CGGVeritas Prices $500M in sr notes due 2022 at par, yield 6.875%
- The Company intends to use the net proceeds from this offering to redeem all of the $225 million outstanding principal amount of its 9.5% Senior Notes due 2016 and will use the remaining net proceeds to redeem a portion of the $400 million outstanding principal amount of its 7.75% Senior Notes due 2017.
BG Group considered a bid target following CEO resignation
BG Group’s announcement yesterday, 28 April, that the chief executive Chris Finlayson had resigned has left the FTSE-100 energy company vulnerable to a takeover bid, the Financial Times reported. The newspaper quoted a top-10 shareholder, who said Finlayson’s departure will encourage a predator.
BG Group said Finlayson had stepped down for personal reasons. Chairman Andrew Gould will take over as interim CEO while the company seeks a replacement, the item said.
The article went on to quote a fund manager at BG shareholder Investec Asset Management, Charles Whall, who said BG’s Brazilian and Tanzanian assets might attract listed Irving, Texas-based rival ExxonMobil. Whall argued that any bidder might be emboldened by the lower expectations of BG shareholders, and that those shareholders might now accept an offer of 1500p per share or lower.
ExxonMobil refused to comment, the item said.
A Daily Telegraph report quoted Gould, who said the company would not change its strategy. However, Gould added that BG needs to accelerate value creation by measures such as “farming down” shareholdings, joint ventures or asset disposals.
BG Group’s share price closed 1p up at 1146p in London yesterday, giving the company a market capitalisation of GBP 39.07bn (EUR 47.38bn).
Source Financial Times, Daily Telegraph
Lot of numbers today in Europe...
Find attached Monitor of European Stocks reporting today - Open on yourdesktop. (Theorical Opening Price for Pre-Opening)
Have a good day.
Laurent
US MArket closed higher lead by large cap, Ukraine news driving again the sentiment, Tech closed lower, M&A continue to be a major catalyst...Volume were above average @804mil shares...VIX @ 13.97 -0.70%...China's Shanghai Composite has come off its overnight lows after falling to its worst levels in over a month. Official confirmation of easing property curbs in Guangxi Province - the first formal shift after weeks of press speculation - has helped to improve sentiment, despite a report of additional 22 pre-IPO disclosures received by the China Securities Regulatory Commission (CSRC). Separately, PBoC announced its 21st consecutive net drain - its single operation for the week ahead of the May 1st holiday period....- Samsung Electronics posted its final Q1 results that were largely above consensus and company's preliminary estimates...Tokyo was closed (Showa Day)...Nikkei Closed...HS+0.09%...Shanghai-0.02%
Eur$1.3868 S&P FUt +0.165 European Fut +0.48%
Keep an eye on :
- ABBN VX : ABB 1Q Income From Operations $855m vs $1.05b
- AIXA GY : Aixtron 1Q Sales In Line, Net Loss Misses Ests.; Keeps Forecast
- BP/ LN : BP 1Q Net $3.23b vs Est. $3.2b; Div. 9.75c/Share Beats Forecast
- CAP FP : Cap Gemini 1Q Sales In Line With Ests.; Confirms 2014 Outlook
- CBK GY : Commerzbank a Potential Takeover Target, Deutsche Bank Says
- DBK GY : Deutsche Bank Debt Trading Revenue Falls 10%; Beats Estimates
- EI FP : Essilor Sales Rise 3.6%, Led by Lenses, Optical Instruments
- ENG SM : Enagas 1Q Net Rises 5% to EU99.7 Mln, in Line With Estimates
- ENI IM : Eni 1Q Adj. Net EU1.19b vs Est. EU1.16b; Production 1.58mboe/d
- ERA DP : Eramet 1Q Rev. Falls 10% Y/y to EU714m
- FCC SM : FCC Seeks Buyer for North American Waste Unit: Expansion
- GEBN VX :Geberit Says 2014 Forecasts Virtually Unchanged Since March Geberit 1Q Results Slightly Ahead of Consensus, Berenberg Says
- GFT FP : Gameloft 1Q Strong, Beat Expectations, JPMorgan Says; Overweight
- GLJ GY : Grenkeleasing 1Q Consolidated Net Rises 26%; Confirms Outlook
- RMS FP : Hermes 1Q Sales Beat Ests.
- HOT GY : Hochtief Accelerates Leighton Bid Pay Terms; Offer Unconditional
- NK FP : Imerys 1Q Net Income EU77.6 Mln Vs EU70.1 Mln
- IBE SM : Iberdrola Seeks Buyer for Spain Distribution Unit: Confidencial
- IFX GY : Infineon FY Rev., Segment Result May Beat Forecast; 2Q EPS Beats
- LIAB SS : Lindab 1Q Profit, Sales Beat Ests.
- MMT FP : M6 Audience Share Fell Below 10% in April, Le Figaro Says
- MOR GY : MorphoSys 1Q Profit, Sales Beat; Re-Confirms 2014 Forecast
- NOBN SW : Nobel Biocare 1Q Net, Sales Miss Est.; Maintains Forecast
- NOK1V FH : Nokia 1Q Net Sales EU2.66b vs Est. EU2.85b, Nokia Sees 2H Networks Rev. Growth as 1Q Group Sales Miss
- ORA FP : Orange 1Q Sales, Ebitda Beat; Reiterates FY Earnings Target
- PWTN SW : Panalpina 1Q Net Income Beats Estimates, Confirms 2014 Forecast
- SAN FP : Sanofi 1Q Business Profit In Line, Sales Miss; Keeps Forecast, CEO Says Bolt-On Acquisition Strategy to Continue, CEO Says Pharma Mega-Mergers Are ‘Back on the Table’...Really ???
- SAN SM : Santander to Bid for Up to EU800m of Eurohypo Loans: Expansion
- SAN SM : Santander Offers EU4.7b in Stock for 25% Stake in Brazil Unit
- SGL GY : SGL Carbon 1Q Sales Drop, Posts Ebit Loss; Confirms Forecast
- SRP LN : Serco Will Probably Cut Forecast by at Least 10%, JPMorgan Says
- STCBV FH : Stockmann 1Q Net Loss Wider Than Estimated; Lowers 2014 Outlook
- STJ LN : St James's Place 1Q New Business Rises 20% to GB205.4m
- STL NO : Statoil 1Q Adj. Net NOK15.8b vs Est. NOK12.4b; Div. NOK1.8/Share Statoil 1Q Cash Flow From Operations NOK55b Rises 44% Y/y, CEO Will Assess Impact of Russian Sanctions on Business
- RIA FP : Steria 1Q Rev. Rises; Got Positive Feedback on Merger (Earlier)
- TTK GY : Takkt 1Q Sales Rise, Confirms 2014 Forecast
- UMI BB : Umicore Sees Full-year Adj. Ebit Falling to EU250m-EU280m
>>> Up
*AFRICAN BARRICK RAISED TO EQUALWEIGHT AT BARCLAYS
*CABLE & WIRELESS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*GURIT RAISED TO NEUTRAL VS SELL AT UBS
*HALKBANK RAISED TO BUY VS HOLD AT SOCGEN
*LOGITECH RAISED TO BUY VS NEUTRAL AT MIRABAUD
*NORILSK RAISED TO OVERWEIGHT AT JPMORGAN
*OCADO RAISES TO NEUTRAL VS UNDERPERFORM AT EXANE, PT 300P
*ORIFLAME RAISED TO HOLD VS SELL AT SEB
*RIGHTMOVE RAISED TO BUY VS NEUTRAL AT UBS
*SOCIETE GENERALE RAISED TO OVERWEIGHT AT MORGAN STANLEY
>>> Down
*ABB CUT TO HOLD VS BUY AT SOCGEN
*BNP CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*CRH CUT TO HOLD VS BUY AT JEFFERIES
*LEONTEQ CUT TO SELL VS NEUTRAL AT UBS
*RYANAIR CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*SERCO CUT TO NEUTRAL VS BUY AT CITI
>>> PT Chanegs
*STMICRO PT CUT TO EU5.4 VS EU5.6 AT UBS; KEPT AT SELL
>>> Initiation
*BUWOG RATED NEW BUY AT KEPLER CHEUVREUX; PT EU16.5
*GULF MARINE RATED NEW OVERWEIGHT AT BARCLAYS; PT 220P
*LUNDBERGFORETAGEN RATED NEW SELL AT NORDEA, PT SEK280
*MELKER SCHORLING RATED NEW SELL AT NORDEA, PT SEK325
>>> Call
>> Stock
*DEUTZ, WARTSILA EXIT UBS LEAST PREFERRED ENGINEERING SHARES
*KRONES, LEGRAND EXIT UBS MOST PREFERRED EUROPE ENGINEERING SHRS
*ROYAL MAIL ADDED TO BOFAML’S EUROPE 1 LIST
After Hours Summary: AMKR +6.1%, BWLD +4.6%, N +2.6%, UCTT -18%, TCS -7.9%, KN -6.2% following earnings/guidance
After Hours Gainers: Companies trading higher in after hours in reaction to earnings: AMKR +6.1%, BWLD +4.6%, N +2.6%, HIG +1.8%, AMP +1.4%, AGNC +1.2%, RRC +0.6%
Companies trading higher in after hours in reaction to news: NVAX +9.9% (announced positive top-line data from dose-confirmatory Phase 2 clinical trial of its RSV vaccine candidate in women of childbearing age), Z +3.2% (Tiger Global disclosed 9.5% stake), SGY +3.0% (announces Cardona South drilling success on the deep water Cardona South well at Mississippi Canyon 29), LINC +2.6% (Heartland Advisors declares 17.2% active stake in 13D filing), AMP +1.4% (authorized additional $2.5 bln for the repurchase of shares of its common stock through April 28, 2016; increased quarterly dividend by 12% to $0.58 per share from $0.52 per share), KWK +0.6% (announced results of borrowing base redetermination: Reduced from $350 million to $325 million), TKR +0.4% (acquires Schulz Group, based in New Haven, Conn.)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings: UCTT -18%, TCS -7.9%, KN -6.2%, BLDP -2.2%, MERU -1.6%, PCL -1.2%, QCOR -0.7%, FTK -0.3%, HLF -0.2%, WNC -0.1%
Companies trading lower in after hours in reaction to news: GOGO -18.4% (lower after AT&T (T) announced plans to launch a high-speed 4G LTE-based in-flight connectivity service), ENT -10.9% (also lower after AT&T news), UACL -3.4% (announced offering of 1.9 mln shares of common stock, of which 1.8 mln offered by selling stockholhders, 20,000 being offered by co), FET -3.1% (announced funds affiliated with SCF Partners have commenced a public offering of an aggregate of 10 mln shares of the co's common stock), WLT -2.5% (announced voluntary delisting from Toronto Stock Exchange), JBLU -2.1% (announced departure of Chief Operating Officer Rob Maruster), SU -2.0% (announced appointment of James W. Simpson as new Board Chair following retirement of John Ferguson), MEG -1.0% (announced secondary public offering of 9 mln shares of voting common stock by selling stockholders), GIMO -0.8% (announced CFO transition: Duston Williams to step down, Ravi Narula, Gigamon's chief accounting officer, will serve as the interim chief financial), SYK -0.6% (announced pricing of $1 bln senior notes offering)