(BFW) Genel Says Offshore Morocco Well Cap Juby Has Oil Presence

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MORE: Genel Says Offshore Morocco Well Cap Juby Has Oil Presence 2014-03-06 07:42:03.130 GMT

By Benjamin Dow March 6 (Bloomberg) -- Drilling in Upper Jurassic confirms oil presence; JM-1 well continues drilling to Middle Jurassic target. * Co.’s net cash at end 2013 $700m * NOTE: See earlier story on co.’s 2013 results

Link to statement:NSN N206653HHEDC <GO>

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--Editor: James Ludden

To contact the reporter on this story: Benjamin Dow in Moscow at +7-495-771-7735 or bdow2@bloomberg.net

>>> US After Hours

After Hours Summary: BORN +36.5%, ERII +19.2%, RNET +8.2%, ZGNX +4.7%, BIOL -12.4%, SYNC -10.6%, WX -6.3% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: BORN +36.5%, ERII +19.2%, RNET +8.2%, ZGNX +4.7%, AMCN +3.8%, INTT +3.5%, DRIV +3.2%, SPTN +3.1%, PCOM +3.1%, APT +2.6%, RWC +1.7%, SMTC +1.6%, EVHC +1%, VVTV +0.9%, ESPR +0.7%, GA +0.4%, FTD +0.3%, BLUE +0.3%, LHCG +0.3%, GNCMA +0.3%, LQMT +0.2%

Companies trading higher in after hours in reaction to news: SGMO +22.4% (announced the publication in the New England Journal of Medicine of the first clinical study of its proprietary zinc finger nuclease (ZFN)-based genome editing technology in humans), DDXS +10.6% (announced exclusive U.S. licensing deal with Thermo Fisher Scientific (TMO) to advance risk prediction in heart failure), TKMR +9.0% (received Fast Track designation from FDA for its anti-Ebola viral therapeutic), BIOD +8.5% (announced commercial manufacturing agreement with Emergent BioSolutions for glucagon rescue product), RTN +1.1% (awarded $350 mln Missile Defense Agency contract modification)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: BIOL -12.4%, SYNC -10.6%, WX -6.3%, LOV -6.1%, BYD -2.7%, LRE -1.8%, SN -0.1%, COKE -0.1%

Companies trading lower in after hours in reaction to news: DARA -4.4% (filed for 2,166,501 share common stock offering by selling shareholders), MPW -3.7% (announced public offering of 8 mln shares of its common stock, consisting of 7.7 mln shares offered by the co and 300,000 shares offered by selling stockholder), SUI -3.3% (announced public offering of 4.2 mln shares of common stock), CEP -2.1% (announced that a subsidiary of Exelon Corporation (EXC) has filed a complaint against CEP in the Court of Chancery of the State of Delaware), KGC -2.0% (Unionized employees strike at Maricunga mine), TMUS -1.3% (Deutsche Telekom exec suggested that he does not see a TMUS sale in near-term)


(BFW) Luxury Goods Makers May Fall as Lou Says China Taxes Will Rise

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Luxury Goods Makers May Fall as Lou Says China Taxes Will Rise 2014-03-06 07:13:23.750 GMT

By Bloomberg News March 6 (Bloomberg) -- China will impose higher taxes on luxury goods, Finance Minister Lou Jiwei says at Beijing briefing. * Prada fell as much as 2.5% after the comment * EU luxury brands may see pressure given importance of China sales growth, Parry Intl managing director Gavin Parry says in e-mailed response to questions * Hermes, Christian Dior, Burberry among cos. like to be affected: Parry * Click here to list luxury goods cos with >10% of sales from H.K., mainland China

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--Jack Gao.

To contact Bloomberg News staff for this story: Jack Gao in Shanghai at +86-21-6104-3030 or ygao40@bloomberg.net

To contact the editor responsible for this story: Jan Dahinten at +65-6212-1164 or jdahinten@bloomberg.net

(BFW) Bouygues CFO Says Proposed SFR-Bouygues Entity to Raise EU3 Bln

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BN 03/06 07:09 *BOUYGUES CFO SAYS BOUYGUES WON'T SUBSCRIBE TO CAPITAL INCREASE BN 03/06 07:09 *BOUYGUES CFO COMMENT RELATES TO NEW SFR-BOUYGUES ENTITY BN 03/06 07:09 *BOUYGUES CFO SAYS CAPITAL INCREASE, ASSET SALE TO RAISE EU3 BLN

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Bouygues CFO Says Proposed SFR-Bouygues Entity to Raise EU3 Bln 2014-03-06 07:17:26.278 GMT

By Francois de Beaupuy March 6 (Bloomberg) -- Bouygues CFO Philippe Marien says proposed SFR-Bouygues Telecom entity would raise EU3 bln through asset sales and a capital increase * CFO says Bouygues SA wouldn’t take part in capital increase of the new entity * CFO says asset sales to be discussed with antitrust authorities would allow competition on infrastructure to fully continue * Marien speaks on conference call with journalists

Link to Company News:{EN FP <Equity> CN <GO>} Link to Company News:{ILD FP <Equity> CN <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: Francois de Beaupuy at +33-1-5365-5051 or fdebeaupuy@bloomberg.net

>>> Elior to be listed in Paris before summer

Elior to be listed in Paris before summer

French contract caterer Elior started its IPO preparations and plans to list in Paris before the summer, French daily le Monde reported, citing an announcement by Elior.

The main shareholders at Elior, the Charterhouse and Chequers funds, plus founder Robert Zolade, plan to exit.

Last fiscal year, ending September 2013, Elior reported turnover of close to EUR 5bn, the report noted.

Source Le Monde

>>> Uralkali's co-owner Onexim believes resuming cooperation with Belaruskali co

Uralkali's co-owner Onexim believes resuming cooperation with Belaruskali could be beneficial to both firms

Russian potash producer Uralkali’s co-owner Onexim believes that resuming cooperation with Belarusian potash company Belaruskali could be beneficial to both firms, according to a newswire report.

Reuters cited Onexim Chief Executive Dmitry Razumov, noting that such cooperation would also be beneficial to the global market.

Last year, Uralkali left a joint venture with Belarus, the article reported. According to Razumov, Uralkali feels comfortable at present. The company operates at its full capacity and sells 100% of its production in the market, he told Reuters.

If Uralkali and Belaruskali reach an agreement, the terms of the cooperation would have to comply with laws and be observed by both participants, and would have to be advantageous to both parties, Razumov noted. He refused to disclose details of the terms of such an agreement.

Onexim, an investment vehicle of Russian entrepreneur Mikhail Prokhorov, last year acquired a 27% stake in Uralkali, the report noted. Uralkali’s other co-owner is Uralchem, a Russian chemicals company controlled by Dmitry Mazepin, which purchased a 20% stake.

Uralkali is regarded by Onexim, as a long-term strategic investment, Razumov also told Reuters.

Russian daily Vedomosti picked up this development and reported that Onexim believes that revival of a joint trader company with Belaruskali would be beneficial to both firms. Uralchem does not oppose resuming cooperation, the paper also reported citing the company spokesperson. Vedomosti said it was unable to get a comment from Belaruskali.

In the near future, Uralkali will see changes in its board of directors, the item reported. Sergei Chemezov, head of Russian state conglomerate Rostec may become Uralkali’s chairman, the paper added, citing Razumov.


Source Newswire Round-up, Vedomosti

>>> What to look at today - 06/03/2014

US Market closed near flat line after Tue. Rally...The financial sector (+0.7%) took the lead shortly after the open, Financials notwithstanding, the remaining four advancers—consumer discretionary, industrials, materials, and technology—posted slim gains of no more than 0.3%. Of the four, the discretionary sector (+0.3%) had the best showing thanks to strength among media names. On the downside, the four countercyclical sectors—consumer staples, health care, utilities, and telecom services—lost between 0.2% and 0.7% while the energy sector (-1.1%) spent the day in a steady retreat while crude oil fell 1.8% to $101.48/bbl. Beige Book highlighted severe weather as a major headwind, but still see some expansion...VIX @ 13.89 -1.49%...- Nikkei225 is outperforming among the regional indices and JPY is on the back
foot after a report from Japan Govt Advisory Panel recommending that GPIF (Japan's largest pension fund) is less focused on JGBs, paving the way to a more aggressive investment in equities. - China finance minister Lou and also a state researcher backtracked from what the markets interpreted as an affirmed 7.5% 2014 GDP target overnight, suggesting the 7.2-7.3% would still be in the neighborhood of intended estimate. Recall NPC saw the 7.5% objective as "elastic", giving policymakers...NKY +1.59% HS +0.49% Shanghai +0.31%..

Eur$ 1.3727 S&P Fut +0.11% European fut +0.32%

Keep an eye on :
- AF FP : Air France Unions to Allow Transavia Expansion, Echos Says
- AV/ LN : Aviva 2013 Oper Profit Beats; Dividend Plan Exceeds Forecast
- BVI FP : Bureau Veritas Says Sales, Profitability to Increase in 2014
- SPR GY : Axel Springer 2013 Div. Beats Forecast; Steady Growth of Digital
- EN FP : Bouygues Offer Values SFR at EU14.5b, Sees EU10b Synergies
- DBK GY : Deutsche Bank Said to Seek Sale of Stake in Malaysian Brokerage
- DTE GY : Deutsche Telekom Sees Stable Ebitda in 2014, Lowers FCF Forecast
- EDF FP : EDF 2013 Nuclear Safety ‘Encouraging’, Inspector Says: Echos
- DEC FP : JCDecaux Takes Impairment Charge of EU129M on Billboard Weakness
- JUN3 GY :Jungheinrich 2013 Sales, Orders Rise
- KCO GY : Kloeckner 2013 Adj. Ebitda Beats Estimates, Sales Miss
- LOGN VX : Logitech to Buy Up to $250m of Shares
- MAERSK DC : Maersk Line to Focus on Cutting Bunker Costs in 2014: Knudsen
- BMPS IM : Monte Paschi Foundation Sold 8% Stake Yesterday, Sole Says
- ORA FP : Orange Sees 2014 Earnings Above Estimates, Cuts Dividend by 25%
- UG FP : Dongfeng CEO Says Dongfeng-PSA Accord to Be Signed March 26
- 1913 HK : Prada Poised for 19-Month Low; China to Impose Higher Luxury Tax
- SDR LN : Schroders 2013 Profit Beats; Says 2014 Likely More Challenging
- SVT LN : TAke over rumor after ofWat report
- UU/ LN : TAke over rumor after ofWat report
- VIV FP : Bouygues Offer Values SFR at EU14.5b, Sees EU10b Synergies

FT : Vivendi confirms bids from Bouygues and Altice for SFR arm

Vivendi confirms bids from Bouygues and Altice for SFR arm

Paris-based Vivendi confirmed on Wednesday night that it had received two binding offers from Bouygues and Altice for its telecoms operator SFR.
JPMorgan is one of at least eight banks that have agreed to finance up to €8bn as part of a €15bn offer by Altice through Numericable, the French cable company that it controls, according to people familiar with the matter.

The offers will pit French industrialist Martin Bouygues against Patrick Drahi, the billionaire entrepreneur behind Altice, in a direct bidding war.
Vivendi set Wednesday as the deadline for receiving the offers to give the company sufficient time to organise the content of its annual general meeting, which is scheduled for June 24, said sources familiar with the situation.
The financial details of both offers were expected later Wednesday, but people familiar with the informal talks say that both envisage Vivendi keeping a sizeable stake in the resulting tie-up.
Vivendi is in the middle of a profound restructuring that will see it shed many of its telecoms assets in order to become more focused on media and entertainment built around its Universal Music Group company and its Canal Plus pay-TV channel.
As part of that strategy, it said last year it would spin off SFR with a view to listing it on the Paris stock market. However, sources close to the talks with both Numericable and Bouygues say Vivendi is open to offers before it commits to floating SFR.
France’s socialist government on Wednesday said it would judge offers for SFR based on three criteria: job creation, investment capacity in the sector and the resulting service offered to customers.
The expected offer by Bouygues, if accepted, would reduce the number of players in France’s ferociously competitive mobile market from four to three, in effect reversing a state policy to open competition that gave a licence to operate to low-cost rival Iliad.
The resulting combination would also create the country’s largest mobile operator with an estimated 32m subscribers. Orange, formerly known as France Telecom, has about 27m subscribers, while fourth-placed Iliad has an estimated 7m as of the end of September.
That, together with the fact that an SFR acquisition by Bouygues would create an operator with four times the amount of spectrum as Iliad, would lead to significant regulatory hurdles – unlike an offer from Numericable.
“There probably would have to be substantial antitrust remedies, such as a return of spectrum and the sale of network assets,” said Hannes Wittig, an analyst at JPMorgan.
Indeed, the resulting antitrust issues could even prompt the European competition watchdog to step in.
In particular, Bouygues would need to offer far-reaching remedies to win approval from Joaquín Almunia, the EU’s competition commissioner, who has in the past taken a dim view on dividing major European markets between just three companies.
However, he is considering a similar deal in Germany, where Telefónica has agreed to acquire KPN’s local business, which could set a precedent for France.
Those with knowledge of the commission’s thinking said Telefónica would need to agree to sell spectrum and to support rivals using its network on a wholesale basis to win approval for the deal.
Similar concessions would be needed in France, and in particular to support Iliad’s Free, which still lags behind its larger rivals in network coverage. The French government would also likely require guarantees around employment, said one person familiar with the deal.
Analysts at Jefferies said Bouygues would need strong political support to sidestep competition concerns, as well as a likely rights issue to raise cash to make the acquisition.
However, Jefferies warned that a failure to secure SFR could leave Bouygues “chronically challenged . . . lacking competitive advantage and with cash flow already at break-even levels”.

>>> Brokers Upgrades & Downgrades - 06/03/2014

>>> Up
*ARCAM RAISED TO BUY VS HOLD AT JEFFERIES
*ASHTEAD RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*ERDEMIR RAISED TO BUY VS HOLD AT DEUTSCHE BANK
*ERDEMIR RAISED TO BUY VS NEUTRAL AT BOFAML
*HOCHTIEF RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
*MAGNITOGORSK STEEL RAISED TO BUY VS HOLD AT SOCGEN
*MMI HOLDINGS RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*NOVATEK RAISED TO HOLD VS SELL AT SOCGEN
*SKF RAISED TO BUY VS HOLD AT PARETO SECURITIES
*SUBSEA 7 RAISED TO STRONG BUY VS BUY AT NORDEA
*UNITED ELECTRONICS RAISED TO BUY VS NEUTRAL AT BOFAML
*WACKER CHEMIE RAISED TO BUY VS NEUTRAL AT NOMURA
*WALMEX RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE

>>> Down
*ADIDAS CUT TO NEUTRAL VS BUY AT CITI
*RECORDATI CUT TO NEUTRAL VS OUTPERFORM AT MEDIOBANCA

>>> PT Change
*Beni Stabili PT Raised to EU0.61 vs EU0.5 at Goldman
*TOD’S PT CUT TO EU98 VS EU102 AT DEUTSCHE BANK; KEPT AT HOLD
*Yoox PT Raised to EU23 at Kepler Cheuvreux; Kept at Reduce

>>> Initiation

>>> Call
>> Stock
*ADIDAS REMOVED FROM CITI’S FOCUS LIST EUROPE