>>> Alcatel Lucent receives EUR 268m binding offer from China Huaxin for Alcatel

Alcatel Lucent receives EUR 268m binding offer from China Huaxin for Alcatel-Lucent Enterprise and enters into exclusive discussions

Alcatel Lucent is announcing it has received a binding offer from, and is entering into exclusive discussions with China Huaxin, a technology investment company, for the acquisition of Alcatel Lucent Enterprise. The contemplated transaction values Alcatel-Lucent Enterprise at EUR 268m on an enterprise value basis (cash-free / debt-free) and at a currently estimated EUR 237m on an equity value basis, for 100%. Alcatel Lucent will retain a minority stake of 15%.

The proposed transaction will shortly be submitted to the workers councils of Alcatel Lucent Enterprise for the required information and consultation procedures. A definitive acquisition agreement is expected to be signed during the second quarter of 2014. Closing would be subject to certain conditions, including the approval of certain regulatory authorities, and is targeted to take place in the third quarter of 2014.

(BFW) Husqvarna Should Be Split in Two Parts, Nordea Funds Tells DI

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Husqvarna Should Be Split in Two Parts, Nordea Funds Tells DI 2014-02-06 07:39:38.391 GMT

By Katarina Gustafsson Feb. 6 (Bloomberg) -- Nordea Funds, the fourth-largest shareholder in Husqvarna, said the company should be split into two parts, Dagens Industri reports, citing Mathias Leijon, an asset manager at Nordea Funds. * Husqvarna should be divided into one co. focusing on consumer products, another focusing on professional products: Leijon * NOTE: Nordea Funds owns 5% of the share capital of Husqvarna, 2.4% of the voting rights

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

--Editor: Niklas Magnusson

To contact the reporter on this story: Katarina Gustafsson in Stockholm at +46-8-610-0714 or kgustafsson@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at +31-20-589-8505 or cperri@bloomberg.net

(BFW) MORE: AstraZeneca 2014 Forecast Worse Than Estimated by Analysts

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MORE: AstraZeneca 2014 Forecast Worse Than Estimated by Analysts 2014-02-06 07:25:21.862 GMT

By Sheela Sharma Feb. 6 (Bloomberg) -- AstraZeneca 2014 core EPS est. $4.52 vs 2013 core EPS $5.05; implies 10.5% core EPS decline in 2014: Bloomberg Data. * 2014 rev. est. $25.41b vs 2013 rev. $25.71b; implies rev. decline of 1.2% in 2014: Bloomberg data * Today: AstraZeneca sees 2014 core EPS decline in teens, low- to-mid single digit percentage decline in rev. at constant FX * CEO Pascal Soriot says in statement, financial performance for 2013 reflects ongoing impact from loss of exclusivity for several key brands * Headwinds will remain challenging in near term, confident of return to growth faster than anticipated; 2017 revenues seen broadly in line with 2013 * NOTE: Jan. 14, AstraZeneca Sees 2017 Rev. Broadly In-Line With 2013 * Conf. call at 12pm GMT on +44-(0)1452-557-749, pw 29599313 Statement

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

--Editor: Sheela Sharma

To contact the reporter on this story: Sheela Sharma in London at +44-20-7392-0395 or ssharma145@bloomberg.net

To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net

(BFW) *SYMRISE OFFERS SEK40.10 CASH IN MANDATORY BID FOR PROBI

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BN 02/06 07:24 *SYMRISE SEES SETTLEMENT AROUND MARCH 20 ON PROBI OFFER BN 02/06 07:23 *SYMRISE SAYS ACCEPTANCE PERIOD RUNS FEB. 13 TO 'ABOUT' MARCH 12 BN 02/06 07:20 *SYMRISE OFFERS SEK40.10 CASH IN MANDATORY BID FOR PROBI

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*SYMRISE OFFERS SEK40.10 CASH IN MANDATORY BID FOR PROBI 2014-02-06 07:24:52.828 GMT

--JAMES LUDDEN

-0- Feb/06/2014 07:24 GMT

>>> Swatch interested in acquiring watch brands and manufacturers of watch parts

Swatch interested in acquiring watch brands and manufacturers of watch parts 

Swatch, the listed Swiss watch maker, is interested in acquiring watch brands and manufacturers of watch parts, Tagesanzeiger reported. Without citing a specific source the Swiss daily said that Swatch is looking to grow in the jewelry business but watches will remain the main focus. Swatch wants to buy suppliers of watch parts and movements as well as watch brands.

Swatch yesterday announced it had increased sales by 8.5% to CHF 8.5bn in 2013.

 
Tagesanzeiger

>>> What to look at today - 06/02/2014

US MArket Closed Lower on cautious sentiment, JPY Continue a good indicator to follow the tredn of the market, Tech was strong with AAPL & GOOG...VIX @ 19.58 +2.46%, as always in the down movement volume were above average @740mil shares...after Hours GMCR +40% on KO taking 10% stake in the company, TWTR -17.5% on disap. Earnings...No much action in Asia as market is waiting for Shanghai to reopen tomorrow after the Lunar new year week break, Local press reports suggest retail market was strong despite the scrutiny placed on luxury gifts amid govt crackdown on corruption....Nikkei -0.18%...HS+0.54%...

Eur$ 1.3520 S&P Fut +0.2% European fut +0.17%

Keep an eye on :
- AKZA NA : Akzo Nobel 4Q Ebitda in Line, Says on Track for 2015 Targets
- ALFA SS : Alfa Laval Very Likely to Do a Major M&A in 2014, UBS Says
- ALO FP : Alcatel Gets Binding Offer for Enterprise Unit; 4Q Sales Misses
- ALV GY : Bafin Sees EU6b Provision for German Insurers: Boersen-Zeitung
- AZN LN : AstraZeneca 4Q Core EPS Beats; Sees 2014 EPS Decline `in Teens'
- BGN IM : Banca Generali Total Inflows in Jan. EU226m
- CSGN VX : Credit Suisse 4Q Net Misses; Dividend Plan Below BDVD Forecast
- DAI GY : Daimler 4Q Ebit Beats Est.; Sees Significant Rise in FY Profit
- OLE SM : Buyout Firms CVC to Carlyle Said to Weigh Bid for Spain’s Deoleo, {NSN N0JSU06K50XS <go>}
- DNB NO : DNB 4Q Profit Rises to NK5.7b; Proposes 2013 Dividend NK2.70/shr
- DSY FP : Dassault Systemes 4Q Non-IFRS EPS Above, 2014 Guidance Below Est, Sees Strong FX Headwinds in 1Q 2014
- EMGS NO : EMGS 4Q Ebitda $6.5m vs Est. $4.7m; Backlog at End-Dec. $79m
- GEA GY : GEA Group 2013 Ebit Misses, Sees Moderate Sales Growth in 2014
- HEI GY : HeidelbergCement 4Q Adj. Operating Income Misses Estimates
- HUH1V FH : Huhtamaeki 4Q Net Income Beats Ests.; Sees Markets Stable
- LUN DC : Lundbeck 4Q Net Misses Analyst Estimates
- NYR BB : Nyrstar 2H Adj. Ebitda of EU98m Beats Ests.; Net Debt Declines
- ORK NO : Orkla Net Income Rises Less Than Est.; Declares NK2.5/Shr Div
- SAN FP : Sanofi 4Q Pharma Sales EU7.05b; Plavix, Lovenox Beat Ests, Has EU1b to EU2b for Acquisitions Per Year
- SBMO NA : SBM Offshore 2013 Underlying IFRS Net $545m; Backlog $19.7b
- SCMN VX : Swisscom Sees Moderate Rev. Growth in 2014 as FY Sales Match Est
- SCYR SM : Sacyr Won’t Give Up on Panama Works, Manrique Tells Expansion
- SKYD GY : Sky Deutschland Delivers Positive FY Ebitda, Beats Estimates
- TEL2B SS : Tele2 Reportedly negotiating with Access Industries regarding Norway mobile unit after it lost spectrum auction
- TIE1V FH : Tieto 4Q EPS, Net Match Ests.; Sees Ebit Growth in Year
- TLW LN : Rumors STatoil has approached the company
- UMI BB : Umicore Sees Adj. Ebit ‘Slightly Below’ EU304m; Est. EU297.5m
- VOD LN : Vodafone 3Q Organic Service Revenue Growth Matches Estimate
- VOLVB SS : Volvo 4Q Op. Profit Beats Est.; Maintains Div.
- WCH GY : Wacker Chemie 4Q Ebitda, Sales Beat Ests., Good Basis for 2014
- YOOX IM : Yoox 2013 Rev. Misses Ests., 4Q rev. EU136.3m, est. EU142.4m, FY on March 5

>>> Brokers Upgrade & Downgrades

>>> Up
*CORBION RAISED TO BUY VS HOLD AT ING
*MARIMEKKO RAISED TO BUY VS SELL AT NORDEA
*METRO AG RAISED TO HOLD VS SELL AT BANKHAUS LAMPE
*MICHAEL PAGE RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*OSSUR RAISED TO BUY VS HOLD AT JEFFERIES
*RECKITT RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*SWATCH RAISED TO BUY VS HOLD AT SOCGEN
*SYNGENTA RAISED TO NEUTRAL VS SELL AT UBS
*TOD’S RAISED TO NEUTRAL VS SELL AT GOLDMAN
*VIENNA INSURANCE RAISED TO OVERWEIGHT AT MORGAN STANLEY

>>> Down
*CTC MEDIA CUT TO NEUTRAL VS BUY AT BOFAML
*GEDEON RICHTER CUT TO NEUTRAL VS BUY AT UBS
*HARGREAVES LANSDOWN CUT TO HOLD VS BUY AT JEFFERIES
*MOLESKINE CUT TO NEUTRAL VS BUY AT GOLDMAN
*PEAB CUT TO HOLD VS BUY AT NORDEA
*PUMA CUT TO SELL VS NEUTRAL AT GOLDMAN
*SYNGENTA CUT TO NEUTRAL VS BUY AT BOFAML

>>> PT Change
*Adidas PT Cut to EU93 vs EU97 at Raymond James
*Intesa PT Raised to EU2.1 at Kepler Cheuvreux; Kept at Hold

>>> Initiation
*BANKIA RATED NEW OVERWEIGHT AT MORGAN STANLEY; PT EU1.6
*BANKIA SA RATED NEW NEUTRAL AT CITI, PT EU1.45
*REPSOL REINSTATED NEUTRAL AT GOLDMAN, PT EU20

>>> Call
>> Stock
*ELEKTA REMOVED FROM UBS’S MOST PREFERRED LIST
*HIKMA ADDED TO UBS’S MOST PREFERRED LIST
*LSR GROUP ADDED TO GOLDMAN’S CEEMEA FOCUS LIST
*SYNGENTA REMOVED FROM 1Q14 TOP 10 EMEA IDEAS AT BOFAML

(BFW) *OP-POHJOLA GROUP BID FOR POHJOLA SERIES A, K SHRS AT EU16.8/SHR

BFW 02/06 06:08 *OP-POHJOLA GROUP BID FOR POHJOLA SERIES A, K SHRS AT EU16.8/SHR
 BN 02/06 06:08 *OP-POHJOLA GROUP BID FOR POHJOLA SERIES A, K SHRS AT EU16.8/SHR
 BN 02/06 06:06 *OP-POHJOLA ANNOUNCED PUBLIC VOLUNTARY BID FOR POHJOLA SHRS
Pohjola Pankki Oyj:  OP-Pohjola has announced a public voluntary bid for Pohjola shares
2014-02-06 06:06:47.496 GMT

   Pohjola Pankki Oyj: OP-Pohjola has announced a public voluntary bid for
                                Pohjola shares

POHJOLA BANK PLC
Stock exchange release
6 February 2014, 8.05 am

NOT TO BE RELEASED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES, CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA, HONG KONG OR IN ANY
OTHER STATE IN WHICH THE TENDER OFFER WOULD BE PROHIBITED BY APPLICABLE LAW.  

OP-Pohjola has announced a public voluntary bid for Pohjola shares

OP-Pohjola Group Central  Cooperative announced today  a public voluntary  bid 
(the "Bid") for  all outstanding Series  A and K  shares in Pohjola  at a  bid 
price of EUR  16,80 per share  (the "Bid Price").  OP-Pohjola expects the  bid 
period to begin on 22. February 2014 and end by 1. April 2014.

The Board of  Directors of Pohjola  Bank plc recognises  the industrial  logic 
underlying the Bid, as  stated in the announcement.  The Bid Price includes  a 
premium of 18.1% from the closing price immediately before the announcement of
the Bid and a premium  of 16.6% with respect  to the weighted average  trading 
price over the past three months.

The Board of Directors has considered that the approach by OP-Pohjola has been
serious as  provided in  the Helsinki  Takeover Code  (Ostotarjouskoodi).  The 
Board  of  Directors  has  resolved  that  entering  into  negotiations   with 
OP-Pohjola, including the possibility for OP-Pohjola to conduct due  diligence 
regarding Pohjola, has been  in the interests  of all Pohjola's  shareholders. 
The Bid  provides  a reasonable  alternative  for shareholders  in  prevailing 
circumstances where

  * OP-Pohjola Group Central Cooperative holds directly or indirecly 39.3 % of
    the shares  and  62.4  %  of  the votes  in  Pohjola and  is  the  central 
    institution of OP-Pohjola Group;  

  * Pohjola's regulatory  environment is  changing due  to increasing  capital 
    requirements, among other things;  

  * OP-Pohjola Group  will possibly  increase its  capitalisation targets,  as 
    announced by OP-Pohjola concurrently with the Bid; and  

  * the liquidity of the Pohjola shares may decrease as a result of the Bid. 

The Board of Directors will assess the Bid in its entirety and its merits from
the perspective of  Pohjola and  its shareholders,  after which  the Board  of 
Directors will issue  a statement  concerning the Bid  pursuant to  applicable 
regulation in due course  (expected by 14 February  2014). Pohjola's Board  of 
Directors has set up a committee consisting  of Board members with no ties  to 
OP-Pohjola Group Central Cooperative or the  Bid to prepare the assessment  by 
Pohjola of the  Bid. The  committee members  are Tom  von Weymarn  (Chairman), 
Jukka Hienonen and Mirja-Leena (Mirkku) Kullberg. To meet quorum requirements,
Board members  Jukka Hulkkonen  and Marjo  Partio have  participated in  Board 
meetings regarding the Bid to the extent that decisions have been required  to 
be taken. Hulkkonen  and Partio  do not  have a  conflict of  interest in  the 
matter, but have certain ties to the  Bid as defined in the Helsinki  Takeover 
Code. Hulkkonen and  Partio have  not taken  part in  preparing the  decisions 
relating to the Bid. Reijo Karhinen (Chairman of the Board of Directors), Tony
Vepsäläinen (Vice Chairman of the Board of Directors) and Harri Sailas  (Board 
member) have  not  taken  part  in either  any  preparatory  measures  or  any 
decision-making by Pohjola regarding the Bid.

Pohjola has in relation to  the Bid agreed to  provide to OP-Pohjola a  credit 
limit on arm's  length terms  on the  basis of  Pohjola's task  to fulfil  the 
funding needs  of OP-Pohjola  Group as  OP-Pohjola Group's  central  financial 
institution. The credit limit concerns the acquisition of Series A shares, and
its granting is based on Section 35  of the Act on Credit Institutions,  among 
other things.
In matters related to the Bid  by OP-Pohjola, Pohjola has committed itself  to 
complying with the  Helsinki Takeover Code  (Ostotarjouskoodi) referred to  in 
Chapter 11, Section 28 of the Securities Markets Act.

Pohjola has appointed Deutsche Bank AG (London Branch) to act as its financial
adviser and Hannes  Snellman Attorneys Ltd  to act as  its legal counsel  with 
respect to the Bid.

Pohjola Bank plc
Carina Geber-Teir
Chief Communications Officer

For more information, please contact:

Tom von Weymarn, Chairman of the independent committee

Please contact OP-Pohjola Pressroom for an interview +358 505239904

DISTRIBUTION
NASDAQ OMX Helsinki
LSE London Stock Exchange
SIX Swiss Exchange
Major media
pohjola.com, op.fi

Pohjola is a Finnish financial services group which provides its customers
with banking, non-life insurance and asset management services. Our mission is
to promote the sustainable prosperity, security and well-being of our
customers. Profitable growth and an increase in company value form our key
objectives. Pohjola Group serves corporate customers in Finland and abroad by
providing an extensive range of financial, investment, cash- management and
non-life insurance services. We offer non-life insurance and private banking
services to private customers. Pohjola Series A shares have been listed on the
Large Cap List of the NASDAQ OMX Helsinki since 1989. The number of
shareholders totals around 32,000. Pohjola's consolidated earnings before tax
came to 473 million euros in 2013 and the balance sheet total amounted to 44
billion euros on 31 December 2013. Pohjola is part of OP-Pohjola Group, the
leading financial services group in Finland with 4.3 million customers. 
www.pohjola.com

Deutsche Bank AG is authorised under German Banking Law (competent authority:
BaFin - Federal Financial Supervisory Authority) and authorised and subject to
limited regulation by the Financial Conduct Authority.  Details about the
extent of Deutsche Bank AG's authorisation and regulation by the Financial
Conduct Authority are available on request. Deutsche Bank AG, London Branch is
acting as financial adviser to Pohjola Bank plc and no one else in connection
with the contents of this announcement and will not be responsible to anyone
other than Pohjola Bank plc for providing the protections afforded to clients
of Deutsche Bank AG, London Branch, nor for providing advice in relation to
any matters referred to herein.

THIS RELEASE IS NOT A TENDER OFFER DOCUMENT AND DOES NOT CONSTITUTE AN OFFER
OR AN INVITATION TO MAKE A SALES OFFER. NO TENDER OFFER WILL BE MADE DIRECTLY
OR INDIRECTLY IN ANY JURISDICTION WHERE OFFERING OR OFFER PARTICIPATION WOULD
BE PROHIBITED BY APPLICABLE LAW, OR WHERE ANY TENDER OFFER DOCUMENT OR
REGISTRATION OR ANY OTHER REQUIREMENT WOULD APPLY IN ADDITION TO THOSE
UNDERTAKEN IN FINLAND. IN PARTICULAR, NO TENDER OFFER WILL BE MADE DIRECTLY OR
INDIRECTLY IN OR INTO, OR BY USE OF THE POSTAL SERVICE OR ANY OTHER MEANS
(INCLUDING, WITHOUT LIMITATION, FACSIMILE, TELEX, TELEPHONE OR THE INTERNET)
OR ANY FACILITIES OF A SECURITIES EXCHANGE OF, THE UNITED STATES, CANADA,
JAPAN, AUSTRALIA, SOUTH AFRICA OR HONG KONG.

(Citi) Global quantitative Insights - feb. 2014

* Small(er) Cap and Estimates Momentum Outperformance 
— Smaller caps outperformed and, with earnings announcements generally skewed to the positive, Estimates Momentum continued to deliver Alpha across all regions ex Asia.

* Negative Fund Flows for US and EM Equities; Positive for Europe 
— The last week of January witnessed >$10bn outflows as equity markets sold off on EM concerns, the majority of which can be attributed to ETFs. Conversely, Europe posted a 31st consecutive week of positive inflows to equity funds.

* European Low Risk Premium Stretched… 
— The Low Risk premium has subsided over the past 12 months. This has increased over the past month and, whilst this is prudent in light of EM volatility, we believe the premium for Europe is stretched relative to the US and expect the spread to come-in over the longer term.

* …take gradual Value Exposure via Estimates Momentum 
— this would require further Value outperformance which, at this juncture, we are prepared to add gradually via Estimates Momentum and its implicit style tilts.

FT : Haven appeal of Swiss franc will fade

Haven appeal of Swiss franc will fade

The Swiss franc and US Treasury bonds are the final remaining haven assets with international appeal. In contrast, German bunds are denominated in euros, the Baweifnk of Japan’s massive quantitative easing is weakening the yen, and gold has lost its lustre as inflation has stayed low among developed economies.
Switzerland’s currency has been in demand this year as emerging markets have fallen around the world. But in spite of its haven status, investors should be sellers of the franc as the currency is set to weaken in 2014.

First, the Swiss National Bank is highly unlikely to abandon its cap on the exchange rate and start raising interest rates when other central banks begin tightening monetary policy over the next few quarters. The SNB claims the ceiling on the franc is needed for the foreseeable future given Switzerland’s near zero inflation rate.
Policy makers believe an increase in interest rates would endanger the limit on the currency and risk tipping the economy into deflation. The SNB is therefore likely to be one of the last central banks to start normalising monetary policy over the next few years.
Second, the large scale deleveraging that Swiss banks have undertaken since the credit crunch began, primarily through selling foreign assets and returning capital back into francs, appears to have finished. From 2007 to 2012, Switzerland experienced more than CHF200bn of inflows as local banks cut loans abroad.
That counts as extreme repatriation in an economy with a current GDP of CHF600bn. But in the first three quarters of last year, Swiss banks reversed course and increased their net lending abroad. This puts the balance of payments on track in 2013 to record annual outflows from domestic banks for the first time in a decade.
Third, the unwillingness of Swiss portfolio managers to purchase foreign assets since the eurozone crisis began in 2010 may also finally be coming to an end.
When the region’s debt crisis erupted, investors favoured the franc as a haven substitute for the old deutschemark. Even as eurozone equity and debt markets started to recover last year, Swiss asset managers were reluctant to reduce the high levels of ‘home bias’ in their portfolios in case the debt crisis flared up again.
That helped to underpin the strong value of the franc against the euro and dollar. But as foreign asset markets have continued to benefit from rising global growth, domestic portfolio investors are also now beginning to reduce their overweight positions in Swiss francs.
Admittedly, the currency is likely to remain supported by Switzerland’s large current account surplus this year. For the first three quarters of 2013 alone, the current account’s positive balance exceeded CHF60bn. For the year as a whole, it is likely to be well over 10 per cent of GDP. That provides substantial support and underpins the franc’s status as a haven asset.
But balance of payments accounting also overstates the significance of Switzerland’s current account surplus in relation to the franc. Trade in goods only makes a modest contribution to the surplus.
In contrast, investment income from Switzerland’s large net foreign assets, financial sector earnings and revenue from merchanting have all increased sharply over the past decade. But these flows may not necessarily be converted into francs. As SNB President Thomas Jordan said in a speech last year, “merchanting refers to trade, denominated primarily in US dollars, that does not cross the domestic border”.
The franc is also likely to remain supported by fears that the eurozone will edge towards deflation, prompting the European Central Bank to ease monetary policy further. In particular, if the ECB was to set its deposit rate below zero or engage in large-scale asset purchases as other central banks have since the financial crisis, the franc would benefit from haven-seeking inflows, resulting in the SNB selling domestic currency to enforce the CHF1.20 cap against the euro.
The risk of further ECB easing this year cannot be discounted given eurozone headline inflation was only 0.7 per cent in January. But the franc would be at risk if the SNB matches any move by the ECB to pursue negative interest rates.
Furthermore, the broader picture of recovery in the US, UK, Japan and Germany, less risk in peripheral eurozone markets, and the SNB’s commitment to maintain the cap on the franc and to be slow in raising interest rates, suggest risk-averse investors should favour the US dollar and Treasury bonds rather than the franc when seeking to hedge portfolios.
The dollar should benefit this year from the Fed tapering its asset purchases while US Treasuries will be in demand if emerging market turbulence intensifies.