter restates and inadequate proposal that they have determined undervalued. just kind of going back to what it had been saying before. the sanofi shares trade in the united states -- maybe they do. yes sny is the ticker and the shares were lower and they are not doing much in response to the headlines. we will keep you posted and see if they come back with a higher bid or of someone else steps in. alix: pfizer reported earnings and that was a company rumored to be looking at it. it's interesting to keep your eye on that. julie: we are seeing a little recovery today in the markets but losing a little steam as we get underway -- further into the day. the s&p 500 has cut its gains not in half i at least 1/3. energy r

on medivation and sanofi this morning, sanofi as we told you a week and a half ago has nominated eighttors. it will act by written consent to place them on the board of directors. it's slate to replace the entire board of medivation. it is its hammer to get them to the negotiating table, but they are also trying to be constructive. in their latest letter they say we've relayed our willingness to enter into confidentiality agreements in order to receive information that is typically provided in the process. that could include a standstill. could prevent them from acting in written consent over the next few weeks certainly. they say if you engage with us we'll be in a position to increase our offer, i'm confident we'll be able to offer significant additional value. that's a term of work by the way in m&a. it's less than substantial but better than decent. doesn't appear they've signed with anybody else as i've seen in the past. as i said the ability to act by written consent has really been the key here for sanofi, which apparently really desperately wants this oncology franchise. >> it'

. >> sanofi has announced it could increase its offer. the french drug maker warned that it would go directly to shareholders of the san francisco based firm the ceo used his earnings call to say that shareholders, they were supportive of the board's decision to reject the officer. >> let's give you a view of shares of intercontinental. the group posted a 1.5% rise in first quarter revenue. the firm got a boost from core u.s. market which saw record demand. and on the italian banking sectors. coming in ahead of expectations as lower loan loss stuff. hi claudia. >> reporter: good morning. the stock is benefitting from these numbers that did beat expectations in terms of bottom line growth. they were expecting break even to ten million euros in profits. they came out with a profit of 93 million which is lower than what they came in with a year ago which was 143 but again beating expectations. provisions for bad loans did fall to 346 from 468 million. revenue also declining because of the volatile markets the slow growth in loans. as well as

sanofi is warning it will go to shareholders to oust the board. once again the offer substantially undervalues the firm. >> analysts are worried about slowing growth at square capital which lends to small merchants. shares down 12%. ceo jack dorsey did sound ophthalmop optimistic about the future. >> the core business is strong. we're seeing a lot more growth in the mid market and up market opportunity. and we have this fantastic new reader as well that allows any one of our sellers to accept apple pay, samsung pay, and emv and as the world know the market is moving towards chip cards and we have the fastest implementation of that out there. >> there were some bright spots. including a 51% jump in net revenue. 45% increase this total dollar amount of all card payments processed by sellers that. kind of double digit growth is what helped squared rally so hard. but it was operating expenses that rose by 72%. a lot was a one off charge in the quarter but still a tough week for jack dorsey. >> kudos for him to come on and talk about both despite the p

. >> it's all because of you and sanofi. >> they are well, well off their highs. >> then you have anmportant drug that glaxo smith klein doesn't want to do a phase three. you've got a lot of different currents. but the main thing people want to hear is that gilead is going to buy something. >> but their history has been they'll buy a big dollar thing but not a company that has a lot of employees. they don't like that. it was 90 employees when they bought sivaldi. they like to go down that road. >> david, the thing that concerns me. >> they like to go down that road, we talked about the balance sheet capacity that gilead has but their history has been more to buying those kinds of things as opposed to making a big, big purchase. >> you're absolutely right. if you talk to alex gors can i, who i think the world of, his claim to fame, he did not blow miss head of buying one of these big biotechs and you don't want to buy a big biotech and being saddled with huge infrastructure. >> gilead doesn't have a lot of employees, even now. >> i do think medivation made people think what's going on

more thanf sanofi, half of its shareholders approve of his paycheck, but not all. this is insane. this salary makes no sense when you think of what most people earn and the fact that so many are unemployed. shirli: shareholders have been questioning the growing amount given to chief executives. a few days ago, shareholders of reynault -- renault voted for the first time against its pay packages, but the board approved it anyway, prompting criticism across the political spectrum. finance minister emmanuel macron said that mp's may have to regulate and limit it. >> if the companies they manage make money, if the ceos modernize them and launch major projects, it's only natural to give them significant pay. shirli: on average, chief executives in germany and the u.k. get more money than french ones. the problem is that their salaries keep increasing, even when the prophets do not. -- the profits do not. the profits of companies have ceo down by 6.8%, but salaries have gone up by more than 11%, while most people's salaries have not moved. tarkus: the chinese interne retailer, alibaba,

drugmaker rejected a better than $9 billion takeover offer last month from the pharmaceutical company sanofi. shares of medevation up 4%. >>> valiant pharmaceuticals plans to file its first quarter financial report by june 10th well in advance of a july 31st deadline. this is in contrast to last quarter when the company delayed its filing to review its accounting practices. the drugmaker also reaffirmed its outlook for the quarter and said it will file its second quarter results on a timely basis. valiant shares fell 6% to 28.07. >>> despite reporting a wider than expected loss for the quarter, wayfair saw its revenue soar 76%, topping estimates. the online retailer attributed results to strong growth in of a active customers and an increase in advertiser spending. shares soared 10% to 39.65. >>> tyson foods raised its profit outlook for the year. the meat producer also issued better than expected quarterly results which were driven in part by reduced feed and animal costs. tyson also expressed the interest in buying chicken or prepared food businesses abroad to expand its presence. shares r

sanofi, saying it may raise the ovr. the stock is you can abouting the trend in the past month alone. can m & a by a lifesaver for biotech? guys, great to have you with us. >> i'm going to start out with you. there does seem to be so many reports out there. whether it's reuters city saying that astrazeneca could be a suitor. >> i think they are going to be acquired. i think it's just a matter of time and price. sano sanofi, if they're serious, i would say that they should raise their bid. we've been in print saying that, you know, we could justify a 70-plus dollar valuation on the company just based on their lead drug for prostate cancer, and they also have a wonderful pipeline, so i think there's a higher bid to come. >> is this a specific case in the center, do you think there's more deals to come? merck's ceo saying that they're specifically looking for more deals, but they're not looking for consolidation deals, though they would be open to a biggest deal than the cube is last year. >> right. i think this is he speci

sanofi, they make it clear they're ready to act by written consent.eafs medivation open to stay with sanofi. they did amend their bylaws. once it gets cleared they set a record day. any time it's 60 days and they get 60% of shareholders to say we agree, they can throw the board out and replace the board with one they like. we'll see whether the company seems more likely that it says, okay, we're going to put ourselves up for sale. acting by consent has been the key weapon. also want to come back to tribune, which reported earnings after the bell and then told gannett saying we don't think your offer is 5.6 ebidta, we think it's closer to 4.6. there are some question marks whether those are true multiples or not. when you go and cite the sales of "financial times," that's clearly a reach. for its part gannett respond saying tribune's board of directors never intended to engage with us necessitating we make our plans public. they can't do much here. annual meeting's coming up. they can wait a your and try to replace the board then and get some pressure

medivation has rejected sanofi's takeover offer again.hey repeated the french drug maker's bid is too low, calling it highly opportunistic. sanofi has threatened to go directly to share holders if talks don't begin. first quarter profit dropped 33% atthe world's largest steel maker. the lucksenburg-based company was hit hard by slumping steel prices. china has been exporting record amounts of steel, undercutting prices in u.s. and the europe. and speaking of chain ark the country's largest ride service is taking another big step in its battle with uber. it's close to raising about $2 billion in its latest round of funding, according to people familiar with the matter. the company is seeking a valuation of $25 billion. that would make didi kuaidi the fourth most valuable start upin the world. francine: thank you so much. now let's stay in asia and actually talk about japan. this is a chart that we made for francesco of goldman sachs. it basically shows the 40-year yield. so the 40-year in blue. the red circle is when kuroda decides just a

sanofi has said it wants to replace the company's entire board after medivation rejected earlier thisth it's $9.3 million bid for the company -- its $9.3 million bid for the company. they are considering bids for medivation, as well. medivation, by the way, is a hot property in part because it has a couple potential prostate cancer drugs. finally, nova nordisk shares are rising after a group of advisers the company has a shot for diabetes that will be approved for sale. david: thank you so much. still ahead on "bloomberg the sophisticated software hillary clinton is betting will help her beat donald trump and get her into the white house. ♪ david: this is "bloomberg markets." shery: we are following two major stories and politics. a state department audit found hillary clinton federal rules when she used her personal e-mail to conduct state business. david:david: house speaker pauln is said to be warming up to paul ryan but will not endorse him yet. managing editor john heilemann joins us now. let's start with the inspector general's report. what did we learn today about the way hilla

most importantly, sanofi acting aggressively. before a number of key milestones come their way. it's the third time in five quarters that the company missed on ips. second time missed on revenues. there's been a re-valuation of the sector. the question is where the stock will go. many believe they'll be going to an auction. >> when you talk to alex at johnson & johnson, one of the thing he's most proud of, he didn't go in a buying spree. he backed out, didn't get them, or just chose not to. to be on the sidelines. the valuations have shrunk. sometimes you're a hero by keeping your bat on your shoulder. >> the story, endo. the ceo of that company was the president of valiant in 2013. >>> let's get to the bond report. rick? >> wow. you know, we used to have a big u-turn on lake here drive. it was the curve, right? we did a major u-turn in treasuries today. look at the two-year note deals. down to 67? see where it's at, 72. that might not sound like a lot. it happened quick. the ten-year, we were down at 170. we're now a t 176. here's something fascinating. let's open the chart up

couple of the situations i've been following whether it's tribune or m monsanto, last week noted sanofig to be as soon as this week, around the middle of next week according to people familiar with the situation. they've identified all eight of the directors that they will nominate just a brief update there, but that continues. of course medivation trading 61. the question is will there be anybody else there if they do go to auction mode. >> right. >> and what price would sanofi be willing to pay. everybody says, well, you have to pay at least their 52-week high, which is 66.40, again, moving ahead middle of next week we should hear who the eight directors they are nominating. >> scott sheffield filing early, might be interesting $26 billion, stay focused. >> i will try. >> you mentioned urban and the gains it's had this year. >> yes. >> versus l.b. is now the fifth worst s&p name of the year. >> leslie is going to fix victoria's secret. it's extraordinary, but i thi thinkless -- lesley understands. do not give up on les, nine lives. this level kind of intrigues me. he won't rest until

. >> and the drug maker sanofi seeking to take over the medical boar board, and what do you see there> well, i was going to be a suter for the company, because it seems that the company is goi going to be bought, but it is high $60s or $70 a shashgs a -- i think that are there is a lot of activity here. >>> and now, as we head into the break, we will look at the gold trades, and more "halftime report" coming up. up at the top of the hour, bargain bin, and stocks headed for the worst of 2011 and are some of them set for a rebound? and what happens to the pass down of the 3m ceo? and also, the three trades that you should fear on friday the 13th. >> okay. we are watching out for michelle. sorry, melissa. "power lunch" about 15 away. and we go to bertha coombs with the futures now. >> yeah, scott. gold is holding in either side of the unchanged much of the morn morning with the big move of the dollar, but for the week gold is down and set to have the first down week in three. and anthony pisani, are we taking a little bit of the profit taking here? >> yes, that is it. it is not unlucky a

sanofi threatening to go hostile in the bid for medivation.ise the $9.3 billion offer if medivation engages in talks. if not, sanofi warning it will go to shareholders to oust the board. less than 30 minutes away from the april jobs report. first, we talk about the election and the economy. we have a panel of experts. head of u.s. equity and quantitative strategy. kevin hassett, senior fellow and director of economic policy studies at the american enterprise institute and former policy advisor to mitt romney. i saw an ad with mitt romney in it. austin is with us, hanging out in chicago this morning. laney chen -- lanny chen director of domestic policy studies at stanford, also former economic policy advisor. we have a couple mitt romney guys here. >> not me. >> i'm not looking at you as a mitt romney guy. >> i think it's fine. >> you're feeling the bern, aren't you? >> no, no. >> i think -- >> for me you are, symbolically. that's what i figured. okay. >> you want to ask him about the bern? >> i am sitting here feeling him feel the bern. >> i w

sanofi went public with that per share cash bid but medivation reject it at the time as too low. also check out shares of cbs, first quarter revenue, 10% being forecast. the owner of the u.s. tv networks saw a 31% jump in ad revenue, thanks in part to the super bowl and political ads. cbs' les moonves is going ton on "squawk on the street." >>> and losing streak, when did that start? the dollar is on a losing streak? i know we need to shift, we need to quickly get on this, i thought the dollar was too strong for the manufacturers and the fed definitely could not raise rate. the greenback, not only a losing streak but a 15-month low and current strategists are predicting further falls. so they made sure that they didn't in any way affect currency around the world. >> fed. >> fed because of the worries about dollar strength. next thing you know, you wait a couple months, here we are where the dollar is weak. maybe it will help manufacturers at this point. >> well, it was a huge headline for over a year. >> this is what happens when you have a forward-looking fed, though. they're lo