TheChek News Flow

European Chemicals Cos. May Face ‘Lousy’ 3Q, Baader-Helvea Says
2014-09-22 07:26:12.291 GMT


By Chiara Remondini
Sept. 22 (Bloomberg) -- European chemicals cos. may have
faced pronounced “summer lull” in Europe, no pick up in Sept.,
Baader-Helvea says in note after conversations with chemical
cos.
* Brokerage says FX tailwind probably only helped in Sept.,
seasonal pick-up after summer delayed into 4Q
* Sees “several disappointments” in 3Q, may come from cos.
with high y/y base effect such as BASF, Brenntag, DSM,
Syngenta
* Cos. with low y/y base may look better vs peers:
Clariant, Givaudan, Solvay
* Says “has feeling” after roadshows that investors are in
general underweighted in chemicals
* Investors started looking again at chemicals incl.
industrial gases; cos. which “came down massively”
such as Clariant, Fuchs Petrolub, Lanxess; still own
large caps like BASF
* Best demand in 3Q from automotive, electronics, pharma end
mkt
* Cos. with highest combined automotive, electronics,
pharma exposure are: EMS Chemie, Umicore (both not
covered), Fuchs Petrolub, Evonik, Solvay, Clariant,
Lonza, Bachem

For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Chiara Remondini in Milan at +39-02-8064-4241 or
cremondini@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
James Cone

Straumann, Smith & Nephew May Be Next M&A Targets: Bernstein
2014-09-22 06:41:55.192 GMT


By Allison Connolly
Sept. 22 (Bloomberg) -- M&A trend in med tech sector not
over yet, with Smith & Nephew, Straumann as possible targets,
Bernstein says in note following its European Strategic
Decisions conf. last week.
* Bernstein: Stryker may come back for Smith & Nephew once
lockout period expires in late Nov.; could also trigger
interest from J&J
* Danaher’s acquisition of Nobel Biocare makes takeout of
Straumann more likely in the future
* Siemens Hearing business IPO this fall opens up
possibility for different combos within hearing aid
industry

For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Allison Connolly in London at +44-20-3525-7043 or
aconnolly4@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
James Cone

Glencore More Likely to Target Anglo Than Rio Tinto: Jefferies
2014-09-22 06:17:58.700 GMT


By Tim Barwell
Sept. 22 (Bloomberg) -- If Glencore shares outperform,
could use its equity for an acquisition next year; friendly
merger with Anglo possible if iron ore prices fall further,
Amplats restructuring fails, Jefferies says in note.
* Jefferies (outperform): If iron ore prices plummet (to the
$60s) and don’t recover, a merger with Rio is a remote
possibility, though nil-premium all-equity deal with Rio
would probably be impossible
* Expects ongoing buyback, another likely $1b+
announcement in Feb. to enhance outperformance of
Glencore shares over next 6-12 months
* Says marketing business has proven to be cyclically
resilient, shown by Ebit growth from 2012
* NOTE: Glencore purchase of Rio Tinto has ‘compelling’ logic,
Bernstein said Sept. 15
* NOTE: Glencore may bid for Anglo American in 2015, Jefferies
said Sept. 3


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Tim Barwell in London at +44-20-7073-3512 or
tbarwell@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Andrew Rummer

BN 09/22 06:06 *TESCO TO PROVIDE INTERIM RESULTS ON OCT 23
BN 09/22 06:05 *TESCO CEO WILL TAKE DECISIVE ACTION AS PROBE RESULTS DELIVERED
BN 09/22 06:04 *TESCO CEO: WE EXPECT TO OPERATE W/ INTEGRITY AND TRANSPARENCY
BN 09/22 06:04 *TESCO CEO SAYS `RESPONDED ACCORDINGLY' TO `SERIOUS ISSUE'
BN 09/22 06:04 *TESCO SEES PROFIT OVERSTATEMENT BY ESTIMATED 250M PNDS
BN 09/22 06:03 *TESCO TO INVESTIGATE PROFIT OVERSTATEMENT IN INTERIM RESULTS
BN 09/22 06:02 *TESCO TO INVESTIGATE PROFIT OVERSTATEMENT IN INTERIM RESULTS
BFW 09/22 06:02 *TESCO SAYS 1H PROFIT OVERSTATED BY GBP250M
BN 09/22 06:02 *TESCO: WORK IS ONGOING TO ESTABLISH EXTENT OF THESE ISSUES
BN 09/22 06:02 *TESCO SAYS SOME IMPACT INCLUDES IN-YEAR TIMING DIFFERENCES
BN 09/22 06:02 *TESCO SAYS GUIDANCE WAS OVERSTATED FOR HALF YEAR
BN 09/22 06:01 *TESCO IDENTIFIED OVERSTATEMENT OF EXPECTED PROFIT

Tesco Says Overstated 1H Profit by GBP250m
2014-09-22 06:06:02.339 GMT


By Tim Barwell
Sept. 22 (Bloomberg) -- Tesco has asked Deloitte to
undertake an independent and comprehensive review of these
issues.
* Will provide a further update at interim results on Oct. 23
* NOTE (Aug. 29): Tesco forecast FY trading profit GBP2.4b-
GBP2.5b {NSN NB20ZM6TTDS4 <GO>}

Link to Statement:{NSN NCAGPY3HBS3K <GO>}
Link to Company News:{TSCO LN <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Tim Barwell at +44-20-7073-3512 or
tbarwell@bloomberg.net