(BFW) Fresenius, Nestle Only Bidders for Danone Medical Unit: Reuters

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Fresenius, Nestle Only Bidders for Danone Medical Unit: Reuters 2014-04-04 09:31:23.176 GMT

By Heather Burke April 4 (Bloomberg) -- Fresenius SE, Nestle are the 2 bidders left for Danone’s medical nutrition division, Reuters reported, citing 2 unidentified people familiar with the process. * Fresenius, Nestle declined comment, Danone not immediately available for comment: Reuters * NOTE Feb. 13: Danone Said to Consider Sale of Medical Nutrition Division {NSN N0XMPE6VDKHS<Go>}

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To contact the editor responsible for this story: Heather Burke at +44-20-7673-2044 or hburke2@bloomberg.net

>>> SFR: Martin Bouygues written and Vivendi holds new threats

- Link to Google translation : {http://bit.ly/1hI0Wmc}
- Link to French/Original : {http://bit.ly/1j91Bgb}

SFR: Martin Bouygues written and Vivendi holds new threats

INFO LE FIGARO - In a letter to Le Figaro is provided, the boss of Bouygues lists the legal obstacles which, according to him, are opposed to the sale of SFR-Numericable Altice.


The threat is veiled. Thursday night, Martin Bouygues has sent a letter to members of the Supervisory Board and the Management Board of Vivendi , and their respective presidents, Jean-René Fourtou and Jean-François Dubos. In this letter, Martin Bouygues lists the legal obstacles identified by its services to a transfer of SFR to Altice-Numericable , while the next few hours will be crucial. It's Friday afternoon that should hold a supervisory board of Vivendi during which the sale of SFR Altice-Numericable could be decided.

Three locking points listed by Bouygues

• To Bouygues, Vivendi and its supervisory board relied "on boards that play a central role in financing Numericable." In his letter, Martin Bouygues cites Goldman Sachs "a Vivendi advice" and "one of the major banks that arranged the financing Numericable" and Deutsche Bank, working with the Supervisory Board of Vivendi, and for the same reasons . "These banks have an important role to which that offer Altice / Numericable financial interest is retained, with the risk that this conflict carries the preferred Altice / Numericable option."
• Bouygues questions "about the possibility of carrying out the assignment Vivendi SFR without subjecting this decision at the general meeting of its shareholders" while SFR is "a major part of Vivendi." A vote at a general meeting repel all the conclusion of an agreement between Vivendi and SFR purchaser. The law does not require it, but the code AFEP-MEDEF Corporate Governance adopted by Vivendi recommended.
• Finally, Martin Bouygues reiterates his belief in "the risk specific to the significant execution-Numericable offers Altice." Citing an article in the Monetary and Financial Code, the boss of Bouygues stresses "that a foreign investor is both a company whose registered office is in a member of the European Union or a natural person of French nationality condition but non-resident in France. " Adding to that the strategic nature of telecom operators, he concludes that "the takeover by a foreign company (...) a telecom operator involves obtaining prior authorization from the Minister of the Economy." In this case, Arnaud Montebourg

Reactions:

Contacted by Le Figaro, Vivendi has so far not responded directly to this new offensive Bouygues. Le Nouvel Obs had already raised the conflict of interest between Vivendi and its financial advisors in an article dated April 3. Vivendi reacted immediately, releasing on Thursday late afternoon the following statement:
"Following the article posted today on the Nouvelobs.com entitled" Sale of SFR: conflicts of interest in Vivendi ", Jean-René Fourtou, Chairman of the Supervisory Board of Vivendi gave instructed his lawyer to pursue defamation remarks considered. Banks have very strict procedures BNP Paribas is one of the syndicate who is also finance and Bouygues Board of Vivendi. "
Similarly, Altice-Numericable nationality has already been mentioned by Bouygues. A spokesman Numericable, recalled on Thursday that "Numericable, through its subsidiary Completel already has contracts with sensitive departments." A connoisseur of legal workings reminded that "we can not discriminate between a French company and a European. There are many other cases in Europe where operators are owned by foreign companies, such as Orange in several countries. "

>>> Metso sale to Weir dependent on price raise

Metso sale to Weir dependent on price raise 

Weir Group's [LON: WEIR] capture of Metso [HEL: MEO1V], the Finnish industrial concern, can only happen if the listed British group's offer is raised, the Finnish-language Kauppalehti reported.

The weekday paper wrote an unsourced analysis about the takeover offer made by Weir Group, saying that the two companies are almost the same size and this would make it difficult for Weir Group to attract Metso’s shareholders with sufficient cash. A shares swap in this case is the only choice but Metso would need to receive a decent offer. Metso shareholders will only sell if the price is right, the report added.

The piece added that when news of the possible takeover was published earlier this week, it became clear the shareholders of Metso were not willing to sell.

Through its investment vehicle Solidium, the Finnish government is the second largest shareholder in Metso with an 11% stake. The largest is Swedish investor Cevian, which holds a 13.5% stake and is run by Christer Gardell, who, it is believed, is in favour of a merger, as previously reported.


Source Kauppalehti

(ZH) Payrolls Preview: If Lavorgna Is Right, Citi Fears Asset Markets Will React

{http://bit.ly/1pYYzvT}

Goldman Sachs forecasts a 200k increase in non-farm payrolls for March - in line with consensus - and believe last month's 175k print supports the ongoing positive trend (in light of the weather effect). Key employment indicators looked mixed-to-better in March, and despite the continued cold temperatures, less extreme weather conditions overall should give an additional boost to job gains this month. Citi suggests the weather could have knocked 172k off payrolls overall from Dec to Jan and are more hopeful, expecting a 240k print. Their biggest fear, a greater than 275k print (which is the high bar that Joe Lavorgna has set) could see asset markets reacting badly (on the basis of quicker Fed tightening).

Click on Link to see full article and Charts {http://bit.ly/1pYYzvT}

(Challenges) Vivendi will change era after the sale of SFR

Link to Google Translation :{http://bit.ly/1dXfj6J}
Link to French/Original Article {http://bit.ly/1kwW9Dg}

Vivendi will change era after the sale of SFR

Once the operator SFR sold, the debt discharged and dividends, it remains to Vivendi 6 billion euros to develop the strategy that Bolloré dream: that of Messier.

Date of baptism is fixed: June 24, Vincent Bolloré, shareholder of Vivendi, and Arnaud de Puyfontaine, the new general manager of media activities will focus on a baptismal font Vivendi ... rebuild.

Because the holding , Resulting from Meccano Jean-Marie Messier corrected by Jean-René Fourtou, which must leave the chair of the Supervisory Board the same June 24, cuts a leg. SFR, Bouygues and coveted by Numericable is 46.1% of the 22.1 billion turnover of Vivendi in 2013, and 56% of 4.9 billion operating profit (EBITDA).

Spray reserves

It remains to Vivendi TV (Canal + and a part of the activity of the Brazilian GVT), music (Universal Music), a few start-up (Wengo, Digitick, Watchever) and deep pockets to pick a strategic coherence in the opinion of analysts, has failed so far. "Vivendi undergoes a small holding company discount estimated between 5 and 10% of its total value, says Philippe Leroy, head of firm expertise and independent financial advice Détroyat Associates. Market remains neutral, it is a position of wait due to the uncertainty on the use of funds from the output of SFR. "

Bolloré and Puyfontaine want to spray these reserves. In his office at the headquarters of Vivendi, avenue de Friedland Paris, Arnaud de Puyfontaine has cards. The total sale of SFR should relate to the final 17 billion euros. After payment of the debt ($ 6.9 billion) and payment of dividends unclaimed by shareholders (4 billion euros), he will have 6 billion euros to invest. "Vivendi could increase this amount by borrowing or selling its Brazilian subsidiary GVT, "said Jerome Bodin, an analyst at Natixis. What go do some shopping.

Because it is good to go on the hunt for acquisitions, to expand the activities of the new pure Vivendi media. The French and European giant to become a global leader in "content." This is the first challenge, geographic: it is necessary to plant flags on the map. Certainly, Canal + has expanded its activities in Africa, Poland and Vietnam. But it is insufficient in light of the new ambitions.

Span the Atlantic

Jérôme Bodin, the development of future group necessarily involves an acquisition in the heart of the machine world dreams in the United States. A kind of remake of adventure Universal. "Vivendi could tackle the problem size Canal +," said the analyst, who cites several targets on the market for pay television or film in the United States: AMC, Scripps Networks, A & E Television, Lions Gate, Weinstein Company, Relativity in film. What spanning Europe, where StudioCanal weighs about million of annual turnover 500, and the United States, beating heart of the world production. Vivendi could also watch targets in Africa, Germany and Brazil, the land of GVT. Musically, Universal Music can already claim the overall size, but in a much narrower than that of the image area.

The new Vivendi will bring exactly the image and music to cultivate the synergies. Because the logic of geographical coverage adds a strategic dimension to rethink the distribution of works in the Internet age. A Vivendi, is rumored keyword "multi". Suffice to say that precious "content" Vivendi should be available all the time, on all platforms (web, satellite TV connected ...).

In this dream consultant, the public will fight to subscribe to pay-TV group, it will rush Services Pay-TV subsidiary GVT to see Borgia, programs and films produced by Canal +, or listen to signed Universal Music Group music tubes. Especially, Web multiply bridges, affect the general public and will boost activity. Objective: Install Vivendi among global giants Disney, ABC, Fox and others. The dream of Messier (re) become reality.

Remarry Havas   ?

Arnaud de Puyfontaine, former head of the media group Hearst U.S. Europe knows that the valuations of Internet assets may rise very high. Vivendi will thus something to offer Spotify, valued $ 4 billion, but not a giant like Netflix, valued $ 22 billion and is poised to carve cruppers to Canal + in France.

Become rich again, Vivendi may knock on the door of the English channel to pay BSkyB, the U.S. satellite TV operator EchoStar or Universal: many jewels of Vivendi Messier as Havas, sold by his successors. One of the popular scenarios bankers and analysts is precisely remarriage with Havas, including Vincent Bolloré is the reference shareholder. The history of Vivendi seems to stutter.