(Les Echos) Galeries Lafayette, the second largest shareholder of Carrefour

Galeries Lafayette, the second largest shareholder of Carrefour (Link to Original in French :{http://bit.ly/PHqTYJ})

The holding of the Moulin family has invested more than one billion euros in the operation.

" Carrefour , here we are ," might exclaim the Moulin family announced on Monday , have acquired a 6.1% stake in the world's second largest retailer . Operation of more than one billion euros ( 1.26 billion specifically during action Monday is 29,15 euros ) that the owners of Galeries Lafayette 's second largest shareholder in the group, behind Arnault Group that controls more than 13 % ( with , also , the vehicle Cervinia Europe ) and before the funds Colony Capital ( 5.9 % total) . The investment is to be " strategic and economic" and " part time " says the statement released . " Friendly " still indicate familiar with the matter . It is done by the family holding Motier chaired by the matriarch Ginette Moulin, whose name recalls holding , in passing, that the Marquis de Lafayette was actually called Gilbert Motier ...
Given the similarity of values ​​, one might think that there Moulincarr family reinvests it has recovered from the sale of shares in Galeries Lafayette in Monoprix to Casino or 1.17 billion euros . But according to our information, the financing stake in Carrefour occurs only in part by drawing on cash Motier , the balance of the debt. The statement on Monday insisted that " Motier also actively pursuing its strategy of developing its core department store and will devote the necessary resources in the coming years activity." In other words, Galleries and its president Philippe Houze ( the son of Ginette Moulin ) , which, moreover , have yet to resolve the assignment of Laser -Cofinoga BNP Paribas , always have the resources of a large acquisition necessary for the development of group .
 
 
Nevertheless, Carrefour , movement sounds like good news. For the Moulin family , " he reflects its confidence in the growth potential of Carrefour ." Proof one billion underlining the success of turnaround in two years by CEO Georges Plassat . This gives , in addition, the inventor of a new hypermarket shareholder that is sure to ask on the board , even if the resolutions of the next meeting of Carrefour, April 15 , are already written. Motier is a family consisting of retail professionals . If today there is no question of Groupe Arnault and Colony Capital to act in concert with it , one can not help thinking that when these financial investors want to get their money back , they will turn first to owners Galleries . Upon arrival in the capital of Carrefour, in February 2007, the holding company of Bernard Arnault and U.S. fund was not intended to operate as shareholders. They were shareholders while second place behind the Halley family, heirs of Promodès family then gradually diluted its positions.

WSJ : Banks Given Two Extra Years for Some Securities To Com

Banks Given Two Extra Years for Some Securities To Comply With Volcker Rule

Fed Not Granting Exemption Industry Had Been Seeking

WASHINGTON—The Federal Reserve said Monday it will give banks that hold certain types of debt securities two years of extra time to conform those investments with the Volcker rule. 

The Fed said banks would have more time to make sure their collateralized loan obligations don't fall under the rule's ban on speculative bank investments. Industry groups have said the rule would unfairly require some banks to divest their CLOs, which are bundles of predominantly commercial loans. 

The Fed statement fell short of the exception from the rule the industry was requesting.  

The Volcker rule is designed to prevent federally-insured banks from making some speculative bets, including owning certain types of investment funds. Under the definitions in the rule, a CLO could qualify as one of the banned investments.

>>> US Close Dow-1,08% S&P-1,02% Nasdaq-1,16%

Closing Market Summary: Stocks Slide Amid Continued Volatility in Momentum Names

The stock market began the new trading week on the defensive, with the major averages posting losses across the board. The Russell 2000 (-1.5%) and Nasdaq (-1.2%) led the retreat, while the Dow Jones Industrial Average (-1.0%) and S&P 500 (-1.1%) fared a bit better.

The major averages started the session in the red with little help from other global indices as markets in Asia and Europe posted losses.

Contributing to the cautious sentiment was an apparent escalation of tensions in Eastern Ukraine, where pro-Russian protesters, demanding referendums on independence, took control of government buildings in four cities. Most notably, protesters in Donetsk called on Russian President Vladimir Putin to send in Russian peacekeepers.

Similar to Friday, equity indices spent the session in a steady retreat as momentum names remained volatile. Biotechnology displayed early strength, but the industry group notched a session high during the opening hour before spending the remainder of the day in a battle with its flat line.

The iShares Nasdaq Biotechnology ETF (IBB 226.82, +1.52) tacked on 0.7%, while SPDR S&P Biotechnology ETF (XBI 133.22, -0.24) shed 0.2%. For its part, the health care sector (-1.1%) ended in-line with the S&P 500, while consumer staples (+0.3%), telecom services (unch), and utilities (-0.2%) outperformed.

Elsewhere, the six cyclical sectors registered losses between 0.8% and 1.9%. Even though the tech-heavy Nasdaq Composite lagged, the technology sector (-0.8%) outperformed thanks to gains in some top components. Cisco Systems (CSCO 22.85, +0.14), IBM (IBM 194.52, +2.75), and Intel (INTC 26.48, +0.32) posted gains between 0.6% and 1.4%, while momentum names remained volatile. Facebook (FB 56.95, +0.20) gained 0.4%, while LinkedIn (LNKD 159.65, -6.18) and Tesla (TSLA 207.52, -4.70) lost 3.7% and 2.2%, respectively.

Other momentum names like Amazon.com (AMZN 317.76, -5.24) and Priceline.com (PCLN 1169.73, -8.35) played a part in the underperformance of the consumer discretionary sector (-1.9%), which widened its year-to-date loss to 5.2%. Retailers ended broadly lower with the SPDR S&P Retail ETF (XRT 83.01, -1.89) falling 2.2%, while homebuilders did not have a much better showing. The iShares Dow Jones US Home Construction ETF (ITB 23.94, -0.65) lost 2.6%.

With stocks ending near their lows, participants displayed demand for volatility protection, sending the CBOE Volatility Index (VIX 15.57, +1.61) to mid-March levels.

Treasuries posted modest gains with the benchmark 10-yr yield slipping three basis points to 2.70%.

For the second session in a row, participation was above average with nearly 820 million shares changing hands at the NYSE.

Today's economic data was limited to the Consumer Credit report for February, which indicated an increase of $16.50 billion after increasing an upwardly revised $13.80 billion (from $13.70 billion) in January. That was the largest monthly expansion since October 2013. The consensus expected consumer credit to increase by $14.30 billion. Typically, consumer credit is a volatile measure that often goes through substantial revisions before the final data are released. The revisions to January, however, were much milder than normal.

Tomorrow's economic data will be limited to the Job Openings and Labor Turnover Survey, which will be released at 10:00 ET.

* S&P 500 -0.2% YTD  * Dow Jones Industrial Average -2.0% YTD  * Russell 2000 -2.2% YTD  * Nasdaq Composite -2.3% YTD

(BFW) WhatsApp Begins €10 SIM With E-Plus In Germany: TechCr


WhatsApp Begins €10 SIM With E-Plus In Germany: TechCrunch Link
2014-04-07 15:34:23.869 GMT


By Sarah Kopit
     April 7 (Bloomberg) -- {NSN N3O33LBE5TS0<Go>}

Link to Company News:{0350539Z US <Equity> CN <GO>}
Link to Company News:{FB US <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:
Sarah Kopit at +1-212-617-4294 or
skopit@bloomberg.net

(BFW) *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLA


 BN 04/07 16:14 *GROUPAMA SAYS BOOKBUILDING WILL START IMMEDIATELY
BFW 04/07 16:13 *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLACEMENT
 BN 04/07 16:13 *GROUPAMA SELLS 1.8% SAINT-GOBAIN STAKE IN PRIVATE PLACEMENT
 BN 04/07 16:13 *GROUPAMA SELLS SAINT-GOBAIN STAKE
 BN 04/07 16:12 *GROUPAMA: GROUPAMA REPORTS LAUNCH OF SALE OF STAKE IN COMPAGNIE
GROUPAMA: Groupama announces the launch of the sale of its stake in Compagnie de Saint-Gobain
2014-04-07 16:12:43.655 GMT

GROUPAMA: Groupama announces the launch of the sale of its stake in Compagnie
                               de Saint-Gobain

Groupama announces  the  launch of  the  sale of  its  stake in  Compagnie  de 
Saint-Gobain

Groupama has launched,  via an institutional  private placement by  way of  an 
accelerated  bookbuilding,  the  sale  of   up  to  10,121,752  Compagnie   de 
Saint-Gobain shares,  representing approximately  1.8 per  cent of  the  share 
capital of  the  company, i.e.  the  entirety of  its  stake in  Compagnie  de 
Saint-Gobain.

The bookbuilding will start immediately; the results of the private  placement 
will be announced after the close of the bookbuilding process.

This sale represents a further step of Groupama's performance strategy,  which 
will allow  the  group to  strengthen  its  financial leeway  and  reduce  its 
exposure to market risks.

This press release does not constitute an  offer to sell or a solicitation  to 
buy any  securities, and  the offer  of Compagnie  de Saint-Gobain  shares  by 
Groupama does not constitute a public offering.

   

Press Contact                 Investors and analysts Contact

Caroline Le Roux              Yvette Baudron
Corporate Press Relations     Investor Relations & Financial Communications
caroline.le-roux@groupama.com yvette.baudron@groupama.com
Tel: +33 1 44 56 76 40        Tel: +33 1 44 56 72 53

Disclaimer

This announcement is for information purposes only and does not constitute  an 
offer to  sell or  a solicitation  to buy  any securities,  and the  offer  of 
Compagnie de  Saint-Gobain shares  by Groupama  does not  constitute a  public 
offering in any jurisdiction, including in France.

This communication  is for  distribution in  the United  Kingdom only  to  (i) 
investment  professionals  falling  within  article  19(5)  of  the  Financial 
Services and Markets Act 2000  (Financial Promotion) Order 2005 (the  "Order") 
or (ii) high net worth entities and  other persons to whom it may lawfully  be 
communicated, falling within article  49(2)(a) to (d) of  the Order (all  such 
persons together being referred to as "relevant persons").

The offer and sale of the securities referred to in this announcement has  not 
been, nor will be, registered under  the United States Securities Act of  1933 
(the "Securities Act") and the  securities may not be  offered or sold in  the 
United States absent  such registration  or an applicable  exemption from  the 
registration requirements  of the  Securities  Act. There  will be  no  public 
offering of  the securities  in  the United  States  in connection  with  this 
transaction.

Any investment decision  to buy shares  in Compagnie de  Saint-Gobain must  be 
made solely on the basis of publicly available information regarding Compagnie
de Saint-Gobain. Such information is not the responsibility of Groupama.

Release, publication or distribution of this press release is forbidden in any
country where it would violate applicable laws or regulations.

Version pdf

(BFW) MORE: Motier Buys 6.1% Stake in Carrefour Valued at EU


BFW 04/07 16:12 *MOTIER BUYS 6.1% STAKE IN CARREFOUR
 BN 04/07 16:11 *MOTIER BUYS 6.1% STAKE IN CARREFOUR
MORE: Motier Buys 6.1% Stake in Carrefour Valued at EU1.29B
2014-04-07 16:26:00.951 GMT


By Vidya Root
     April 7 (Bloomberg) -- The holding company of the Moulin
family said in an e-mailed statement that it bought 44.2 million
shares, or 6.1%, of Carrefour.
  * The stake is valued at 1.29 billion euros at Carrefour’s
    current share price of 29.16 euros
  * The investment is strategic and for the long term, the
    statement said
  * It reflects confidence in Carrefour’s potential for growth,
    it said


Story Link:NSN N3O5426K50YF<GO>

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To contact the reporter on this story:
Vidya Root in Paris at +33-1-5365-5018 or
vroot@bloomberg.net
To contact the editor responsible for this story:
Vidya Root at +33-1-5365-5018 or
vroot@bloomberg.net

(BFW) CORRECT: Goldman Sachs Placing Up to 24m Sports Direct


 BN 04/07 16:05 *GOLDMAN CORRECTS SIZE OF SPORTS DIRECT DEAL
 BN 04/07 16:03 *CORRECT: GOLDMAN PLACING UP TO 25M SPORTS DIRECT SHARES
CORRECT: Goldman Sachs Placing Up to 24m Sports Direct Shares
2014-04-07 16:27:00.745 GMT


By Andrea Snyder
     April 7 (Bloomberg) -- (Goldman corrects size of deal.)
     Shares were acquired by Goldman from MASH Holdings, which
is wholly owned by Sports Direct founder Mike Ashley, according
to an e-mailed statement.
  * Goldman is sole bookrunner
  * MASH Holdings won’t sell additional shares for 150 days
    without consent of Goldman
  * NOTE: Ashley owns 385.4m shares, or a 64.4% stake: Bloomberg
    data

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

To contact the reporter on this story:
Andrea Snyder in Washington at +1-202-624-1831 or
asnyder5@bloomberg.net
To contact the editors responsible for this story:
Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net

WSJ : Holcim, Lafarge Cement Merger Still Work in Progress

Holcim, Lafarge Cement Merger Still Work in Progress
Investors Right to Be Cautious About What Merger Can Achieve

When building a skyscraper, it pays to start with solid foundations.

So Switzerland's Holcim HOLN.VX +0.56% and French peer Lafarge LG.FR +0.86% reckon they can find €1.4 billion in annual cost and financing savings in their €40 billion ($55 billion) merger. The cement companies think disposals representing up to 15% of combined earnings before interest, tax, depreciation and amortization should placate regulatory worries about combining the world's two biggest cement companies by capacity.

But are the numbers, both bigger than analysts expected, realistic?

At about 3% of the combined LafargeHolcim's sales, the estimate for savings at the Ebitda level is about in line with realized savings in past cement deals, according to Exane. When compared with combined procurement spending of about €25 billion, for example, savings of €340 million—or about 1.4%—look achievable.

Some context is in order, though. Both companies have independently been slashing costs already, after spending in the run-up to the financial crisis left the industry with too much capacity in developed markets and bloated expenses. They have about €2.2 billion a year still to find on previously announced cost-cutting and sales-improvement programs, notes Deutsche Bank. Added in, that takes the total target to a more ambitious 10% of combined sales.

It will also take until 2017 to reap those benefits—and that assumes a relatively smooth ride from antitrust regulators. LafargeHolcim's market share would be more than 40% in nine countries, including France, Canada and the Czech Republic, with more moderate overlap in a further 11, notes Goldman Sachs. Regional concentration, even across borders, could throw up further issues.

Regulators in Europe, where most disposals are expected, have taken their time considering a separate asset swap between Holcim and Mexico's Cemex. Politicians will be alive to the risk of plant closures. Emerging markets, expected to account for 84% of cement consumption by 2030, may be wary of handing producers greater pricing power.

Regulators could also take issue with the quality, as well as the quantity, of assets being sold: LafargeHolcim's proposed disposals have an Ebitda margin of 16% compared with 24% for the newly created company.

Hence, while proposed synergies could add 20% to the new cement giant's bottom line by 2017 according to Deutsche, LafargeHolcim's combined market value has risen less than 10% since news of the deal surfaced last week. That looks sensible for a deal that remains very much a work in progress

(MKR) Makor - TECH VIEW YAHOO US (33.50 last) - Buy at market price, target $40

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

Makor - TECH VIEW YAHOO US (33.50 last) - Buy at market price, target $40 2014-04-07 15:06:30.559 GMT

Summary

- The stock lost nearly 18% in the past month but is now testing the rising trend line and 200dma -As long as the stock can remain above 31.70 (recent low) a move higher is our prefared scenario -Eventually, will need to see a sustain move back above 34.45 (bottom of corrective wave 'A') to argue for a low in place

Strategy: Long from market price, target 40.00 with a stop loss below 31.70

CHART ATTACHED

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-0- Apr/07/2014 15:06 GMT