(Stifel) Salix Pharma target raised to $185 at Stifel -- M&A prospects beating o

Salix Pharma target raised to $185 at Stifel -- M&A prospects beating out tax inversion oppty

Stifel raises their SLXP tgt to $185 from $155. There have been several developments since announcement of the proposed Cosmo Tech acquisition, giving them pause regarding consummation of the transaction. First, Treasury proposed new regulations in an effort to discourage tax inversions (retroactive to 9/22/14), of which strengthening the "80/20 rule" could directly impact the SLXP-Cosmo merger. Additionally, since August, the potential for SLXP to be a target itself has significantly increased, with possible bids coming from AGN, ACT or others. Based on these developments, we are removing Cosmo from SLXP model for now. Additionally, though they believe SLXP shares are trading at its fundamental value (~$155) they believe the likelihood of a take-out has increased significantly. Assuming a 70% probability of acquisition at a 30% premium (~$200), we raise our price target to $185.

(BFW) Cairn, Genel, Lundin Wells Should Be in Focus This Month: HSBC

Cairn, Genel, Lundin Wells Should Be in Focus This Month: HSBC
2014-10-01 11:49:22.353 GMT


By Benjamin Dow
Oct. 1 (Bloomberg) -- Investors should focus on high-impact
wells for 3 European E&Ps; North Fan (Senegal) for Cairn; Jacare
(Angola) and Nour (Morocco) for Genel; Alta and Vollgrav South
(Norway) for Lundin, HSBC says in note, saying all have material
impact on valuations.
* Cuts Tullow PT 6.1% to 1,000p, keeps overweight; cuts PT on
Africa Oil 17% to C$8.5, also keeps overweight
* Says East Africa Rift Valley is “feature of the month;”
preferred play on region remains Africa Oil
* Claims “exciting” part of drilling program to come in
other basins, may open up similar resource levels to
South Lokichar, providing “step change” in shareholder
value
* Claims “exciting” part of drilling program to come in
other basins, may open up similar resource levels to
South Lokichar, providing “step change” in shareholder
value</li></ul>
* Says North Fan has potential to add 139p/share to Cairn’s
asset value (unrisked), 21p risked; Aragon prospect success
may add 18p/share (unrisked), 5.4p/share (risked)
* Cairn is worst-performing E&P on Stoxx 600 Oil & Gas
Index YTD, has fallen 36%
* Cairn is worst-performing E&P on Stoxx 600 Oil & Gas
Index YTD, has fallen 36%</li></ul>
* NOTE: See Africa Oil Sept. investor presentation slide 12
for future East Africa onshore drill plans

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:
Benjamin Dow at +7-495-771-7735 or
bdow2@bloomberg.net

>>> US Early premarket gappers

Early premarket gappers
Gapping up: HEB +37.5%, TKMR +28.8%, ANGI +23.9%, LAKE +17.7%, BCRX +14.5%, NLNK +13.7%, NNVC +12%, MTL +8.8%, SYNC +7.3%, SRPT +6.6%, RTRX+3.1%, INO +3%, NBG +1.7%, VE +1.5%, AKRX +1.3%, MBLY +1.1%, SAN +0.9%, DB +0.9%

Gapping down: WPRT -17%, ASEI -6.3%, AAL -3.2%, JBLU -3.2%, UAL -3.2%, DAL -2.8%, SDRL -2.1%, HA -1.9%, LUV -1.9%, EBAY -1.7%, BUD -1.3%, HSBC -1.1%, C -0.9%, CLF -0.7%, BHP -0.7%

>>> Airbus - Stock trading higher today, testing its 200d MA...

It will be an interesting day on the name, I will be more cautious arround here as so far we saw few PW in cyclical, Basic mat, trading down...not sure investors have very high expectations for Growth on next few months ...after Being aggressively buyer on the name lower (43/44) I will take profit here...I see limited upside 3/4% and more downisde if heavy downturn on market

(BofA-ML) BAsic Materials - Most & Least preferred

* Updated Most/Least preferred list
Most preferred
- ArcelorMittal: We are positive on steel margins and view valuation as compelling.
- Lanxess: Good exposure to the most significant self-help plan in European Chems.
- Solvay: Can reach Q3 cons vs. peers whose consensus earnings ests are too high.

Least Preferred
- Glencore: Overvalued, leveraged to weak coal prices.
- K+S: Continue to see material risks in the Ag sector, low dividend yield.
- Akzo Noble: Consensus is complacent around the volume outlook for Deco.

--> Stocks Added and Removed
In this note, we update our Most and Least Preferred Lists (MPL and LPL) of stocks selected from our coverage universe. We also report the performance of the MPL and LPL, and of two strategies based on these lists, the MLP Market Neutral (MN)
and Long/Short (L/S) strategies, since our last publication. The historical performance of the lists and strategies since inception, and the calculation methodologies used, are provided in this report.

--> Performance of MN strategy over previous period: -1.5%
Since our last publication on 1 Sep 2014 until the close on 30 Sep 2014, the MLP MN strategy declined by 1.5%, as the MPL declined by 5.23% and the LPL increased by 3.73%. Over the same period, the STXE 600 Index increased by 0.17% while the S&P EU350 Mats E Index declined by 4.24%.

--> Performance of MN strategy over past 12 months / since inception: +6.68% / +110.28%
Over the 12-month period from 30 Sep 2013 to 30 Sep 2014, the cumulative performance of the MLP MN strategy was +6.68%, as the MPL increased by 9.33% and the LPL declined by 1.47%. Over the same period, the STXE 600 Index increased by 14.16%, while the S&P EU350 Mats E Index increased by 5.26%. Since inception on 14 Mar 2008 to 30 Sep 2014, the cumulative performance of the MLP MN strategy was +110.28%, as the MPL increased by 74.33% and the LPL increased by 21.18%. Over the same period, the STXE 600 Index increased by 44.41%, while the S&P EU350 Mats E Index increased by 6.12%.

>>> Adidas - To return up to €1.5B to share holders over next few years (up to 1

To return up to €1.5B to share holders over next few years (up to 10% of share capital) 

With approval of the Supervisory Board, the Executive Board of adidas AG resolved today to launch a multi-year shareholder return programme of up to EUR 1.5 billion in total to be completed by December 31, 2017. This programme is in addition to the adidas Group's stated policy to pay an annual dividend to shareholders in the range of 20% to 40% of net income attributable to shareholders.

The shareholder return programme will be executed especially by buying back shares via the stock exchange under the authorisation given by the Annual General Meeting on May 8, 2014 through to May 7, 2019. The shareholder return programme will predominantly be financed from the Group's free cash flow.

The authorisation given by the Annual General Meeting on May 8, 2014 covers the repurchase of up to 10% of the company's share capital on the stock exchange through to May 7, 2019, currently representing 20,921,618 shares. The purchase price per share may not be more than 10% higher or lower than the average stock market price for the adidas AG share price as established in the opening auction of the electronic trading system on the Frankfurt Stock Exchange on the day of entering into the repurchase obligation.

>>> Bankia could sell EUR 1bn in stock and issue EUR 500m in convertible bonds

Bankia could sell EUR 1bn in stock and issue EUR 500m in convertible bonds


Spain's Fund for Orderly Banking Restructuring (FROB) has intensified talks about a potential Bankia stake sale, Expansion said. The government has not made a decision yet.

FROB holds 61% of Bankia.

The bonds to be issued may be mandatorily convertible, which demand a higher coupon, or give investors the option of a voluntary conversion, with a 0% coupon, the report said.

On 26 February FROB sold 7.5% of Bankia for EUR 1.356bn.

Minister for the Economy Luis de Guindos has acknowledged plans for a possible Bankia stake sale in mid-October.

Goldman Sachs is advising the government on Bankia's divestiture strategy, while Rothschild is its tactical adviser, the Spanish-language report added.



Source Expansion

>>> French government considering options for 33.34% stake in Semmaris (Rungis)

French government considering options for 33.34% stake in Semmaris 

The French government is understood to be considering options for its 33.34% stake in Semmaris, the French management company of the Rungis international fresh food market, French daily Le Figaro reported. The unsourced report said that five banks were asked last month to review options for the business and its value, as well to indentify potential buyers for the stake.

The report noted that listed French real estate group Altarea, which already owns 33% of Semmaris, would be interested in increasing its stake. Altarea acquired the shares for EUR 45m in 2007, pipping other contenders such as Unibail-Rodamco and CDC.

According to the report, the food professionals operating at Rungis, who control 10% of Semmaris, and the general council of the Val-de-Marne, which holds 5% of Semmaris, could be opposed to such a deal.

Semmaris reported net profits of EUR 13m on revenues of EUR 97m in 2013.


Source Le Figaro

>>> What to look at today - 1st of October 2014

US MArket closed Lower with small cap leading retreat (Russell -1.45% - Q3 : -7.9%), mkt moved down with two commodity relates sectors Energy -1.2% (Q3 -9.2%), crude oil -3.6% ($91.16 - Q3 : -13.6%)...the materials sector (-1.2%) stumbled in reaction to sliding prices of metals. Silver plunged 2.9% to $16.85/ozt, while gold (-0.6% to $1211.40/ozt) and copper (-1.6% to $3.01/lb) held up a bit better. Large cap components displayed strength with Apple(AAPL 100.75, +0.64), CiscoSystems (CSCO 25.17, +0.24), and Visa (V 213.37, +2.44) climbing between 0.6% and 1.2%...for the last day of Q3 volume were above average @ 910mil shares...VIX @ 16.31 +2.07%...first case of Ebola in the US...After Hours Summary: Ebola drug stocks higher (TKMR +21%, HEB +19%, NLNK +16%)/airline stocks lower on US Ebola case... WPRT -19%, SYNC +10%, ASEI -8% on guidance...China official manufacturing PMI figure released despite the market holidays in Shanghai was a decimal above consensus, however state economists noted sentiment remains weak as decline in new orders reflects business destocking. New export orders rose slightly to 50.2, employment component remained unchanged, and input prices fell 1.9pts to 47.4, boding poorly for September inflation data. Separately, China Real Estate Index System saw home prices in the largest cities fall 0.9% - a 5th consecutive decline and the biggest drop since 2010...Bank of Japan's Q3 Tankan Survey topped consensus for manufacturing components but missed widely in services...Nikkei -0.32% Hang Seng -1.28% Shanghai +0.26%

Eur$ 1.2623 S&P -0.09% EurosToxx -0.59% FTSE -0.41% Dax -0.43% SMI -0.27%

Macro
- French Budget Delays 3% Deficit Goal to 2017, Echos Says
- Italy to Reach Balanced Budget Target in 2017, Padoan Says
- ECB to Propose Buying Lower-Rated Greek, Cypriot Assets, FT Says
- Emerging-Market Stock Index Gives Up All Its Gains This Year

Keep an eye on :
- AAPL US : Apple Said to Add Gold Option to IPad in Effort to Boost Sales
- AFR LN : Afren Says Review Hasn’t Found More Improper Payments (Earlier)
- AIR FP : Airbus A320Neo Backlog to Top 3,500 by Yr-End CEO Tells Figaro
- ALU FP : Alcatel-Lucent Closes Sale of Enterprise Unit to China Huaxin
- AMS SM : Lufthansa Pension Trust Offers Amadeus Shares for Sale
- EDF FP : EDF’s Fessenheim Nuclear Plant Closure to Cost EU5B: Report
- ENX FP : Euronext CEO Sees Consolidation of European Exchanges, FD Says
- GLEN LN : Glencore Zambia Unit Warns of Investment Cuts Amid Tax Dispute
- ISP IM : BlackRock, Fidelity Possible Intesa Eurizon Partners: Il Sole
- LHA GY : Lufthansa Strike to Cost in Double-Digit Millions, Bild Reports
- NEO FP : Neopost 1H Rev. EU530.7m vs Est. EU530.3m
- NOBN SW : Danaher Bid for Nobel Biocare to Run Oct. 16-Nov. 14
- ORA FP : Bpifrance to Sell 50m Orange Shares, 1,9% stake, transaction will cut stake to 11,6% (GS, BNP) - shares offered @ €11.60/shr to market
- POP SM : Banco Popular Says in ‘Comfortable’ Position for ECB Review
- RBS LN : RBS Issues 23.9m New Shrs to Neutralize Hybrid Capital Coupons
- RIO LN : Rio Tinto and Glencore could save AUD 500m per annum by combining NSW coal assets
- SAZ GY : Stada Talks on Longer Working Hours Fail, FAZ Reports
- TSCO LN : Tesco to Sell or Shut Blinkbox Video Business: Times
- O2D GY : Telefonica Deutschland Completes Purchase of E-Plus From KPN
- FR FP : Valeo Says Output Fluctuates on Demand in Response to Report