>>> Asian Update

Asian Market Update: BOJ maintains policy setting and keeps assessment unchanged but notes "fluctuations due to consumption tax hike"; Samsung Electronics Q1 guidance mixed

***Economic Data*** - (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF ¥60-70T (AS EXPECTED); Maintains overall economic assessment unchanged (8th consecutive meeting) - (JP) JAPAN FEB CURRENT ACCOUNT BALANCE: ¥612.7B (first surplus in 5 months) V ¥618.1BE; ADJ CURRENT ACCOUNT: -¥41.4B V +¥24.7BE; TRADE BALANCE BOP BASIS: -¥533.4B V -¥593.6B - (AU) AUSTRALIA MAR NAB BUSINESS CONFIDENCE: 4 (7-month low) V 7 PRIOR; BUSINESS CONDITIONS: 1 V 0 PRIOR - (NZ) NEW ZEALAND Q1 NZIER BUSINESS CONFIDENCE: 52 V 53 PRIOR

Market Snapshot (as of 03:30 GMT): - Nikkei225 -1.1%, S&P/ASX -0.2%, Kospi +0.1%, Shanghai Composite +1.0%, Hang Seng +0.8%, Jun S&P500 +0.2% at 1,842, Jun gold +0.2% at $1,300, May crude oil +0.5% at $100.94/brl

***Highlights/Observations/Insights*** - As widely expected, Bank of Japan elected to wait for more clarity on the extent of headwind from higher sales tax before deciding on further policy adjustment. BOJ left its monetary base setting intact (increase of ¥60-70T annual pace) and also maintained economic assessment of "moderate recovery" in domestic economy for the 8th consecutive meeting. Policymakers did tweak some of the accompanying language, noting there were "some fluctuations due to consumption tax hike" regarding the overall recovery as well as private consumption and housing investment, and also added "some cautiousness" around the outlook for business sentiment has been observed. JPY is a touch softer as traders interpreted elevated cautiousness over the outlook potentially paving the way to more easing on Apr 30th when BOJ also releases semi-annual report on economic and price trends.

- Samsung Electronics posted mixed preliminary Q1 figures - Op profit KRW8.40T v KRW8.3Te, Rev KRW53.0T v KRW54.6Te - with the full report to be made available at the end of the month. Shares initially traded down over 1% on revenue miss before recovering some ground. Separately, South Korea finance ministry's monthly assessment saw continued signs of recovery in the domestic economy.

- Australia's NAB Business Confidence fell to a 7-month low as traders brace for Aussie employment data later this week. NAB chief economist said firms are responding to the ongoing sluggishness in business activity, and also pointed to high Australian dollar, uncertainty over the global economy and the potential for significant belt tightening in the upcoming budget.

- In notable Chinese press reports, property agency Centaline announced sales of second-hand homes in Beijing during March fell to a 6-year low for the month at 8.9K units. Separately, Securities Journal speculated the govt may announce fresh measures on investment, seeking to stabilize growth and expand consumption.

***Fixed Income/Commodities/Currencies*** - (CN) PBoC to drain CNY47B in 14-day repos and CNY16B in 28-day repos (15th consecutive drain) - (AU) Australia MoF (AOFM) sells A$100M in 2.0% 2035 indexed bonds; bid-to-cover: 3.69x

- USD/JPY initially fell below ¥102.80 after the BOJ but quickly reversed those losses to retest the ¥103. On balance the language may have been a touch more dovish, particularly in the wake of last month's surprisingly neutral stance. Soft USD was also felt in other majors - AUD/USD and NZD/USD rose over 20 and 30 pips from their lows above 0.9280 and 0.8630 respectively. Modest weakness in USD also helped June gold retest $1,300 mark, up over $3/oz.

***Equities*** US markets: - AKS: Increases current spot market base price for its hot roll carbon steel to a minimum of $700 (implies 6.1%) per ton (from $660 on 3/20); effective immediately; +6.9% afterhours - SHLM: Reports Q2 $0.39 v $0.35e, R$588.5M v $515.4M y/y (2 est); +5.6% afterhours - C: Announces Agreement to Resolve Certain Private-Label Securitization Repurchase Claims; to take about $100M in related Q1 charges; +0.8% afterhours - SWFT: Guides Q1 $0.11-0.13 v 0.23e; -0.2% afterhours - GIMO: Reports prelim Q1 Rev $31-31.5M v $35Me ($34-35M prior); -24.3% afterhours

Notable movers by sector: - Consumer Discretionary: Skyworth Digital 751.HK -2.1% (Mar sales results); Gree Inc 3632.JP -2.9% (speculation on Q4 results) - Financials: CITIC Securities 6030 +2.4%, China Galaxy Securities 6881.HK +3.1% (receives online brokerage license) - Materials: Inner Mongolia Junzheng Energy & Chemical Industry 601216.CN +1.4% (Q1 guidance) - Energy: Sinopec Kantons Holdings 934.HK +2.2% (FY13 results); Hilong Holding 1623.HK -2.3% (FY13 results); Shanghai Aerospace Automobile Electromechanical 600151.CN +2.4% (FY13 results) - Industrials: Avic Heavy Machinery 600765.CN +1.7% (FY13 results) - Technology: Beijing SuperMap Software 300036.CN -2.7% (FY13 results); HTC 2498.TW -2.2% (Q1 results); Hundsun Technologies Inc 600570.CN +10.0% (Alibaba's Jack Ma acquires stake); Samsung Electronics 005930.KR -0.3% (prelim Q1 results); Asahi Glass 5201.JP -0.3% (speculation on Q1 results) - Healthcare: Zhejiang Conba Pharmaceutical 600572.CN +3.6% (acquires stake in Guizhou Baite Pharmaceutical)

(Les Echos) After allowing escape SFR, Bouygues evaluating its options

Original Article in French Below

After allowing escape SFR, Bouygues evaluating its options
l The mobile sharing agreement between Bouygues and SFR is questioned by the failure of redemption. the group could come close to Orange without getting married, or sell to Free.

After the weekend which saw Vivendi sell its subsidiary SFR Numericable , Bouygues Telecom can measure what he has lost . A wedding with SFR would have offered him a top out in telecoms with critical mass indispensable to its survival , and recomposed around market only three actors. But this scenario flies no question of becoming the number one French mobile or marry SFR . The group led by Olivier Roussat conser- vera its uncomfortable third place with sprinter Free Mobile starts to blow him in the neck.
After the exceptional mobilization of Martin Bouygues and its teams for over a month, around SFR , we must find a new project. Officially, the telecom subsidiary may continue its merry way alone. In fact, it will quickly become untenable , if only because once deducted investments , gross operating surplus Bouygues Tele -com falls to near zero . The subsidiary has not rebounded dividends to the parent company last year for the first time since 2006. Bouygues gold can not make
follies, with net debt consoli-dated , which grew to € 4.4 billion.
For months , the analysts speculate on your output Bou- ygues telecom . There is a buyer found everything : Xavier Niel, whose operator Free has a fixed network which cruelly lack Bouygues but himself need , although he says, a network mobile . According to Oddo Securities, Free should not provide more than € 5 billion to buy Bouygues Telecom : 1.8 billion euros for the network

since 2006 , the subsidiary BouyguesTelecom has traced no dividend to its parent company Bouygues .
and frequency ; € 1.5 billion for the customer base to 120 euros per subscriber ; 1.7 billion to benefit from the enormous synergies that result from such a marriage , estimated at 4.4 billion euros . However, it is doubtful that Martin Bouygues is ready to sell her skin so quickly, for so little. The two groups are rabibo -kets , but according to our information , Bouygues especially considered at this stage a merger of equals . Unacceptable for Xavier Niel .
More taboos
Another option would be to bring Bouygues Orange . A wedding is out of the question : the former monopoly is con-demned to celibacy for the sake of competition. However, Bou- ygues could leave his sharing agreement with SFR in order to build a new one with Orange. Bouygues is silent on the subject. But according to our information, discussions with Orange sharing began parallel negotiations to buy SFR . "Change of control is not a cause of resi- liation , they will have to pay for pre- judice " threat does one side SFR - Nu- mericable where work sharing so far is continue. "The Authority of the competi-tion may allow a break considering that the equilibria are changed ," argues in
Martin Bouygues is now at the crossroads. Sipa Photo
Conversely a supporter of flip- ment alliances . The Competition Authority has nosed, there is one year, the risk of " predation " of Bou- ygues Telecom weakened by the rise of Free Mobile, itself boosted by its roaming agreement with Orange. Leave Bouygues mutualisation Liser with Orange could be a way to restore it some leeway .
Orange , the operation would be more advantageous than the face to face with Free Mobile, it sucks as the pooling but has fewer antennas to share. How-ever , it could not be as extensive as the sharing agreement SFR / Bouygues , which
covers 57 % of the population . Free Orange and are, in any case, on the alert because of the advice of a lead- giant telecoms, SFR operation " reopens all wholesale contracts ." Instead of renting the optical fiber Numericable , Bouygues could therefore provide at Orange or Free.
As for Free hitherto unconditional Orange , his only supplier in the fixed and mobile , he could begin to seriously consider other sources of supply. There are no more taboos .


IN FRENCH


Au lendemain du week-end qui a vu Vivendi vendre sa filiale SFR à Numericable, Bouygues Telecom peut mesurer ce qu’il a perdu. Un mariage avec SFR lui aurait offert une sortie par le haut dans les télé- coms, avec la taille critique indis- pensable à sa survie, et un marché recomposé autour de seulement trois acteurs. Mais ce scénario s’envole : pas question de devenir le numéro un français du mobile, ni de se marier avec SFR. Le groupe dirigé par Olivier Roussat conser- vera son inconfortable troisième place, avec le sprinteur Free Mobile qui commence à lui souffler dans la nuque.
Après l’exceptionnelle mobilisa- tion de Martin Bouygues et de ses équipes, depuis plus d’un mois, autour de SFR, il faut trouver un nouveau projet. Officiellement, la filiale de télécoms peut continuer, son bonhomme de chemin, seule. En réalité, cela va rapidement devenir intenable, ne serait-ce que parce qu’une fois déduits les inves- tissements, l’excédent brut d’exploitation de Bouygues Tele- com tombe à près de zéro. La filiale n’a pas remonté de dividendes à la maison mère l’année dernière, pour la première fois depuis 2006. Or Bouygues ne peut pas faire de
folies, avec une dette nette consoli- dée qui a crû à 4,4 milliards d’euros.
Cela fait des mois que les analys- tes spéculent sur une sortie de Bou- ygues des télécoms. Il y a un ache- teur tout trouvé : Xavier Niel, dont l’opérateur Free dispose d’un réseau fixe qui manque cruelle- ment à Bouygues, mais qui a lui- même besoin, quoiqu’il en dise, d’un réseau mobile. Selon Oddo Securities, Free ne devrait pas offrir plus de 5 milliards d’euros pour acheter Bouygues Telecom : 1,8 milliard d’euros pour le réseau
Les chiffres clefs

Pour la première fois
depuis 2006, la filiale BouyguesTelecom n’a fait remonter aucun dividende à sa maison mère Bouygues.
et des fréquences ; 1,5 milliard d’euros pour la base clients à 120 euros par abonné ; 1,7 milliard pour bénéficier des énormes synergies qui résulteraient d’un tel mariage, estimées à 4,4 milliards d’euros. On peut toutefois douter que Martin Bouygues soit prêt à vendre sa peau si vite, pour si peu. Les deux groupes se sont rabibo- chés, mais selon nos informations, Bouygues a surtout envisagé à ce stade une fusion entre égaux. Inac- ceptable pour Xavier Niel.
Plus de tabous
Une autre option pour Bouygues consisterait à se rapprocher d’Orange. Un mariage est hors de question : l’ex-monopole est con- damné au célibat pour des raisons de concurrence. En revanche, Bou- ygues pourrait sortir de son accord de mutualisation avec SFR afin d’en nouer un nouveau avec Orange. Bouygues reste muet sur le sujet. Mais selon nos informations, des discussions de mutualisation avec Orange ont commencé en parallèle des négociations pour racheter SFR. « Le changement de contrôle n’est pas une cause de rési- liation, ils devront payer pour le pré- judice », menace-t-on côté SFR-Nu- mericable, où les travaux de mutualisation, jusqu’à présent, se poursuivent. « L’Autorité de la con- currence pourrait autoriser une rupture en considérant que les équi- libres sont modifiés », argue à
Martin Bouygues est désormais à la croisée des chemins. Photo Sipa
l’inverse un partisan du renverse- ment des alliances. L’Autorité de la concurrence a flairé, il y a un an, le risque de « prédation » d’un Bou- ygues Telecom affaibli par l’essor de Free Mobile, lui-même dopé par son accord d’itinérance avec Orange. Laisser Bouygues mutua- liser avec Orange pourrait être une façon de lui redonner des marges de manœuvre.
Pour Orange, l’opération serait plus avantageuse que le face à face avec Free Mobile, qui aspire lui aussi à la mutualisation mais qui a moins d’antennes à partager. Tou- tefois, elle ne pourrait pas être aussi extensive que l'accord de mutualisation SFR/Bouygues, qui
porte sur 57 % de la population. Orange et Free sont, en tout cas, sur le qui-vive, car de l’avis d’un diri- geant télécoms, l’opération SFR « rouvre tous les contrats de gros ». Au lieu de louer de la fibre optique à Numericable, Bouygues pourrait donc se fournir chez Orange ou Free.
Quant à Free, jusqu’à présent inconditionnel d’Orange, son four- nisseur unique dans le fixe et le mobile, il pourrait commencer à étudier sérieusement d’autres sources d’approvisionnement. Il n’y a plus de tabous.

(Les Echos) Safran seeks to ally with a large Internet

Safran seeks to ally with a large Internet

The supplier wants to secure Web transactions through biometric technologies

Safran is negotiating a partnership with a major structuring of the Internet to distribute its biometric technologies - Safran

Internet , new field of conquest to Safran ? This was suggested last week its CEO, Jean- Paul Herteman , following the inauguration of the United States a blade factory engine composites, but without going into details. The aerospace equipment targeted secure online transactions , an area where he thinks his biometric technologies , that is to say, the identification of an individual through human body parts such as eyes, fingerprints fingerprint or face, can make the difference for their reliability .
Safran negotiating for this for some time a partnership that promises structuring with a "large" sector IT or consumer electronics from Apple , Amazon and Samsung category. The idea would be to conduct a continued co-development with the partner that integrates biometrics into the OEM solutions .
At this stage, no capital exchange is considered. The talks are progressing well visibly point an announcement could come by next summer, according to our information with , the key, the promise of a large turnover .
Reach the general public
Some find it surprising that the group , known for its CFM56 engine that equips all B737 and A320 two , looking to play in an area as remote as aeronautics. They forget that the merger with Sagem has added an important security pillar to its business, now housed in Morpho . It all started in 1983 a laboratory of the School of Mines with the support of the Caisse des Dépôts. Thirty years later , and some shopping at General Electric , Motorola or L1 in passing security subsidiary weighs revenues of EUR 1.5 billion and employs 8,400 employees.
Specialties Morpho ? Biometric identification for controls of all types, such as secure driver's license, or detection of hazardous substances in air passenger luggage documents. The list of customers keeps the Who's Who. There are airport Paris , Chile and India, for example , or the FBI for its national fingerprint file , 70 million strong references, some very old. With the new generation of implementation Morpho from 2009 systems , the U.S. Homeland Security agency could elucidate 5,700 criminal cases pending .
Safran has done quite well with government customers or major service providers around the world. To change the scale, the next step is to reach the general public, to make transactions over the Internet as secure as in the physical world .

(Les Echos) Galeries Lafayette, the second largest shareholder of Carrefour

Galeries Lafayette, the second largest shareholder of Carrefour (Link to Original in French :{http://bit.ly/PHqTYJ})

The holding of the Moulin family has invested more than one billion euros in the operation.

" Carrefour , here we are ," might exclaim the Moulin family announced on Monday , have acquired a 6.1% stake in the world's second largest retailer . Operation of more than one billion euros ( 1.26 billion specifically during action Monday is 29,15 euros ) that the owners of Galeries Lafayette 's second largest shareholder in the group, behind Arnault Group that controls more than 13 % ( with , also , the vehicle Cervinia Europe ) and before the funds Colony Capital ( 5.9 % total) . The investment is to be " strategic and economic" and " part time " says the statement released . " Friendly " still indicate familiar with the matter . It is done by the family holding Motier chaired by the matriarch Ginette Moulin, whose name recalls holding , in passing, that the Marquis de Lafayette was actually called Gilbert Motier ...
Given the similarity of values ​​, one might think that there Moulincarr family reinvests it has recovered from the sale of shares in Galeries Lafayette in Monoprix to Casino or 1.17 billion euros . But according to our information, the financing stake in Carrefour occurs only in part by drawing on cash Motier , the balance of the debt. The statement on Monday insisted that " Motier also actively pursuing its strategy of developing its core department store and will devote the necessary resources in the coming years activity." In other words, Galleries and its president Philippe Houze ( the son of Ginette Moulin ) , which, moreover , have yet to resolve the assignment of Laser -Cofinoga BNP Paribas , always have the resources of a large acquisition necessary for the development of group .
 
 
Nevertheless, Carrefour , movement sounds like good news. For the Moulin family , " he reflects its confidence in the growth potential of Carrefour ." Proof one billion underlining the success of turnaround in two years by CEO Georges Plassat . This gives , in addition, the inventor of a new hypermarket shareholder that is sure to ask on the board , even if the resolutions of the next meeting of Carrefour, April 15 , are already written. Motier is a family consisting of retail professionals . If today there is no question of Groupe Arnault and Colony Capital to act in concert with it , one can not help thinking that when these financial investors want to get their money back , they will turn first to owners Galleries . Upon arrival in the capital of Carrefour, in February 2007, the holding company of Bernard Arnault and U.S. fund was not intended to operate as shareholders. They were shareholders while second place behind the Halley family, heirs of Promodès family then gradually diluted its positions.

WSJ : Banks Given Two Extra Years for Some Securities To Com

Banks Given Two Extra Years for Some Securities To Comply With Volcker Rule

Fed Not Granting Exemption Industry Had Been Seeking

WASHINGTON—The Federal Reserve said Monday it will give banks that hold certain types of debt securities two years of extra time to conform those investments with the Volcker rule. 

The Fed said banks would have more time to make sure their collateralized loan obligations don't fall under the rule's ban on speculative bank investments. Industry groups have said the rule would unfairly require some banks to divest their CLOs, which are bundles of predominantly commercial loans. 

The Fed statement fell short of the exception from the rule the industry was requesting.  

The Volcker rule is designed to prevent federally-insured banks from making some speculative bets, including owning certain types of investment funds. Under the definitions in the rule, a CLO could qualify as one of the banned investments.

>>> US Close Dow-1,08% S&P-1,02% Nasdaq-1,16%

Closing Market Summary: Stocks Slide Amid Continued Volatility in Momentum Names

The stock market began the new trading week on the defensive, with the major averages posting losses across the board. The Russell 2000 (-1.5%) and Nasdaq (-1.2%) led the retreat, while the Dow Jones Industrial Average (-1.0%) and S&P 500 (-1.1%) fared a bit better.

The major averages started the session in the red with little help from other global indices as markets in Asia and Europe posted losses.

Contributing to the cautious sentiment was an apparent escalation of tensions in Eastern Ukraine, where pro-Russian protesters, demanding referendums on independence, took control of government buildings in four cities. Most notably, protesters in Donetsk called on Russian President Vladimir Putin to send in Russian peacekeepers.

Similar to Friday, equity indices spent the session in a steady retreat as momentum names remained volatile. Biotechnology displayed early strength, but the industry group notched a session high during the opening hour before spending the remainder of the day in a battle with its flat line.

The iShares Nasdaq Biotechnology ETF (IBB 226.82, +1.52) tacked on 0.7%, while SPDR S&P Biotechnology ETF (XBI 133.22, -0.24) shed 0.2%. For its part, the health care sector (-1.1%) ended in-line with the S&P 500, while consumer staples (+0.3%), telecom services (unch), and utilities (-0.2%) outperformed.

Elsewhere, the six cyclical sectors registered losses between 0.8% and 1.9%. Even though the tech-heavy Nasdaq Composite lagged, the technology sector (-0.8%) outperformed thanks to gains in some top components. Cisco Systems (CSCO 22.85, +0.14), IBM (IBM 194.52, +2.75), and Intel (INTC 26.48, +0.32) posted gains between 0.6% and 1.4%, while momentum names remained volatile. Facebook (FB 56.95, +0.20) gained 0.4%, while LinkedIn (LNKD 159.65, -6.18) and Tesla (TSLA 207.52, -4.70) lost 3.7% and 2.2%, respectively.

Other momentum names like Amazon.com (AMZN 317.76, -5.24) and Priceline.com (PCLN 1169.73, -8.35) played a part in the underperformance of the consumer discretionary sector (-1.9%), which widened its year-to-date loss to 5.2%. Retailers ended broadly lower with the SPDR S&P Retail ETF (XRT 83.01, -1.89) falling 2.2%, while homebuilders did not have a much better showing. The iShares Dow Jones US Home Construction ETF (ITB 23.94, -0.65) lost 2.6%.

With stocks ending near their lows, participants displayed demand for volatility protection, sending the CBOE Volatility Index (VIX 15.57, +1.61) to mid-March levels.

Treasuries posted modest gains with the benchmark 10-yr yield slipping three basis points to 2.70%.

For the second session in a row, participation was above average with nearly 820 million shares changing hands at the NYSE.

Today's economic data was limited to the Consumer Credit report for February, which indicated an increase of $16.50 billion after increasing an upwardly revised $13.80 billion (from $13.70 billion) in January. That was the largest monthly expansion since October 2013. The consensus expected consumer credit to increase by $14.30 billion. Typically, consumer credit is a volatile measure that often goes through substantial revisions before the final data are released. The revisions to January, however, were much milder than normal.

Tomorrow's economic data will be limited to the Job Openings and Labor Turnover Survey, which will be released at 10:00 ET.

* S&P 500 -0.2% YTD  * Dow Jones Industrial Average -2.0% YTD  * Russell 2000 -2.2% YTD  * Nasdaq Composite -2.3% YTD

(BFW) WhatsApp Begins €10 SIM With E-Plus In Germany: TechCr


WhatsApp Begins €10 SIM With E-Plus In Germany: TechCrunch Link
2014-04-07 15:34:23.869 GMT


By Sarah Kopit
     April 7 (Bloomberg) -- {NSN N3O33LBE5TS0<Go>}

Link to Company News:{0350539Z US <Equity> CN <GO>}
Link to Company News:{FB 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:
Sarah Kopit at +1-212-617-4294 or
skopit@bloomberg.net

(BFW) *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLA


 BN 04/07 16:14 *GROUPAMA SAYS BOOKBUILDING WILL START IMMEDIATELY
BFW 04/07 16:13 *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLACEMENT
 BN 04/07 16:13 *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLACEMENT
 BN 04/07 16:13 *GROUPAMA SELLS SAINT-GOBAIN STAKE
 BN 04/07 16:12 *GROUPAMA: GROUPAMA REPORTS LAUNCH OF SALE OF STAKE IN COMPAGNIE
GROUPAMA: Groupama announces the launch of the sale of its stake in Compagnie de Saint-Gobain
2014-04-07 16:12:43.655 GMT

GROUPAMA: Groupama announces the launch of the sale of its stake in Compagnie
                               de Saint-Gobain

Groupama announces  the  launch of  the  sale of  its  stake in  Compagnie  de 
Saint-Gobain

Groupama has launched,  via an institutional  private placement by  way of  an 
accelerated  bookbuilding,  the  sale  of   up  to  10,121,752  Compagnie   de 
Saint-Gobain shares,  representing approximately  1.8 per  cent of  the  share 
capital of  the  company, i.e.  the  entirety of  its  stake in  Compagnie  de 
Saint-Gobain.

The bookbuilding will start immediately; the results of the private  placement 
will be announced after the close of the bookbuilding process.

This sale represents a further step of Groupama's performance strategy,  which 
will allow  the  group to  strengthen  its  financial leeway  and  reduce  its 
exposure to market risks.

This press release does not constitute an  offer to sell or a solicitation  to 
buy any  securities, and  the offer  of Compagnie  de Saint-Gobain  shares  by 
Groupama does not constitute a public offering.

   

Press Contact                 Investors and analysts Contact

Caroline Le Roux              Yvette Baudron
Corporate Press Relations     Investor Relations & Financial Communications
caroline.le-roux@groupama.com yvette.baudron@groupama.com
Tel: +33 1 44 56 76 40        Tel: +33 1 44 56 72 53

Disclaimer

This announcement is for information purposes only and does not constitute  an 
offer to  sell or  a solicitation  to buy  any securities,  and the  offer  of 
Compagnie de  Saint-Gobain shares  by Groupama  does not  constitute a  public 
offering in any jurisdiction, including in France.

This communication  is for  distribution in  the United  Kingdom only  to  (i) 
investment  professionals  falling  within  article  19(5)  of  the  Financial 
Services and Markets Act 2000  (Financial Promotion) Order 2005 (the  "Order") 
or (ii) high net worth entities and  other persons to whom it may lawfully  be 
communicated, falling within article  49(2)(a) to (d) of  the Order (all  such 
persons together being referred to as "relevant persons").

The offer and sale of the securities referred to in this announcement has  not 
been, nor will be, registered under  the United States Securities Act of  1933 
(the "Securities Act") and the  securities may not be  offered or sold in  the 
United States absent  such registration  or an applicable  exemption from  the 
registration requirements  of the  Securities  Act. There  will be  no  public 
offering of  the securities  in  the United  States  in connection  with  this 
transaction.

Any investment decision  to buy shares  in Compagnie de  Saint-Gobain must  be 
made solely on the basis of publicly available information regarding Compagnie
de Saint-Gobain. Such information is not the responsibility of Groupama.

Release, publication or distribution of this press release is forbidden in any
country where it would violate applicable laws or regulations.

Version pdf

(BFW) MORE: Motier Buys 6.1% Stake in Carrefour Valued at EU


BFW 04/07 16:12 *MOTIER BUYS 6.1% STAKE IN CARREFOUR
 BN 04/07 16:11 *MOTIER BUYS 6.1% STAKE IN CARREFOUR
MORE: Motier Buys 6.1% Stake in Carrefour Valued at EU1.29B
2014-04-07 16:26:00.951 GMT


By Vidya Root
     April 7 (Bloomberg) -- The holding company of the Moulin
family said in an e-mailed statement that it bought 44.2 million
shares, or 6.1%, of Carrefour.
  * The stake is valued at 1.29 billion euros at Carrefour’s
    current share price of 29.16 euros
  * The investment is strategic and for the long term, the
    statement said
  * It reflects confidence in Carrefour’s potential for growth,
    it said


Story Link:NSN N3O5426K50YF<GO>

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To contact the reporter on this story:
Vidya Root in Paris at +33-1-5365-5018 or
vroot@bloomberg.net
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Vidya Root at +33-1-5365-5018 or
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(BFW) CORRECT: Goldman Sachs Placing Up to 24m Sports Direct


 BN 04/07 16:05 *GOLDMAN CORRECTS SIZE OF SPORTS DIRECT DEAL
 BN 04/07 16:03 *CORRECT: GOLDMAN PLACING UP TO 25M SPORTS DIRECT SHARES
CORRECT: Goldman Sachs Placing Up to 24m Sports Direct Shares
2014-04-07 16:27:00.745 GMT


By Andrea Snyder
     April 7 (Bloomberg) -- (Goldman corrects size of deal.)
     Shares were acquired by Goldman from MASH Holdings, which
is wholly owned by Sports Direct founder Mike Ashley, according
to an e-mailed statement.
  * Goldman is sole bookrunner
  * MASH Holdings won’t sell additional shares for 150 days
    without consent of Goldman
  * NOTE: Ashley owns 385.4m shares, or a 64.4% stake: Bloomberg
    data

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To contact the reporter on this story:
Andrea Snyder in Washington at +1-202-624-1831 or
asnyder5@bloomberg.net
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Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net