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NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. THIS PRESS RELEASE IS AN ADVERTISEMENT AND NOT A PROSPECTUS WITHIN THE MEANING OF REGULATION (EU) 2017/1129 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF JUNE 14, 2017 Press Release Atos SE announces the completion of the settlement and delivery of its €233 million rights issue Paris, France – December 10, 2024 - Following the announcement on December 2, 2024 by Atos SE (Euronext Paris : ATO) (the “ Company ” or “ Atos ”) of the results of its rights issue of 233 million euros (the “ Rights Issue ”), Atos announces today that it has completed the settlement and delivery of the Rights Issue and the admission of the new shares to trading on the regulated market of Euronext Paris (“ Euronext Paris ”). As a result, the Rights Issue was subscribed for a definitive total amount of €233,332,767.7659 (including issue premium), representing an issuance of 63,062,910,207 new shares (the “ New Shares ”) at a subscription price of €0.0037 per share (including, as a reminder, €0.0001 par value per share and €0.0036 issue premium), broken-down as follows: a subscription on an irreducible and reducible basis ( à titre irréductible et à titre réductible ) of 18,476,832,229 New Shares as part of the offering, for a total subscription amount of €68,364,279.2473, comprising: 15,443,618,322 New Shares subscribed on an irreducible basis ( à titre irréductible ), for a total subscription amount (including issue premium) of €57,141,387.7914; and 3,033,213,907 New Shares subscribed on a reducible basis ( à titre réductible ), for a total subscription amount (including issue premium) of €11,222,891.4559; This includes the New Shares subscribed by Philippe Salle, Chairman of the Board of Directors and future Chief Executive Officer of the Company, who subscribed, in accordance with his subscription commitment, 2,432,432,432 New Shares, representing a total amount of €9 million. a subscription of 44,586,077,978 New Shares as a result of the exercise of the backstop commitments, for a total subscription amount of €164,968,488.5186, comprising: 20,270,270,176 New Shares subscribed in cash by the participating bondholders (in proportion of their final commitment to finance the new preferred bond financings), in accordance with their subscription commitment under the first-rank subscription guarantee of the Rights Issue (the “ First-Rank Subscription Guarantee ”), corresponding to an amount (including issue premium) of approximately €75 million; and 24,315,807,802 New Shares subscribed by the participating creditors, in accordance with their subscription commitment under the second-rank subscription guarantee of the Rights Issue (the “ Second-Rank Subscription Guarantee ”), corresponding to an amount (including issue premium) of €89,968,488.8674, by equitization of an equivalent portion of the unsecured debt they held in proportion of their definitive participation in the new secured financings and the First-Rank Subscription Guarantee. The total number of New Shares issued in the context of the Rights Issue has been slightly adjusted compared to the total number of new shares mentioned in the Company’s press release of December 2, 2024, in order to take into account the existence of fractional shares in the allocation of New Shares among the participating creditors as part of the implementation of the First-Rank Subscription Guarantee and the Second-Rank Subscription Guarantee in accordance with the accelerated safeguard plan of Atos approved by the specialised Commercial Court of Nanterre on October 24, 2024 (the “ Accelerated Safeguard Plan ”). 63,062,910,207 New Shares have been issued (i.e. a reduction of 198 shares compared to the total number of 63,062,910,405 New Shares mentioned in the December 2, 2024 press release). Consequently, the final total amount (including issue premium) of the Rights Issue is €233,332,767.7659 (i.e. a reduction of €0.7326 compared to the total amount of €233,332,768.4985 mentioned in the December 2, 2024 press release). The New Shares are of the same class as the Company’s existing ordinary shares and are subject to all the provisions of the Company’s bylaws. They carry all rights attached and are entitled, as from their issue date, to all distributions decided by the Company as from that date. They are immediately assimilated with existing shares of the Company already traded on Euronext Paris and are tradable, as from this date, on the same trading line under the same ISIN code FR0000051732. Impact of the Rights Issue on the Atos’s Shareholding structure As a result of the completion of the Rights Issue, the Company’s share capital now amounts to €6,317,504.70 and is comprised of 63,175,046,985 shares with a par value of €0.0001 each. Based on public information available to date, the allocation of the share capital of the Company following the Rights Issue is set out as below: Implementation of the financial restructuring plan will result in a massive issue of new shares and a substantial dilution of Atos existing shareholders that could have a very unfavorable impact on the market price of the share As mentioned by the Company in its press release of December 2, 2024, post completion of the Rights Issue, the new shares subscribed by the creditors, as a consequence of the exercise of the backstop, represent c. 70.6% of total shares, corresponding to a substantial dilution of the existing shareholders. In light of the recent volatility on the Atos stock, it is reminded that a massive number of new shares should still be issued and the existing shareholders will suffer from a substantial dilution of their stake in the Company’s share capital as a result of the future reserved capital increases corresponding to the equitization of c. €3 billion of old debt and the exercise of the warrants, resulting in a c. 90.8% ownership by creditors. As some creditors of the Company, who have not supported or voted in favor of the Accelerated Safeguard Plan, will become holders of new shares, a significant number of shares could be traded rapidly at the moment of the completion of the financial restructuring capital increases, or such trades could be anticipated by the market, which could have an unfavorable impact on the market price of the share. Availability of the Prospectus The Rights Issue was subject to a Prospectus approved by the AMF under number 24-474 on 7 November 2024 (the “ Prospectus ”), consisting of: (i) Atos’ 2023 universal registration document filed with the AMF on May 24, 2024 under number D.24-0429, (ii) the amendment to the 2023 universal registration document filed with the AMF on 7 November 2024 under number D.24-0429-A01 (the “ Amendment ”), (iii) a securities note (including the Prospectus summary) dated November 7, 2024 (the “ Securities Note ”), and (iv) a supplement to the Prospectus approved by the AMF under number 24-501 dated 25 November 2024 (the “ Supplement ”). Copies of the Prospectus and the Supplement are available free of charge at Atos' registered office (River Ouest – 80 Quai Voltaire – 95870 Bezons) and available on the websites of Atos (www.atos.net) as well as on the website of the AMF (www.amf-france.org). Risk Factors Investors’ attention is drawn to the risk relating to Atos described in paragraph 7.2 “ Risk Factors ” of the 2023 Atos Universal Registration Document, as updated by Chapter 2 “ Risk Factors ” of the Amendment and Chapter 1.2 of the Supplement, the risk factors relating to the Rights Issue or the New Shares mentioned in section 2 “ Risk Factors ” of the Securities Note, as updated by Chapter 3.1 of the Supplement, before making any investment decision. * Atos SE confirms that information that could be qualified as inside information within the meaning of Regulation No. 596/2014 of 16 April 2014 on market abuse and that may have been given on a confidential basis to its financial creditors has been published to the market, either in the past or in the context of this press release, with the aim of reestablishing equal access to information relating to the Atos Group between the investors. * *** Disclaimer This document must not be published, released or distributed, directly or indirectly, in the United States, Canada, Japan or Australia. This press release and the information contained herein do not constitute an offer to sell nor a solicitation of an offer to buy, nor shall there be any sale of ordinary shares in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The distribution of this press release may, in certain jurisdictions, be restricted by local legislations. Persons into whose possession this press release comes are required to inform themselves about and to observe any such potential local restrictions. This press release is an advertisement and not a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017, as amended (the “Prospectus Regulation”). Potential investors are advised to read the Prospectus before making an investment decision in order to fully understand the potential risks and rewards associated with the decision to invest in the securities. The approval of the prospectus by the AMF should not be understood as an endorsement of the securities offered or admitted to trading on a regulated market. With respect to each Member State of the European Economic Area (other than France) and the United Kingdom (a “Relevant State”), no action has been undertaken or will be undertaken to make an offer to the public of securities requiring the publication of a prospectus in any Relevant State. As a result, the securities may and will be offered in any Relevant State only (i) to qualified investors within the meaning of the Prospectus Regulation, for any investor in a Member State of the European Economic Area, or Regulation (EU) 2017/1129 as part of national law under the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”), for any investor in the United Kingdom, (ii) to fewer than 150 individuals or legal entities (other than qualified investors as defined in the Prospectus Regulation or the UK Prospectus Regulation, as the case may be), or (iii) in accordance with the exemptions set forth in Article 1 (4) of the Prospectus Regulation or under any other circumstances which do not require the publication by Atos of a prospectus pursuant to Article 3 of the Prospectus Regulation, of the UK Prospectus Regulation and/or to applicable regulations of that Relevant State. The distribution of this press release has not been made, and has not been approved, by an “authorised person” within the meaning of Article 21(1) of the Financial Services and Markets Act 2000. As a consequence, this press release is only being distributed to, and is only directed at, persons in the United Kingdom that (i) are “investment professionals” falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Article 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). Any investment or investment activity to which this press release relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Any person who is not a Relevant Person should not act or rely on this press release or any of its contents. This press release is not an offer of securities for sale nor the solicitation of an offer to purchase securities in the United States or any other jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration under or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Atos does not intend to register any portion of the planned offer in the United States or to conduct a public offering of securities in the United States. Forward-looking information This press release contains “forward-looking statements”, including statements regarding the future prospects and development of the Atos Group. All statements other than statements of historical data included in this press release, including, without limitation, statements regarding Atos’ financial condition, business strategy, plans and objectives of management for future operations, are forward-looking statements. These forward-looking statements can be identified by the use of the future or conditional tense, or forward-looking terminology such as “consider”, “envisage”, “think”, “aim”, “expect”, “intend”, “should”, “aim”, “estimate”, “believe”, “wish”, “may” or, where appropriate, the negative of these terms, or any other similar variants or expressions. This information is not historical data and should not be construed as a guarantee that the facts and data stated will occur. These forward-looking statements are based on data, assumptions and estimates considered reasonable by Atos. These forward-looking statements are based on data, assumptions and estimates considered reasonable by Atos. They may change or be modified as a result of uncertainties linked in particular to the economic, financial, competitive and regulatory environment. In addition, the materialization of certain risks described in section 7.2 “Risk factors” of Atos’ 2023 universal registration document, as updated by chapter 2 “Risk factors” of the amendment to Atos’ 2023 universal registration document and Chapter 1.2 of the Supplement to the Prospectus approved by the AMF under number 24-501 dated 25 November 2024, and in section 2 “Risk factors” of the securities note, as updated by Chapter 3.1 of the Supplement, is likely to have a material adverse effect on Atos’ business, financial condition and results and its ability to achieve its objectives. All forward-looking statements included in this press release speak only as of the date of this press release. Except as required by applicable law or regulation, Atos undertakes no obligation to publicly update any forward-looking statement contained in this press release to reflect any change in Atos’ objectives or in the events, conditions or circumstances on which any forward-looking statement is based, and disclaims any intention or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Atos’ past performance should not be taken as a guide to future performance. About Atos Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE ( Societas Europaea ) and listed on Euronext Paris. The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space. Contacts Investor relations: David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96 Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67 Individual shareholders: 0805 65 00 75 Press contact: globalprteam@atos.net 1 Percentages of voting rights are calculated in relation to the number of voting rights exercisable at a General Meeting, i.e. the number of theoretical voting rights less shares deprived of voting rights, such as treasury shares. 2 For indicative purposes only and pending publication of the declarations of legal thresholds’ crossings, it is anticipated that on the settlement-delivery date of the Rights Issue, (i) the funds managed by D.E. Shaw hold 9.95% of the Company's share capital and voting rights (it being specified that, in addition, under the mechanism provided for in the Accelerated Safeguard Plan and described in the amendment to the 2023 universal registration document filed with the AMF on November 7, 2024 under number D.24-0429-A01, the plan supervisor ( commissaire à l'exécution du plan ) will hold 1.26% of the Company’s share capital and voting rights until such time as the percentage held by the funds managed by D.E. Shaw no longer requires regulatory approval or they obtain the necessary regulatory approvals to cross the 10% threshold, as the case may be), (ii) the funds managed by Boussard & Gavaudan hold 5.74% of the Company’s share capital and voting rights and (iii) the funds managed by Tresidor hold 5.02% of the Company’s share capital and voting rights. 3 Information on employee share ownership is given as at 30 November 2024. 4 Information concerning the shareholding of the members of the Board of Directors is given on the basis of the information known to the Company as at 10 December 2024. As a reminder, Mr Philippe Salle, Chairman of the Board of Directors, participated in Atos’ Rights Issue by subscribing to 2,432,432,432 New Shares for a total amount of €9 million, in accordance with his subscription commitment. 5 The “Others” category includes all shareholders holding less than 5% of the share capital and voting rights and not included in the “Participating creditors”, “Employees”, “Board of Directors” and “Treasury shares” categories. Attachment PR - Atos - Settlement and delivery of the rights issue - 10 December 2024Title: "Two Markets Close with 100 Stocks Hitting the Limit Up: Stock Market Booms with Hot Trading Activity"Sydneysiders who want to live in a suburb along the Metro line for the convenient commute will have to pay top dollar to either rent or buy. The fast-rail system stretches from Sydenham to the CBD, lower north shore, Hills district and Tallawong, with a journey from North Sydney to Barangaroo in just three minutes. Castle Hill residents can get to Martin Place in 35 minutes. But convenience comes at a premium. Bella Vista residents can get to the CBD in 41 minutes, but face a median house price of $2,477,500, while a house will set renters back around $975 per week. Waterloo’s median unit price is $925,500, and median unit rent $935, for a commute of just six minutes to Martin Place. Rents are also high at $780 for a unit in Chatswood (11 minutes to Martin Place) and $720 for Castle Hill (35 minutes). Castle Hill house buyers would pay a median of $2,312,500. Ray White agent Peter Iann said the Metro had driven greater demand for Bella Vista and that he could not limit the buyer pool to one specific region of Sydney. “We are now seeing interest from all over Sydney,” he said. “There is not enough stock for the demand and sellers now have higher price expectations.” Geoffrey Clinton, senior lecturer in transport and logistics management at the University of Sydney Business School, said that while the Metro had a significant impact on social cohesion, it was just one piece of the puzzle. “Just building train lines alone is not going to create nirvana for Sydneysiders,” he said. “In the next five to ten years we will see mini CBDs pop up. People will be living in fairly small apartments, and they’ll be more likely to dine and go out, similar to what happens in other high-density areas like Singapore.” Sydneysiders who want to live along the Metro line in suburbs such as Bella Vista, pictured, will need to pay top dollar. Credit: Nick Moir Clinton said that while people wanted to live near public transport, pricing came down to the timing of developments. “If apartments are built ahead of demand, prices may be softer. But if they’re slow to be built, then prices will be higher.” He suggested the Metro and its surrounding high-rises are part of the solution to the housing crisis, but that we also need standalone houses and townhouses. “By opening up transport opportunities, it makes it easier to develop density around these areas.” Professor of civil engineering at the University of Technology Sydney, Buddhima Indraratna, said that while he would like to see young professionals living closer to the Metro, there was a lot of wishful thinking about how much the train line could improve housing affordability. “With the high cost of living, people are living further away from the CBD because they can’t afford it. Even a two-bedroom [CBD] apartment can cost up to $3 million,” he said. “Sydney is one of the most expensive cities in the world. We might not see the advantages of the Metro yet, but they will be there for the next generation.” Marriott Lane Crows Nest agent Stephen O’Sullivan said that while the Metro has enhanced the appeal of the suburb, it hasn’t changed the buyer pool. “There’s more appetite, but the buyers tend to be locals or downsizers from the upper north shore that are seeking convenience to the CBD,” he said. O’Sullivan said buyers are limited by price. However, the Metro allows for more choice when priced out of Crows Nest, as residents of nearby St Leonards and Wollstonecraft can walk to the station. O’Sullivan said we are yet to see an uptick in prices for Crows Nest since the introduction of the Metro, as there are few homes for sale and prices are high. An extension from Sydenham to Marrickville, Lakemba and Bankstown, will open in 2025, further connecting Sydney’s suburbs. BresicWhitney Lower North Shore agent Louise Barton said buyers from the eastern suburbs have moved to North Sydney in the past few months, but not because they’re priced out. “They’re just interested to explore North Sydney, and it makes a lot of sense as you’re just over the other side of the bridge,” she said. Barton said sellers are not driving up their prices due to the Metro. “Sellers remain realistic about the market. But given how the Metro has impacted other suburbs such as North Ryde, we’ve seen prices increase over time. Sellers are excited about what it means for them.” North Ryde’s median house price rose 10.9 per cent to $2,495,000 in the year to September on Domain data.
In conclusion, the midday trading session on the mainland stock market saw a high opening followed by a subsequent pullback, resulting in a modest gain of 1.58% for the Shanghai Composite Index. With total turnover exceeding 1.5 trillion RMB, the market continues to reflect a mix of optimism and caution among investors. Stay tuned for further updates and analysis as the trading day progresses.
The showdown between these two European heavyweights promises to be a closely contested affair, with both teams desperate for a positive result. Expect a tactical battle between Simeone and Inzaghi as they look to outmaneuver each other and secure a vital three points in their quest for Champions League glory.
The United States military recently conducted a series of airstrikes in Syria, targeting 75 different sites in an effort to weaken the presence of the Islamic State terrorist group in the region. The airstrikes, carried out by both manned and unmanned aircraft, were part of a coordinated effort to disrupt and degrade the capabilities of the Islamic State forces operating in Syria.Revealed: The bill to empty the Powerhouse MuseumMyth #2: Frozen Steamed Buns are Unsafe to Eat
Another villager, Mr. Chen, shared, “There was never any intention to harm or imprison them. We only wanted to offer assistance and support. It saddens me to see baseless accusations tarnish the reputation of our community.”Another mouthwatering matchup on the cards is the clash between Atletico Madrid and Inter Milan. Both teams find themselves locked in a battle for supremacy in Group B, with just one point separating them heading into the final matchday. Atletico Madrid will be looking to secure a crucial victory on home soil to ensure their progression to the knockout stages, while Inter Milan will be hoping to overcome their Spanish rivals and claim top spot in the group.The Greens have launched a bid to enshrine access to housing as a human right in the ACT, part of the crossbench party's effort to drive greater government involvement in fixing the housing crisis. Subscribe now for unlimited access . Login or signup to continue reading All articles from our website & app The digital version of Today's Paper Breaking news alerts direct to your inbox Interactive Crosswords, Sudoku and Trivia All articles from the other regional websites in your area Continue Greens leader Shane Rattenbury said the move would be a practical way to force the government to consider the impacts of its decisions on housing affordability. "It is my hope this legislation will start a conversation both within and outside the government about the level of change that is needed to prioritise building homes for people over the private profit of property investors and companies," Mr Rattenbury said. The Greens have released a consultation draft of a bill that would insert the right to adequate housing into the ACT's human rights laws. "Over the long term, we hope this would start a conversation both within and outside government about what level of change is needed to prioritise people over profit. This could include greater government focus on market interventions or broader provision of publicly owned housing to boost the rental market with affordable places to live," the party said. Mr Rattenbury said the law change was a practical way to focus the government's attention on fixing the housing crisis. "For too long, politicians across the nation have treated the government's role in the housing market as providing for private profit, rather than safeguarding our community from the skyrocketing cost of finding and keeping a home," Mr Rattenbury said. Greens leader Shane Rattenbury. Picture by Karleen Minney "Now more than ever, in the middle of the most urgent housing crisis in living memory, we need to think about housing differently." A discussion paper published by the Greens said the adoption of a housing right would reframe government decisions about housing to be about social need rather than private profit. The right would not immediately require the government to provide everyone in the ACT with a home, the paper said. "Express consideration of the right to housing will provide a clearer framework to ground the government's commitment to provide services in the area of housing, in the same way it is already called upon to do for health care, education and, shortly, the environment," the paper said. The Greens' bill would insert clauses into the Human Rights Act to say, "Everyone has the right to have access to adequate housing" and "everyone is entitled to enjoy this right without discrimination". The bill would also introduce a clause that says no one can be unlawfully or arbitrarily evicted from their home or have an essential service unlawfully or arbitrarily withdrawn. The Greens said they did not believe their proposed law would result in an increase in court action against the government. Australia already had an obligation to ensure access to adequate housing under international law but this did not do enough, the Greens' discussion paper said. "The right to housing is enshrined in the International Covenant on Economic, Social and Cultural Rights (ICESCR), a treaty adopted by the United Nations General Assembly in 1966. As a party to this treaty since 1975, Australia has an obligation under Article 11 to take steps to realise the right to adequate housing. It sets out three components of an adequate standard of living: food, clothing and housing," the paper said. The paper said adequate housing had been interpreted to include adequacy, protection against forced evictions, prohibition against discrimination and the provision of emergency housing for vulnerable people. The Greens said a human right to housing had been expressly protected in Belgium, Portugal, Spain, the Netherlands, Finland, Switzerland, India, Argentina, and Russia. "In 2008, Finland introduced a human-rights-based policy aimed at ending homelessness. It focused on placing community members in stable, long-term accommodation, rather than short-term accommodation. Today, there are almost no rough sleepers in Finland," the discussion paper said. The Legislative Assembly last term voted to adopt the right to a healthy environment in the territory's human rights laws, giving people the power to complain about failures to protect and maintain the environment in the ACT. Share Facebook Twitter Whatsapp Email Copy Jasper Lindell Assembly Reporter Jasper Lindell joined The Canberra Times in 2018. He is a Legislative Assembly reporter, covering ACT politics and government. He also writes about development, transport, heritage, local history, literature and the arts, as well as contributing to the Times' Panorama magazine. He was previously a Sunday Canberra Times reporter. Jasper Lindell joined The Canberra Times in 2018. He is a Legislative Assembly reporter, covering ACT politics and government. He also writes about development, transport, heritage, local history, literature and the arts, as well as contributing to the Times' Panorama magazine. He was previously a Sunday Canberra Times reporter. More from ACT Politics Greens launch push for ACT to adopt housing as a human right 1hr ago No comment s Ngambri traditional ownership recognition fight set to return to court No comment s Threatened closure of Queanbeyan abortion clinic 'concerning': ACT government The more humane approaches needed to give youth detainees a better shot No comment s 'Lacks humanity': Young people can't hug family during visits in ACT detention centre No comment s Automatic belief of all rape complainants 'dangerous', ex-acting DPP says Newsletters & Alerts View all DAILY Your morning news Today's top stories curated by our news team. Also includes evening update. Loading... 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The controversy has reignited concerns about the effectiveness of oversight and verification mechanisms in place to prevent fraud and abuse within agricultural subsidy programs. With limited resources and personnel to conduct on-site inspections and audits of every reported harvest, there are fears that similar cases of deception may be widespread and difficult to detect.From Matchday 1 to Matchday 2, Manchester City's performances have been lackluster, to say the least. The team, known for its attacking prowess and free-flowing football, has looked disjointed and uninspired on the pitch. The 1-2 loss to FC Porto followed by a 2-2 draw with Marseille have raised serious concerns about City's ability to compete at the highest level in Europe.
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