Permira selling as many as 3.95m shrs for ~EU450m in accelerated bookbuilding, Morgan Stanley says in e-mail.
- Morgan Stanley is sole bookrunner
Thales sued for malpractice
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--> Link to Original in French : {http://bit.ly/TQDThb}
EXCLUSIVE Convened tomorrow Tribunal de Grande Instance de Paris, the group is accused of swindle EU subsidies and fraudulent insolvency organization.
Wednesday, May 28, lawyers Thales and the European Commission are invited to the Tribunal de Grande Instance of Paris for a "hearing fixation" to stop the trial date, which should take place in early October.
Entering by the European Office of Anti-Fraud Office (OLAF), the French justice continues leaders THEC (Thales Engineering and Consulting), a former subsidiary of Thales, for "fraud" EU subsidies in the research project Dreamcar on the fuel cell. THEC would have artificially increased the number of hours of engineers assigned to the project, which would have allowed him to unduly capture 2.7 million euros of EU funds.
Investigators seized "sheets cost", which would show that improper billing. The European Commission, civil party to the proceedings and represented by Parisian lawyer Jean-Didier Belot, made no comment on the case. However, the Court of Justice confirmed on its website , the Commission's application for reimbursement of advances in Dreamcar project.
Fraudulent organization of insolvency
The second aspect of this case is even more explosive: Thales is sued for "fraudulent organization of insolvency." Between 2008 and 2009, the advocacy group has dissolved its subsidiary THEC; but the magistrates suspected of having achieved industrial "fraudulent dissolution" only to stop the prosecution. This particular company was sued in the case of Nice tramway, in which it was fined 600,000 euros for "active corruption" July 4, 2008.
Michel Josserand, the former boss of THEC, was sentenced to 18 months in prison, six months in prison, as Dominique Monleau, former Associate Deputy transport the Mayor of Nice, who was sentenced to four years in prison including two farm.
The subsidiary of Thales, the dissolution had led to the extinction of prosecution. Which had led to its parent to recover € 600,000 initially provisioned to pay the fine. Suddenly, the Paris prosecutor also continuing industry group for "concealment of the proceeds of the offense of fraudulent insolvency organization," Thales has increased its earnings through a provision that would have been used to pay the heavy fine of its subsidiary.
In fact, judges are convinced of the fraudulent nature of the dissolution because THEC was absorbed by a shell, the TDC whose corporate purpose is totally different, and whose only employees are those transferred from THEC after dissolution.
Thales Defence
Thales his side "indisputably the strongest facts alleged against him so." "We will demonstrate that the transfer of the trade THEC was planned well before the investigation into the case of Nice tramway, which was initiated in particular following a complaint by the company," launches Counsel for the industrial group.
Me Nicolas Huc-Morel deplores the procedure chosen by the Public Prosecutor of Paris, which has kept this issue in the preliminary investigation without entrust it to a judge. "The criticism choice of flooring directly enter the court does not allow us to access the folder and therefore to assert our position so far," added the lawyer.
During the hearing on Wednesday, May 28, the defender of Thales may inspect in detail complaints against the industry group. Then he had four months to prepare his defense before trial.
Club Mediterranee SA French regulators set June 30 deadline for Investindustrial Development to make a bid for Club Med - press
* SIEMENS FRANCE CHAIRMAN PRESENTS PLAN FOR ALSTOM ENERGY, RAIL
Riverbed Technology Elliot sends another letter to Riverbed, requests meeting to discuss maximizing shareholder value - press
RIYADH, Saudi Arabia — When Saudi Arabia’s elderly king took the unusual step of naming a deputy heir, the move initially was welcomed as a sign of continuity in a country that soon will confront major questions over the future of its leadership.
But in subsequent weeks, the announcement has stirred a rare outburst of dissent, revealing previously unacknowledged strains within the royal family and casting into doubt prospects for a smooth transition from King Abdullah’s rule.
But behind closed doors, royal tongues have been wagging about the manner in which Muqrin was chosen, the validity of his newly created title and his pedigree as the son of a Yemeni concubine who was never formally married to his father.
“He is not a real prince; his mother was a slave and there are other brothers who are more competent,” said a former Saudi official who spoke on the condition of anonymity because criticizing the royal family is imprudent. “Nobody believes Muqrin can become king.”
Some of the dismay has found a public airing on Twitter, which is better known in the Middle East for its role in fomenting social unrest but here also has found a niche as an outlet for disgruntled royals.
“He was picked for this post because he is easily used,” tweeted an account known as @mutjahidd, which has 1.4 million followers and is thought to belong to a palace insider because its information often is accurate.
The griping may merely reflect sour grapes among those left out in a looming transfer of power, or perhaps just the increased opportunities afforded by social media for tensions to come to light.
It has become clear, however, that Muqrin’s elevation is unpopular in at least some quarters, foreshadowing the strife that many fear will erupt as the older generation of the royal family passes away.
The controversy goes to the core of what is perhaps the biggest question hanging over the future stability of this family-run, oil-rich country, which does not have a clearly defined succession process in place.
The founder of the Saudi state, King Abdul Aziz ibn Saud, decreed only that his first son would inherit the throne, and over the subsequent six decades the succession passed from brother to brother roughly in order of their age. Soon, however, the last of the current line of brothers (of which there were at least 35) will die, necessitating a transfer of power to the brothers’ sons — the third generation of the family.
Given that there are scores of princes in that category, the potential for discord is high. Whoever inherits the throne is likely to anoint his own brothers as future heirs, thereby cutting out multiple cousins from access to the throne and the patronage it provides.
In light of Saudi Arabia’s strategic significance as the world’s biggest supplier of oil and a close ally of the United States, the succession dispute is of “considerable concern,” said Simon Henderson of the Washington Institute for Near East Policy.
“The identity and character of the future king is not known, and the circumstances under which he becomes king are likely to be contentious,” he said. “That introduces instability to Saudi Arabia.”
The issue also is growing in urgency as Abdullah enters his 90s. He breathed with the help of a respirator throughout his two-hour meeting with Obama in March, and he makes frequent visits to hospitals in the United States. His immediate successor, Crown Prince Salman, is hardly in better shape.
And so the choice of Muqrin, a British-educated fighter pilot who has close ties to the United States, had at least some logic. A relatively youthful 69, he could be king for years, deferring the tricky question of how to transition to the next generation. In light of the poor health of Salman, who is said to be suffering a form of dementia, it would seem to make sense to have an heir in reserve.
But designating a successor is traditionally the prerogative of the reigning monarch, and the job of deputy has never existed before. Moreover, the naming of Muqrin skipped over at least two other brothers, upsetting the unspoken rule that the succession passes down according to age.
“What happened was against Islam and against the whole history of Saudi Arabia. There is no such thing as a deputy crown prince,” said the former Saudi official, who supports Ahmed, one of the older brothers, and hopes that Salman will revoke Muqrin’s appointment should he become king.
Theories abound as to why Abdullah made the move — all of them, like most of what transpires in this opaque and secretive kingdom, entirely speculative.
One, widely disseminated on Twitter, holds that Abdullah is seeking to secure the future of his own sons once the succession passes to the next generation. Muqrin, who lacks important tribal connections or an influential position, will be beholden, the theory goes, to Abdullah’s sons, notably his favorite, Mithab, who heads the national guard.
Another theory blames the powerful head of the royal court, Khaled Tuwairji, who is accused of duping the frail Abdullah into appointing Muqrin in return for a promise that he will keep his job after Abdullah dies.
“The sinister acts and destructive tendencies of this person are the cause,” tweeted Saud bin Saif al-Nasser, a prince whose father was passed over.
Western diplomats in Riyadh say the king may simply have been trying to secure the future of the monarchy but instead has exposed its vulnerabilities.
“Muqrin will potentially be the weakest king in Saudi history,“ said one, who spoke on the condition of anonymity because the subject is sensitive. “He is not from the first ranks of the royal family, he has no constituency and he will have to ride herd on a lot of powerful princes.
SAP could eye Tibco takeover
SAP, the German software group, is interested in acquiring Californian rival Tibco, Der Aktionaer suggested. The German magazine pointed out that SAP only recently said that it may consider expanding its cloud computing operations via acquisitions and claimed that Tibco is likely to be one of the top potential targets. The report claimed that it would be the perfect time to make a move on Tibco, especially as the company recently failed to meet the high growth demands of the market.
Unidentified sector experts told Der Aktionaer that SAP is not likely to be deterred by the fact that a takeover of Tibco would cost more than USD 4bn. The German group has spent billions on deals in the past.
The article noted that SAP reportedly showed an interest in Tibco as early as 2009, but that Tibco made clear it was not interested in a deal. The report speculated that Tibco may be more willing to listen to offers now.
Source Der Aktionaer
Airbus Group Faces Several Challenges on Free Cash Flow
2014-05-27 13:02:05.839 GMT
By Andrea Rothman
May 27 (Bloomberg) -- Airbus CEO Enders sees significant
free cash flow only after 2015.
* Co. confirms 7%-8% return on sales in 2015
* Airbus in ‘red hot phase’ on A350 as production ramps up
* Airbus A350 first delivery planned toward year-end, co.
targets certification 3Q
* Airbus group restructuring to start implementation by 2H
* Airbus restructuring in military well under way: Enders
* Airbus A320neo is ‘on track’
* Airbus Group CEO Tom Enders speaks at shareholder meeting
Link to Company News:{AIR US <Equity> CN <GO>}
Link to Company News:{AIR FP <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the reporter on this story:
Andrea Rothman in Toulouse at +33-5-6365-7668 or
aerothman@bloomberg.net
To contact the editor responsible for this story:
Brian Lysaght at +44-20-7330-7908 or
blysaght@bloomberg.net
2014-05-27 13:02:05.839 GMT
By Andrea Rothman
May 27 (Bloomberg) -- Airbus CEO Enders sees significant
free cash flow only after 2015.
* Co. confirms 7%-8% return on sales in 2015
* Airbus in ‘red hot phase’ on A350 as production ramps up
* Airbus A350 first delivery planned toward year-end, co.
targets certification 3Q
* Airbus group restructuring to start implementation by 2H
* Airbus restructuring in military well under way: Enders
* Airbus A320neo is ‘on track’
* Airbus Group CEO Tom Enders speaks at shareholder meeting
Link to Company News:{AIR US <Equity> CN <GO>}
Link to Company News:{AIR FP <Equity> CN <GO>}
For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}
To contact the reporter on this story:
Andrea Rothman in Toulouse at +33-5-6365-7668 or
aerothman@bloomberg.net
To contact the editor responsible for this story:
Brian Lysaght at +44-20-7330-7908 or
blysaght@bloomberg.net
Gapping down
In reaction to disappointing earnings/guidance: JKS -9.1%, FRO -8%.
M&A news: PF -6.1% (still checking), AZN -1.7% (Pfizer issues statement regarding AstraZeneca (AZN); does not intend to make an offer for AstraZeneca, also downgraded to Sell from Hold at Societe Generale).
Select metals/mining stocks trading lower: GFI -3.3%, AU -3.1%, AU -3.1%, SLV -1.7%, GDX -1.4%, HMY -1.3%, GLD -1.2%, ABX -1.2%, AG -1.2%, SLW -1%, HL -1%, .
Select solar names showing early weakness in sympathy with JKS: CSIQ -2.8%, TSL -2.4%, YGE -1.5%.
Other news: DRTX -8.8% (confirms FDA approval of Dalvance, inititially traded higher, and sold off pre-mkt), BIOD -5.4% (discloses CFO resigned), CVM -3.8% (files for $75 mln mixed securities shelf offering), YY -1% (rumors of site clean-up operation by government, co denies rumors), .
Analyst comments: NTLS -2.1% (downgraded to Hold from Buy at Jefferies), SPLS -0.9% (downgraded to Sell from Neutral at Goldman).
In reaction to disappointing earnings/guidance: JKS -9.1%, FRO -8%.
M&A news: PF -6.1% (still checking), AZN -1.7% (Pfizer issues statement regarding AstraZeneca (AZN); does not intend to make an offer for AstraZeneca, also downgraded to Sell from Hold at Societe Generale).
Select metals/mining stocks trading lower: GFI -3.3%, AU -3.1%, AU -3.1%, SLV -1.7%, GDX -1.4%, HMY -1.3%, GLD -1.2%, ABX -1.2%, AG -1.2%, SLW -1%, HL -1%, .
Select solar names showing early weakness in sympathy with JKS: CSIQ -2.8%, TSL -2.4%, YGE -1.5%.
Other news: DRTX -8.8% (confirms FDA approval of Dalvance, inititially traded higher, and sold off pre-mkt), BIOD -5.4% (discloses CFO resigned), CVM -3.8% (files for $75 mln mixed securities shelf offering), YY -1% (rumors of site clean-up operation by government, co denies rumors), .
Analyst comments: NTLS -2.1% (downgraded to Hold from Buy at Jefferies), SPLS -0.9% (downgraded to Sell from Neutral at Goldman).