>>> Jana Partners - 13F - EBAY, TEVA, LUK, AER, AIG, GRPN, KMI, SIRI

JANA Partners disclosed updated portfolio positions in 13F filing earlier this morning
Highlights from 2014 Q1 filing as compared to 2013 Q4 filing:
- New positions in: EBAY (~3.85 mln shares), SUNE (~3.9 mln), TEVA (~2.0 mln), LUK (~7.7 mln), AER (~9.85 mln), GPOR (1 mln)
- Increased positions in: AIG (to ~6.45 mln from ~49k shares), GRPN (to ~40.8 mln from ~31 mln), KMI (to ~26.7 mln from ~18.1 mln), SIRI (to ~72.3 mln from 50 mln), SVU (to ~24.7 mln from ~17.1 mln), WAG (to ~12.1 mln from ~7.3 mln)
- Decreased positions in: GM (to ~166k shares from ~8.3 mln), JNPR (to ~8.8 mln from ~13.4 mln), VC (to ~22k from ~2.8 mln), OUTR (to ~1.7 mln from ~3.7 mln)
- Closed positions in: HUN (from ~10.5 mln shares), SWY (from ~9.7 mln), AXL (from ~6.7 mln), MDLZ (from ~4.6 mln)

>>> Lansdowne - 13F - VZ, CL, MS, MTG, DIs, EFTC, BAC, TWC, CL

Lansdowne Partners discloses updated portfolio positions in 13F filing; New ~13.5 mln share position in VZ, closed ~7.9 mln share position in CL
- Highlights from 2014 Q1 filing as compared to 2013 Q4 filing:
- New positions in: VZ (~13.5 mln shares), BMY (~1.6 mln), MS (~1.6 mln), MTG (~1.6 mln)
- Increased positions in: DIS (to ~7.9 mln from ~4.2 mln shares), ETFC (to ~1.9 mln from ~470k), BAC (to ~5.2 mln from ~3.9 mln)
- Decreased positions in: TWC (to ~1.7 mln from ~3.1 mln shares)
- Closed positions in: CL (from ~7.9 mln shares), ACN (from ~3.3 mln)

>>> Farallon - 13F - CYH, YHOO, STWD, SIRI, FWLT, GA, FOXA, EDU, TWC, SALT

Farallon Capital discloses updated portfolio positions in 13F filing: New 11.4 mln share position in CYH, increased position in YHOO to ~5.7 mln shares from ~1.5 mln shares
- Highlights from 2014 Q1 filing as compared to 2013 Q4 filing:
- New positions in: CYH (~11.4 mln shares), STWD (17 mln), SIRI (21.1 mln), FWLT (3.3 mln), GA (3.3 mln)
- Increased positions in: YHOO (to ~5.7 mln shares from ~1.5 mln shares), FOXA (to ~6.4 mln from ~3.2 mln), EDU (to ~2.2 mln from 500k)
- Decreased positions in: TWC (to ~1.8 mln shares from ~2.8 mln shares)
- Closed positions in: SALT (from 2.8 mln shares), SBH (from 2.4 mln)

RTR - U.S. FCC votes to restrict AT&T, Verizon in 2015 spectrum auction

U.S. FCC votes to restrict AT&T, Verizon in 2015 spectrum auction

(Reuters) - U.S. telecom regulators on Thursday voted to limit how much spectrum Verizon Communications Inc and AT&T Inc will be able to buy in next year's auction of highly valuable wireless airwaves.

In a 3-2 vote along party lines, the Federal Communications Commission approved the plan that would reserve part of the spectrum in each market for wireless carriers that do not already have substantial blocks of low-frequency airwaves there, largely restricting Verizon and AT&T participation.

"What this rule does is prevent those with current low-band spectrum from monopolizing the market in the auction by assuring that some spectrum will be available for those with insufficient amounts of spectrum to serve rural areas and penetrate buildings," said FCC Chairman Tom Wheeler

The FCC also voted 3-2 to expand the so-called spectrum screen, a calculation of what airwaves are usable for wireless, to include more of the airwaves currently controlled by Sprint Corp and Dish Network Corp, among other things.

The FCC has scheduled a major auction of low-frequency spectrum for mid-2015, a first opportunity in years for wireless carriers to buy the airwaves considered the beach-front property of radio spectrum for their reach and strength.

Smaller national carriers Sprint Corp and T-Mobile USA Inc had urged the FCC to ensure their two biggest rivals do not dominate the auction and FCC Chairman Tom Wheeler has agreed, saying Verizon and AT&T already control almost two-thirds of the coveted low-frequency airwaves.

>>> Tiger Global - 13F - UTIW, GRPN, YHOO, Z, LBTYK, MA, ZNGA, MSI,

Tiger Global discloses updated portfolio positions in 13F filing: New 4.9 mln share position in UTIW, closes 11.5 mln share position in GRPN, closes 9 mln share position in YHOO
Highlights from 2014 Q1 filing as compared to 2013 Q4 filing:
New positions in: UTIW (~4.9 mln shares), CAR (~3.9 mln), Z (~1.6 mln)
Increased positions in: LBTYK (to ~8.9 mln shares from ~4.6 mln shares), MA (to ~3.4 mln from 350k),
Decreased positions in: ZNGA (to ~5.6 mln shares from ~9.4 mln shares), MSI (to ~1.9 mln from ~3.0 mln)
Closed positions in: GRPN (from ~11.5 mln shares), YHOO (from ~9 mln), AMZN (from ~826k)

(Les Echos) Orange is considering a purchase of Bouygues Telecom

Orange is considering a purchase of Bouygues Telecom

Link to English translation : {http://bit.ly/1lEa2RS}
Link to Original Article in French : {http://bit.ly/T7lv3d}

The shareholders of the Bouygues group go up to the Orange capital. The project would be subject to approval by the European competition authorities.

Prohibited marriage, the incumbent? This is not the opinion of everyone. Reportedly, Orange talks with Bouygues Bouygues Telecom to buy. The CEO of the incumbent Stéphane Richard and Martin Bouygues spoke live on several occasions. The government has been kept. "Our options were evaluated, but no one asked me on the side of the state to study the acquisition of Bouygues Telecom," says Stéphane Richard, however, contacted by "Les Echos". The initiative comes in effect Martin Bouygues.
A superb top out Martin Bouygues
The main beneficiary of this operation would be Martin Bouygues, who laments not being able to buy SFR, and looking for a solution for its subsidiary in decline. The natural buyer, Free, does not offer him a good price for its telecoms 4 or 5 billion while Martin Bouygues wants 8000000000. In the transaction in question, the value of Bouygues Telecom would amount to at least € 6 billion.
Especially, the Bouygues Group and its partner JCDecaux (which owns 10% of Bouygues Telecom) benefit from the sale of the asset to be paid in shares, and therefore up to the Orange capital. By donating a portion in cash, they could be around 10% of the capital. They thus become the largest shareholder behind the state of an international group, the first among global operators, too big to fail and not a potential takeover target. A superb top out to the shareholders of the small operator today in a cul-de-sac, because they have invested in a fixed network and have sufficient mobile clients.
The specter of social destruction
The state, which owns 27% of Orange, has several concerns. First, turn off the fire which seems to cover social in telecoms, due to intense price competition. Bouygues Telecom stirred two scarecrows: a plan for job cuts that could affect 2,000 people over a little less than 9,000; and a price war in the fixed which may result also by downsizing among all operators.
If swallowed Orange Bouygues Telecom, the plan 2,000 job cuts would not take place to be, says Sébastien Crozier, the CFE-CGC Orange "2,000 jobs, it's four months of natural attrition us. With these jobs would only delay 4 months plan Orange starts ... and we would be happy to see the arrival of these employees rajeuniraient our pyramid. "
A favorable union merger of Orange
The union has also today published an open letter to Prime Minister Manuel Valls called for the two operators merge letter. CFE-CGC maintains close relations with the leadership of the Bouygues group - a source of inspiration in the employee share (one quarter of Bouygues employees are shareholders in their company). Olivier Roussat, the CEO of Bouygues, invited to the Summer School of the union, was warmly applauded by the Orange activists!
According to the CFE-CGC, such a merger would be beneficial to Orange as "having the support of a construction group to deploy its fiber network would enable Orange to accelerate and complete its commitments faster coverage territory very broadband. "Internationally, well, construction and telecoms could go hand in hand." If Bouygues becomes shareholder of the incumbent, he will also finally possible, together with the forces of ownership employee, find a business strategy focused on the development of the activity, rather than the payment of a dividend abuse, "argues the CFE-CGC.
Arnaud Montebourg pushes the Alstom-Siemens deal
The Minister of Economy Arnaud Montebourg is very involved in the case. He has an obsession: to return to a balance of three telecom operators to better end the price war. He said that the State would be in the consolidation of motor Bouygues with "another operator," and said about it: "That's good, we are shareholders of an operator and not the least, so we are very interested in successful completion of this great national project. "A buyout rather than Orange Free would avoid massive social destruction.
Moreover, Arnaud Montebourg think there have a lever to take revenge on the Alstom case. The Minister had been hit as the CEO of the conglomerate Patrick Kron, and its largest shareholder Martin Bouygues him hide the ongoing negotiations to sell Alstom General Electric. Arnaud Montebourg is in favor of a takeover by Siemens, and could use the current negotiations between Orange and Bouygues to get an Alstom-Siemens deal.
Melting at high competitive risk
Remains to what extent a marriage-Bouygues Telecom Orange is feasible. Most market participants do not believe it. The new entity would weigh half of the French mobile market (volume of SIM cards), and 44-45% of the fixed market. Orange is already the only incumbent to Western Europe with Telefonica to have remained the market leader, and it would further strengthen? It is unlikely that the authorities in Brussels, which will have jurisdiction over the operation, let pass such a marriage without seeking huge concessions in exchange (the "remedies").
According to our information, Bouygues plans to sell the mobile network Bouygues Telecom and frequencies to 1.8 billion euros Free Mobile - exactly what was provided in the context of a merger-SFR Bouygues. This would strengthen the fourth operator. Negotiators are also convinced that it will sell 2 million fixed Bouygues Telecom customers or mobile clients. Even making these efforts, the competitive risk remains high. Stéphane Richard, caution should be: "I do not want to Orange in an adventure," he explains the "Echos".
In parallel, Orange continues to explore another option, much more "reasonable" within the competitive level: infrastructure sharing mobile network with Bouygues, if possible by pooling the frequencies and reselling some of antennas Free Mobile, while praising Orange fiber network Bouygues Telecom. Bouygues One way to cut ties with SFR-Numericable (mobile sharing, rental of fiber), and Orange to share with someone other than Free.

WSJ : FCC Advances New Broadband Rules

FCC Advances New Broadband Rules Proposed Rules Would Allow Paid Deals Between Broadband Providers, Content Companies

The Federal Communications Commission advanced new Internet rules that would ban broadband providers from blocking or slowing down websites, but allow them to strike deals with content companies for preferential treatment.

The commission voted 3-2 along party lines to advance the proposal, the creation of Chairman Tom Wheeler, which also invites input from all parties on a host of issues, including whether broadband should be reclassified as a public utility, which would subject it to far greater regulation.

Democratic commissioners Jessica Rosenworcel and Mignon Clyburn joined Mr. Wheeler in voting to advance the notice of proposed rule-making, which will now be open to public comment for 60 days, followed by another 60 days for replies.

Mr. Wheeler emphasized his view that the rules are the fastest way to ensure that the Internet remains open and also address legal issues raised by courts that have struck down two past FCC attempts to write the regulations.

"There is one Internet. It must be fast, it must be robust, and it must be open," he said. "The prospect of a gatekeeper choosing winners and losers on the Internet is unacceptable."

Reclassifying broadband is the route preferred by many advocates of net neutrality, the concept that all Internet traffic should be treated equally. Net neutrality proponents are unlikely to be satisfied with Mr. Wheeler's approach, and will do their best in the coming months to convince him to ban broadband providers from charging tolls for their fastest lanes.

The commission voted in front of a packed meeting room, including four protesters who were carried out by security after loudly interrupting the meeting to advocate for reclassification. Ms. Rosenworcel voted to advance the proposal, but noted her opinion can still change and that she wasn't happy with the rush to vote.

"So I support network neutrality, but believe the process that got us to that point is flawed," she said.

Mr. Wheeler's hope is to complete a set of rules for a vote by the end of the year. Mr. Wheeler has indicated that he is still open to changing his plan, especially if the public backlash against it continues.

Republicans and the broadband providers have promised to wage a fierce war against broadband reclassification all summer. The broadband providers have signaled that they can live with Mr. Wheeler's approach as drafted, while congressional Republicans are firmly against any net neutrality rules.

Republican Commissioner Michael O'Rielly said reclassifying broadband would be a serious mistake and argued that paid prioritization deals are inevitable and shouldn't be banned.

"Prioritization is not a bad word. It is a necessary component of reasonable network management," Mr. O'Rielly said.

Democrats are largely in favor of net neutrality but still divided on the best approach, with a few favoring reclassification and others still on the fence. Mr. Wheeler's approach also has found favor with some Democrats who worry reclassification would kill investment in broadband deployment.

Observers expect unprecedented engagement during the comment period, but it remains to be seen how much the final proposal shifts from what Mr. Wheeler has already proposed. While Ms. Rosenworcel supported the proposal, she will be watched closely throughout the process.

Mr. Wheeler's proposal assumes a strong FCC would aggressively police deals between providers and content companies, but it has drawn a great deal of pushback from advocates of pure net neutrality, some of whom showed up at the beginning of Thursday's meeting and were escorted out of the building by security guards.

Bouygues 1Q Rev. EU6.84b vs Est. EU6.56b

+------------------------------------------------------------------------------+

Bouygues 1Q Rev. EU6.84b vs Est. EU6.56b 2014-05-15 15:53:58.522 GMT

By Sam Chambers May 15 (Bloomberg) -- 1Q Ebitda EU136m vs est. EU226m. * 1Q net EU285m vs restated loss EU42m y/y * This yr’s 1Q net includes EU240m net capital gain on sale by Colas of stake in Cofiroute; excluding exceptional items, co. would have had 1Q net loss EU56m, Bouygues says * Conf. call 6:30pm CET, +44-203-367-9456 * Statement

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

To contact the reporter on this story: Sam Chambers in London at +44-20-7673-2021 or schambers7@bloomberg.net To contact the editors responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net Jim Silver

RTR- Sweden's finance minister says ready to hear Pfizer out on Astra bid

Sweden's finance minister says ready to hear Pfizer out on Astra bid

May 15 (Reuters) - Swedish Finance Minister Anders Borg said on Thursday he was ready to meet management of U.S. drug firm Pfizer about its bid to buy British rival AstraZeneca, which has sizable operations in Sweden.

Borg, as well as Prime Minister Fredrik Reinfeldt and opposition leader Stefan Lofven fear the $106 billion bid would lead to job losses in Sweden. Astra, which has rejected the bid, employs some 5,900 people in Sweden.

"It's up to them if they want to get in touch with us. We don't want to lend legitimacy to their bid," Borg told reporters. "But if they contact us, we would of course see them and hear what they have to say."

Enterprise Minister Annie Loof told Swedish television that she would have met Pfizer Chief Executive Ian Read on Thursday in Sweden but that he had cancelled the meeting.

Pfizer management had declined an invitation from the Social Democratic party to participate in a hearing in Sweden's parliament on its plans for Astra's production and research in Sweden, Mikael Damberg, a Social Democratic lawmaker, told news agency TT.

Earlier this week Pfizer's CEO faced two days of parliamentary questioning in Britain, where the firm has promised to keep a fifth of its combined research staff for five years if the deal goes through.

Pfizer has made no such commitments regarding staff in Sweden.