(BFW) Hutchison Says It Got EU Statement of Objections on O2 Deal

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BFW 02/03 10:04 Hutchison Says It Got EU Statement of Objections on O2 Deal BN 02/03 10:02 *HUTCHISON SAYS IT GOT EU STATEMENT OF OBJECTIONS ON O2 DEAL

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Hutchison Says It Got EU Statement of Objections on O2 Deal 2014-02-03 10:07:56.241 GMT

By Aoife White Feb. 3 (Bloomberg) -- Hutchison’s Three Ireland says it’s received a statement of objections from the European Commission setting out concerns over its plan to buy O2 Ireland. * “Three will put forward strong and effective remedies to address the commission’s concerns,” co. says in e-mailed statement * Three says it is “confident that we can convince the commission of the pro-competitive benefits of the proposed acquisition” * Three Ireland says EU statement of objections “was not unexpected” * SEE: Hutchison Says Working With EU to Win Clearance for O2 Deal {NSN N061U36JIJWD <go>}

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To contact the reporter on this story: Aoife White in Brussels at +32-2-237-4329 or awhite62@bloomberg.net

To contact the editor responsible for this story: Peter Chapman at +32-2-285-4318 or pchapman10@bloomberg.net

(BFW) *SFR CEO SAYS SPINOFF PLANS "WELL ADVANCED"

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BN 02/03 09:39 *SFR CEO CHARLIER SPEAKS TO REPORTERS BN 02/03 09:39 *SFR STRATEGY FOCUSED ON CASH FLOW, DIFFERENTIATING PRODUCTS:CEO BN 02/03 09:38 *SFR CEO SAYS SPINOFF IS "ONLY PLAN" FOR CO. BN 02/03 09:38 *SFR CEO SAYS SPINOFF PLANS "WELL ADVANCED"

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*SFR CEO SAYS SPINOFF PLANS "WELL ADVANCED" 2014-02-03 09:39:46.739 GMT

--CORMAC MULLEN

-0- Feb/03/2014 09:39 GMT

(Challenges) When Montebourg calls for the return of France Telecom

Link to Google Translation : {http://bit.ly/1fAzDZy}
Link to original article in French : {http://bit.ly/1gFOSn4}

When Montebourg calls for the return of France Telecom

Defense "agreements" between French industrial condemnation of excessive competition ... The priorities for telecom Minister of Productive Recovery.

Basically, perhaps Arnaud Montebourg is it nostalgic brand, the concept and the concept of "France Telecom"-a concept that is not only about Orange, heir to the incumbent, but designate the all telecommunications players in France, either Orange, therefore, but also, SFR, Bouygues Telecom, Free, or Alcatel-Lucent.
Because the speech he delivered Friday, January 31 at the wishes of the French Federation of Telecoms was a festival of flag-waving, structured defense and illustration of the role that should, according to him, the state play in this sector.
In the grand ballroom of the rue de l'Amiral Hamelin, in the 16th arrondissement of Paris, the minister spoke just after the president of the federation, Pierre Louette, who has charged the audience a "discourse record "recited at the speed of a" speckled Kalashnikov, "little speech delivered as much information in as little time as 8.8% of turnover less and" value destruction "in 2013 for the sector, prices down 25%, investments that "maintain" Anyway to € 7.3 billion, 3 million eligible fiber housing, 77 million SIM cards in France, a spike against "aesthetics competition for competition "... Phew.
Electric atmosphere
In an atmosphere that suddenly becomes electric, Montebourg rather chooses "not speckled Kalashnikov" to deliver his speech to the surprise of the audience, more accustomed to understatements and implied in force in the world (yet) of felted telecoms.
The beginning of the speech-or homily, depending on your point of view is classic, with the return of "34 Plans of New Industrial France, of which 10 relate to telecom." Then comes the first skirmish on the "capture value" Telecommunications major international players such as OTT ("over the top" players whose activity is "beyond" networks: Google , Facebook , etc. ...).
Montebourg then hammers the anchor point about a statement about "the State does not have to justify its existence, since the state is." Point. So much for the Hegelian focus state at the heart of Being. Followed by a series of formulas and images that surprise the public: a reference to Jonathan Swift: "Gulliver Net settled in our bedrooms while our telcos Lilliputian quarrel in public!"
"We are the Gandhi of the Internet"
A reference to Mahatma Gandhi: "We do not want to suffer the fate of enslaved by the English, who bought their cotton at low prices for their resale price of gold Indians Gandhi We are the Internet".
A reference also to the famous sailor of Armorlux, he raised the cover of the Parisian magazine: "Buy the sailor and equip yourself with Alcatel"
Many projections that will delight "twittos" in the room-Montebourg also tell about it, referring to the "duel tweets" who opposed Xavier Niel: "not worth s' send Tweets, we can talk! "

Beyond pikes, formulas and literary or historical references, it's downright chisel that Montebourg sculpts his vision. Great suspicion against "excessive competition" that must be "moderate and temper." A refusal to Europe "to become a colony of the digital industry" non-European. Defense producers meet consumer demands: "A force to protect consumers, it may kill the farmers!"
The minister was emboldened by claiming he wants "to reduce the powers of the ARCEP (telecom regulatory authority), we put her in her place." At these words, the press relations manager ARCEP hastily left the scene or not to endorse the remarks or to alert Jean-Ludovic Silicani, President of ARCEP.
"Vive agreements!"
The sulfateuse was decidedly output since the minister then said he assumes the fact of defending the notion of "agreement" between French and European industrial telecom-taboo word since the conviction for "agreement" in 2005 Orange, Bouygues Telecom and SFR to a fine of 534 million euros. "We want to encourage agreements!" is he exclaims to drive the nail then referring to the President of the Competition Authority, Bruno Lasserre, "the authority responsible for regulating competition authority is against this idea, and I am for it. Who is right? It's me, because I am elected! " -Forgetting too quickly as a minister, he is actually appointed by presidential decree.
Prepare the end of roaming between Orange and Free Mobile
The climax is reached with the hope that it expresses about the contract roaming between Orange and Free Mobile "must now prepare, organize the end of the roaming agreement between the two operators." Implied no question that Free Mobile underinvestment in network deployment, betting on the fact that the roaming contract can be extended.
In the room, the reactions are mixed: some are enthusiastic, others skeptical. "Montebourg is accustomed to this kind of talk, says an employee of a supplier, I heard a similar there a year or two, but hey, have to see what will follow behind."

(BFW) *SFR CEO SEES EU200 MLN IN YEARLY SAVINGS FROM NETWORK SHARING

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BN 02/03 08:29 *SFR CEO SEES HUNDREDS OF MILLION EUROS OF COST TO SHARE NETWORK BN 02/03 08:27 *SFR CEO SEES FULL EFFECT OF NETWORK SHARING SAVINGS FROM 2018 BN 02/03 08:27 *SFR CEO SEES EU200 MLN IN YEARLY SAVINGS FROM NETWORK SHARING BN 02/03 08:27 *SFR, BOUYGUES SEE 20-25% SAVINGS ON OPEX, CAPEX NETWORK COSTS

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*SFR CEO SEES EU200 MLN IN YEARLY SAVINGS FROM NETWORK SHARING 2014-02-03 08:29:38.217 GMT

--CORMAC MULLEN

-0- Feb/03/2014 08:29 GMT

>>> Bawag could be sold for EUR 2bn; Santander named as possible buyer

Bawag could be sold for EUR 2bn; Santander named as possible buyer 

Bawag, the Austrian bank, could be sold for around EUR 2bn, Handelsblatt reported. The German daily cited an unnamed Bawag insider who said the bank's owner Cerberus wants out. Banking circles believe the bank could fetch a price of around EUR 2bn with Spanish Santander named as a possible buyer. Bawag Chief Byron Haynes branded this development pure speculation.
Source Handelsblatt

>>> Volkswagen could be looking to fully take over Scania

Volkswagen could be looking to fully take over Scania 

Volkswagen, the German auto giant, is rumoured to be looking at acquiring the remaining shares in the Swedish truck manufacturer, Scania, according to Dagens Industri.

The Swedish business daily reported that Scania saw its share price rise by 5.2% on Friday and an unnamed source commented that takeover speculation in Germany could be the reason. The paper reported that the share price increase also occurred in conjunction to Scania’s Managing Director Martin Lundstedt, and CFO Jan Ytterberg acquiring shares but the item reasoned that these buys were hardly reason enough for such a significant boost in the share price.

The paper reported that Volkswagen is reportedly unhappy with the recent negative reports regarding Volkswagen and Scania including news about Volkswagen cutting Scania’s dividends to the detriment of Scania’s minority shareholders as well reports that Scania’s ally and ex-managing director, Leif Ostling, could soon depart Volkswagen.

The paper noted in a separate report that ex-Daimler employee Andreas Renschler is seen as the candidate to take over Ostling’s role as manager for Volkswagen’s commercial vehicle operations. The paper wrote that it is rumoured Renschler wants Volkswagen to take full ownership of Scania before he starts which would make the planned integration of Scania and Volkswagen-owned truck-maker, MAN, a lot easier.


Source Dagens Industri

>>> Orange CEO says acquisitions in Spain possible in 2014

Orange CEO says acquisitions in Spain possible in 2014

Orange, the listed French telecommunications company, is looking to finalise acquisitions in Spain this year, Expansion reported, citing the group’s Chief Executive Stephane Richard.

The executive described the Spanish telecoms market as “overly fragmented”.

Richard made special reference to Ono and Jazztel, which, he said, could be involved in industry consolidation. As reported, the UK telco Vodafone is also understood to be interested in Ono, the Spanish-language item said.

The deals will be finalized depending on price, financial capacity and how willing the potential buyers are, Richard said.


Source Expansion

(BFW) Vivendi Network Savings Well Ahead of Estimates: Deutsche Bank

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Vivendi Network Savings Well Ahead of Estimates: Deutsche Bank 2014-02-03 07:52:38.127 GMT

By Sam Chambers Feb. 3 (Bloomberg) -- Deutsche Bank says it understands Vivendi/Bouygues network sharing deal will save EU300m- EU330m/year, with EU200m-EU220m accruing to Vivendi. * Says post tax, the deal should create well over EU1b in value for Vivendi * UBS says upside from deal largely priced into Vivendi shrs, although deal should still be positive for sentiment * Says deal won’t affect potential of SFR/Numericable merger, although regulator has recently stated its preference for network sharing deals over consolidation * NOTE: Macquarie said SFR-Bouygues may save combined EU2.6b through network sharing deal * NOTE: Vivendi said to be considering selling SFR unit to Numericable. Story * French wireless mkt share here

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

To contact the reporter on this story: Sam Chambers in London at +44-20-7673-2021 or schambers7@bloomberg.net

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

(GS) Europe Media : Estimate changes to reflect FX/investments, structural thesi

Estimate changes to reflect FX/investments, structural thesis intact

* Structural quality improving, higher forecasts than history
We see new online revenue streams, better cost controls, and healthier
industry dynamics driving a healthier structural outlook for media. As such,
we expect higher growth and returns on capital vs. history (organic growth
4.1% in 2014-17E vs. 2.6% 2003-12 and CROCI 11.2% vs. 9.9% ex South EU
TV). Across the sub sectors, publishers are improving returns by disposing
of lower return assets, broadcasters through diversification, and agencies
via increased digital exposure and recent consolidation.

* Greater focus on capital efficiency as M&A risks recede
Over the last five years M&A has consumed two thirds of FCF and we
expect this to fall to one-third over the next five years, leading to greater
scope to return excess cash to shareholders – in particular for Free-TV

* Investment spend rising in some areas
Despite generally low capital intensity across media, we expect rising
investment levels for certain companies, particularly BSkyB (content),
Pearson (digital), and Informa (PCI to drive organic growth). For the
agencies we expect acquisition spend as a percentage of sales to rise from
historical levels given our view that scale drives profitability but see the
focus as accretive bolt-ons rather than transformational M&A.

* Changes to estimates driven primarily by FX and investment
We lower 2015 earnings by an average of 2%, with a range of +2% to -17%
mainly reflecting FX moves and investments. Underlying trends in media
remain healthy and we expect global ad growth to accelerate to 5.7%/6.0%
in 2014/2015 from 3.7% in 2013. We continue to believe growth, returns on
capital, and cash returns are underestimated for certain sub-sectors/stocks.

* PUB, UBM, MS CL-Buys; DMGT to Buy, RTL to Neutral, INF to Sell
Our CL-Buys are structural winners (based on our industry positioning
framework) with scope for cost saving and capital returns (Publicis), and
portfolio realignment (UBM and Mediaset). We upgrade DMGT from Sell to
Buy, downgrade RTL from Buy to Neutral (valuation) and Informa from
Neutral to Sell (organic growth and investment risks). Other stocks rated
Buy are ITV, Prosieben, Sky Deutschland, BSkyB, Vivendi, TF1 and WPP;
stocks rated Sell are Axel Springer, JCDecaux, Solocal and Wolters Kluwer.

>>> Brokers Upgrades & Downgrades - 03/02/2014

>>> Up
*BANCO POPULAR RAISED TO BUY VS HOLD AT SOCGEN
*BPOST RAISED TO BUY FROM ACCUMULATE AT KBC
*CAIXABANK RAISED TO BUY VS NEUTRAL AT NATIXIS
*CERMAQ RAISED TO BUY VS HOLD AT DNB
*DAILY MAIL RAISED TO BUY VS SELL AT GOLDMAN
*GFK RAISED TO BUY VS HOLD AT SOCGEN
*NOBEL BIOCARE RAISED TO BUY VS HOLD AT BERENBERG
*REGUS RAISED TO BUY FROM HOLD AT PEEL HUNT
*SCOR RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SES RAISED TO BUY VS NEUTRAL AT NOMURA
*SOLOCAL RAISED TO BUY VS HOLD AT SOCGEN
*TELIASONERA RAISED TO HOLD VS UNDERPERFORM AT JEFFERIES
*UMICORE RAISED TO BUY FROM HOLD AT ING
*WINCOR NIXDORF RAISED TO BUY VS HOLD AT BANKHAUS LAMPE

>>> Down
*ALLIANZ CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*AXA CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*CAIRN ENERGY CUT TO NEUTRAL VS BUY AT BOFAML
*CASINO CUT TO UNDERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*CLIENTELE CUT TO UNDERWEIGHT AT ABSA CAPITAL/BARCLAYS
*COLRUYT CUT TO NEUTRAL VS BUY AT CITI
*DUFRY CUT TO SELL VS NEUTRAL AT CITI
*FRED OLSEN ENERGY CUT TO SELL VS HOLD AT DNB
*GAM HOLDING CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*GENERALI CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*INFORMA CUT TO SELL VS NEUTRAL AT GOLDMAN
*LAND SECURITIES CUT TO NEUTRAL AT BOFAML
*PEGASUS CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY
*PREMIER FARNELL CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*RTL CUT TO NEUTRAL VS BUY AT GOLDMAN
*ROTORK CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*SHELL CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*TEKFEN HOLDING CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*WOLFSON MICROELECTRONICS CUT FROM OVERWEIGHT AT MORGAN STANLEY
*WORLD DUTY FREE CUT TO NEUTRAL VS BUY AT CITI

>>> PT Change
*Vivendi PT Raised to EU21.8 vs EU20.6 at Raymond James

>>> Initiation
*BSKYB RATED NEW BUY AT SOCGEN, PT 1,045P
*INFORMA RATED NEW HOLD AT SOCGEN, PT 540P
*ITV RATED NEW HOLD AT SOCGEN, PT 220P
*UBM RATED NEW BUY AT SOCGEN, PT 870P

>>> Call
>> Stock
Azimut Kept as Preferred Italy Asset Manager at Goldman
*ROCHE REMOVED FROM EUROPE FOCUS LIST AT CREDIT SUISSE
*RIO TINTO ADDED TO EUROPE FOCUS LIST AT CREDIT SUISSE
*ROTORK REMOVED FROM SMALL & MID CAP FOCUS LIST AT CREDIT SUISSE
>> Sector
*EUROPEAN INSURANCE CUT TO UNDERWEIGHT VS NEUTRAL AT MEDIOBANCA