(BFW) UBS Placing 4.88m Jenoptik Shares, Terms Show

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BFW 04/02 16:36 *UBS PLACING 4.88M JENOPTIK SHARES, TERMS SHOW

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UBS Placing 4.88m Jenoptik Shares, Terms Show 2014-04-02 16:42:36.114 GMT

By Francesca Cinelli April 2 (Bloomberg) -- Meag Munich Ergo and Ergo Versicherung selling shrs at between EU12.15 and market close in accelerated bookbuild, according to terms obtained by Bloomberg News. * Stake is 8.5% of co.’s share capital * Shrs closed at EU13.08 today * UBS is sole bookrunner * NOTE March 28: Thuringia May Take Jenoptik Blocking Minority: Manager Magazin {NSN N35IOT6JIJWO <go>}

Link to Company News:{JEN GR <Equity> CN <GO>}

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

To contact the reporter on this story: Francesca Cinelli in Milan at +39-02-80644-252 or fcinelli@bloomberg.net

To contact the editor responsible for this story: Andrew Rummer at +44-20-7073-3722 or arummer@bloomberg.net

(BFW) Vivendi Says Bailiff Attempted to Enter Its Offices Over SFR

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BN 04/02 16:31 *VIVENDI: BAILIFF TRIED TO ACCESS DOCUMENTS RELATED TO SFR SALE BFW 04/02 16:31 *VIVENDI: LAWYERS HAVE DECIDED TO OPPOSE THIS INTRUSION BFW 04/02 16:30 *VIVENDI: BAILIFF ATTEMPTED TO ENTER INTO VIVENDI’S OFFICES BN 04/02 16:30 *VIVENDI: LAWYERS HAVE DECIDED TO OPPOSE THIS INTRUSION BN 04/02 16:29 *VIVENDI: BAILIFF ATTEMPTED TO ENTER INTO VIVENDI’S OFFICES

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Vivendi Says Bailiff Attempted to Enter Its Offices Over SFR 2014-04-02 16:42:38.770 GMT

By Kenneth Wong April 2 (Bloomberg) -- Followed request from Colette Neuville, who heads an association defending the rights of minority shareholders: Vivendi * Bailiff attempted to gain access to documents relating to SFR sale: Vivendi * Vivendi lawyers decided to oppose this intrusion “after considering the extravagant nature of this procedure,” and will apply to a judge for a summary judgment. * EARLIER: Bouygues Says Its Earlier Offer for Vivendi’s SFR Remains Valid {NSN N3E63Z6TTDSD <go>} Link to Company News:{VIV FP <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: Kenneth Wong at +49-30-70010-6215 or kwong11@bloomberg.net

>>>(SeekingAlpha) Why AT&T Will Not Bid For Vodafone

Summary
  • An AT&T bid for Vodafone has been widely expected, as AT&T thinks it can grow in Europe investing on 4G LTE.
  • Vodafone's latest acquisition of a cable company in Spain clearly shows the different view its has for its future.
  • This move may have turned AT&T away from Vodafone, which seems to be supported by AT&T's recent boost to its share buyback program.


As I've analyzed before, there has been considerable speculation that AT&T(T) may bid for Vodafone (VOD) in the near future, as AT&T has been looking for growth abroad and targets mainly Europe. This is because the company thinks that exists significant growth for operators who have the financial backbone to invest in technology, namely 4G LTE (long-term evolution) infrastructure. As customers switch from traditional mobile phones to smartphones, the network quality is one major factor driving data revenue growth as other traditional services like voice or messaging are increasingly being less used by customers.
However, Vodafone thinks otherwise and has chosen a different path. Vodafone bought Kabel Deutschland in Germany last year and more recently reached an agreement to buy Spanish cable operator ONO. The acquisition of ONO for €7.2 billion ($9.9 billion) is the first since Vodafone sold to Verizon Communications (VZ) its stake in Verizon Wireless for $130 billion. This means Vodafone is changing its strategy. Instead of being mainly a mobile operator it is now becoming a convergent operator, offering mobile services but also internet and TV-services to customers. This explains Vodafone's recent push on cable, both through its Project Spring program and acquisitions.
Vodafone's bid for ONO is another step towards deeper consolidation in the European telecommunications sector. In France, Vivendi (OTCPK:VIVHY) is currently selling SFR, a move that could lead to the reduction from four to three mobile operators if it decides to sell it to Bouygues (OTCPK:BOUYY). There is also speculation that Orange (ORAN) may bid for Jazztel in Spain, with the same rational of Vodafone's acquisition of ONO. This reflects a trend towards the convergence model, which seems to be the new market standard in Europe and any operator not present throughout the services chain will be at a competitive disadvantage compared to competitors. This rising demand for landline assets reflects the need to offer combined broadband, TV and wireless packages. This is a distinctive factor of the European telecoms market in Europe compared to the U.S., and may be one the main reasons why AT&T may back away from its intention to buy some European operator.
Vodafone has also said it is interested in small cable companies in Portugal, if they are available for sale. If not, the company would build fiber in their areas. The same logic may be applied to other markets where Vodafone is already present, namely in Italy. Thus, as Vodafone has a stronger balance sheet after the disposal of its Verizon Wireless stake, more acquisitions may be likely and turn AT&T definitively away. This is reinforced by AT&T's recent stock buyback announcement.
AT&T's board has authorized the repurchase of additional 300 million shares, or about 6% of its total outstanding shares. This is worth about $11 billion and is a significant amount of cash even for a giant company like AT&T. While AT&T has bought back a lot of shares over the past few years, this latest round gives a signal that a large takeover may be out of sight. In January, AT&T denied to the U.K. Takeover Panel of bid plans for Vodafone, and that means an offer is constrained for 6 months, unless Vodafone invites AT&T to bid. However, these recent events (Vodafone bid on ONO and AT&T share buyback) clearly shows that Vodafone and AT&T are increasingly away from each other, so a takeover bid from AT&T seems now much less likely.
For AT&T's shareholders this may be good news, given that a Vodafone bid would be dilutive for its earnings-per-share [EPS] and would increase the company's balance sheet leverage. AT&T will now return more cash for its shareholders through buybacks and will maintain its balance sheet leverage under control, so this seems to be a smarter move than a takeover at least in the short-term. For Vodafone's shareholders, this means a takeover premium is now unwarranted. Nevertheless, Vodafone is currently trading at about 11x its 2015 estimated earnings and has a forward dividend yield of 5.6%, which seems to be relatively undemanding compared to some of its closest peers like Orange or Telefonica (TEF) that are trading at 10.6x and 16.6x 2015 earnings, respectively.

>>> IMF's Lagarde: There is an emerging risk of low inflation, especially in the


IMF's Lagarde: There is an emerging risk of low inflation, especially in the eurozone; should see global GDP above +3% in 2014 and 2015
- ECB needs to undertake more monetary easing to fight low inflation.
- Without sufficient policy ambition, the world could fall into a medium-term low growth trap.
- Recovery from the global financial crisis remained weak and that a prolonged period of sluggish growth was a risk.
- The situation in Ukraine is one which, if not well managed, could have broader spillover implications.
- There is also a risk of policy spillover from Fed's exit from monetary policy easing.
- Central banks need to build better communications.

NY POST : High-frequency trading book ‘Flash Boys’ hits No. 1 on Amazon

Michael Lewis’ “Flash Boys” soared to No. 1 on Amazon Tuesday, the day the much-anticipated book by the best-selling author went on sale.
Lewis’ book argues that the markets have become rigged, as a small group of high-frequency traders are getting better prices on trades than other investors by front-running their trades.
In typical Lewis fashion, it makes the argument by finding a hero to tell the tale — in this case a Royal Bank of Canada trader, Brad Katsuyama, who set out to reform the financial markets by creating a new exchange, IEX, after regulators turned a deaf ear to the equity share-pricing problems he saw.
Lewis, the author of former Wall Street best-sellers “Liar’s Poker” and “The Big Short” also appeared in a “60 Minutes” segment on Sunday night.

AMAZON : {

Flash Boys: A Wall Street Revolt

More about this product
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>>> Monsanto on earnings conf call - MON +0.3%

Monsanto on earnings conf call

Co said, the second quarter is actually the key proof point that in a softer commodity environment Monsanto is growing its core Seeds & Traits business. Almost 80% of its gross profit growth in the quarter comes directly from Seeds, and in particular corn and soybeans seeds.