NYT : U.S. Gas Tantalizes Europe, but It’s Not a Quick Fix

HOUSTON — As congressional pressure builds on the Obama administration to quicken gas exports to Europe to reduce its dependence on Russia, it may be tempting to gaze upon a marshy, alligator-infested Louisiana inlet of the Gulf of Mexico.

There 3,000 workers are installing a huge set of turbines, pipelines and refrigeration units, building a terminal that will send American natural gas around the world by the end of next year. By 2017, the facility built by Houston-based Cheniere Energy could handle roughly a sixth the amount of gas that flows from Russia to Europe every day.

The Cheniere plant will be part of a new surge of liquefied natural gas supplies coming from not only the United States but also Australia, Africa and the Middle East. That surge, perhaps along with increased production in Europe itself, promises to keep the Continent flush with non-Russian natural gas at the end of the decade.

But for the short term, the United States can offer little hope for Europeans eager to diversify their gas sources as Russia occupies Crimea and may threaten other parts of eastern Ukraine.For all the discussion in Washington about gas exports to Europe, the Cheniere plant is the only terminal among the dozens proposed to have completed the maze of regulatory approvals to export liquefied natural gas, better known as L.N.G. And half of the gas that will leave Cheniere’s facility has already been contracted by India and South Korea. The other half will go to British and Spanish companies that can sell the gas wherever they find the highest price.

“This is not an immediate-term solution,” said Paul Bledsoe, a senior climate and energy fellow at the German Marshall Fund, a policy research group. “It’s not even an intermediate-term solution.”

The West could do little as the Russian company Gazprom increased the price for gas paid by Ukraine by 80 percent last week, increasing economic pressure and tensions between Moscow and Kiev.

While Ernest J. Moniz, the energy secretary, recently suggested that his department was likely to take foreign policy interests more seriously in its deliberations on future terminal approvals, only one new facility has received provisional approval since Russia moved to annex Crimea. And that one, in Coos Bay, Ore., is aimed at exporting to Asia and will require roughly five years to complete the regulatory process, acquire financing and be constructed.

“L.N.G. exports are not about snapping your fingers and making them happen,” said Marvin E. Odum, president of the Shell Oil Company, which has partnered with Kinder Morgan in a proposed export terminal in Georgia that is awaiting regulatory approval. “These are large business development projects that take several years of construction and several years of business development and engineering design.”

About a half dozen bills have been introduced in Congress to speed gas exports. But it can still cost $7 billion or more to build a terminal. Just the exploratory process to find a suitable site can take a year and cost $100 million. Financing usually can be secured only after long-term purchase agreements are reached with foreign buyers.

Of the seven terminals that have received Energy Department approval, only Cheniere’s has also received approval from the Federal Energy Regulatory Commission, or FERC. That commission’s approvals for siting, construction and operations are normally as independent from White House influence as Federal Reserve Board decisions, and they can take months or years.

The other six terminals also await state regulatory approval and in some cases face opposition from environmentalists.

More than 20 additional proposed export facilities await initial Energy Department approval for export to countries without free trade agreements with the United States. They are also seeking approval from FERC.

Mr. Bledsoe, who worked in the Clinton White House as an energy adviser, said the Obama administration can be expected to take action soon. He said it could direct the Energy Department to expedite import applications from European countries that want to buy United States gas, suggest to FERC that it expedite permitting for national security reasons, and encourage Europe to build more pipelines and produce more gas from its own shale fields.

Russia may struggle in the years ahead to maintain its grip on 30 percent of Europe’s gas demand.

That demand has gradually slid three years in a row, and many countries have built up their storage facilities to protect against sudden surges in demand or declines of supply. While Eastern and Southern European countries like Ukraine, Bulgaria, Greece, Hungary, Serbia and Bosnia and Herzegovina remain highly dependent on Russia for gas, the European Union is working to improve pipeline connections to better serve many of those countries.

Additionally, the reopening of Japanese nuclear reactors, expected over the next three years, should free some gas. There will also be the completion and expansion of liquefied natural gas export terminals in Australia, Africa and Qatar, as well as the United States, which may double global liquefied natural gas supplies by 2020, according to a new Citi Research report.

Six European L.N.G. import terminals are under construction, including two scheduled for completion in the next few months, that will supplement the 22 existing terminals, enabling Europe to import a vast amount of new gas. Those new supplies should lower gas prices for European consumers.

“For Russia, which depends heavily on hydrocarbon exports, particularly gas to Europe, such a reduction in price and volume would lower total export and tax revenues,” according to the Citi Research report. “These all challenge Russia’s long-term finances.” Energy experts say Russia may be forced to ship more of its gas to China as a result.

Cheniere’s Louisiana terminal may not be Europe’s immediate rescuer, but it does exemplify a revolution in the global gas market that promises to help Europe. Charif Souki, Cheniere Energy’s chief executive, got a jump on his competitors because he originally planned the terminal to import gas, not knowing that technological advances in extracting hydrocarbons from shale would suddenly make the United States an exporter.

Had the shale boom never happened, the United States would currently import more than 10 billion cubic feet of natural gas a day, tightening world supplies. Now the country is poised to export that much as liquefied natural gas by 2020.

“The U.S. is already making a difference,” Mr. Souki said.

(BFW) Frederik Mohn to Challenge Mohn Sale to Alfa Laval, DN Reports

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

Frederik Mohn to Challenge Mohn Sale to Alfa Laval, DN Reports 2014-04-08 06:19:01.567 GMT

By Mikael Holter April 8 (Bloomberg) -- Frederik W. Mohn to take legal steps against Mohn-family business Wimoh’s decision to sell Frank Mohn to Alfa Laval, Dagens Naeringsliv reports, citing Chairman Tom A. Torkildsen of Mohn’s co. Perestroika. * Frederik W. Mohn, son of Frank Mohn Chairman Trond Mohn, considering rival bid for Frank Mohn, DN says, citing Torkildsen * Perestroika owns 32.2% of Wimoh, DN says * NOTE: Alfa Laval Buys Norwegian Pump Maker Mohn for $2.2b: See story: NSN N3NMEU6S972S <GO>

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

To contact the reporter on this story: Mikael Holter in Oslo at +47-22-00-8209 or mholter2@bloomberg.net To contact the editors responsible for this story: Alastair Reed at +47-22-00-8212 or areed12@bloomberg.net

>>> What to look at today - 08/04/2014

US MArket Closed Lower, Again Russel & NAsdaq lead the retreat, VIX see some demand - VIX @ 15.57 +11.53%...Volume were above average @ 820mil shares...As widely expected, Bank of Japan elected to wait for more clarity on the
extent of headwind from higher sales tax before deciding on further policy adjustment. BOJ left its monetary base setting intact (increase of ¥60-70T annual pace) and also maintained economic assessment of "moderate recovery" in domestic economy for the 8th consecutive meeting...Samsung Electronics posted mixed preliminary Q1 figures - Op profit KRW8.40T v KRW8.3Te, Rev KRW53.0T v KRW54.6Te - with the full report to be made available at the end of the month. Shares initially traded down over 1% on revenue miss before recovering some ground...In notable Chinese press reports, property agency Centaline announced sales of second-hand homes in Beijing during March fell to a 6-year low for the month at 8.9K units. Separately, Securities Journal speculated the govt may announce fresh measures on investment, seeking to stabilize growth and expand consumption...Nikkei-1.16% HS+0.91% Shanghai +1.88%

Eur$1.3744 S&P Fut+0.16% European Fut -0.10%

Macro
- Germany Aims to Lower Debt/GDP Ratio to Below 60%: Handelsblatt
- Copper Demand Seen Picking up in Second Quarter by CRU

Keep an eye on :
- AF FP : Air France to Increase Latin America Capacity, Les Echos Says, KLM CEO Eurlings Seeks to Expand JVs in China, FD Reports
- BNP FP : French Regulator Fines BNP’s Cardif EU10M, Les Echos Says
- BP/ LN : BP Included in Spanish Probe of Possible Fuel Price-Fixing
- EN FP : Free is negociating the purchase of Bouygues Telecom
- CA FP : Motier (Holding Galreies Lafayette) Buys 6.1% Stake in Carrefour )~44mil shares 50d of volume with 1/3 vol if done recently price could be around 27.3 (My own calculation)
- OLE SM : Carlyle, Foreign Bidders Said to Submit Deoleo Offers: NYT Link
- HNR1 GY : Hannover Re Says Capital Allows Dividend Payouts, Acquisitions
- ISP IM : Intesa Proposing Strong Investment Case, Upgraded at Mediobanca
- NDA GY : Aurubis Agrees With China Copper Buyers to Annul Some Shipments
- NDA SS : Nordea Sees Future Dividend Ratio Similar to Swedbank’s 75%
- SAF FP : Safran Seeks Partner in Internet Security, Les Echos Says ( Sent Earlier )
- SAP FP : SAP Adds ‘Cloud’ Access to Business Suite Software: WSJ Link
- SGO FP : *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLACEMENT
- SOP FP : Sopra, Steria to Merge in a 1 For 4 Offer
- SPD LN : Ashley Selling Sports Direct Shrs at 850p-870p Each: FT
- STCBF FH : Stockmann’s Lindex May Open Own China Stores After Partner Left

>>> Brokers Upgrades & Downgrades - 08/04/2014

>>> Up
*ARM RAISED TO MARKET PERFORM VS UNDERPERFORM AT BERNSTEIN
*EVRAZ RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY
*HOLCIM RAISED TO OVERWEIGHT AT JPMORGAN
*INTESA RAISED TO NEUTRAL VS UNDERPERFORM AT MEDIOBANCA
*ISBANK RAISED TO NEUTRAL VS UNDERPERFORM AT CREDIT SUISSE
*SIEMENS RAISED TO BUY VS NEUTRAL AT BOFAML
*TUI AG RAISED TO OVERWEIGHT VS EQUALWEIGHT AT MORGAN STANLEY

>>> Down
*GARANTI CUT TO UNDERPERFORM VS NEUTRAL AT CREDIT SUISSE
*HIKMA PHARMA CUT TO NEUTRAL VS BUY AT UBS
*INFINEON CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*PRELIOS CUT TO UNDERPERFORM VS NEUTRAL AT MEDIOBANCA
*RESOLUTION CUT TO UNDERPERFORM VS NEUTRAL AT BOFAML
*SES CUT TO NEUTRAL VS BUY AT GOLDMAN
*STATOIL CUT TO HOLD VS BUY AT SOCGEN
*SYNTHOMER CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN

>>> PT changes
*Total PT Raised to EU52 vs EU49 at Raymond James
*Yoox PT Cut to EU38.5 vs EU41.5 at Goldman

>>> Initiation
*FCC REINITIATED AT REDUCE AT KEPLER CHEUVREUX; PT EU17.1
*NORTHGATE RATED NEW BUY AT BERENBERG; PT 650P
*OXFORD INSTRUMENTS RATED NEW BUY AT BERENBERG; PT 1,720P

>>> Call
>> Stock
*YANDEX ADDED TO CITI FOCUS LIST CEEMEA, REPLACES MAIL.RU
>> Sector
*GLOBAL HEALTHCARE CUT TO NEUTRAL BY CITI’S BUCKLAND
*GLOBAL INDUSTRIES, MATERIALS RAISED TO OVERWEIGHT AT CITI

(Le PArisien) Free négocie l'achat de Bouygues Télécom

Free negotiating the purchase of Bouygues Telecom

Telephony. After losing the duel against Numericable for redemption SFR , Bouygues plans to sell its subsidiary. He sought € 8 billion , while Free does not want to go beyond 5 billion € .

Daniel Rosenweg | Published on 04/08/2014 , 7:54

 
Issy -les- Moulineaux (Hauts -de- Seine ) . The consolidation in the phone continues with the battle for the purchase of Bouygues Telecom. This worries the employees, but also Orange who fears being alone against two behemoths . | (LP / Olivier Arandel . )


THEY HAVE NEVER STOPPED to talk for a month. While in the spotlight, Martin Bouygues multiplied - in vain - overbidding with billions of euros to convince Vivendi to sell SFR, behind the scenes, two men were discussing another redemption, the Bouygues by Free . A maneuver in the Shadows: The Rothschild bank as arbitrator, Maxime Lombardini , CEO of Iliad , representing Free and Roussat Olivier , CEO of Bouygues Telecom


Free négocie l'achat de Bouygues Télécom

Téléphonie. Après avoir perdu le duel contre Numericable pour le rachat de SFR, Bouygues envisage de vendre sa filiale. Il souhaite obtenir 8 Mds€, tandis que Free ne souhaite pas aller au-delà de 5 Mds€.

Daniel Rosenweg | Publié le 08.04.2014, 07h54

Issy-les-Moulineaux (Hauts-de-Seine). Le mouvement de concentration dans la téléphonie se poursuit avec la bataille pour l’achat de Bouygues Télécom. Cela inquiète les salariés, mais aussi Orange qui craint de se retrouver seul face à deux mastodontes. | (LP/Olivier Arandel.)


ILS N'ONT JAMAIS CESSÉ de se parler depuis un mois. Alors que sous les projecteurs, Martin Bouygues multipliait -- en vain -- les surenchères à coups de milliards d'euros pour convaincre Vivendi de lui vendre SFR, dans la coulisse, deux hommes discutaient d'un autre rachat, celui de Bouygues par Free. A la manoeuvre, dans l'ombre : la banque Rothschild comme arbitre, Maxime Lombardini, directeur général d'Iliad, représentant Free, et Olivier Roussat, PDG de Bouygues Télécom

>>> Asian Update

Asian Market Update: BOJ maintains policy setting and keeps assessment unchanged but notes "fluctuations due to consumption tax hike"; Samsung Electronics Q1 guidance mixed

***Economic Data*** - (JP) BANK OF JAPAN (BOJ) POLICY STATEMENT: REITERATES TO INCREASE MONETARY BASE AT ANNUAL PACE OF ¥60-70T (AS EXPECTED); Maintains overall economic assessment unchanged (8th consecutive meeting) - (JP) JAPAN FEB CURRENT ACCOUNT BALANCE: ¥612.7B (first surplus in 5 months) V ¥618.1BE; ADJ CURRENT ACCOUNT: -¥41.4B V +¥24.7BE; TRADE BALANCE BOP BASIS: -¥533.4B V -¥593.6B - (AU) AUSTRALIA MAR NAB BUSINESS CONFIDENCE: 4 (7-month low) V 7 PRIOR; BUSINESS CONDITIONS: 1 V 0 PRIOR - (NZ) NEW ZEALAND Q1 NZIER BUSINESS CONFIDENCE: 52 V 53 PRIOR

Market Snapshot (as of 03:30 GMT): - Nikkei225 -1.1%, S&P/ASX -0.2%, Kospi +0.1%, Shanghai Composite +1.0%, Hang Seng +0.8%, Jun S&P500 +0.2% at 1,842, Jun gold +0.2% at $1,300, May crude oil +0.5% at $100.94/brl

***Highlights/Observations/Insights*** - As widely expected, Bank of Japan elected to wait for more clarity on the extent of headwind from higher sales tax before deciding on further policy adjustment. BOJ left its monetary base setting intact (increase of ¥60-70T annual pace) and also maintained economic assessment of "moderate recovery" in domestic economy for the 8th consecutive meeting. Policymakers did tweak some of the accompanying language, noting there were "some fluctuations due to consumption tax hike" regarding the overall recovery as well as private consumption and housing investment, and also added "some cautiousness" around the outlook for business sentiment has been observed. JPY is a touch softer as traders interpreted elevated cautiousness over the outlook potentially paving the way to more easing on Apr 30th when BOJ also releases semi-annual report on economic and price trends.

- Samsung Electronics posted mixed preliminary Q1 figures - Op profit KRW8.40T v KRW8.3Te, Rev KRW53.0T v KRW54.6Te - with the full report to be made available at the end of the month. Shares initially traded down over 1% on revenue miss before recovering some ground. Separately, South Korea finance ministry's monthly assessment saw continued signs of recovery in the domestic economy.

- Australia's NAB Business Confidence fell to a 7-month low as traders brace for Aussie employment data later this week. NAB chief economist said firms are responding to the ongoing sluggishness in business activity, and also pointed to high Australian dollar, uncertainty over the global economy and the potential for significant belt tightening in the upcoming budget.

- In notable Chinese press reports, property agency Centaline announced sales of second-hand homes in Beijing during March fell to a 6-year low for the month at 8.9K units. Separately, Securities Journal speculated the govt may announce fresh measures on investment, seeking to stabilize growth and expand consumption.

***Fixed Income/Commodities/Currencies*** - (CN) PBoC to drain CNY47B in 14-day repos and CNY16B in 28-day repos (15th consecutive drain) - (AU) Australia MoF (AOFM) sells A$100M in 2.0% 2035 indexed bonds; bid-to-cover: 3.69x

- USD/JPY initially fell below ¥102.80 after the BOJ but quickly reversed those losses to retest the ¥103. On balance the language may have been a touch more dovish, particularly in the wake of last month's surprisingly neutral stance. Soft USD was also felt in other majors - AUD/USD and NZD/USD rose over 20 and 30 pips from their lows above 0.9280 and 0.8630 respectively. Modest weakness in USD also helped June gold retest $1,300 mark, up over $3/oz.

***Equities*** US markets: - AKS: Increases current spot market base price for its hot roll carbon steel to a minimum of $700 (implies 6.1%) per ton (from $660 on 3/20); effective immediately; +6.9% afterhours - SHLM: Reports Q2 $0.39 v $0.35e, R$588.5M v $515.4M y/y (2 est); +5.6% afterhours - C: Announces Agreement to Resolve Certain Private-Label Securitization Repurchase Claims; to take about $100M in related Q1 charges; +0.8% afterhours - SWFT: Guides Q1 $0.11-0.13 v 0.23e; -0.2% afterhours - GIMO: Reports prelim Q1 Rev $31-31.5M v $35Me ($34-35M prior); -24.3% afterhours

Notable movers by sector: - Consumer Discretionary: Skyworth Digital 751.HK -2.1% (Mar sales results); Gree Inc 3632.JP -2.9% (speculation on Q4 results) - Financials: CITIC Securities 6030 +2.4%, China Galaxy Securities 6881.HK +3.1% (receives online brokerage license) - Materials: Inner Mongolia Junzheng Energy & Chemical Industry 601216.CN +1.4% (Q1 guidance) - Energy: Sinopec Kantons Holdings 934.HK +2.2% (FY13 results); Hilong Holding 1623.HK -2.3% (FY13 results); Shanghai Aerospace Automobile Electromechanical 600151.CN +2.4% (FY13 results) - Industrials: Avic Heavy Machinery 600765.CN +1.7% (FY13 results) - Technology: Beijing SuperMap Software 300036.CN -2.7% (FY13 results); HTC 2498.TW -2.2% (Q1 results); Hundsun Technologies Inc 600570.CN +10.0% (Alibaba's Jack Ma acquires stake); Samsung Electronics 005930.KR -0.3% (prelim Q1 results); Asahi Glass 5201.JP -0.3% (speculation on Q1 results) - Healthcare: Zhejiang Conba Pharmaceutical 600572.CN +3.6% (acquires stake in Guizhou Baite Pharmaceutical)

(Les Echos) After allowing escape SFR, Bouygues evaluating its options

Original Article in French Below

After allowing escape SFR, Bouygues evaluating its options
l The mobile sharing agreement between Bouygues and SFR is questioned by the failure of redemption. the group could come close to Orange without getting married, or sell to Free.

After the weekend which saw Vivendi sell its subsidiary SFR Numericable , Bouygues Telecom can measure what he has lost . A wedding with SFR would have offered him a top out in telecoms with critical mass indispensable to its survival , and recomposed around market only three actors. But this scenario flies no question of becoming the number one French mobile or marry SFR . The group led by Olivier Roussat conser- vera its uncomfortable third place with sprinter Free Mobile starts to blow him in the neck.
After the exceptional mobilization of Martin Bouygues and its teams for over a month, around SFR , we must find a new project. Officially, the telecom subsidiary may continue its merry way alone. In fact, it will quickly become untenable , if only because once deducted investments , gross operating surplus Bouygues Tele -com falls to near zero . The subsidiary has not rebounded dividends to the parent company last year for the first time since 2006. Bouygues gold can not make
follies, with net debt consoli-dated , which grew to € 4.4 billion.
For months , the analysts speculate on your output Bou- ygues telecom . There is a buyer found everything : Xavier Niel, whose operator Free has a fixed network which cruelly lack Bouygues but himself need , although he says, a network mobile . According to Oddo Securities, Free should not provide more than € 5 billion to buy Bouygues Telecom : 1.8 billion euros for the network

since 2006 , the subsidiary BouyguesTelecom has traced no dividend to its parent company Bouygues .
and frequency ; € 1.5 billion for the customer base to 120 euros per subscriber ; 1.7 billion to benefit from the enormous synergies that result from such a marriage , estimated at 4.4 billion euros . However, it is doubtful that Martin Bouygues is ready to sell her skin so quickly, for so little. The two groups are rabibo -kets , but according to our information , Bouygues especially considered at this stage a merger of equals . Unacceptable for Xavier Niel .
More taboos
Another option would be to bring Bouygues Orange . A wedding is out of the question : the former monopoly is con-demned to celibacy for the sake of competition. However, Bou- ygues could leave his sharing agreement with SFR in order to build a new one with Orange. Bouygues is silent on the subject. But according to our information, discussions with Orange sharing began parallel negotiations to buy SFR . "Change of control is not a cause of resi- liation , they will have to pay for pre- judice " threat does one side SFR - Nu- mericable where work sharing so far is continue. "The Authority of the competi-tion may allow a break considering that the equilibria are changed ," argues in
Martin Bouygues is now at the crossroads. Sipa Photo
Conversely a supporter of flip- ment alliances . The Competition Authority has nosed, there is one year, the risk of " predation " of Bou- ygues Telecom weakened by the rise of Free Mobile, itself boosted by its roaming agreement with Orange. Leave Bouygues mutualisation Liser with Orange could be a way to restore it some leeway .
Orange , the operation would be more advantageous than the face to face with Free Mobile, it sucks as the pooling but has fewer antennas to share. How-ever , it could not be as extensive as the sharing agreement SFR / Bouygues , which
covers 57 % of the population . Free Orange and are, in any case, on the alert because of the advice of a lead- giant telecoms, SFR operation " reopens all wholesale contracts ." Instead of renting the optical fiber Numericable , Bouygues could therefore provide at Orange or Free.
As for Free hitherto unconditional Orange , his only supplier in the fixed and mobile , he could begin to seriously consider other sources of supply. There are no more taboos .


IN FRENCH


Au lendemain du week-end qui a vu Vivendi vendre sa filiale SFR à Numericable, Bouygues Telecom peut mesurer ce qu’il a perdu. Un mariage avec SFR lui aurait offert une sortie par le haut dans les télé- coms, avec la taille critique indis- pensable à sa survie, et un marché recomposé autour de seulement trois acteurs. Mais ce scénario s’envole : pas question de devenir le numéro un français du mobile, ni de se marier avec SFR. Le groupe dirigé par Olivier Roussat conser- vera son inconfortable troisième place, avec le sprinteur Free Mobile qui commence à lui souffler dans la nuque.
Après l’exceptionnelle mobilisa- tion de Martin Bouygues et de ses équipes, depuis plus d’un mois, autour de SFR, il faut trouver un nouveau projet. Officiellement, la filiale de télécoms peut continuer, son bonhomme de chemin, seule. En réalité, cela va rapidement devenir intenable, ne serait-ce que parce qu’une fois déduits les inves- tissements, l’excédent brut d’exploitation de Bouygues Tele- com tombe à près de zéro. La filiale n’a pas remonté de dividendes à la maison mère l’année dernière, pour la première fois depuis 2006. Or Bouygues ne peut pas faire de
folies, avec une dette nette consoli- dée qui a crû à 4,4 milliards d’euros.
Cela fait des mois que les analys- tes spéculent sur une sortie de Bou- ygues des télécoms. Il y a un ache- teur tout trouvé : Xavier Niel, dont l’opérateur Free dispose d’un réseau fixe qui manque cruelle- ment à Bouygues, mais qui a lui- même besoin, quoiqu’il en dise, d’un réseau mobile. Selon Oddo Securities, Free ne devrait pas offrir plus de 5 milliards d’euros pour acheter Bouygues Telecom : 1,8 milliard d’euros pour le réseau
Les chiffres clefs

Pour la première fois
depuis 2006, la filiale BouyguesTelecom n’a fait remonter aucun dividende à sa maison mère Bouygues.
et des fréquences ; 1,5 milliard d’euros pour la base clients à 120 euros par abonné ; 1,7 milliard pour bénéficier des énormes synergies qui résulteraient d’un tel mariage, estimées à 4,4 milliards d’euros. On peut toutefois douter que Martin Bouygues soit prêt à vendre sa peau si vite, pour si peu. Les deux groupes se sont rabibo- chés, mais selon nos informations, Bouygues a surtout envisagé à ce stade une fusion entre égaux. Inac- ceptable pour Xavier Niel.
Plus de tabous
Une autre option pour Bouygues consisterait à se rapprocher d’Orange. Un mariage est hors de question : l’ex-monopole est con- damné au célibat pour des raisons de concurrence. En revanche, Bou- ygues pourrait sortir de son accord de mutualisation avec SFR afin d’en nouer un nouveau avec Orange. Bouygues reste muet sur le sujet. Mais selon nos informations, des discussions de mutualisation avec Orange ont commencé en parallèle des négociations pour racheter SFR. « Le changement de contrôle n’est pas une cause de rési- liation, ils devront payer pour le pré- judice », menace-t-on côté SFR-Nu- mericable, où les travaux de mutualisation, jusqu’à présent, se poursuivent. « L’Autorité de la con- currence pourrait autoriser une rupture en considérant que les équi- libres sont modifiés », argue à
Martin Bouygues est désormais à la croisée des chemins. Photo Sipa
l’inverse un partisan du renverse- ment des alliances. L’Autorité de la concurrence a flairé, il y a un an, le risque de « prédation » d’un Bou- ygues Telecom affaibli par l’essor de Free Mobile, lui-même dopé par son accord d’itinérance avec Orange. Laisser Bouygues mutua- liser avec Orange pourrait être une façon de lui redonner des marges de manœuvre.
Pour Orange, l’opération serait plus avantageuse que le face à face avec Free Mobile, qui aspire lui aussi à la mutualisation mais qui a moins d’antennes à partager. Tou- tefois, elle ne pourrait pas être aussi extensive que l'accord de mutualisation SFR/Bouygues, qui
porte sur 57 % de la population. Orange et Free sont, en tout cas, sur le qui-vive, car de l’avis d’un diri- geant télécoms, l’opération SFR « rouvre tous les contrats de gros ». Au lieu de louer de la fibre optique à Numericable, Bouygues pourrait donc se fournir chez Orange ou Free.
Quant à Free, jusqu’à présent inconditionnel d’Orange, son four- nisseur unique dans le fixe et le mobile, il pourrait commencer à étudier sérieusement d’autres sources d’approvisionnement. Il n’y a plus de tabous.

(Les Echos) Safran seeks to ally with a large Internet

Safran seeks to ally with a large Internet

The supplier wants to secure Web transactions through biometric technologies

Safran is negotiating a partnership with a major structuring of the Internet to distribute its biometric technologies - Safran

Internet , new field of conquest to Safran ? This was suggested last week its CEO, Jean- Paul Herteman , following the inauguration of the United States a blade factory engine composites, but without going into details. The aerospace equipment targeted secure online transactions , an area where he thinks his biometric technologies , that is to say, the identification of an individual through human body parts such as eyes, fingerprints fingerprint or face, can make the difference for their reliability .
Safran negotiating for this for some time a partnership that promises structuring with a "large" sector IT or consumer electronics from Apple , Amazon and Samsung category. The idea would be to conduct a continued co-development with the partner that integrates biometrics into the OEM solutions .
At this stage, no capital exchange is considered. The talks are progressing well visibly point an announcement could come by next summer, according to our information with , the key, the promise of a large turnover .
Reach the general public
Some find it surprising that the group , known for its CFM56 engine that equips all B737 and A320 two , looking to play in an area as remote as aeronautics. They forget that the merger with Sagem has added an important security pillar to its business, now housed in Morpho . It all started in 1983 a laboratory of the School of Mines with the support of the Caisse des Dépôts. Thirty years later , and some shopping at General Electric , Motorola or L1 in passing security subsidiary weighs revenues of EUR 1.5 billion and employs 8,400 employees.
Specialties Morpho ? Biometric identification for controls of all types, such as secure driver's license, or detection of hazardous substances in air passenger luggage documents. The list of customers keeps the Who's Who. There are airport Paris , Chile and India, for example , or the FBI for its national fingerprint file , 70 million strong references, some very old. With the new generation of implementation Morpho from 2009 systems , the U.S. Homeland Security agency could elucidate 5,700 criminal cases pending .
Safran has done quite well with government customers or major service providers around the world. To change the scale, the next step is to reach the general public, to make transactions over the Internet as secure as in the physical world .