>>> Vivendi - Oddo First comment

VIVENDI (BUY, TP24): TIT REVEALS A Eu7B BID FOR GVT WHILE TEF IMPROVES ...
Telecom Italia bids values GVT at Eu7b: Bid is 24% cash and 76% in shares.
Vivendi will have 15% of the NewCo Tim-GVT (TIT will hold 60%) and VIV will
hold around 20% of TIT.
Also this morning, TEF is increasing its bid to Eu7.45b (cash part at Eu4.6b)
-> In the end, TIT offer is as rumored while TEF bid of "only" Eu7.45b could
dissapoint as latest rumors were around Eu8b. VIV will review the 2 offers
duriong its board meeting today and will report H1 tonight after mkt

>>> Telecity could bid for Phoenix IT - Daily Telegraph

Telecity could bid for Phoenix IT

Telecity, an FTSE-250 datacenter operator, could make a takeover offer for listed UK-based rival Phoenix IT, according to a Daily Telegraph market report. The newspaper did not cite a source for the speculation.

The report noted that Telecity CEO Michael Tobin is to step down. The item went on to cite an analyst who suggested that buying Phoenix would not only address Telecity’s “strategic shortcoming,” but would also give the company a new chief executive in Phoenix’s Steve Vaughan.

Phoenix IT’s share price closed 1.25p up at 91.0p in London yesterday, 27 August, giving the company a market capitalisation of GBP 75.5m (EUR 94.8m).

Daily Telegraph

(BFW) Air One Seeks $2 Billion of Jets to Fight Singapore Air in India

Boeing or Airbus ? looks like not defined yet...

BN 08/28 06:15 *AIR ONE DIRECTOR ALOK SHARMA COMMENTS IN INTERVIEW IN NEW DELHI
BFW 08/28 06:15 *INDIA'S AIR ONE SAYS IN TALKS FOR $2B OF BOEING OR AIRBUS JETS
BN 08/28 06:15 *AIR ONE PLANS TO START FLYING FULL-SERVICE CARRIER BY MID-2015
BFW 08/28 06:15 *AIR ONE'S SHARMA: AIM TO LEASE 20 BOEING 737S OR AIRBUS A320S
Air One Seeks $2 Billion of Jets to Fight Singapore Air in India
2014-08-28 06:21:57.464 GMT


By Anurag Kotoky
Aug. 28 (Bloomberg) -- Air One Director Alok Sharma
comments on plans for airline in an interview in New Delhi.
* Air One in talks for $2b of Boeing or Airbus jets
* Sharma: Air One aims to lease 20 Boeing 737s or Airbus A320s
* Sharma: Plan to start flying full-service carrier by
mid-2015
* NOTE: Air One among six companies that last month got
permits to start airlines in India
* NOTE: Indian carriers have lost a combined 594 billion
rupees ($9.8 billion) over the past seven years, Sydney-
based consultancy CAPA Centre for Aviation estimates
* Related News:
* Singapore Air’s India Venture Eyes Flights Abroad
* Jet Air to Close Budget Unit in Profit Search


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Anurag Kotoky in New Delhi at +91-11-4179-2019 or
akotoky@bloomberg.net
To contact the editors responsible for this story:
Arijit Ghosh at +91-22-6120-3649 or
aghosh@bloomberg.net
Sunil Jagtiani, Karthikeyan Sundaram

>>> Issues drilling update in Kenya and Ethiopia

Issues drilling update in Kenya and Ethiopia 
- The Etom-1 well in the Lokichar Basin on Block 13T (Kenya) has reached a total depth of 2000 meters and has discovered oil in the primary Auwerwer and Upper Lokhone target formations. The well encountered a range of between 5 and 20 meters of potential net pay sands based on wireline logging and drilling data. Oil has been recovered in MDT sample chambers which appears to be of similar quality to the oil found in the discoveries to the south.- Drilling on the Ngamia-3 and Amosing 2/2A appraisal wells also in the Lokichar Basin on Block 10BB (Kenya) has also been completed. The results of these wells appear to confirm the thickness and lateral extent of the Auwerwer sands at both locations and also has extended the known oil column significantly downdip which will extend the proven field areas. The range of thickness of Auwerwer reservoir quality sands in all six penetrations of these two structures is between 146 and 220 meters and the sands appear consistent over the field areas.

>>> Issues drilling update in Kenya and Ethiopia

Issues drilling update in Kenya and Ethiopia 
- The Etom-1 well in the Lokichar Basin on Block 13T (Kenya) has reached a total depth of 2000 meters and has discovered oil in the primary Auwerwer and Upper Lokhone target formations. The well encountered a range of between 5 and 20 meters of potential net pay sands based on wireline logging and drilling data. Oil has been recovered in MDT sample chambers which appears to be of similar quality to the oil found in the discoveries to the south.- Drilling on the Ngamia-3 and Amosing 2/2A appraisal wells also in the Lokichar Basin on Block 10BB (Kenya) has also been completed. The results of these wells appear to confirm the thickness and lateral extent of the Auwerwer sands at both locations and also has extended the known oil column significantly downdip which will extend the proven field areas. The range of thickness of Auwerwer reservoir quality sands in all six penetrations of these two structures is between 146 and 220 meters and the sands appear consistent over the field areas. - Source TradeTheNews.com

>>> What to look at today - 28/08/2014

US Market closed near the flat line, slightly higher for the S&P, Telco & Utilities held gains throughout the day Meanwhile, influential sectors like consumer discretionary (+0.1%), financials (-0.2%), health care (unch), and technology (-0.1%) ended mixed with respect to the S&P 500. News from Ukrain boarder one day after the Minsk meeting didn't reasssure the market...Volume are still weaqk below average, VIX @ 11.78 +1.29%...In Asia market still cautious on Russia/Ukraine situation...China numbers weak, overcapicity in some high ends sectors, could push PoBC to move with a cut of the RRR for banks or a policy rate cut...Nikkei -0.60% Hang Seng +0.10% Shanghai -0.38%

Eur$ 1.3209 S&P -0.08% EuroStoxx -0.10% FTSE -0.10% DAX-0.08% SMI -0.05%

Macro
- Merkel Sees France Deficit Narrowing if Hollande Pursues Reform
- Merkel Slams US Hegemony? "America Can't Solve All The World's Problems Anymore"

Keep an eye on :
- ABI BB : AB InBev Merger W/Coke Would Make Most Sense: Brasil Plural
- BALN VX : Baloise 1H Profit Rises 43%; Combined Ratio Drops
- BC IM : Cucinelli 1H Ebitda In Line, Sees 2014 Double-Digit Rev. Growth
- BVI FP : Bureau Veritas Misses 1H Profit Ests., Cuts EPS Growth Forecast
- EN FP : Bouygues Cuts 2014 Sales Outlook, Says 1H Op. Conditions Tougher
- FGR FP : Eiffage CEO Sees EU Nod for French Highway Stimulus This Year, CEO Will Propose Higher Div. If Targets Are Met
- GTO NA : Gemalto 1H Rev. EU1.13b vs Est. EU1.16b
- IBAB BB : Ion Beam 1H Adj. Ebitda Rises 19%, Operating Profit Margin 9.8%
- ELB BB : Electrabel to Sell 21% Stake in Flemish Distribution Operators
- ENEL IM : Italy to Sell 5% of Enel, 4.34% of Eni in Oct.-Dec., Sole Says
- ENI IM : Italy to Sell 5% of Enel, 4.34% of Eni in Oct.-Dec., Sole Says
- MAU FP : Maurel & Prom 1H Net EU59.3m Rises vs Loss EU10.5m Year Ago
- MONI LN : +13% yesterday on potential takevoer for IBM
- RI FP : Pernod FY Profit From Recurring Ops In Line With Ests.
- REP SM : Repsol Said to Drill 1st Phase of Canary Project on Own: Reuters
- ROG VX : Roche Retains Rights to Develop, Sell Chugai Products Worldwide
- TEF SM : Telefonica raises bid for Vivendi's Brazilian unit GVT to €7.45B - press
- TIT IM : Telecom Italia Confirms TIM Brasil Is Strategic Asset, Oi, Telefonica, Claro to Share Telecom Italia’s Tim Stake
- TIT IM : Telecom Italia Says Offer Values Vivendi's GVT Unit at EU7b, no right issue
- FR FP : Valeo Patent Complaint Over Federal-Mogul Wipers to Be Probed
- VIE FP : Veolia 1H Adj. Net Beats, Rev. in Line; Confirms 2014 Targets, Will Stick to Existing Cost-Cutting Targets, CEO
- VIV FP : Telecom Italia Says Offer Values Vivendi's GVT Unit at EU7b
- RF FP : Wendel 1H Net Drops 78%; Says in Good Shape to Meet 2017 Targets

>>> Brokers Upgrade & Downgrades - 28/08/2014

>>> Up
*ALCATEL-LUCENT RAISED TO OUTPERFORM AT SANFORD BERNSTEIN
*DEUTSCHE WOHNEN UPPED TO OVERWEIGHT AT MORGAN STANLEY
*DRAEGERWERK RAISED TO BUY VS HOLD AT BERENBERG
*HAMMERSON RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*IBERDROLA RAISED TO NEUTRAL AT MACQUARIE
*MORRISON RAISED TO HOLD VS SELL AT DEUTSCHE BANK
*PROSIEBENSAT.1 RAISED TO BUY VS HOLD AT BANKHAUS LAMPE

>>> Down
*ALSTRIA OFFICE CUT TO EQUALWEIGHT VS OVERWEIGHT: MORGAN STANLEY
*BP CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*CASTELLUM CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*FABEGE CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*GECINA CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*SEGRO CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*TESCO CUT TO HOLD VS BUY AT DEUTSCHE BANK

>>> PT changes


>>> Initiation
*AIR FRANCE-KLM RATED NEW HOLD AT ING, PT EU8
*CLOSE BROTHERS RATED NEW OVERWEIGHT AT BARCLAYS, PT 1,500P
*NORSK HYDRO RATED NEW UNDERWEIGHT AT MORGAN STANLEY, PT NOK32.5
*OMV RATED NEW HOLD AT JEFFERIES

>>> Call

>>> Telefonica raises bid for Vivendi's Brazilian unit GVT by approx 11% to €7.4

Telefonica raises bid for Vivendi's Brazilian unit GVT by approx 11% to €7.45B (includes €4.66B in cash) 
- The offer inlcudes a 12% sake in Telefonica Brasil
- Telefoncia plans to finance the offer through a capital hike at Telefonica Brasil and parent Telefonica.

**Note: The Telefonica offer is approx 6% above Telecom Italia's offer for GVT.


Telecom Italia makes cash and stock offer for Vivendi's Brazilian unit GVT worth €7B (as speculated) 
The offer is comprised of 24% cash and approx 76% in shares. 
- The offer is valid until Sept 20th.