2014-06-17 05:12:57.439 GMT
By Chris Malpass
June 17 (Bloomberg) -- Swisscom reaches pact with
PubliGroupe and latter’s major holders to increase offer price.
* PubliGroupe management supports Swisscom offer, recommends
acceptance
* Swisscom says 3 investors holding total 25.21% agree to
accept offer, tender shares
* Says previous May 27 agreement with Tamedia not affected
* PubliGroupe board of directors rejects Tamedia’s CHF190
offer as “insufficient”
* Takes note of Swisscom agreements in investors Stiftung
Jean-Robert Gerstenhauer, Consuela Stiftung,
Erbengemeinschaft Alfred Borter
* NOTE: Swisscom on May 16 offered CHF200/Shr for PubliGroupe
* Swisscom statement
* PubliGroup statement
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To contact the reporter on this story:
Chris Malpass in Berlin at +49-30-70010-6234 or
cmalpass@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Chris Malpass
Asian Market Update: RBA meeting minutes solidify policy on hold; Shell sheds Woodside stake for $5B
***Economic Data*** - (CN) CHINA MAY ACTUAL FOREIGN DIRECT INVESTMENT (FDI) YTD: 2.8% (1-year low) v 5.0% PRIOR; Y/Y: -6.7% v +3.4% PRIOR - (AU) AUSTRALIA MAY NEW MOTOR VEHICLE SALES M/M: 0.3% V 0.1% PRIOR; Y/Y: -2.0% V -1.8% PRIOR - (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 103.2 v 102.2 prior - (SG) SINGAPORE MAY ELECTRONIC EXPORTS Y/Y: -15.3% V -7.4%E; NON-OIL DOMESTIC EXPORTS M/M: -7.5% V 0.6%E; Y/Y: -6.6%E V 0.5%E
Market Snapshot (as of 03:30 GMT): - Nikkei225 +0.5%, S&P/ASX -0.2%, Kospi +0.2%, Shanghai Composite -0.7%, Hang Seng -0.4%, Jun S&P500 +0.2% at 1,931, Aug gold -0.3% at $1,271, Jul crude oil -0.3% at $106.63/brl
***Highlights/Observations/Insights*** - Aussie dollar moved sharply lower on the release of RBA policy meeting minutes from earlier this month that were widely deemed more dovish than expected - AUD/USD and AUD/JPY fell over 30pips to $0.9360 and ¥95.40 respectively, while AUD/NZD hit a 3-week low around NZ$1.08. Most notably, RBA concluded "GDP growth in Australia appeared to have been a little above trend... which was not expected to be sustained in coming quarters (amid) expectation of substantial falls in mining investment, below-average growth of public demand and non-mining investment remaining subdued for a time". This varies substantially from last month's assessment "that growth had picked up a little over the past two quarters" and marks the most clear sign that RBA will not rush to tighten policy until well into 2015.
- Also down under, shares of Australia's largest energy producer Woodside Petroleum were halted after announcement that Shell will slash its 23% stake in the company all the way to 4.5% for about $5B. Woodside will pick up half of those shares for $2.7B. Reports indicating the sell-off does not come as a complete surprise - Shell has long signalled it would reduce its holding.
- Moody's comments noted China's sovereign credit profile is likely to withstand rebalancing challenges, and that its Aa3 rating and stable outlook are underpinned by its macroeconomic strengths as well as by its fiscal and external cushions. Ratings agency did warn that the success of policy measures will be critical for China's ability to negotiate the challenges on the horizon.
- Latest out of the Middle East conflict in Iraq saw the White House negating speculation that US military will coordinate with Iran, indicating the possible discussions will not have a military dimension. Subsequent reports did suggest that US and Iran negotiators will discuss the situation in Iraq as part of Vienna talks that will also address Iran's nuclear program. Separately, US confirmed it will send 275 troops to Iraq for support of US personnel and embassy in Baghdad in light of the weekend terror bombing in the capital.
***Speakers/Political/In the Papers*** - (CN) China MOFCOM: Reiterates exports are gradually improving - (CN) China Dairy Association official: China lacks of sufficient dairy cattle to meet milk demand - People's Daily - (JP) Japan PM advisor Hamada: BOJ needs no further easing at this time; Japan should undergo a substantial corporate tax cut - financial press - (JP) Japan Fin Min Aso: Govt needs permanent replacement revenue for corporate tax cut; Considering reduction in pension payments regardless of price changes - press - (JP) According to the most recent QUICK survey, 31% of large FX market participants no longer expect BOJ to announce more easing, up from 9% in April survey - Nikkei - (IQ) US Pres Obama: US to deploy up to 275 troops to Iraq for support for US personnel, embassy in Baghdad - letter addressed to Congress - (IA) US, Iran to meet in Vienna to discuss situation in Iraq; meeting held alongside nuclear talks - financial press - (US) Fed reportedly considering bond fund exit fees to reduce chances of runs on the market - FT
***Fixed Income/Commodities/Currencies*** - (CN) PBoC to drain CNY30B in 28-day repos (34th consecutive drain) - GLD: SPDR Gold Trust ETF daily holdings fall 4.2 tonnes to 782.9 tonnes (lowest since May 23rd) - JGB: (JP) Japan's MoF sells ¥1.09T in 1.5% (1.5% prior) 20-year JGBs; Avg yield: 1.459% v 1.453% prior; bid-to-cover: 2.71x v 3.56x prior
***Equities*** US markets: - ANFI: Reports Q1 $0.47 v $0.31e, R$186.6M v $160Me; +27.6% afterhours - GTIV: Kindred increases offer to $14.50/shr from $14, begins tender offer for all outstanding shares; Total deal value $1.7B; +3.9% afterhours - WEX: To acquire Evolution1 for $532.5M in cash; +1.4% afterhours - STLD: Guides Q2 EPS $0.28-0.32 v $0.31e
Notable movers by sector: - Consumer Discretionary: Beijing Enlight Media 300251.CN +7.3% (acquisitions); Super Retail Group SUL.AU +1.6% (analyst action); Next Media 282.HK -5.3% (FY13/14 results) - Financials: Sumitomo Corp 8053.JP +0.8% (to sell stake in asset) - Materials: Orora Ltd ORA.AU +4.4% (analyst action); Itochu Corp 8001.JP +2.8% (profit target) - Industrials: Sufa Technology Industry 000777.CN +5.8%, Shenzhen Woer Heat-Shrinkable Material 002130.CN +8.6% (momentum on China Pres Xi's comment) - Technology: Konica Minolta Holdings 4902.JP +8.7% (analyst action); Lenovo Group 992.HK -0.6% (acquisition)
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Buy Actelion, May Be 20% Upside to 2016 Consensus EPS, UBS Says 2014-06-17 03:51:39.523 GMT
By Roger Neill June 17 (Bloomberg) -- UBS reiterates buy, raises PT to SF120 vs SF100 on positive Selexipag data. * Expects upcoming presentation of full Phase III data to provide additional confidence Selexipag will be a blockbuster: UBS * This additional data, including post-hoc analysis, should be presented at CHEST 2014 on Oct. 25-30: UBS * Sees significant upside on Selexipag peak sales, Opsumit peak sales, Opsumit Gross margin * NOTE on June 16: Actelion Rises Most in 2 Yrs After Positive Selexipag Data * Actelion earnings forecasts For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
To contact the reporter on this story: Roger Neill in London at +44-20-7673-2867 or rneill3@bloomberg.net Morwenna Coniam