>>> Lafarge/Holcim's European assets attract Dalmia Bharat

Lafarge/Holcim's European assets attract Dalmia Bharat 

Dalmia Bharat, the India-based cement producer, is in discussions to submit an offer for either a single or several of the cements assets in Europe put up for sale by the France-based Lafarge and the Switzerland-based Holcim, ET Now, citing undisclosed sources.

UltraTech, another India-based cement company, has already begun a process of due diligence after making non-binding offers for certain Lafarge-Holcim plants in The Philippines and Brazil, the TV channel said, and added it is believed that UltraTech is seeking to raise more than USD 1bn already from the market to take part in the concluding bidding round for the assets.

Undisclosed sources indicate it is expected that binding bids would be submitted by a deadline of January 2015, the business news channel said.

Although several available options are being explored by Dalmia Bharat, much would be determined by whether the company possesses the financial muscle to do a large acquisition, the TV channel cited an undisclosed source as saying.

No comment was offered by a spokesperson for Dalmia Bharat.
ET Now

>>> Lafarge/Holcim's European assets attract Dalmia Bharat

Lafarge/Holcim's European assets attract Dalmia Bharat 

Dalmia Bharat, the India-based cement producer, is in discussions to submit an offer for either a single or several of the cements assets in Europe put up for sale by the France-based Lafarge and the Switzerland-based Holcim, ET Now, citing undisclosed sources.

UltraTech, another India-based cement company, has already begun a process of due diligence after making non-binding offers for certain Lafarge-Holcim plants in The Philippines and Brazil, the TV channel said, and added it is believed that UltraTech is seeking to raise more than USD 1bn already from the market to take part in the concluding bidding round for the assets.

Undisclosed sources indicate it is expected that binding bids would be submitted by a deadline of January 2015, the business news channel said.

Although several available options are being explored by Dalmia Bharat, much would be determined by whether the company possesses the financial muscle to do a large acquisition, the TV channel cited an undisclosed source as saying.

No comment was offered by a spokesperson for Dalmia Bharat.
ET Now

(BFW) Technip Bid for CGG ‘Sensitive’ for French Economy, Macron Says

BN 11/27 16:13 Technip Bid for CGG ‘Sensitive’ for French Economy, Macron Says
Technip Bid for CGG ‘Sensitive’ for French Economy, Macron Says
2014-11-27 16:16:50.29 GMT


By James Ludden
Nov. 27 (Bloomberg) -- French govt is watching the
potential deal closely, Economy Minister Emmanuel Macron tells
Bloomberg’s Tara Patel in interview.
* “They are two private companies in which the state has a
stake,” Macron says. “I don’t want to speak at this stage.
It’s not the state’s role to recommend any one course of
action”
* Technip down 4.4% today on OPEC decision
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(BFW) Norway Wealth Fund May Invest More in Env Tech Next Yr

MORE: Norway Wealth Fund May Invest More in Env Tech Next Yr
2014-11-27 16:14:22.497 GMT


By Thomas Mulier
Nov. 27 (Bloomberg) -- Environmental tech is about 1% of
equity assets now, CEO Slyngstad says in interview in Geneva.
* Fund likely to adopt mandate effective Jan. 1 to boost that
to 1% of portfolio
* Env tech includes companies in renewable energy, energy
storage, transport, waste management, water management,
agriculture


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>>> Vivendi eyes international transformative deals

Vivendi eyes international transformative deals 

Vivendi , the Paris-headquartered media and entertainment group, is keeping a close eye on transformative M&A opportunities internationally, Chairman Arnaud de Puyfontaine said today.

The aim is to create a global media champion, Puyfontaine said. The chairman, who was speaking at Medias 2014 in Paris, also added that Vivendi will be a "savy investor" and not overpay for assets. The company wants to be seen as a rigorous investor and will apply strict financial criteria to its acquisitions.

Puyfontaine was appointed chairman of the management board in June 2014. Prior to that he was a member of the management board and senior executive vice president in charge of the company’s media and content activities.

The French group’s overall cash position is expected to increase to up to EUR 8bn following disposals of its Brazilian unit GVT, Maroc Telecom and SFR, which expected to close in the coming months, as reported.

Vivendi estimates that it will have a net cash position of roughly EUR 4bn at the end of 2014.

The company will seize bolt-on opportunities to complement its activities, Puyfontaine said.

As for domestic consolidation and French regulatory concentration thresholds, he said that it no longer made sense to look at music, video, paid content, free content separately. The concentration thresholds criteria need to be redefined to create the conditions for the creation of a media champion, he said.

Vivendi shares are trading Thursday at EUR 20.24 per share, giving the company a market capital of EUR 27.29bn.

>>> Telecom Italia could retain PT Portugal if it bids for Oi

Telecom Italia could retain PT Portugal if it bids for Oi

Telecom Italia is looking to conduct an in-depth analysis of PT Portugal and could aim to keep the asset if it launches an offer for its Brazilian owner Oi, it is understood.

Including PT Portugal in any Oi bid could force the Italian incumbent to launch a rights issue. But this would be palatable if the transaction creates value and will have a positive impact on Telecom Italia's (TI) future earnings, it was argued. The enterprise value of the whole of Oi is estimated at around EUR 19bn at current prices and exchange rates.

Extending Oi due diligence on its Portuguese and African activities is normal practice to assess the value of the company in the context of a potential bid, a person close to TI said.

Earlier this week, TI’s management was empowered by the board to explore a merger between its Brazilian arm Tim Participações, also known as Tim Brasil, and Oi, potentially joining the country’s second largest mobile operator with the leader in the fixed-line segment.

TI might need to raise around EUR 5bn to make an offer for the whole of Oi, which besides PT Portugal also includes some African assets that the target is planning to offload, according to reports. TI could try to sell on the Portuguese and African activities, it was also reported.

But PT Portugal is considered a good asset by TI’s management. It has good coverage and a smart strategy in place, a source close to the situation said, adding: “They have made all the investments that an incumbent should be making.”

This view is based on analysts’ presentations rather than a close look into the business, which needs to be conducted to evaluate any future proposal, it was said.

The process is still at preliminary stages. No due diligence has been conducted and the structure of any potential deal still needs to be discussed, the source close to the situation said. The Italian incumbent has more headroom to bid exclusively for Oi’s Brazilian assets than for the whole company, he noted.

Gaining exposure to the Portuguese market was never part of TI’s strategic plan, and including PT Portugal in an offer for Oi would have a significant impact on the bidder’s leverage, a banker following the situation pointed out.

TI’s adjusted net adjusted debt/TTM EBITDA stood at EUR 2.96x as of 30 September 2014, while Oi’s net debt/TTM EBITDA was 3.57x. But the latter’s leverage reaches 4.5x excluding one-offs related to sale of towers, the source close noted.

In the event TI decides to bid just for Oi’s Brazilian assets, and wants to limit the risk of selling on PT Portugal, one option would be to sign a bridge loan covering the cost of PT Portugal, which could be repaid once the asset is sold, the first banker and another following the situation said.

Oi has already received takeover offers for PT Portugal from Altice [AMS:ATC] and a consortium made up of private equity groups Apax Partners and Bain Capital, valued at EUR 7.025bn and EUR 7.075bn, respectively.

A bid for Oi excluding the Portuguese and African assets would have a limited impact on TI’s leverage and would require a modest cash component, even if TI takes a minimum 51% of the resulting entity, the second banker noted.

TI needs to keep the Brazilian activities consolidated on its balance sheet, as TI’s leverage would not be sustainable without the EBITDA contribution from these assets, bankers and other industry sources agreed.

Tim Brasil contributed 18% to TI’s 2013 EBITDA.

A Tim Brasil all-share bid on Oi at a 15% premium would give TI a 45% stake of the combined Tim/Oi entity. TI would then need to add about EUR 800m in cash to reach the 51% mark, according to Dealreporter analytics.

TI could look to raise the cash it needs at the subsidiary or parent company level, but the latter would be simpler, said the second banker. Considering the limited impact on leverage, it could even rely on existing credit lines as a form of acquisition financing, he noted.

According to a Kepler Cheuvreux research note, merging Tim Brasil and Oi, ex-Portugal and Africa, would generate EUR 9bn in synergies. But even after taking into account benefits such as avoiding the need to roll-out a fixed-line network, cost savings and revenues increases, a figure in the region of EUR 6bn-7bn looks more realistic, bankers agreed.