(BFW) ECB Says Banks Take EU129.8b in Targeted Long-Term Loans

BFW 09/18 09:21 ECB Says Banks Take EU82.6b in Targeted Long-Term Loans
BFW 09/18 09:20 *ECB PROVIDES EU82.6 BLN IN TLTRO; EST. EU100 BLN TO EU300 BLN
BFW 09/18 09:20 *ECB SAYS BANKS TAKE 82.6 BLN EUROS IN TARGETED LONG-TERM LOANS
BFW 09/18 09:20 *ECB ANNOUNCES RESULT OF FIRST TARGETED LONGER-TERM LOAN OFFER
ECB Says Banks Take EU129.8b in Targeted Long-Term Loans
2014-12-11 10:20:25.747 GMT


By V. Ramakrishnan
Dec. 11 (Bloomberg) -- ECB announces allotment of EU129.8b
at second TLTRO.
* Est. range was EU90b to EU250b in Bloomberg survey of 24
analysts; median EU148b
* Link to release
* NOTE: ECB allotted EU82.6b in first TLTRO on Sept. 18
* NOTE: ECB excess liquidity is at EU89.8b, lowest since Nov.
25
* Preview of analyst views here


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To contact the reporter on this story:
V. Ramakrishnan in London at +44-20-3216-4442 or
rvenkatarama@bloomberg.net
To contact the editors responsible for this story:
Deborah L Hyde at +44-20-3216-4829 or
dhyde10@bloomberg.net
Brian Swint

(BN) LendingClub Raises $870 Million in IPO Poised to Change Finance

LendingClub Raises $870 Million in IPO Poised to Change Finance
2014-12-11 05:01:00.9 GMT


By Leslie Picker and Noah Buhayar
Dec. 11 (Bloomberg) -- LendingClub Corp. is getting a
larger-than-expected cash infusion from an initial public
offering after pricing an increased number of shares above the
marketed range.
The company, which arranges loans to individuals and small
businesses over the Internet using funds from investors who can
commit as little as $25, raised $870 million in the IPO. San
Francisco-based LendingClub and some of its venture capital
backers sold 58 million shares for $15 each, according to a
statement yesterday, after offering 57.7 million for $12 to $14.
The company raised the range this week from $10 to $12.
Chief Executive Officer Renaud Laplanche founded the
company before the financial crisis, seeking to use technology
to make borrowing cheaper and easier. Since then, the peer-to-
peer lender has facilitated more than $6 billion in loan
originations. Now, its IPO is serving as a barometer for an
entire industry of alternative lenders that will be looking to
see how the public markets value these types of businesses.
LendingClub earns revenue by charging transaction and
servicing fees on the loans it helps issue and lists online for
investors to fund. Its main products are three- and five-year
unsecured consumer loans with interest rates that average about
14 percent. Investors of all stripes -- from individuals and
hedge funds to banks and asset managers -- are now funding loans
on the platform.
That’s helped boost originations. LendingClub’s net revenue
more than doubled to $144 million in the first nine months of
the year, compared with the same period in 2013. While the
company has posted losses this year, it was profitable during
2013.

Proceed Plans

LendingClub, which sold 50.3 million of the shares in the
IPO according to the statement, will use the proceeds for
working capital, expenditures and debt repayment. The company
may use some of the funds for acquisitions as well.
Existing investors Canaan Partners, Kleiner Perkins
Caufield & Byers and Union Square Ventures offered 7.7 million
shares in the offering.
LendingClub’s model has attracted some high-profile
backers. Former Morgan Stanley Chairman and Chief Executive
Officer John Mack sits on LendingClub’s board, as does Mary
Meeker, who previously worked as a research analyst at the firm
and is now a partner at Kleiner Perkins. Larry Summers, the
former U.S. Treasury secretary and president emeritus of Harvard
University, is also a director.
Morgan Stanley and Goldman Sachs Group Inc. managed the
offering. The shares, listed on the New York Stock Exchange
under the symbol LC, will begin trading today.

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To contact the reporters on this story:
Leslie Picker in New York at +1-212-617-2797 or
lpicker2@bloomberg.net;
Noah Buhayar in New York at +1-206-262-4148 or
nbuhayar@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman, Dan Reichl

( tagesanzeiger.ch) A way out of the crisis Sika

A way out of the crisis Sika
The owner wants to get rid communities of Sika three recalcitrant directors. Despite the escalation of a solution seems possible.

Apply with references to this article in or sign us error .
"Dry but never boring." So the anniversary report is titled, the Sika ( SIK 0.07% to 2,767) has published on the occasion of the 100th anniversary four years ago. The motto to provide the construction and adhesive manufacturers like sequence. Thus, the company recently invited a to a race track. Only a slingshot course was completed, then we drove at high speed across the tarmac - in BMW, Jaguar and Tesla, the lightweight body of Sika adhesives is held together.

Also recently boredom was not on the agenda. But the company is self-skid. The founding family has announced the sale of its controlling stake in the French Saint-Gobain, the nine people and six board members do not carry the decision with. In response, the family shareholders have an extraordinary general meeting. Three rebellious directors are to go early, including President Paul Hälg.

Entrenched

Most of all we would probably also the most recalcitrant other three directors rid Frits van Dijk, Ulrich Suter and Christoph Tobler. Of these, the founding family has refrained because the project could fail because of a qualified More, the company statutes prescribe for this case. For this is the new business lawyer Max Roesle butt as president to Sika, also a director Chris Tanner was nominated, current CFO of Cosmo Pharmaceuticals. On balance, the persons elected by the family Burkard had so from January the majority in the committee.

But should not the rest so that companies come. The Board rejected the majority owner, she put her resignation in view at the conclusion of the sale. This is likely to further harm not only the mood in the company, but also the beleaguered share. The management team is ascribed a key role in the success of recent years. One of its strengths is its long association with the operation: Most Division leaders are already since the eighties Sika, the current CEO of 1998 to Jenisch met.

Clash of business units as a solution

A greater upheaval threatens the company from Baar, riding on the wave of success in recent years. Despite hardened fronts incumbent President Paul Hälg not to give up hope. "I continue to work on solutions for the company," he says. Similarly said by the designated Board Chris Tanner. "In the near future, the most important task be to promote dialogue and build bridges between all those involved." Tanner, who sees himself as an independent director, is a longtime friend of Willi Leimer, of which about Schenker-Winkler Holding interests of the founding family at Sika represents.

While Saint-Gobain speaks of synergies in millions, interferes with the management of the conflicts of interest that would entail the entry of competitors by themselves. A possible way out of the crisis could be the transfer of overlapping business units between Saint-Gobain and Sika, say as business-related sources. Addressed are the areas of cement and mortar production and the tile adhesives. Overlaps make estimated that a maximum of 10 percent of sales from Sika and far less at Saint-Gobain. The French would cede this business, the Company no longer stood directly in competition. An important reason that speaks against the partial takeover, would thus be off the table.

The much-touted Sika Spirit

As the Sika management is such a solution was not to be found out on Wednesday. According to the business analysts Martin Hüsler of the Zürcher Kantonalbank, the clash of certain portfolios quite a variation. "All that would enhance the independence of Sika contributes to reducing conflicts of interest." According Hüsler Nevertheless, it is questionable whether the new constellation an essential would change. "In terms of strategic questions Sika remain dependent of Paris." According Remo Rosenau of the New Helvetic Bank is not the Sika culture is equivalent to be part of a major corporation. "The unique company spirit would be lost forever, and not just the top management."

Also a full takeover of the profitable Sika is likely to remain an issue in Saint-Gobain. What this would trigger the historic company, one can speculate at most. A reference to the self-understanding provides the 100th anniversary report. "Sika remains true to himself," It states in the concluding section. This reaffirms the "devotion and loyalty" of the owner's family and guarantees on their behalf "security, stability and continuity." The same site-touted duty of employees, "the name Sika to ensure" - they may have been damaged after the sale to Saint-Gobain well.

(La Tribune) The transaction between Technip and CGG does not convince the state

The transaction between Technip and CGG does not convince the state for the moment (Google Translation)

Officially, the state has a neutral position in the merger between Technip and CGG. Behind the scenes, however, it is not (yet) convinced by this.

What will Technip on the CGG file while the Christmas break is fast approaching? Will he throw in the towel before the little enthusiastic response to his offer, including the part of the State, or he is preparing a new offer more attractive? But he has the will and especially the means? One thing is certain, the state as a shareholder of MBC, which notably strengthened in June 2010 via BpiFrance interests (while ISPs) in the capital of oil services taking 6% over about 17 euros the action is not convinced by the offer. "The price for CGG and industrial project are not," says a source close to the case in La Tribune. This is the position of the state, which "look carefully what happens."

Technip, the case is complicated a bit more, even if the state did not de facto arbiter. But this is, however, difficult to do without his consent - at least implied. It is also the capital of both groups. Certainly, to a minor extent. In CGG, it has almost 11% of CGG via two vehicles: BpiFrance holdings (7.04%) and IFP (French Petroleum Institute) Energies Nouvelles (3.59%). Technip, it has a little less than 8% of its capital: BpiFrance Holdings (5.20%) and IFP Energies Nouvelles (2.50%). For these reasons, the state remains in an official position of neutrality, the directors of the state is not taking part in the debate or vote when this operation is mentioned because of their presence in the two councils.

An ongoing expertise
The State questioned such a rapprochement between Technip and CGG "? Downstream, Upstream Services industry We are not sure yet" the relevance of this operation. This is also why an expert is ongoing. In addition, the draft Technip to retain a portion of CGG awakens fears for employment. Especially since at CGG, it does not hesitate to recall that, in the Essonne Massy, ​​riding the Prime Minister Manuel Valls, about 400 employees work in the Acquisition branch Technip wishes to transfer.

"The state is very bothered by the possible dismantling" do you note in the group's entourage. Above all, many observers fear that the supply of Technip opens a Pandora's box with possible against-offer of a new player. Not impossible in a process of consolidation in the sector.

(LA Tribune) L'opération entre Technip et CGG ne convainc pas l'Etat pour le mom

Officiellement, l’État a une position de neutralité dans l'opération de rapprochement entre Technip et CGG. En coulisse, il n'est toutefois pas (encore ?) convaincu par cette opération.

Que va faire Technip sur le dossier CGG alors que la trêve de Noël arrive à grands pas ? Va-t-il jeter l'éponge devant le peu d'enthousiasme qu'a suscité son offre, y compris de la part de l'État, ou bien prépare-t-il une nouvelle offre plus attractive ? Mais en a-t-il la volonté et surtout les moyens ? Une chose est sûre, l'Etat en tant qu'actionnaire de CGG, qui s'est notamment renforcé en juin 2010 via BpiFrance participations (alors FSI) dans le capital du parapétrolier en prenant 6 % au cours d'environ 17 euros l'action, n'est pas convaincu par l'offre. "Le prix pour CGG et le projet industriel n'y sont pas", explique une source proche du dossier à La Tribune. C'est la position de l'Etat, qui "regarde attentivement ce qui se passe".

Pour Technip, le dossier se complique un peu plus, même si l'Etat n'a pas de facto un rôle d'arbitre. Mais cela reste difficile de faire toutefois sans son accord - au moins tacite. Il est d'ailleurs au capital des deux groupes. Certes, de façon minoritaire. Chez CGG, il possède près de 11 % de CGG via deux véhicules : BpiFrance participations (7,04 %) et IFP (Institut Français du Pétrole) Energies Nouvelles (3,59 %). Chez Technip, il a un peu moins de 8 % de son capital : BpiFrance Participations (5,20 %) et IFP Energies Nouvelles (2,50 %). Pour ces raisons, l'Etat reste dans une position officielle de neutralité, les administrateurs de l'Etat ne prenant pas part ni aux discussions ni au vote quand cette opération est évoquée en raison de leur présence dans les deux conseils.

Une expertise en cours
L'État s'interroge sur un tel rapprochement entre Technip et CGG : "Aval, amont ? Services, industrie ? Nous ne sommes pas encore sûrs" de la pertinence de cette opération. C'est d'ailleurs pour cela qu'une expertise est en cours. En outre, le projet de Technip de ne conserver qu'une partie de CGG éveille des craintes pour l'emploi. D'autant que chez CGG, on ne se prive pas de rappeler que, à Massy dans l'Essonne, la circonscription du Premier ministre Manuel Valls, environ 400 salariés travaillent dans la branche Acquisition que Technip souhaite céder.

"L'Etat est très embêté par un éventuel démantèlement", note-t-on dans l'entourage du groupe. Et surtout, beaucoup d'observateurs craignent que l'offre de Technip n'ouvre la boîte de Pandore avec une possible contre-offre d'un nouvel acteur. Pas impossible dans un secteur en voie de consolidation.

L'AUTEUR