(BFW) Mitsubishi Heavy May Offer to Take Stake in Alstom, Fi



Mitsubishi Heavy May Offer to Take Stake in Alstom, Figaro Says
2014-06-12 18:04:44.646 GMT


By Francois de Beaupuy
     June 12 (Bloomberg) -- Mitsubishi Heavy Industries will
offer by June 16 to take a minority stake in Alstom Power
excluding grid business, or stake in Alstom SA, Le Figaro says,
citing unidentified person close to matter.
  * Mitsubishi plans to propose alliance with Alstom similar to
    Renault-Nissan: Figaro
  * Siemens will offer to buy Alstom’s gas turbines and to sell
    train unit to Alstom; Figaro
  * NOTE: GE Said to Plan Alstom Push as Siemens, Mitsubishi
    Mull Bid NSN N720606TTDSD <GO>


Link to Company News:RNO FP <Equity> CN <GO>
Link to Company News:7011 JP <Equity> CN <GO>
Link to Company News:ALO FP <Equity> CN <GO>
Link to Company News:GE US <Equity> CN <GO>
Link to Company News:SIE GR <Equity> CN <GO>

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:
Francois de Beaupuy at +33-1-5365-5051 or
fdebeaupuy@bloomberg.net

(BFW) Blackstone, CVC Offering 100m Merlin Entertainments Sh



Blackstone, CVC Offering 100m Merlin Entertainments Shrs
2014-06-12 18:28:57.984 GMT


By Brian Welcher
     June 12 (Bloomberg) -- Merlin Entertainments shares to be
sold by Blackstone, CVC; joint bookrunners are Morgan Stanley,
Deutsche Bank: Morgan Stanley confirms.
  * Share sale worth ~GBP367M; ~9.9% total shares outstanding
Link to Company News:BX US <Equity> CN <GO>
Link to Company News:MERL LN <Equity> CN <GO>

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:
Brian Welcher at +1-404-507-1333 or
bwelcher2@bloomberg.net

>>> US Close Dow-0,65% S&P-0,71% Nasdaq-0,79%

Closing Market Summary: Stocks Slide as Transports Lag Again

The stock market ended the Thursday session on a broadly lower note after spending the entire trading day in the red. The S&P 500 fell 0.7% with eight sectors posting losses, while the Nasdaq (-0.8%) underperformed.

Equities slumped out of the gate following some disappointing economic data and reports of skirmishes in northern Iraq. The disappointing economic news pertained to the retail sector as retail sales increased just 0.3% (consensus 0.7%), while core retail sales, which closely match the consumption component of GDP, slipped 0.1% in May.

Separately, reports of intensifying battles in northern Iraq led by a breakaway militant group of Al-Qaeda raised concerns about the oil supply.

The headlines out of Iraq put a bid in the oil market (+2.1% to $106.54/bbl) while also creating a residual concern that higher energy prices will be an added tax on consumers who, broadly speaking, continue to be pinched by limited wage growth. Fittingly, the worries translated into relative weakness for the consumer discretionary sector (-1.3%), which ended at the bottom of the leaderboard.

Discretionary shares suffered from broad weakness among homebuilders and retailers. The iShares Dow Jones US Home Construction ETF (ITB 23.99, -0.24) lost 1.0%, while SPDR S&P Retail ETF (XRT 84.41, -1.15) tumbled 1.3%, extending its year-to-date loss to 4.2%.

Higher energy prices also pressured industrials (-1.3%), and specifically, transport stocks. The Dow Jones Transportation Average tumbled 2.0% with all 20 components ending in the red. Of the 20 listings, 16 posted losses larger than 1.0% with airlines leading the weakness. Delta Air Lines (DAL 38.50, -2.21) and United Continental (UAL 42.60, -2.66) fell 5.4% and 5.9%, respectively.

With transports unable to stage a bounce, the last hope for a rebound hinged on the performance of high-growth names. Small caps displayed relative strength in the morning, but an afternoon fade sent the Russell 2000 and the Nasdaq Composite to fresh lows.

The tech-heavy Nasdaq ended behind the remaining major averages due to afternoon weakness in biotechnology and chipmakers. The iShares Nasdaq Biotechnology ETF (IBB 247.83, -1.20) and PHLX Semiconductor Index posted respective losses of 0.5% and 0.3% despite showing intraday strength.

On the upside, energy (+0.3%) and utilities (+0.3%) finished modestly higher, extending their year-to-date gains to 8.6% and 10.3%, respectively.

Also of note, Treasuries enjoyed a strong day with the move flowing from some safe-haven positioning, some disappointment over the retail sales data, and some surprise at the strength of the 30-yr bond auction. The latter saw a bid-to-cover ratio of 2.69 (12-auction average was 2.35) and the highest takedown by indirect bidders (51.7%) since 2006. The benchmark 10-yr note, meanwhile, added 14 ticks, sending its yield lower by five basis points to 2.59%.

Participation left a bit to be desired as only 610 million shares changed hands at the NYSE.

Investors received several data points:
  • There weren't any major surprises with the initial claims report for the week ending June 7. It showed claims increasing by 4,000 to 317,000. That was roughly in-line with the consensus estimate, which was pegged at 315,000. The four-week moving average for this series jumped by 4,750 to 315,250. The Department of Labor clarified that there were no special factors impacting this week's initial claims, which continue to point to nonfarm payrolls growth in the neighborhood of 200,000. 
  • Continuing claims for the week ending May 31 increased by 11,000 to 2.614 mln, which was better than the Briefing.com consensus estimate of 2.638 mln. 
  • Total retail sales for May increased 0.3%. Excluding autos, they were up 0.1%. Those results were below the Briefing.com consensus estimates, which called for increases of 0.7% and 0.4%, respectively. That is the disappointing news. The offsetting news is that there were large upward revisions for April. Specifically, total retail sales in April were revised up to 0.5% from 0.1% while sales, excluding autos, were revised up to 0.4% from 0.0%. 
  • Export prices, excluding agriculture, rose 0.1% in May after decreasing 1.2% in the prior reading. Excluding oil, import prices were unchanged, which followed last month's unchanged reading. 
  • April business inventories rose 0.6%, while the Briefing.com consensus expected an uptick of 0.4%. This followed the prior month's unrevised increase of 0.4%. 
Tomorrow, May PPI ( consensus 0.2%) and core PPI (consensus 0.1%) will be reported at 8:30 ET, while the June Michigan Sentiment survey (consensus 82.9) will be released at 9:55 ET.
  • S&P 500 +4.4% YTD 
  • Nasdaq Composite +2.9% YTD 
  • Dow Jones Industrial Average +1.0% YTD 
  • Russell 2000 -0.4% 

WSJ Iran deploys forces in Iraq

Iran Deploys Forces to Fight al Qaeda-Inspired Militants in Iraq
Iranian Revolutionary Guard Forces Helped Iraqi Troops Win Back Control of Most of Tikrit, the Sources Said


BEIRUT, Lebanon—Iran has deployed Revolutionary Guard forces to fight al Qaeda-inspired militants that have overrun a string of Iraqi cities, and it has helped Iraqi troops win back control of most of Tikrit, Iranian security sources said.
Two battalions of the Quds Forces, the elite overseas branch of Iran's Revolutionary Guard Corps that have long operated in Iraq, have come to the aid of the besieged, Shiite-dominated government of Prime Minister Nouri al-Maliki, they said.
Combined Iraqi-Iranian forces had retaken control across 85% of Tikrit, the birthplace of former dictator Saddam Hussein, according to Iraqi and Iranian security sources.
They were helping guard the capital Baghdad and the two cities of Najaf and Karbala, which have been targeted by the Islamic State of Iraq and al-Sham, an al Qaeda offshoot whose lightning offensive has thrown Iraq into its worse turmoil since the sectarian fighting that followed the 2003 U.S. invasion of the country.
Tehran has also positioned troops along its border with Iraq and promised to bomb rebel forces if they close within 100 kilometers, or 62 miles, from Iran's border, according to an Iranian army general.
In addition, it was considering the transfer to Iraq of Iranian troops in Syria, if the initial deployments fail to turn the tide of battle in favor of Mr. Maliki's government.
The Iraqi government has asked the U.S. to carry out airstrikes and to speed up the delivery of promised weapons, which raises the prospect of both the U.S. and Iran lending support to Mr. Maliki against ISIS insurgents, who are seeking to create a caliphate encompassing Iraqi and Syrian territory.
General Qasim Sulaimani, the commander of the Quds Forces and one of the region's most powerful military figures, traveled to Baghdad this week to help manage the swelling crisis, said a member of the Revolutionary Guards, or IRGC.
Qassimm al-Araji, and Iraqi Shiite lawmaker who heads the Badr Brigade block in the country's parliament, posted a picture of him and Mr. Sulaimani holding hands in a room in Baghdad on his social-networking site with the caption, "Haj Qasem is here," reported Iranian news sites affiliated with the IRGC on Wednesday. "Haj Qasem" is Mr. Sulaimani's nom de guerre.
At stake for Iran in the current tumult in Iraq isn't only the survival of an Shiite political ally in Baghdad, but the safety of Karbala and Najaf, which along with Mecca and Medina are considered sacred to Shiites world-wide.
An ISIS spokesman, Abu Mohamad al-Adnani, urged the group's Sunni fighters to march toward the "filfth -ridden" Karbala and "the city of polytheism" Najaf, where they would "settle their differences" with Mr. Maliki.
That coarsely worded threat further vindicates Iran's view that the fight unfolding in Iraq is an existential sectarian battle between the two rivaling sects of Islam-Sunni and Shiite—and by default a proxy battle between their patrons Saudi Arabia and Iran.
Iran's Foreign Ministry spokeswoman Marzieh Afgham said Wednesday that, "Until now we haven't received any requests for help from Iraq. Iraq's army is certainly capable in handling this."
Despite those assuring comments, measures by the Iranian government in the past day indicated that an air of crisis had enveloped Tehran. Iran's army and border guards have been placed under full alert along the country's long border with Iraq, the Iranian media reported.
Iran's President Rouhani cut short a religious celebration on Thursday and said he had to attend an emergency meeting of the country's National Security Council about events in Iraq.
"We, as the Islamic Republic of Iran, will not tolerate this violence and terrorism…. We will fight and battle violence and extremism and terrorism in the region and the world," he said in a speech.
Iran's chief of police, Esmail Ahmadi-Moghaddam said the National Security Council would consider intervening in Iraq to "protect Shiite shrines and cities."
ISIS's rapid territorial gains in the past few days appeared to have caught Iranian officials by surprise and opened a debate within the regime over whether Iran should publicly enter the battle, citing the country's strategic interest and ideological responsibility. Iranian officials also privately expressed concern about whether Mr. Maliki was capable of handling the turmoil.
"The more insecure and isolated Maliki becomes, the more he will need Iran. The growth of ISIS presents a serious threat to Iran. So it would not be surprising to see the Guards become more involved in Iraq," said Alireza Nader, a senior policy analyst at the Rand Corp.
Quds Forces have been active in Iraq since shortly after the U.S.-led invasion in 2003 and have helped create, train and fund Shiite militias that fought U.S. military forces. Their reach and influence extends from Iraq to Lebanon, Syria and the Palestinian territories.
General Qasim Sulaimani, the commander of the Quds Forces and one of the region's most powerful military figures, traveled to Baghdad this week to help manage the swelling crisis, said a member of the Revolutionary Guards, or IRGC.
Qassimm al-Araji, and Iraqi Shiite lawmaker who heads the Badr Brigade block in the country's parliament, posted a picture of him and Mr. Sulaimani holding hands in a room in Baghdad on his social-networking site with the caption, "Haj Qasem is here," reported Iranian news sites affiliated with the IRGC on Wednesday. "Haj Qasem" is Mr. Sulaimani's nom de guerre.
The two IRGC battalions moved to Iraq on Wednesday were shifted from the Iranian border provinces of Urumieh and Lorestan. Their task is to help secure the holy Shiite cities of Karbala and Najaf and tighten security around Baghdad, according to IRGC members in Iran.
Revolutionary Guards units that serve in Iran's border provinces are the most experienced fighters in guerrilla warfare because of separatist ethnic uprisings in those regions. IRGC commanders dispatched to Syria also often hail from those provinces.

WSJ : French Telecoms Need More Than Tough Talk

French Telecoms Need More Than Tough Talk

Bouygues is wielding a big stick. The French conglomerate might need a little more carrot if much-needed consolidation of France's telecom market is to succeed.

Bouygues said Wednesday that it plans to ax 17% of its telecom unit's head count. It also is threatening to slash prices on some fixed-line services. The tough talk comes after recent discussions with rival operators Iliad and Orange about a takeover or other kind of tie-up failed to produce a deal.

All of France's mobile operators have good reason to find agreement, rather than squander the opportunity offered by the French government's recent support for consolidation in the country's hypercompetitive market. French operators' sales and earnings before interest, taxes, depreciation and amortization per head of population have fallen about one-fifth below the European average, notes Barclays.

True, Iliad may not see the need to pay a premium to control Bouygues; it benefits most if it can get its hands on Bouygues's spectrum and network at a lower cost than a network it can build. Orange, in turn, may prefer to shepherd a deal itself, harvesting cost savings and ensuring that Iliad doesn't get a network on the cheap, enabling the upstart to cut prices aggressively.

But going it alone looks particularly risky for Bouygues after it missed out on buying wireless carrier SFR in April. Sure, the company can inflict some pain on the competition by cutting broadband prices, a tactic seemingly directed at rival Iliad. The fixed-line operator sparked a price war in French mobile when it launched its aggressively priced mobile offering, Free, in 2012.

In reality, cutthroat competition hurts the whole market, including Bouygues. Each €1 ($1.35) decline in average revenue per user on broadband Internet packages reduces 2015 group Ebitda by roughly 1% at Orange and Bouygues and 4.7% at Iliad, estimates Barclays.

And Bouygues's 1,516 proposed job cuts risk displeasing Paris. The cuts could save Bouygues Telecom about €75 million, or 1.8% of this year's forecast sales, estimates Citigroup. But even as part of a plan to reduce annual costs by €300 million by 2016, that doesn't look sufficient. Citi expects sales at Bouygues Telecom to slide 10% this year.

That suggests that a sale still makes sense for Bouygues. But its reported demands for a €8 billion valuation look a stretch. Bouygues will, of course, want to share in the benefits of substantial cost savings: Orange could find €1 billion in annual pretax savings, reckons Raymond James.

But the company's desired price tag for its telecom business implies a multiple of almost 10 times forecast 2014 Ebitda, based on Barclays estimates, when SFR was sold for 6.5 times.

Bouygues is talking tough but it would be a mistake to hang up on telecom deal hopes.

>>> GMCR Hearing renewed takeover chatter circulating - Coca Cola Mentionned



From: LAURENT CHEKROUN ()
Subject: >>> Keurig Green Mountain Coffee Roasters Hearing renewed takeover chatter circu

Keurig Green Mountain Coffee Roasters Hearing renewed takeover chatter circulating- Coca Cola rumored to be looking to acquire the rest of the company 

- Reminder: in Feb Coca-Cola and GMCR enter into Long-Term Global Strategic Partnership; KO takes a 10% stake for $1.25B; and in May, Coca Cola discloses it has exercised option to raise stake to 16% as of May 10th (prior 10.1% on Feb 27th

>>> Keurig Green Mountain Coffee Roasters Hearing renewed takeover chatter circu


Keurig Green Mountain Coffee Roasters Hearing renewed takeover chatter circulating- Coca Cola rumored to be looking to acquire the rest of the company 

- Reminder: in Feb Coca-Cola and GMCR enter into Long-Term Global Strategic Partnership; KO takes a 10% stake for $1.25B; and in May, Coca Cola discloses it has exercised option to raise stake to 16% as of May 10th (prior 10.1% on Feb 27th