(BN) *ORCO RAISING EU36M AND SEEKS ADDED EU36M THROUGH CAP INCREASE

 BN 03/05 08:07 *ORCO RAISING EU36M AND SEEKS ADDED EU36M THROUGH CAP INCREASE
 BN 03/05 08:07 *ORCO PROPERTY GROUP RAISING EU36M AND SEEKS ADDED EU36M
Orco Property Group: Reference to ORCO Germany press release regarding capital increase
2014-03-05 08:06:45.93 GMT

Orco Property Group: Reference to ORCO Germany press release regarding capital
                                   increase

                                       

Reference to ORCO Germany press release regarding capital increase

 

Paris, 5 March 2014 - Orco Property Group S.A. refers its shareholders to  the 
press release  "ORCO  GERMANY  S.A.  raising  EUR  36  million  and  seeks  an 
additional EUR 36M  through capital  increase" issued by  its subsidiary  ORCO 
Germany S.A. on 5 March  2014 that can be  found at www.orcogermany.de and  is 
set forth in its entirety below:

ORCO GERMANY  S.A. raising  EUR 36  million and  seeks an  additional EUR  36M 
through capital increase

On 3 March  2014, ORCO  Germany S.A.  ("OG") resolved to  raise EUR  36M in  a 
reserved  capital  increase   in  favor  of   Stationway  Properties   Limited 
("Stationway"), an entity affiliated  with Mr. Jean-François Ott.   Stationway 
is subscribing to 76,600,000  new ordinary shares at  a subscription price  of 
EUR 0.47/share and these shares will be issued on or around 5 March 2014.

This capital increase follows the 29 November 2013 decision of the OG Board of
Directors to raise up to EUR 100M pursuant to the authorization granted to  it 
by its  shareholders during  the  extraordinary general  meeting of  26  April 
2012.  In addition to the EUR 54M that was raised on 29 November 2013 and paid
up by Tandis, a.s., an  entity affiliated with Mr.  Radovan Vitek, a total  of 
EUR 90M have now been raised.

On 3 March  2014, the  OG Board  of Directors  reviewed unaudited  preliminary 
consolidated financial information as of 31 December 2013 reflecting  revenues 
of EUR 60M (EUR 63M in 2012). The gross asset value of the real estate  assets 
amounts to EUR 540M (EUR  512M end of 2012) and  unaudited the NAV amounts  to 
EUR 0.96 per share before contemplated  capital increases (EUR 1.05 per  share 
as at 31 December 2012).

On 3 March  2014, the  OG Board  of Directors  also resolved  to increase  its 
capital raising goal  from EUR  100M to  EUR 126M so  that it  could raise  an 
additional EUR  36M  pursuant  to  the authorization  granted  to  it  by  its 
shareholders during the extraordinary general  meeting of 26 April 2012.   The 
primary uses of  the proceeds raised  in these capital  increases will be  the 
investment and financing of various  projects within the ORCO Property  Group, 
S.A. ("OPG") and OG group.

This offer to subscribe  to an additional  EUR 36M can be  subscribed to at  a 
price of EUR 0.47/share for a total of 76,600,000 new ordinary shares.    This 
offer will be open  to all shareholders  of OPG holding at  least 0.5% of  the 
total outstanding  OPG shares  at 23:59  on 4  March 2014,  including but  not 
limited to the following shareholders:    

  o Alchemy Special Opportunities Fund II
  o Delta Alternative Management
  o Gamala Limited
  o Jardenne Corporation Sarl
  o JP Morgan
  o Kingstown Partners Master LTD, Ktown LP, Kingstown Partners II, LP, and
    Forum Funds - Absolute Opportunities Fund
  o LCE Company Limited
  o Leandro Sarl
  o Levos Limited
  o State Street Global Advisors/George McCormack
  o Structured Credit Opportunities Fund II
  o Tricadia Credit Strategies Master Fund LTD

Participation in the  additional OG  capital increase will  be on  a pro  rata 
basis according to  the number  of OPG shares  held by  the participating  OPG 
shareholders at 23:59  on 4  March 2014.  In the event  that some  of the  OPG 
shareholders decide not to participate, the  remaining number of shares to  be 
subscribed up to a total of 76,600,000 will be offered in the second round  to 
participating subscribers pro rata to their participation in the first  round. 
 OG reserves the right to  issue fewer than 76,600,000  in the event that  not 
all shares are subscribed.  The OG shares will not be listed upon their issue,
but OG will seek to list them, subject to legal and regulatory requirements.  

The calendar of  the operation  with timeline  for the  additional OG  capital 
increase will be announced by OG at a later time.

The implementation of this additional reserved capital increase tranche is
subject to legal and regulatory requirements.
Reference to ORCO Germany press release regarding capital increase

(LA Times) White House seeks halt to military spending cuts

Budget hikes of about 3% annually are needed to carry out strategy calling for shifting forces to the Pacific, increasing cyber-operations and deterring terror attacks, Pentagon officials say

WASHINGTON — The Obama administration called for a halt in reducing military spending, arguing that further cuts would result in a significantly smaller Army and Marine Corps, the mothballing of airplanes and an aircraft carrier, and the purchase of fewer ships and advanced fighter jets in coming years.
Without Pentagon budget hikes averaging about 3% annually, it might be unable to carry out President Obama's military strategy, which calls for shifting forces to the Pacific, increasing cyber-operations and deterring terror attacks from Africa and the Middle East, senior Pentagon officials said Tuesday.
"A strategy must have the resources for its implementation," Defense Secretary Chuck Hagel said in a statement released along with the details of the Pentagon's $496-billion proposed budget for 2015. Future cuts "would result in unacceptable risks to our national security."
Proposed weapon spending calls for the retirement of aging Cold War weapon systems, such as the entire fleet of the Air Force's A-10 Warthog ground attack jets and U-2 spy planes.
Funding instead would continue to flow to newer, big-ticket programs such as Lockheed Martin Corp.'s F-35 Joint Strike Fighter jets and Northrop Grumman Corp.'s RQ-4 Global Hawk drones, both of which are largely made in Palmdale.
Still, military contractors recognize there is a long road before the budget becomes law.
"This is just the beginning of a long budget process," said Meghan McCormick, spokeswoman for aerospace giant Boeing Co. "It is too early for us to speculate on what it may ultimately mean for our programs and the facilities and employees supporting them."
The call for raising spending on the military — even as the Defense Department shifts from a wartime to a peacetime footing after more than a decade of fighting in Iraq and Afghanistan — comes the same week as a flare-up of tensions in Ukraine over Russia's decision to send troops into the Crimean Peninsula.
Though the U.S. military is not engaged in the region, the crisis "shows the different kinds of threats we're seeing in Europe" and the need for "military options for a range of situations," said Christine Wormuth, the deputy undersecretary of defense for strategy.
But the White House faces a contentious fight with Congress over lifting the automatic cuts in future military spending levels, set in law last year. Though lawmakers and Obama reached a budget deal that eased them in 2015, the cuts are still in effect from 2016 to 2021.
"I think it'll be an uphill battle to try to get Congress to go along with appropriating more for defense" after this year, said Todd Harrison, a military budget expert at the Center for Strategic and Budgetary Assessments, a Washington policy analysis organization.
The administration's five-year plan calls for increasing the Pentagon budget $115 billion over the mandated budget levels, along with a separate $26-billion hike in 2015.
Rep. Howard P. "Buck" McKeon (R-Santa Clarita), chairman of the House Armed Services Committee, indicated support for reversing the Pentagon cuts.
"While we cut nearly one-fifth of our defense resources, Russia and China are arming at an alarming rate. Russia's military spending is up roughly 30%, and China's has more than doubled in recent years," he said.
Along with the budget, the Pentagon released a strategy document, called the 2014 Quadrennial Defense Review. Though written before Russia's military moves in Crimea, it says the U.S. will "continue to work to achieve a Europe that is peaceful and prosperous" and "will engage Russia constructively in support of that objective."
The Pentagon outlined the cutbacks it will have to make in future years if the automatic cuts remain in effect. The Navy said it would have to mothball one of its 10 aircraft carriers after the Ford enters service next year.
Unless the cuts are reversed, the Army would have to shrink to around 420,000 soldiers, officials said. With the war in Afghanistan ending, the number is expected to fall to a range of 440,000 to 450,000, the smallest it has been since before World War II. The Marine Corps would need to contract to 175,000 from 197,000. It had planned to drop to 182,000.
The Air Force said it would have to get rid of 80 additional airplanes, including all of its Boeing KC-135 refueling tankers and its Global Hawk surveillance drones made by Northrop. Instead of 343 of the radar-evading F-35 fighters made by Lockheed, it could afford only 326, Pentagon officials said.
The Navy would be able to buy only 36 ships, instead of the 44 it had planned, officials said.
If required to make such cutbacks, senior Pentagon officials said Monday, they would have to scale down radically the U.S. military commitments and missions at home and abroad.
The Pentagon made similar warnings last year when military spending was slashed by $45 billion.
Lockheed spokesman Gordon Johndroe said the company is reviewing the president's budget and will continue to assess it as Congress begins the appropriations process
"Over the next few weeks, we will review the budget in detail to understand the specific impacts to our business," he said.

(BFW) Amcol Says Imerys Boosts Offer to $45.25/Shr

PRN 03/04 21:43 AMCOL International Corporation Announces Amended Merger Agreement with Imerys
 BN 03/04 21:44 *AMCOL SAYS REVISED PROPOSAL DID NOT BOOST MTI'S OFFER PRICE
 BN 03/04 21:44 *AMCOL PACT BOOSTS OFFER BY $2.50/SHR
 BN 03/04 21:44 *AMCOL SAYS LATEST OFFER ISN'T SUPERIOR TO IMERYS TERMS
 BN 03/04 21:44 *AMCOL BOARD DETERMINED LATEST MTX DEAL IS NOT SUPERIOR
BFW 03/04 21:44 *AMCOL SAYS IMERYS BOOSTS OFFER TO $45.25/SHR
 BN 03/04 21:43 *AMCOL GOT REVISED PROPOSAL FROM MTX FOR $45/SHR
 BN 03/04 21:43 *AMCOL SAYS IMERYS BOOSTS OFFER TO $45.25/SHR
 BN 03/04 21:43 *AMCOL PACT BOOSTS PRICE-SHR FOR AMCOL HOLDERS TO $45.25 INTL
 BN 03/04 21:43 *AMCOL INTL REPORTS AMENDED MERGER PACT W/ IMERYS
Amcol Says Imerys Boosts Offer to $45.25/Shr
2014-03-04 21:46:19.826 GMT


By Libby Sallaberry
     March 4 (Bloomberg) -- Amcol got revised proposal from MTX
for $45/shr; board determined latest MTX offer not superior to
Imerys terms.

Link to Statement:{NSN N1XLO13MMTC0 <GO>}
Link to Company News:{ACO US <Equity> CN <GO>}
Link to Company News:{MTX US <Equity> CN <GO>}
Link to Company News:{NK 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:
Libby Sallaberry at +1-212-617-8044 or
lsallaberry@bloomberg.net

>>> Credit Suisse Pre-Market Indications

Adidas -5% FY13 numbers look fine but EBIT margin cut
Admiral UNCH Numbers inline
Arkema -1-2% CS downgrade to neutral from outperform, TP 85 from 90 Eur
Ascom -2-4% Numbers ok but they lower EBITDA margin target
Barrett Dev -2% CS downgrade to neutral from O/P, remove from focus list
Bellway -2% CS downgrade to neutral from O/P, TP 1876p from 2058p
Carillion UNCH Numbers inline, outlook inline
Carrefour +2% Numbers fine, dividend better
Intesa +1% CS upgrade to outperform from neutral, TP 2.8 from 1.8 Eur
L&G +2% Good update, cash generation better
Melrose -2-3% Numbers inline, weak outlook
Michael Page -2% Numbers inline, stock has had a decent run
Miners -1% Copper +0.4%, Brent UNCH, China -0.4%
Panalpina -1% Weak 4Q, restructuring potential
Persimmon -2% CS downgrade to neutral from O/P, TP 1486p from 1532p
RSA +2-3% Warren Buffett may have acquired strategic stake (DM)
Taylor Wim -2% CS downgrade to neutral, remove from SMID focus list
UBI +1% CS upgrade to outperform from neutral, TP 7.7 from 4.8 Eur
Verbund -1% Numbers look ok but dividend looks light
Vivendi UNCH More news on Numericable and potential bid for SFR

(NY Post) Famed short seller barely breaks even after Green Mountain stock soars

Famed short seller David Einhorn must have a bitter taste in his mouth over his two-and-a-half-year battle against Green Mountain Coffee Roasters.
Last month, Einhorn’s Greenlight Capital, his flagship fund, barely broke even after the coffee company’s stock shot up by more than 35 percent.
The stock skyrocketed after Coca-Cola said it would take a 10 percent stake in the coffee machine maker Keurig on Feb. 5.
Greenlight gained a mere 0.6 percent in February, while the S&P 500 index rose 4.3 percent. The fund is down 1.3 percent, vs. a 0.6 percent gain for the S&P 500 during the first two months of 2014.
The $10 billion fund has a huge short book — worth about $7 billion — and Green Mountain is its largest position. Green Mountain was also one of Einhorn’s biggest losers last year, as shares gained 83 percent in 2013.
It’s unclear how much of the losses this year have come from Green Mountain, as other shorts like Chipotle have been a losing stake.
But one source close to Einhorn said he could have lost close to $100 million shorting the coffee roaster this year.
Since the hedgie announced his Green Mountain short to much fanfare Oct. 19, 2011, shares have risen about 33 percent. Despite his losses in recent years, last fall the hedgie said he was adding to the position.
Einhorn isn’t believed to have covered this year, although he may have hedged the position, sources said.

(BFW) Santander to Issue Up to EU1.5b of Contingent Perp. Securities

+------------------------------------------------------------------------------+

BFW 03/05 07:37 *SANTANDER TO SELL SECURITIES VIA ACCELERATED BOOK-BUILDING BFW 03/05 07:36 *SANTANDER TO ISSUE UP TO EU1.5B OF CONTINGENT CONV. SECURITIES BN 03/05 07:35 *SANTANDER TO SELL SECURITIES VIA ACCELERATED BOOK-BUILDING BN 03/05 07:35 *SANTANDER TO ISSUE UP TO EU1.5B OF CONTINGENT CONV. SECURITIES BN 03/05 07:34 *SANTANDER TO ISSUE CONTINGENT CONVERTIBLE SECURITIES

+------------------------------------------------------------------------------+

Santander to Issue Up to EU1.5b of Contingent Perp. Securities 2014-03-05 07:40:33.127 GMT

By Charles Penty March 5 (Bloomberg) -- Santander to carry out issue of contingent perpetual preferred securities convertible into newly-issued ordinary shares with nominal value up to EU1.5b, bank says. * Bank to carry out issue through accelerated book-build * Santander comments in regulatory filing today

Link to Company News:{SAN SM <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: Charles Penty at +34-91-700-9654 or cpenty@bloomberg.net

(NY Post) So far, 2014 has been very, very good to Bill Ackman. +11.7% YTD

So far, 2014 has been very, very good to Bill Ackman.
The hedge-fund mogul’s Pershing Square International is up 11.7 percent this year, according to an investor, powered by a 7.4 percent gain in February.
The gain far surpasses the break-even first two months of the year for the S&P 500 index.
Last year, the now-$13 billion Pershing Square, punished by its positions in Herbalife and JCPenney, rose 10 percent, but still lagged the more-than-29 percent rise in the S&P.
Ackman’s double-digit gain this year puts his performance way ahead of similarly sized funds, according to HSBC’s ranking of hedge funds.
David Einhorn’s Greenlight Capital, which has also reported February results to its investors, is down 1.3 percent for the year, while Dan Loeb’s Third Point is up about 2.6 percent.
Ackman’s gains in February were driven in part by his near-10 percent stakes in both Fannie Mae and Freddie Mac — where he has become the largest common stockholder outside the US government.
Both stocks had a surge in late February after a federal court issued a ruling in favor of preferred shareholders, who are suing the US government over its decision to return all profits to the government in defiance of its earlier agreement.
The judge ruled the government will have to turn over a trove of information to the suing shareholders.
Ackman is not a party to the lawsuit.
Fannie jumped 46 percent in February, and Freddie was up 57 percent.
Other stocks of Ackman’s that outperformed the broader market in February include Air Products, which jumped 15 percent; Howard Hughes, which gained 11 percent; and Burger King, up 9 percent.
Last month, shares of Ackman’s controversial Herbalife short gained 3 percent, but the stock is still down 15 percent for the year.

>>> Exane Makes Changes to U.K. High Conviction List

Exane Makes Changes to U.K. High Conviction List

Says “U.K. domestics” have driven mkt, investors now need to employ alternative strategies for stock selection.
  • Removes Smiths Group, BP, RSA, Pearson, Wood Group from High Conviction index
  • Adds Ladbrokes (deep value opportunity), BSkyB (yld appeal), First Quantum Minerals (increasing Resources exposure), Royal Dutch Shell (yld & balance sheet), Land Securities (rental growth play), Colt (legacy capex appeal), British American Tobacco (yld appeal)

(Oddo) CARREFOUR (BUY, TP E32) FIRST LOOK AT FY EARNINGS IN LINE

CARREFOUR (BUY, TP E32) FIRST LOOK AT FY EARNINGS IN LINE...
Carrefour reported underlying operating profit @ Eu2.24bn vs Oddo and consensus Eu2.2bn
Organic growth of EBIT is better at 9.8% vs. Oddo 7.9%. By region we note: FRANCE op profit out @ Eu1.2b and 3.4% op margin bang in line with our est. REST OF EUROPE : company outlines continuing recovery of Spain with strong improvement in the H2. Italy remains difficult.
LATAM is better +18.6% organic vs. Oddo +11.4% thanks to good perf in Brazil Net debt Eu203m and 2014 Capex target Eu2.4/2.5b is inline with our ests. Dividend is good at Eu0.62 (cons. Eu0.6)
-> In line release with good message on Spain and Brazil. More details after analyst meeting 9:30 paris time.

>>> Debenhams shares gain on vague chatter of takeover bid from Mike Ashley

Debenhams shares gain on vague chatter of takeover bid from Mike Ashley

Debenhams’ share price gained in London yesterday, 4 March on talk of a takeover bid from Mike Ashley, The Daily Telegraph reported.

The newspaper’s market report mentioned vague chatter that Ashley will table an offer for the listed department store chain, but did not cite a source for the speculation.

Ashley is the controlling shareholder in Sports Direct, a listed, UK-based sportswear retailer.

Debenhams shares closed 3.2p up at 77.85p on the London Stock Exchange yesterday, giving the company a market capitalisation of GBP 954m (EUR 1.15bn).


Source Daily Telegraph