(BFW) Campari, Diageo, Bacardi Among Bidders for Grand Marnier: Sole

Campari, Diageo, Bacardi Among Bidders for Grand Marnier: Sole
2014-12-03 07:58:29.692 GMT


By Dan Liefgreen
Dec. 3 (Bloomberg) -- Brown-Forman, Diageo, Bacardi, Pernod
Ricard among those interested in Grand Marnier, Il Sole 24 Ore
reports, without saying where it got the information.
* NOTE from Nov. 21: French Liquor Maker Grand Marnier Is Said
to Consider Sale {NSN NFE0NL6JTSE8<Go>}

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To contact the editor responsible for this story:
Dan Liefgreen at +39-02-8064-4204 or
dliefgreen@bloomberg.net

>>> What to look at today - 3rd of December 2014

US Market closed Higher with small caps leading, M&A news continue to be supportive for the market Cypress Semi./Spansion, Avanir Pharma/Otsuka, Friends Life/ Aviva...volume were above average @7 95mil shares...Nine of ten sectors were able to register gains with energy (+1.3%) ending in the lead for the second day in a row. The sector spent the bulk of the session ahead of other groups even as crude oil fell 3.0% to $66.97/bbl. Dow components Chevron (CVX 114.02, +2.29) and ExxonMobil (XOM 94.19, +1.84) both gained near 2.0% while Royal Dutch Shell (RDS.A 69.30, +1.81) surged 2.7% amid press reports the company may be interested in acquiring BP , financials (+1.0%) and industrials (+0.8%) were the only other out performers among cyclical sectors...VIX @ 12,85 -10,08%...US After Hours BV +9.5%, GWRE +4.0%, MCHP +2.9%, ASNA +0.8%, BOBE -4.3%, OVTI -3.9% following earnings/guidance...Japan Services PMI turned from contraction into expansion in November, reversing weather-related weakness in October. Markit economists did note that despite the "activity returning to positive growth, business sentiment among Japanese services providers slipped further in November...Australia Q3 GDP missed consensus by 4 decimal points on both q/q and y/y basis, sending AUD/USD to its lowest level in over 4 years around $0.8390. Income, Trade, and Consumption were little changed from Q2, however Capital Investment was a huge drag on growth, falling 2.7% after a 0.3% rise previously. Construction was also a key detractor to growth, falling 0.2% q/q...China released the official non-manufacturing and HSBC services PMI that both rose a tick from prior month's levels. Official PMI saw construction component rise to 58.9 from 58.5, Employment rose to 49.5 from 48.9 prior, but price index fell to 47.7 from 48.8. HSBC economist said that despite slight improvement in Services PMI, labor market index moderated and price pressures remain subdued, adding "downside pressures on the economy still persist and warrant further monetary and fiscal easing measures." Earlier, economist with Bank of China forecasted 2015 GDP at 7.2% and CPI at 2.4%, down from 7.5% and 3.5% official govt projections in 2014 respectively. Hong Kong PMI also came off its lows to 48.8 from 47.7, remaining in contraction for the 4th straight month...Nikkei +0.32% Hang Seng -0.70% Shanghai +0.35% (after Gaining more than 2%) (Volume Record in Shanghai Mkt with more than 500bln Yuan traded)

Eur$1.2377 S&P -0.01% Eurostoxx +0.10% Dax +0.19% SMI+0.05%

Macro :
- Swiss GDP Expands 0.6% Q/q in 3Q; Est. Expands 0.3% Q/q
- Australian 3Q GDP Rose 0.3% Q/Q; Est. 0.7% Gain
- China’s Non-Manufacturing PMI Rises to 53.9 in Nov.
- Shanghai Stock Trading Value Jumps to Record as Shares Swing

Keep an eye on :
- ABI BB : AB InBev Director Descheemaeker Sells EU16.5m of Brewer’s Stock
- AIR FP : Airbus Defense Unit Raided by German Prosecutors: Sueddeutsche
- AV/ LN : Aviva to Review Friends Funds Outsourced to Axa, Schroders: FT
- BG/ LN : ExxonMobil rumoured to be considering GBP 15-per-share bid for BG - UK Press
- BPTY LN : Bwin.Party suitor Playtech and shareholder Teddy Sagi consider outbidding Amaya - BEtaville
- DIA SM : Dia France’s stores in Paris attract interest from Auchan, Systeme U, and Marks& Spencer - Le Figaro
- FDR FP : Fonciere Des Regions to Invest EU400M in Europe Hotels: Echos
- FGR FP : Eiffage Chosen to Overhaul Arche De La Defense, Les Echos Says
- HOLN VX : Holcim and Lafarge may need to dispose of certain assets in India to secure clearance for their merger from India's competition watchdog The Economic Times
- ISS DC : FS Invest Selling ~18.6 Million ISS Shares, Terms Show
- JE/ LN : Just Eat Holders to Sell 8% Stake in Bookbuild
- MKS LN : Marks & Spencer Wants Carrefour’s 12 Paris Dia Stores: Figaro
- NXI FP : BPCE to Sell 4% of Nexity in Bookbuild
- PARRO FP : Parrot Introduces New Family of Modules for Car Infotainment
- ROG VX : Roche, Lilly Candidates Ahead of Biogen in Alzheimer’s: UBS
- ROG VX : Roche Says It Will Appeal Verdict on Lucentis/Avastin
- SAP GY : SAP Chairman Plattner Selling Shares Worth EU240M in Next Year
- SBMO NA :SBM Said to Have Paid $22 Million to Former Petrobras Employee
- SOI FP : Soitec, Simgui Sign Distribution Agreement for China
- SPI IM : Saipem CEO Sees Rev. Hit of EU1.25b on South Stream Halt: Sole
- SPIE FP : Spie Shareholders May Take 430m Euro Dividend Payout: Reuters
- STL NO : Statoil May Boost Gas Deliveries to Germany, Handelsblatt Says
- SZG GY : Salzgitter Says Hermes Would Cover Some South Stream Loss
- TEL NO : To merge Dutch operations with Teliasonera
- TFI FP : TF1 Wins EU1.38m in Damages From Dailymotion, La Lettre Reports
- TIT IM : Telecom Italia CEO: No Rush to Take Decisions on Brazil
- TIT IM : Telecom Italia CEO Says Stock Value Not ’Satisfying’: Radiocor
- TIT IM : Telecom Italia likely to present new industrial plan in February; may be delayed if bid made for Oi - Il Messaggero

>>> Brokers Upgrades & Downgrades - 3rd of December 2014

>>> Up
*ARYZTA RAISED TO NEUTRAL FROM SELL AT GOLDMAN
*BAYER RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*BEIERSDORF CUT TO SELL FROM NEUTRAL AT GOLDMAN
*BELGACOM RAISED TO NEUTRAL VS SELL AT CITI
*BP RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*BRITVIC RAISED TO BUY FROM NEUTRAL AT GOLDMAN; 12-MO. PT 815P
*CGG RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*ENI CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*GENEL ENERGY RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*MOL RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*NOVARTIS RAISED TO EQUAL WEIGHT AT MORGAN STANLEY
*ORIFLAME RAISED TO BUY FROM NEUTRAL AT GOLDMAN
*TELE2 RAISED TO BUY VS NEUTRAL AT NOMURA
*TELEFONICA RAISED TO NEUTRAL VS REDUCE AT NOMURA

>>> Down
*AFRICA OIL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ADIDAS CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*ASTRAZENECA CUT TO UNDERWEIGHT VS EQUAL-WEIGHT: MORGAN STANLEY
*COLT GROUP CUT TO REDUCE VS NEUTRAL AT NOMURA
*FRESENIUS SE CUT TO NEUTRAL VS BUY AT UBS
*LAURENT-PERRIER CUT TO NEUTRAL FROM BUY AT GOLDMAN
*METRO CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*NESTLE CUT TO SELL FROM NEUTRAL AT GOLDMAN; 12-MO. PT CHF65
*PERNOD RICARD CUT TO NEUTRAL FROM BUY AT GOLDMAN
*SCHIBSTED CUT TO NEUTRAL VS BUY AT UBS
*STATOIL CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*TALKTALK CUT TO REDUCE VS NEUTRAL AT NOMURA

>>> PT Changes


>>> Initiation
*INGENICO RESUMED BUY AT GOLDMAN, PT EU110
*JUST EAT RATED NEW BUY AT CITI, PT 495P
*NUMERICABLE RATED NEW OVERWEIGHT AT JPMORGAN, PT EU41.5
*UCB RATED NEW EQUALWEIGHT AT MORGAN STANLEY, PT EU69

>>> Call
>> Stock
*MARKS & SPENCER REMOVED FROM MORGAN STANLEY BEST IDEAS EUROPE
*RIO TINTO REMOVED FROM GOLDMAN CONVICTION SELL LIST; STAYS SELL
*ROSS STORES REMOVED FROM CONVICTION LIST AT GOLDMAN; STAYS BUY

>>> Holcim and Lafarge may need to dispose of certain assets in India to secure

Holcim and Lafarge may need to dispose of certain assets in India to secure clearance for their merger from India's competition watchdog 

India's competition watchdog will likely prescribe that global cement giants Holcim and Lafarge make a "structural remedy" to their proposed merger arrangement in order to get the Competition Commission of India's (CCI) clearance for their merger. The Economic Times cited an undisclosed senior official in the Indian government to report on the matter.

Holcim and Lafarge's global merger requires approval from regulators across multiple countries, including India, whose competition authority has already placed the proposal up for public scrutiny. According to the report, Holcim operates in the country through subsidiaries Ambuja Cements and ACC, while Lafarge operates in India through Lafarge Aggregates & Concrete and Lafarge India.

As per the report, a "structural remedy" would normally involve a request for companies to sell certain assets, so as to reduce the impact their merger would have on the market. Also, according to the same government source cited earlier, both Lafarge and Holcim will need to submit a list of plants -- both assets and operations -- that would need to be divested as part of their merger agreement.

However, the item also noted that in their joint filing with the CCI, Holcim and Lafarge had said they anticipate that the will meet intense competition from incumbent players in India's cement space. adding that the Indian market is characterized by having "excess capacity" and would therefore hinder their merged entity's ability to raise prices.


Source The Economic Times

>>> Telecom Italia likely to present new industrial plan in February; may be del

Telecom Italia likely to present new industrial plan in February; may be delayed if bid made for Oi

Telecom Italia (TI) is preparing a new industrial plan that should be presented in February 2015, Italian-language daily Il Messaggero reported.

The article cited CEO Marco Patuano who noted that while TI is now a public company, previous industrial plans had reflected that it had been under the control of a leading shareholder, such as shareholder vehicle Telco.

Patuano further noted that the management was not satisfied with TI's present position and it was necessary to convince the markets with the new plan, the article noted.

The report said that the new plan did not envisage any acquisitions or divestments and had, therefore, not taken into account a possible merger between Tim Brasil, TI's Brazilian subsidiary, and Brazilian fixed-line telco Oi. The item noted that if TI were to go ahead with the Oi operation the industrial plan would be delayed.

Patuano added that there was no rush to make a decision on the Oi dossier and TI was being cautious on the matter, the article said.

Il Messaggero

>>> Bwin.Party suitor Playtech and shareholder Teddy Sagi consider outbidding Am

Bwin.Party suitor Playtech and shareholder Teddy Sagi consider outbidding Amaya 

Bwin.Party Digital Entertainment, the UK-listed online betting company, could be in line for a bid to rival that of Amaya Gaming, the Betaville financial blog reported on 1 December.

The London-listed gaming software company Playtech and Teddy Sagi, its biggest investor, are considering making their own bid, according to unidentified “excellent sources” cited by the blog.

Canada-based Amaya is believed to have signalled it would be prepared to pay 140p per share, a level which Playtech and Sagi may be prepared to surpass, the item reported. It went on to caution that the current “fluid” situation may not result in a deal with Playtech.

The report said an unidentified private-equity house is also eyeing Gibraltar-based Bwin and is preparing a cash-only offer.

Betaville

>>> ExxonMobil rumoured to be considering GBP 15-per-share bid for BG - reports

ExxonMobil rumoured to be considering GBP 15-per-share bid for BG

ExxonMobil, the Irving, Texas-based oil Goliath, is rumoured to be a potential bidder for the UK-listed oil and gas company BG Group, The Times reported. Market chatter suggests Exxon might pay as much as GBP 15 (USD 23.47) per share for BG, whose share price has dropped 28% this year, the report said.

A market report in The Daily Mail said dealers heard rumours of ExxonMobil making a potential GBP 14-per-share break-up bid for BG. BG’s shares were trading at 935.5p by yesterday’s close, the report noted.

The Daily Telegraph’s market report noted speculation that BG might be taken over by the listed rival Royal Dutch Shell or is being targeted for a joint break-up bid from ExxonMobil and San Ramon, California-based Chevron.

BG is considered vulnerable in part because it does not currently have a chief executive in post, the Times and Mail reports said.

The Times (London), Daily Mail, Daily Telegraph

>>> Dia France’s stores in Paris attract interest from Auchan, Systeme U, and Ma

Dia France’s stores in Paris attract interest from Auchan, Systeme U, and Marks& Spencer
The sale of 12 Paris-located stores operated by food retailer Dia France is understood to have attracted the interest of major food retailers, French daily Le Figaro reported. The unsourced report claimed that UK group Marks & Spencer, via its M&S Food unit, and French groups Auchan and Systeme U are interested in acquiring the business. French retailer Casino is not expected to take part in the auction because the acquisition would raise competition issues, the report added.

The report went on to say that another five stores located in the cities of Lyon, Marseille and Lille could also lead to a fierce battle between bidders.

The French competition authority recently authorised the takeover of Dia France by Carrefour on the condition that the latter divest 50 Dia stores and end franchise contracts with a further six; 12 of the stores to be let go are located in Paris.

Le Figaro

>>> Asian Update

Asian Market Update: AUD falls to 4-year lows on disappointing Q3 GDP as markets begin to price in more RBA cuts

***Economic Data***
- (AU) AUSTRALIA Q3 GDP Q/Q: 0.3% V 0.7%E (matches lowest rate of growth since Q1 2013); Y/Y: 2.7% V 3.1%E
- (AU) AUSTRALIA NOV AIG PERFORMANCE OF SERVICES INDEX: 43.8 V 43.6 PRIOR (9th consecutive contraction)
- (NZ) NEW ZEALAND Q3 VALUE OF ALL BUILDINGS Q/Q: 1.5% V 2.6%E
- (CN) CHINA NOV NON-MANUFACTURING PMI: 53.9 V 53.8 PRIOR
- (CN) CHINA NOV HSBC SERVICES PMI: 53.0 V 52.9 PRIOR
- (HK) HONG KONG NOV HSBC PMI: 48.8 V 47.7 PRIOR (4th consecutive contraction)
- (JP) JAPAN NOV MARKIT SERVICES PMI: 50.6 V 48.7 PRIOR
- (UK) UK NOV BRC SHOP PRICE INDEX Y/Y: -1.9% V -1.9% PRIOR (19th consecutive decline)

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +0.9%, S&P/ASX +0.6%, Kospi +0.3%, Shanghai Composite +0.5%, Hang Seng -0.4%, Dec S&P500 flat at 2,066

***Commodities/Fixed Income***
- Feb gold flat at $1,199, Jan crude oil 1.2% at $67.69/brl, Mar copper -0.3% at $2.88/lb
- GLD: SPDR Gold Trust ETF daily holdings rise 2.4 tonnes to 720.0 tonnes; First rise since Nov 17th
- SLV: iShares Silver Trust ETF daily holdings fall to 10,806 tonnes from 10,891 tonnes prior
- (US) API PETROLEUM INVENTORIES: CRUDE: -6.5M (largest draw since Sept 23rd) v +0.5Me, GASOLINE: -0.035M v +1Me, DISTILLATE: +2.5M v -0.5Me
- (US) T. Boone Pickens: OPEC will have to cut output at some point; Saudis can handle $70 oil because they have cash reserves but the rest cannot sustain that price - CNBC
- (CN) According to survey, PBoC may halt open market operations (OMO) until end of 2014 - financial press
- (CN) China MoF sells 7-year bonds at avg yield of 3.6040% v 3.44%e
- USD/CNY: (CN) PBoC sets yuan mid point at 6.1376 v 6.1325 prior setting (weakest Yuan setting since Nov 24th)
- (JP) BOJ offers to buy ¥400B in 5-10yr JGB, ¥240B in 10-25 yr JGB and ¥160B in JGB with maturity over 25-yr
- (AU) Australia MoF (AOFM) sells A$500M in 3.25% bonds due 2018; Average yield: 2.4910%; Bid-to-cover: 5.92x

***Market Focal Points/Key Themes/FX***
- Nikkei225 is leading regional indices higher, remaining supported by weaker Yen. USD/JPY hit fresh 7-year highs above 119.40 in Asia session, though pared some of those gain in afternoon hours below 119.20. Japan Services PMI turned from contraction into expansion in November, reversing weather-related weakness in October. Markit economists did note that despite the "activity returning to positive growth, business sentiment among Japanese services providers slipped further in November. Some panel members commented on uncertainty around sales taxes when considering the outlook for activity over the coming year."

- Australia Q3 GDP missed consensus by 4 decimal points on both q/q and y/y basis, sending AUD/USD to its lowest level in over 4 years around $0.8390. Income, Trade, and Consumption were little changed from Q2, however Capital Investment was a huge drag on growth, falling 2.7% after a 0.3% rise previously. Construction was also a key detractor to growth, falling 0.2% q/q. Treasurer Hockey said Q3 report demonstrates the economy is in transition, and that growth, while disappointing, is "only marginally lower than what we were expecting." ANZ economist noted that in income terms, GDP actually contracted 0.1%. Commsec economist was more upbeat, noting the slowdown in growth is still in line with RBA expectations and would not provoke another rate cut increasingly anticipated by other analysts.

- China released the official non-manufacturing and HSBC services PMI that both rose a tick from prior month's levels. Official PMI saw construction component rise to 58.9 from 58.5, Employment rose to 49.5 from 48.9 prior, but price index fell to 47.7 from 48.8. HSBC economist said that despite slight improvement in Services PMI, labor market index moderated and price pressures remain subdued, adding "downside pressures on the economy still persist and warrant further monetary and fiscal easing measures." Earlier, economist with Bank of China forecasted 2015 GDP at 7.2% and CPI at 2.4%, down from 7.5% and 3.5% official govt projections in 2014 respectively. Hong Kong PMI also came off its lows to 48.8 from 47.7, remaining in contraction for the 4th straight month.

- New Zealand Global Dairy Trade auction showed another contraction, as winning auction price again hit its lowest level since Aug 2009. New Zealand Fin Min English responded that the economy can withstand falling prices, but that projections for 2016 GDP of 2.75% are likely "optimistic."

***Equities***
US markets:
- MCHP: Raises Q3 $0.60-0.64 v $0.63e, Rev $518.9-535.3M v $539Me (prior $0.59-0.64, Rev $508-535.3M); +1.6% afterhours
- IPGP: THS and IPGP to be added to S&P400 index; THS +1.3%, IPGP +2.9% afterhours
- ASNA: Reports Q1 $0.28 v $0.27e, R$1.19B v $1.20Be; +0.1% afterhours
- BOBE: Reports Q2 $0.36 v $0.34e, R$333.3M v $343Me; -1.5% afterhours
- PBYI: Intends to delay proposed timeline for filing PB272 (neratinib) NDA until Q116 v H115 (prior timeline); -18.4% afterhours

Notable movers by sector:
- Consumer Discretionary: Sands China 1928.HK -4.6%, Wynn Macau 1128.HK -5.7%, Galaxy Entertainment 27.HK -3.8% (continues to slide lower on weak Macau casino Rev); Myer Holdings MYR.AU +2.8% (UBS initiates stake); Qantas Airways QAN.AU +4.9% (UBS initiates stake); Fast Retailing 9983.JP +2.3% (Nov sales result)
- Materials: Fortescue Metals Group FMG.AU +6.4% (cuts executive positions on cost-saving); Whitehaven Coal WHC.AU +1.8% (FY15 production guidance); Nippon Carbon 5302.JP +6.2% (analyst action)
- Industrials: Leighton Holdings LEI.AU +2.1% (awarded contract); Chiyoda Corp 6366.JP +1.6% (awarded contract)
- Healthcare: Ramsay Health Care Limited RHC.AU +2.1% (analyst action)