(Les Echos) Club Med : Fosun et Ardian prêts à lancer une contre-attaque

Club Med : Fosun et Ardian prêts à lancer une contre-attaque

Le duo sino-français a jusqu’à vendredi soir pour déposer une contre-offre à celle de l’homme d’affaires italien Andrea Bonomi.
La bataille boursière autour du Club Méditerranée est sur le point d’être relancée. A la veille d’une échéance fatidique aujourd’hui, le conglomérat Fosun, partenaire chinois de l’exploitant de villages de vacances, et la société d’investissement Ardian, son allié et autre actionnaire clef du Club Med, travaillaient toujours ce soir, de concert, à finaliser une contre-offre à l’OPA lancée par l’homme d’affaires italien Andrea Bonomi . Ils ont jusqu’à vendredi soir pour l’annoncer.
Conformément au règlement boursier, le duo Fosun-Ardian, soutenu par la direction du Club, n’aura en effet encore quelques heures ce vendredi pour contrer l’OPA en cours de Global Resorts, la société d’acquisition ad hoc mise sur pied par Andrea Bonomi. Validée par l’Autorité des marchés financiers le 13 août, son terme a été fixé au 19 septembre. C’est pourquoi l’homme d’affaires italien aurait partie gagnée en l’absence d’une surenchère demain. Un « big bang » au retentissement mondial, dont le PDG du Club Méditerranée, Henri Giscard d’Estaing, à la tête du groupe depuis bientôt douze ans, serait le premier à faire les frais.
Global Resorts, qui propose d’acheter les actions Club Méditerranée au prix unitaire de 21 euros (le cours était inchangé hier à la clôture, à 21,27 euros), a « torpillé » l’OPA initiale du duo Fosun-Ardian, soutenue par le management de l’entreprise. Cette première offre, retirée le 14 août , reposait sur un prix unitaire de 17,50 euros, qui avait été établi au début de l’été 2013. Elle s’articulait aussi sur un investissement à parité de la part de Fosun et d’Ardian
Montée en puissance chinoise ?
Selon des sources concordantes, leur contre-offre aurait, en revanche, une tonalité chinoise plus prononcée, quand bien même Fosun a toujours été soucieux d’un équilibre entre les parties. Cela étant, les protagonistes ont dû revoir leur plan, faute d’appui tricolore additionnel dans leur contre-attaque. La Caisse des dépôts et consignations, d’emblée sollicitée, et le groupe Accor ont notamment été vainement appelés à la rescousse.
De fait, une montée en puissance de Fosun risque fort d’être au cœur d’une autre bataille, parallèle, celle de la communication. On pourrait toutefois arguer que le Club Med, en voie de mondialisation, est difficilement délocalisable... Tout comme on verrait mal, s’il était invoqué, le caractère stratégique d’un exploitant de villages de vacances repositionné haut de gamme. En réalité, le vrai sujet est la pertinence ou non de la stratégie de montée en gamme du Club menée par Henri Giscard d’Estaing et l’amplification de sa mondialisation à moindre engagement capitalistique. Publié récemment, le chiffre d’affaires du groupe pour le troisième trimestre de son exercice 2013-2014 montrait, à son tour, que le groupe a un problème sur le marché français

(Les Echos) Club Med: Fosun and Ardian ready to launch an attack against

Club Med: Fosun and Ardian ready to launch an attack against

The Sino-French duo until Friday to file an oversupply against that of the Italian businessman Andrea Bonomi.
The takeover battle around the Mediterranean Club is about to be revived. On the eve of a fateful deadline today, the conglomerate Fosun, Chinese partner of the operator of holiday villages, and the investment company Ardian, his ally and another key shareholder of Club Med, still working tonight together to finalize a cons-offer takeover bid by Italian businessman Andrea Bonomi . They have until Friday to announce it.
Accordance with securities regulations, the duo Fosun-Ardian, supported by the management of the Club, will indeed few hours on Friday to counter the OPA under Global Resorts, the acquisition company ad hoc set up by Andrea Bonomi. Approved by the Autorité des marchés financiers on 13 August, his term was set for Sept. 19. This is why the Italian businessman had won the game in the absence of a higher bid tomorrow. A "big bang" at the global impact, the CEO of Club Med, Henri Giscard d'Estaing, head of the group for almost twelve years, would be the first to pay the price.
Global Resorts, which offers to buy the Club Méditerranée shares at a price of 21 euros (the price was unchanged yesterday at closing, to 21.27 euros), has "torpedoed" the initial takeover of the duo-Fosun Ardian, supported by the management of the company. The first offer withdrawn on August 14 , was based on a price of 17.50 euros, which was established in early 2013 and was also articulated on an investment in parity from Fosun and Ardian
Rising Chinese power?
According to reliable sources, their cons-offer would, however, a Chinese tone more pronounced, even Fosun has always been careful to strike a balance between the parties. However, the protagonists had to revise their lack of additional support in their tricolor against attack. Caisse des Depots et Consignations, immediately sought, and the Accor group were notably called in vain.
Indeed, a rise of Fosun is likely to be at the heart of another battle, parallel, that of communication. However, one could argue that the Club Med in the process of globalization is difficult to be relocated ... Just as one would hurt, if invoked, the strategic nature of an operator of Holiday repositioned upscale. In fact, the real issue is the relevance or otherwise of the strategy of moving upmarket Club led by Henri Giscard d'Estaing and amplification of its globalization lower capital commitment. Recently published turnover of the Group for the third quarter of its 2013-2014 financial year showed, in turn, the group has a problem with the French market

(BFW) Fosun, Ardian Are Preparing Counter-Bid for Club Med: Echos

BN 09/12 04:21 *FOSUN, ARDIAN ARE PREPARING COUNTER-BID FOR CLUB MED: ECHOS
Fosun, Ardian Are Preparing Counter-Bid for Club Med: Echos
2014-09-12 04:29:28.419 GMT


By David Whitehouse
Sept. 12 (Bloomberg) -- The cos. were yesterday working on
a counter-bid to rival that from Andrea Bonomi which they have
until today to announce, Les Echos reports, citing unidentified
people.
* Accor, CDC declined to join the bid: Les Echos.

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>>> Asian Update

Asian Market Update: China New Yuan Lending Recovers; Latest YouGov Poll Saps Scotland Independence Momentum

***Economic Data*** - (CN) CHINA AUG NEW YUAN LOANS (CNY) 702.5B V 700.0BE - (CN) CHINA AUG M2 MONEY SUPPLY Y/Y: 12.8% V 13.5%E (5-month low); M1 MONEY SUPPLY Y/Y: 5.7% V 6.8%E - (CN) CHINA AUG AGGREGATE FINANCING (CNY): 0.96T V 1.14TE - (KR) BANK OF KOREA (BOK) LEAVES 7-DAY REPO RATE AT 2.25% (AS EXPECTED) - (KR) SOUTH KOREA AUG UNEMPLOYMENT RATE: 3.5% V 3.4%E - (NZ) NEW ZEALAND AUG FOOD PRICES M/M: +0.3% V -0.7% PRIOR - (NZ) NEW ZEALAND AUG BUSINESS MANUFACTURING PMI: 56.5 V 53.5 PRIOR (5-month high) - (NZ) New Zealand REINZ Aug House Price Index: 3,926 v 3,885 prior; M/M: +1.1% v -0.7% prior; House Sales Y/Y: -16.3% v -13.0% prior - (PE) PERU CENTRAL BANK CUTS REFERENCE RATE BY 25BPS TO 3.50%, AS EXPECTED - (CL) CHILE CENTRAL BANK CUTS OVERNIGHT RATE TARGET BY 25BPS TO 3.25%, AS EXPECTED

***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.4%, S&P/ASX -0.4%, Kospi +0.3%, Shanghai Composite +0.1%, Hang Seng -0.3%, Sept S&P500 flat at 1,997

***Commodities/Fixed Income/Currencies*** - Dec gold -0.4% at $1,234/oz, Oct crude oil flat at $92.83/brl, Dec copper flat at $3.09/lb - GLD: Spot gold moves below $1,235/oz; 7-month lows - SLV: Spot silver moves below $18.60; 15-month lows - SLV: iShares Silver Trust ETF daily holdings rise to 10,454 tonnes from 10,408 tonnes prior (highest since Nov 2013) - (JP) BOJ offers to buy ¥300B in 1-3yr JGB, ¥200B in 3-5yr JGB, ¥100B in 10-25yr JGB, ¥30B in JGB with maturity over 25-yr, and ¥250B in T-bills - (AU) Australia MoF (AOFM) sells A$600M in 5.5% bonds due 2018; Avg yield: 2.9094%; Bid-to-cover: 4.81x - (US) Weekly Fed Balance Sheet Total Assets for week ending Sept 10th: $4.42T v $4.42T prior; Reserve Bank Credit: $4.38T v $4.37T prior; M1 y/y change: 11.3% (6-week low) v 11.4% w/w; M2 y/y change: 6.6% v 6.6% w/w

***Market Focal Points/Key Themes*** - Shanghai Composite reversed initial 0.4% slide to enter midday break marginally higher after New Yuan loans slightly topped consensus estimates. M2 money supply hit 5-month lows at 12.8%, but was in line with the levels forecasted by China Premier Li earlier this week. Moreover, the PBoC said M2 growth is still within a reasonable range and on track to reach 13% target this year. - GBP/USD spiked up about 50pips to $1.6275 - a 1-week high - after the latest YouGov poll put the No vote on Scotland referendum back in favor by a 52-48% margin. This follows a 150pip drop in cable to start this week when the Yes vote initially took its first lead in the polls. Recalls that today's poll also follows a strong showing for the loyalists in the Scottish Daily Record earlier this week which printed at 53% in favor of No's. - USD/JPY hit fresh 6-year highs above 107.30, reversing earlier decline in the US hours when BOJ Gov Kuroda said there is no need for further policy easing yet. Econ Min Amari stated PM Abe remains "neutral" on 2nd round of sales tax hike decision and also deferred to answer whether the current JPY level is appropriate. - BOK was on hold at 2.25%, as widely speculated by analysts, though one board member dissented in favor of further easing. BOK said inflation pressures will not be high for time being, and that it is closely monitoring the impact of the end of Fed easing. BOK Gov Lee was also relatively cautious, noting business sentiment has yet to improve and that the latest rise in lending may be temporary. USD/KRW level hit a 1-month high around KRW1,040 following the decision. Separately, South Korea Finance Ministry monthly report stated economic recovery remains fragile amid soft investment sentiment. - A press report cited the latest CIA memo indicating ISIS could have 2-3x the initially estimated number of armed militants in Syria/Iraq at 20 to 31.5K.

***Equities*** US markets: - CNVR: Alliance Data to acquire Conversant at $35/shr in cash and stock valued at $2.3B; ADS sees immediate accretion; +31.2% afterhours - ULTA: Reports Q2 $0.94 v $0.82e, R$734.2M v $711Me; +14.1% afterhours - SPWH: Reports Q2 $0.12 v $0.10e, R$159.5M v $156Me; +7.6% afterhours - EBAY: Execs say eBay to launch its first mobile advertising business in Q4; will allow marketers to place ads on home screen of mobile device apps - Recode; +0.2% afterhours - OXBT: Halts Oxycyte Phase IIb Traumatic Brain Injury Trial; -8.9% afterhours - S: Announces Exclusive New Rate Plan for iPhone 6 and iPhone 6 Plus and a Revolutionary New Way to Acquire iPhone

Notable movers by sector: - Consumer Discretionary: Asahi Group 2502.JP -1.8% (press reports on lower Japan beer sales); Myer Holdings MYR.AU -6.1% (analyst actions) - Financials: National Australia Bank NAB.AU -0.6% (UK unit contingency plans); CITIC Limited 267.HK -4.5% (receives order for HK$1.9B compensation on fx trading loss in 2008) - Energy: Offshore Oil Engineering 600583.CN +3.3%, China Oilfield Services 601808.CN +2.2% (China invites foreign companies to bid for offshore oil projects) - Healthcare: Astellas Pharma 4503.JP +3.5% (FDA approves Xtandi)

Barron's : Lululemon: Sell the Rally

Lululemon: Sell the Rally


Lululemon shares soared Thursday morning after the struggling yoga-apparel maker announced upbeat fiscal second-quarter results. The stock, however, likely hasn't seen the last of its downward dog days.
Before the market open, Lululemon Athletica (ticker: LULU) reported earnings of $48.7 million, or 33 cents a share, down from 39 cents a share in the year-ago period. Revenue rose 13% to $390.7 million in the quarter ended Aug. 3. Analysts expected earnings of 29 cents a share on sales of $376.8 million.
Lululemon also raised its full-year earnings guidance to a range of $1.72 to $1.77 a share, on revenue of $1.78 billion to $1.8 billion. Wall Street consensus is for earnings per share of $1.74 on revenue of $1.78 billion.
The stock surged 16.6% to $44.78 in morning trading following the report. However, the "short squeeze driven relief rally" looks overdone given stiff competition, falling margins and a pricey valuation.
While Lululemon raised its full-year outlook, that forecast is still below its projections from earlier this year—EPS between $1.80 and $1.90 a share on revenue of $1.77 billion to $1.82 billion—before the company slashed expectations in June.
Gross margin fell from 54% to 50.5% in the quarter, on the back of a 22% rise in input costs, and Lululemon, like other retailers, remains mired in a promotion-heavy environment.
Moreover, while Lululemon may have pioneered the casual-wear trend, plenty of new entrants have jumped on the bandwagon to capitalize on its missteps, including deep-pocketed Gap (GPS), with its Athleta brand, and niche players like Under Armour, whose 75% rise in the past year strikes a stark contrast to Lululemon's 45% decline.
Although Lululemon is working to correct past mistakes, investors shouldn't declare "mission accomplished" after one upbeat quarter.
Last week, Canaccord Genuity's Camilo Lyon wrote that Lululemon's stock will likely see "more fits and starts" as it works through it near-term issues, and that competition from smaller players to behemoths like Nike (NKE) "could result in further share loss for Lululemon as we believe rightsizing the assortment mix of fashion and basics are six to nine months away."
Even if it moves faster than that, other companies continue to innovate and put pricing pressure on Lululemon's offerings.
This column was skeptical of Lululemon earlier this summer, as disappointing margins and same-store sales clouded its first-quarter report. (See Barron's Take, "Can Lululemon Regain Its Harmony?" June 12.)
The stock is up 18% since that article's publication, mostly due to Thursday's spike. Excluding today's rally, shares are up just 1.4%, trailing the Standard & Poor's 500's 3% gain.
Given that nearly a quarter of Lululemon's float is sold short, at least some of today's rally should be attributed to covering. And at nearly 22.5 times forward earnings, the stock is even pricier than it was in June.
While Lululemon is taking some steps toward recovery, investors will likely have to wait longer to see benefits of its turnaround.
In a note Monday, even bullish RBC Capital Markets analysts Howard Tubin and Courtney Willson wrote that the "complete benefit from recent and pending process changes, should be seen later in 2015 and 2016."
Don't think everything is Zen at Lululemon

>>> US Close Dow -0,12% S&P +0,09% Nasdaq +0,12% Russel +0,63%

Closing Market Summary: Small Caps Jump While S&P 500 Ends Little Changed

The Dow Jones Industrial Average (-0.1%), Nasdaq (+0.1%), and S&P 500 (+0.1%) ended the Thursday affair on a flat note, while the relative strength among small caps sent the Russell 2000 higher by 0.7%.

Equity indices began the trading day on a cautious note following last evening's remarks from President Obama who announced increased support for Syrian rebels and a U.S.-led coalition effort targeting ISIS militants in Syria and Iraq. The address led to some risk aversion overnight, but that sentiment faded during the day. Treasuries climbed overnight, but wiped out all of their gains over the course of the session. The 10-yr yield ended at 2.55% after marking a low at 2.51% shortly before the opening bell.

Meanwhile, the underperformance of three influential sectors—energy (+0.1%), technology (+0.1%), and health care (-0.3%)—drove the market to lows during the first 90 minutes of action. For the second consecutive day, the energy sector opened with a loss near 1.0%, but was able to shake off the weakness with help from crude oil, which surged 1.3% to $92.89/bbl.

The energy sector staged a nice turnaround, but remains lower by 3.8% so far in September. Influential sector members were mixed with Dow components Chevron (CVX 123.83, -0.45) down 0.4% and ExxonMobil (XOM 97.03, +0.22) up 0.2%.

Elsewhere, technology was among the early laggards, but rejoined the broader market in the afternoon. Chipmakers rallied off their intraday lows with Applied Materials (AMAT 22.93, +0.56) setting the pace. The stock rose 2.5%, while the broader PHLX Semiconductor Index added 0.3%.

While two of the early laggards were able to rebound, the health care sector could only trim about half of its loss as biotechnology weighed. The iShares Nasdaq Biotechnology ETF (IBB 273.35,-1.06) fell 0.4%.

The remaining three countercyclical groups fared a bit better with consumer staples shedding 0.1%, while telecom services and utilities rose 0.6% and 0.9%, respectively.

Participation was below average with 591 million shares changing hands at the NYSE floor.

Economic data was limited to weekly initial claims and the Treasury Budget for August:
  • Initial claims increased to 315,000 from an upwardly revised 304,000 (from 302,000), while the consensus expected a decline to 300,000 
    • Throughout July and August, the initial claims level had averaged roughly 300,000 per week, a level normally associated with an economy that is running at, or near, full employment, but this week's increase in claims brought the level back to its average from March through June 
    • We believed that the claims data over the previous two months were biased by poor seasonal adjustments from the motor vehicle sector and we expected claims to rebound to the 310,000 -- 320,000 range once the biases left 
  • The Treasury Budget for August showed a deficit of $128.70 billion, which followed the prior deficit of $147.90 billion, while the consensus expected a deficit of $129.00 billion 
Tomorrow, the Retail Sales report for August (consensus 0.6%) and August Import/Export Prices will be released at 8:30 ET, while the preliminary reading of the Michigan Sentiment Survey (consensus 83.5) will cross the wires at 9:55 ET. The day's data will be topped off with the 10:00 ET release of the Business Inventories report for July (expected 0.4%).

Also of note, the latest YouGov poll ahead of next week's Scottish independence vote will be released this evening at 17:00 ET and could lead to movements in the British pound, and by extension, the U.S. dollar.
  • Nasdaq Composite +9.9% YTD 
  • S&P 500 +8.1% YTD 
  • Dow Jones Industrial Average +2.9% YTD 
  • Russell 2000 +0.8% YTD

FT : John Paulson attacks AngloGold spin-off plan

John Paulson attacks AngloGold spin-off plan

John Paulson, the hedge fund billionaire behind one of the largest investments in AngloGold Ashanti, has sharply criticised the gold miner’s plans for a corporate break-up and will oppose the deal.
Mr Paulson said AngloGold’s plan would destroy value for shareholders, with the limited benefits of a spin-off of international assets outweighed by the miner’s plans for a $2.1bn equity issue.

Paulson & Co, the hedge fund that owns 6.6 per cent of the South African miner, “has no intention to vote for the transaction” proposed by AngloGold, Mr Paulson said.
Shares in AngloGold fell 14 per cent after the miner, the world’s third largest in terms of gold production, said this week it intended to raise equity and spin off all its mines and projects outside South Africa into a separately listed UK company.
The miner would hold 65 per cent of the shares in the spin-off and give 35 per cent to its investors.
Before any spin-off, AngloGold is to seek $2.1bn of equity through a rights issue. Proceeds would be used to ensure the miner was debt-free at the time of the spin-off, complying with an agreement struck with the South African central bank.
Srinivasan Venkatakrishnan, AngloGold’s chief executive, said the rights issue would go ahead even if the spin-off did not happen, because AngloGold needed to reduce its $3.1bn of net debt.
Mr Paulson said the “massive equity issue” would mean an estimated 50 per cent increase in the shares in AngloGold. “The limited benefits of the partial 35 per cent spin-off are outweighed by the dilution,” he said. The comments were first reported by Bloomberg.

Paulson & Co holds significant positions in a number of gold companies, having anticipated rising demand for gold and higher gold prices after central banks intervened to pump liquidity into markets following the 2008 financial crisis.
The miner’s largest shareholder is South Africa’s state-owned Public Investment Corporation, with a holding of about 10 per cent. Matshepo More, PIC’s acting chief executive, said the fund manager was “reviewing the proposed plans by AngloGold to determine its position”.
AngloGold said: “We think there is a compelling proposition and a unique opportunity to restructure these assets, to unlock value and improve future growth prospects.
“We have spoken with several shareholders, including Mr Paulson, who has expressed his opinion on the proposed deal.”
Other shareholders in AngloGold are likely to scrutinise its plans in talks next week at the Denver Gold Forum, one of the gold sector’s largest annual conferences for investors and miners.

>>> Carmat (ALCAR FP) +3,50% today - very bad show on TV France 2

stock should be down heavily tomorrow...looks very very very bad....false informations....manipulation of informations...the heart is too big, not working properly, management has over estimated potential market
Main Shareholders are Airbus & Truffle Capital.
Truffle already sold 25% of its stake...


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>>> Draghi on the tape

- Draghi Says ECB Is Ready to Take Further Action If Needed
- Draghi Says Rise in Investment Essential to Boost Inflation
- Draghi Says Public Guarantees for ABS Could Support SME Lending