(BI) Vivendi's Quick Exit Goal May Support Numericable as Ca

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Vivendi's Quick Exit Goal May Support Numericable as Cash Raised 2014-04-01 16:31:56.701 GMT

BI TELC EU SBKEYS Altice's move to raise the cash portion of its bid for SFR in retaliation to Bouygues, reported by Bloomberg News, may increase the deal's likelihood, given Vivendi's desire for a fast exit from SFR. The industry minister's preference for mobile consolidation via a Bouygues-SFR deal may be counteracted by the fact that the high indebtedness of Numericable-SFR unit would limit price competition and that a combination of Iliad and Bouygues may be a more viable alternative.

|0|0|371560|120320880|BI TELCE COML |4-2-A-Data-1|A12||EUR|R4472|BI TELCE COML |4-2-A-Data-1|A12||EUR|R4472|

This research note has been published by Bloomberg Industries. For more information, see BI <GO> -0- Apr/01/2014 16:31 GMT

(Makor)Special Sit. : SHORT ALTICE / LONG NUMERICABLE (+long Euro cable assets)

Special Situations: short Altice / long Numericable

Overvalued holding co. structure ATC NA: Eur 32.35; NUM FP: Eur 29.00 April 1, 2014 We recommend shorting Altice while going long Numericable and other European cable assets which are relatively undervalued. As discussed in our recent Euro Telecom event driven report, Altice controls Numericable of which it owns 40% as well as other cable/telecom assets primarily in Israel (HOT) with smaller interests in Portugal and the Benelux. While Numericable is listed, the other cable assets aren’t. In fact, HOT was recently taken private by Altice. The implied value of the unlisted businesses are way too high. For Altice to be fairly valued, the non-listed assets would have to sell on more than 5x ev/sales and at least 13x ebitda. These are excessive valuation metrics given Altice’s ebitda margins. We think the non-listed assets should be valued more toward 4x ev/sales and 10x ebitda. In that case, the holding company would be on a premium of 35% to NAV. We recommend going short Altice and long Numericable pro-rata of the capital structure (the trade could currently be overhedged in Numericable as the two stocks are likely to be highly correlated during the SFR offer). The resulting short exposure can be hedged buying TNET BB, ZONOP PL, JAZ SM. Unfortunately, it is difficult to hedge the Israeli cable/telecom assets as none of the available possible comps (Cellcom, Partner, Bezeq) are close enough to HOT, the Israeli subs (the Israel “risk” could be hedged via shorting the above comps. However, we do not think this makes a compelling trade right now. On the other hand, Jazztel, Zon Optimus, and Telenet could all be potentially bought out). FULL REPORT ATTACHED

(NY Post) Zuckerberg reaps $3.3B gain from stock options

SAN FRANCISCO — Facebook CEO Mark Zuckerberg reaped a $3.3 billion gain last year by exercising stock options in the social networking company that he founded in a Harvard University dorm room.
The windfall saddled Zuckerberg with a huge tax bill, even though he limited his Facebook salary to just $1, according to regulatory documents filed Monday.
It marks the second straight year that Zuckerberg has realized a huge gain on the holding that he has accumulated in Facebook Inc. since he started the company in 2004. In 2012, Zuckerberg made $2.3 billion off his stock options.
Zuckerberg, 29, now has exhausted his supply of stock options after exercising 60 million of them last year a price of 6 cents per share. He then sold 41.35 million shares for $55.05 apiece in December, primarily to pay for his tax bill on the gains.
Zuckerberg and his wife, Priscilla Chan, also donated 18 million Facebook shares to a Silicon Valley nonprofit. The December gift, then valued at nearly $1 billion, landed the couple at the top of The Chronicle of Philanthropy’s annual list of the most generous Americans.
Even after selling and donating so much Facebook stock, Zuckerberg still owns 426.3 million Facebook shares currently worth $25.7 billion. The stock has more than doubled in value during the past year as Zuckerberg fulfilled his promise to sell more ads on the smartphones and tablet computers that bring in most of the traffic to Facebook’s social networking service.
The Menlo Park, Calif., company now gets more than half of its ad revenue from mobile devices, up from 23 percent at the beginning of last year.
Like many company founders who have gotten wealthy off their early stakes, Zuckerberg asked Facebook to limit his annual salary to $1 annually. Besides that token sum, Zuckerberg also received perquisites valued at $653,164. All but $3,000 of that amount went toward Zuckerberg’s bills for personal travel on chartered jets.
Excluding stock option gains, Zuckerberg’s total compensation last year plunged 67 percent from nearly $2 million in 2012.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pensions, a benefit that Facebook and most other technology companies don’t provide.

WSJ : Brazil's Caixa, BTG to Invest Up to $870 Million in Banco Pan

Brazil's Caixa, BTG to Invest Up to $870 Million in Banco Pan

Capital Infusion May Come as Early as April for the Struggling Consumer Bank

SÃO PAULO—The two controlling shareholders of struggling consumer bank Banco Pan SA BPNM4.BR -0.53% are planning to invest up to 2 billion Brazilian reais ($870 million) into the joint venture, perhaps as early as April, to try to put it on a path to profitability, according to a person familiar with the talks.

Banco Pan has struggled ever since Banco BTG Pactual SA BBTG11.BR -1.12% rescued it from near-insolvency in 2011, reporting losses on a quarterly basis. Last year, the bank posted a net loss of BRL151.7 million, compared with a loss of BRL496 million in 2012.

Brazil's central bank took over the bank, formerly known as Banco PanAmericano, in 2010 after detecting financial irregularities and a sharp decline in reserves. The scandal rocked Caixa, which had paid BRL739.2 million for 49% of voting shares in 2009.

A year later, BTG paid BRL450 million to take control of the bank, buying 51% of voting shares from the former owner, Silvio Santos.

Now, BTG and Brazil's state-owned bank Caixa Economica Federal are planning to invest between BRL1.5 billion and BRL2 billion, said the person, who declined to be named for this article.

BTG declined to comment for this article and Caixa officials weren't immediately able to respond to a request for comment.

"A capital increase for Banco Pan would be important because it paves the way for the bank to expand its credit portfolio and generate more profits," said Luis Santacreu, an analyst at Austin Rating.

The two partners will invest the same proportion to maintain their current ownership levels, the person said.

Caixa and BTG representatives met at Banco Pan's headquarters in São Paulo on Monday to discuss details of the capital injection. An announcement is likely at the end of April or by mid-May at the latest, said the same person.

Banco Pan's main lines of business are car loans, consumer loans linked to payroll deductions and lending to companies. At the end of 2011, it added a mortgage component with the purchase of Brazilian Finance & Real Estate S.A., BRFE.

There is an added bonus: If the bank can demonstrate that it can become profitable again, it would be able to unlock a tax credit worth BRL2.8 billion, according to the company's end-2013 financial results.

"With the capital injection, Banco Pan will end with a vicious cycle and then can return to the profitability," said the person.

(BFW) Altice Said to Mull Boosting EU11.75b Cash Portion of SFR Bid

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Altice Said to Mull Boosting EU11.75b Cash Portion of SFR Bid 2014-04-01 14:08:57.558 GMT

By Matthew Campbell, Jacqueline Simmons and Francois de Beaupuy April 1 (Bloomberg) -- Altice weighing plans to raise the cash component to help fend off rival bid from Bouygues, according to people familiar with the situation who asked not to be named. * Cash portion could gain by as much as 12% to a level in line with EU13.15b proposed by Bouygues, the people said * Any increase wouldn’t change total valuation of Altice’s offer * Representative for Altice said co. is working on an agreement to merge Numericable with Vivendi’s SFR unit within framework of ongoing exclusive negotiations * Sotry link: {NSN N3CV9M6JTSEQ <go>}

Link to Company News:{VIV FP <Equity> CN <GO>} Link to Company News:{EN FP <Equity> CN <GO>} Link to Company News:{ATC NA <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: Andrew Rummer at +44-20-7073-3722 or arummer@bloomberg.net

>>> Renault (RNO) +2.45% now after Nissan US Sales...

Nissan Motor shares ticking higher as headlines cross that March US sales rise 8.3%

--> RNO Continuue to trade higher +2.45% @ 72.25 ...still looking for 72.89

----- Original Message -----
From: LAURENT CHEKROUN ()
To: LAURENT CHEKROUN ()
At: Apr 1 2014 10:05:08

--> Stock trading higher, Next Levels 72.89 & 74.59

70 is becoming a support, if mkt moving lower 68.95 & 67 lower support


12M target price consensus is @ €77

(BFW) Interpublic Not Actively Looking to Be Acquired, CEO Says

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Interpublic Not Actively Looking to Be Acquired, CEO Says 2014-04-01 13:56:23.117 GMT

By Kristen Schweizer April 1 (Bloomberg) -- IPG doesn’t need the capital or additional services that would come with a merger or takeover of the company, CEO Michael Roth says in interview in London. * “If someone comes along and makes an offer in the best interest of our shareholders that’s a mechanical process,” Roth says. “Am I going out and looking? The answer is ‘no.’” * IPG hasn’t historically entertained any worthwhile offers, Roth says * IPG to Spend $150M on Acquisitions This Yr, CEO Says * Business in Latin America, China remains strong, Roth Says * IPG sees steady low-single-digit growth in main U.S. market, CEO says

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

To contact the reporter on this story: Robert Valpuesta in London at +44-20-76732902 or rvalpuesta@bloomberg.net To contact the editors responsible for this story: David Risser at +44-20-7673-2513 or drisser@bloomberg.net Robert Valpuesta, Mark Beech