(BFW) Merck to Sell Consumer Care Unit to Bayer for $14.2b Cash

BUS 05/06 10:00 Merck Announces Sale of Consumer Care Business to Bayer AG for $14.2 Billion
 BN 05/06 10:02 *MERCK TO MAKE AVAILABLE EARLY-STAGE SGC COMPOUNDS AT SAME TERMS
 BN 05/06 10:02 *MERCK: PACT ALSO INCLUDES CLINICAL DEVELOPMENT OF VERICIGUAT
 BN 05/06 10:01 *MERCK IN CLINICAL DEVELOPMENT PACCT FOR SGC MODULATORS
 BN 05/06 10:01 *MERCK SAYS BAYER TO GET MERCK PRESCRIPTION RIGHTS FOR AFRIN
 BN 05/06 10:01 *MERCK SAYS BAYER TO GET MERCK PRESCRIPTION RIGHTS FOR CLARITIN
 BN 05/06 10:01 *BAYER WILL GET $1B UP-FRONT WITH POTENTIAL FOR ADDED MILESTONES
 BN 05/06 10:00 *MERCK TO UPDATE 2014 FINL GUIDANCE WHEN TRANSACTION CLOSES
 BN 05/06 10:00 *MERCK SAYS BAYER TO GET MERCK'S EXISTING OTC BUSINESS
 BN 05/06 10:00 *MERCK EXPECTS AFTER-TAX PROCEEDS FROM SALE $8B - $9B
 BN 05/06 10:00 *MERCK IN PACT W/ BAYER FOR CARDIOVASCULAR THERAPIES
 BN 05/06 10:00 *MERCK REPORTS SALE OF CONSUMER CARE TO BAYER AG FOR $14.2 BLN
BFW 05/06 10:00 *MERCK REPORTS SALE OF CONSUMER CARE BUS TO BAYER FOR $14.2B
 BN 05/06 10:00 *MERCK PACT INCLUDES A $1B UP-FRONT PAYMENT
 BN 05/06 10:00 *MERCK REPORTS SALE OF CONSUMER CARE OPS TO BAYER FOR $14.2B
 BN 05/06 10:00 *MERCK REPORTS SALE OF CONSUMER CARE BUSINESS TO BAYER FOR
MORE: Merck to Sell Consumer Care Unit to Bayer for $14.2b Cash
2014-05-06 10:09:29.472 GMT


By Joanna Ossinger
     May 6 (Bloomberg) -- Bayer to buy Merck’s existing OTC
business, including global trademark and prescription rights for
Claritin, Afrin.
  * Merck to make upfront $1b payment to Bayer w/ additional
    sales milestone payments up to $1.1b in co-development, co-
    commercialization pact on soluble guanylate cyclase
    modulators
  * Bayer to finance deal a bridge facility provided by Bank of
    America, Merrill Lynch, BNP Paribas and Mizuho
  * Morgan Stanley advised Merck
  * Transaction expected to close in 2H
  * Merck expects after-tax proceeds from the sale of MCC to be
    $8b-$9b
  * Merck conf. call 9am 706-634-2289 pin 42688075
  * NOTE: May 2, Bayer Said to Be in Exclusive Talks for Merck
    Consumer Unit {NSN N4XVM36JTSEB <go>}

Link to Statement:{NSN N55D40MEQTXN <GO>}
Link to Company News:{BAYN GR <Equity> CN <GO>}
Link to Company News:{MRK US <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:
Joanna Ossinger at +1-212-617-7789 or
jossinger@bloomberg.net

>>> Fitch comments on potential for rating upgrades in the eurozone periphery

Fitch comments on potential for rating upgrades in the eurozone periphery
- Some recovery in eurozone periphery sovereign ratings is possible in a benign scenario of economic recovery and declining debt ratios. 
- Cutting budget deficits and stabilising then reducing public debt ratios would be a key driver of rating upgrades. 
- Nevertheless, the agency is generally cautious about the medium-term outlook for the eurozone as many countries face a long period of convalescence and the risk of relapse; ratings could stagnate or even decline if growth is weak and debt ratios flat-line or keep rising. 
- Believes that Ireland, Portugal and Spain have the greatest medium-term potential, in a favourable scenario, for multi-notch rating recoveries as their ratings fell further in the crisis (7-8 notches) than Italy and Slovenia (4-5 notches) and they have suffered less severe damage and are less exposed to downside risks than Cyprus and Greece (which defaulted and are still in EU/IMF programmes). 
- Do not envisage any sovereigns in the eurozone periphery recapturing pre-crisis rating levels in the foreseeable future; This reflects not only the long and difficult adjustment path ahead, but also the legacy of the crisis.

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>>> Rumours of Nokia Bid for Alcatel-Lucent Reappear

Rumours of Nokia Bid for Alcatel-Lucent Reappear {http://www.cellular-news.com/story/Business/65728.php}

Published on: 5th May 2014

The on off rumours that Nokia might launch a takeover bid for Alcatel Lucent are on again with comments by an IDC analyst that such a bid could be considered.

Nokia\'s new CEO, Rajeev Suri has already suggested that the company -- which is now mostly made up of its former NSN subsidiary -- might make some small acquisitions to fill gaps.

However, Nabila Popal, research manager at IDC MEA has suggested that Nokia could use the cash from its Microsoft deal to launch a full bid for Alcatel-Lucent.

Alcatel-Lucent is currently in the midst of a major round of job cuts to restore its profitability. Having just carried out a similar exercise at NSN, Rajeev Suri is thought to be wary of absorbing another company that needs the same treatment.

"Although the job cuts may postpone the takeover in the near future, Nokia would wait to see whether Alcatel-Lucent\'s financial performance improves as a result," Popal explained to ITP.

Rumours that NSN might make a bid for Alactel-Lucent first emerged last year, but were apparently not supposed by board talks between the two companies.

The two companies have some overlaps, but are largely complimentary in technology terms. Alcatel-Lucent is also generally thought to be stronger at winning contracts in the increasingly important Chinese market.

(BN) *GE BID FOR ALSTOM `NOT SUFFICIENT,' `NOT ACCEPTABLE': HOLLANDE

and as anticipated...here we go
BFW 05/06 06:50 *GE BID FOR ALSTOM ‘NOT SUFFICIENT,’ ‘NOT ACCEPTABLE’: HOLLANDE
 BN 05/06 06:50 *HOLLANDE DECLINES TO COMMIT STATE FUNDS TO ALSTOM
 BN 05/06 06:47 *HOLLANDE SAYS HE SHOULD BE JUDGED AT THE END OF HIS MANDATE
*GE BID FOR ALSTOM `NOT SUFFICIENT,' `NOT ACCEPTABLE': HOLLANDE
2014-05-06 06:49:41.514 GMT

  --VIDYA ROOT

-0- May/06/2014 06:49 GMT

(GS) Strategy Matters - Where has all the value gone?


*Where has all the value gone?*
We recently raised our long-term price targets for the market, expecting
a lower ERP and better growth to boost stock prices. However, we often hear that investors struggle to find value at the stock level given that so much that was value has risen sharply in the last year or two. In early 2013, 21% of stocks in the STOXX Europe traded below 10x 12m forward P/E; now just over 7% do. We find that dispersion of valuation between stocks has narrowed, mirroring a similar narrowing in dispersion in European bond markets.

(BFW) Balfour Beatty CEO Quits; Co. Sees Significantly Lower FY Pretax

stock is indicated north of 10% lower
 BN 05/06 06:05 *BALFOUR BEATTY TO BEGIN SEARCH FOR SUCCESSOR TO MCNAUGHTON
 BN 05/06 06:04 *BALFOUR BEATTY: STEVE MARSHALL WILL TAKE OVER AS EXEC CHAIRMAN
 BN 05/06 06:04 *BALFOUR BEATTY SAYS ANDREW MCNAUGHTON HAS STEPPED DOWN AS  CEO
 BN 05/06 06:03 *BALFOUR BEATTY BBY DIRECTORATE CHANGE
Balfour Beatty CEO Quits; Co. Sees Significantly Lower FY Pretax
2014-05-06 06:09:28.435 GMT


By Brian Lysaght
     May 6 (Bloomberg) -- Balfour says expects a GBP30m
shortfall in UK construction business in 2014.
  * Group pre-tax profits for 2014 are expected to be
    significantly lower than previous expectations, in the range
 of GBP145m-GBP160m
** NOTE: FY pretax avg est. GBP195m: Bloomberg data
  * Andrew  McNaughton has  stepped  down as  Chief Executive
    with immediate effect
  * Steve Marshall, will take over as Executive Chairman until a
    successor is appointed.
  * A strategic review has led the Group to evaluate options for
    the  possible  sale of Parsons Brinckerhoff, conditional on
    providing attractive value.


Link to Statement:{NSN N552623HBS3S <GO>}
Link to Company News:{BBY 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:
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FT : Pfizer faces trickier takeover rules

Pfizer faces trickier takeover rules

In its pursuit of its quarry, Pfizer will have to negotiate UK takeover rules that have become trickier to navigate since the start of the decade.
The political controversy over Kraft’s takeover of Cadbury, the confectioner, in 2010, and a subsequent speech by the UK company’s former chairman Sir Roger Carr, led to revisions of the Takeover Code in 2011 to strengthen the position of target companies and force bidders to put more information into the public domain.

Among the most significant changes to the rules, which are administered by the Takeover Panel, was a tight timeframe aimed at preventing bidders from stalking companies for lengthy periods of time without tabling a formal offer.
Now Pfizer faces a May 26 deadline to “put up or shut up” as to whether it will make a formal offer for AstraZeneca – unless the target’s board requests an extension. If it fails to put a formal bid on the table, Pfizer will have to wait for six months before returning.
In addition, bidders must now publish more information on what they intend to do about jobs and major assets such as factories and – in AstraZeneca’s case – research facilities. Target companies’ employee representatives have a greater ability to make their views on the deal known.
Break fees, which the target agrees to pay the bidder if a deal is not completed, are now banned in the UK – in contrast with the US.
One senior corporate lawyer said the UK regime had become more “friendly” to target companies, but that AstraZeneca might still come under pressure not to insist on the initial “put up or shut up” deadline.
“If there is a body of shareholder support to engage in dialogue with Pfizer, AstraZeneca will be under pressure to go to the Panel and say we would be content to extend by another four weeks – or whatever the period may be,” he said.
The current obstacles Pfizer faces are relatively modest when compared with suggestions from the Labour leader Ed Miliband for future reform.
Mr Miliband has written to prime minister David Cameron calling for a stronger “public interest test” to apply to takeovers, taking into account strategic elements of the UK’s science base.