TheChek News Flow

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Luxury Mkt May Have More M&A in 2014, Exane Says, Prefers LVMH 2013-11-27 09:54:37.880 GMT

By Heather Burke Nov. 27 (Bloomberg) -- More luxury M&A possible as organic growth becomes tougher, Exane says. * Large amounts of cash may lead luxury cos. to consolidate industry * LVMH most likely to do M&A, both bolt-on and “transformational” * Mkt may face a continuation of slowing China growth, although Chinese luxury demand isn’t filled, Exane says. * Demand in China, rest of world should continue to support sector * U.S. demand appears to be slowing; Italian, French luxury spending dropping * Est. 2014 luxury mkt growth 5%-6% ex-FX * Cos. may focus more on LFL sales growth, expanding e- commerce, retail development * Prefers “structurally advantaged” cos. like Swatch, Richemont, “underappreciated self-help stories” like LVMH

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

To contact the reporter on this story: Heather Burke in London at +44-20-7673-2044 or hburke2@bloomberg.net

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

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BN 11/27 09:50 *VOSSLOH SHARES SAID PLACED AT EU68 EACH

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*VOSSLOH SHARES SAID PLACED AT EU68 EACH 2013-11-27 09:50:58.890 GMT

--CORMAC MULLEN

-0- Nov/27/2013 09:50 GMT

Boris Johnson, London Mayor, is making it clear and is sending a strong message to uk gov...i missed this article few days ago...funny to see the difference between what people think in London...and in Paris for exemple....

Full Article : {http://bit.ly/1aTZ4Dr} link to article...

We should be humbly thanking the super-rich, not bashing them

As well as creating jobs and giving to charity, the wealthy should be hailed as Tax Heroes

The great thing about being Mayor of London is you get to meet all sorts. It is my duty to stick up for every put-upon minority in the city – from the homeless to Irish travellers to ex-gang members to disgraced former MPs. After five years of slog, I have a fair idea where everyone is coming from. But there is one minority that I still behold with a benign bewilderment, and that is the very, very rich. I mean people who have so much money they can fly by private jet, and who have gin palaces moored in Puerto Banus, and who give their kids McLaren supercars for their 18th birthdays and scour the pages of the FT’s “How to Spend It” magazine for jewel-encrusted Cartier collars for their dogs. I am thinking of the type of people who never wear the same shirt twice, even though they shop in Jermyn Street, and who have other people almost everywhere to do their bidding: people to drive their cars and people to pick up their socks and people to rub their temples with eau de cologne and people to bid for the Munch etching at Christie’s. Please don’t get me wrong. I neither resent nor disapprove of such zillionaires; quite the reverse. I just wonder, a bit, what it is like to be so stonkingly rich, and I wonder – as the rest of us have wondered down the ages – whether you can really expect to be any happier for having so much dosh. I suspect that the answer, as Solon pointed out to Croesus, is not really, frankly; or no happier than the man with just enough to live on. If that is the case, and it really is true that having stupendous sums of money is very far from the same as being happy, then surely we should stop bashing the rich.

On the contrary, the latest data suggest that we should be offering them humble and hearty thanks. It is through their restless concupiscent energy and sheer wealth-creating dynamism that we pay for an ever-growing proportion of public services. The top one per cent of earners now pay 29.8 per cent of all the income tax and National Insurance received by the Treasury. In 1979 – when Labour had a top marginal rate of 83 per cent tax after Denis Healey had earlier vowed to squeeze the rich until the pips squeaked – the top one per cent paid only 11 per cent of income tax. Now, the top 0.1 per cent – about 29,000 people – pay an amazing 14.1 per cent of all taxes. Nor, of course, is that the end of their contribution to the wider good. These types of people are always the first target of the charity fund-raisers, whether they are looking for a new church roof or a children’s cancer ward. These are the people who put bread on the tables of families who – if the rich didn’t invest in supercars and employ eau de cologne-dabbers – might otherwise find themselves without a breadwinner. And yet they are brow-beaten and bullied and threatened with new taxes, by everyone from the Archbishop of Canterbury to Nick Clegg. The rich are resented, not so much for being rich, but for getting ever richer than the middle classes – and the trouble is that the gap is growing the whole time, and especially has done over the past 20 years. It is hard to say exactly why this is, but I will hazard a guess. Of all the self-made super-rich tycoons I have met, most belong to the following three fairly exclusive categories of human being: (1) They tend to be well above average, if not outstanding, in their powers of mathematical, scientific or at least logical reasoning. (2) They have a great deal of energy, confidence, risk-taking instinct and a desire to make money. (3) They have had the good fortune – by luck or birth – to be able to exploit these talents. So we are talking about the intersecting set in what are already three small-ish sets of people. It is easy to see how, in an ever more efficient and globalised economy, they are able to amass ever greater fortunes. The answer is surely not to try to stop them or curb them or punish them – but to widen those intersecting circles that they inhabit. There are kids everywhere who have a natural, if undiscovered, flair for mathematics and the mental arithmetic that business needs. They just don’t have the education to bring out that talent – which is why Michael Gove, the Education Secretary, is so right to be conducting his revolution in schools. There are loads of kids with the chutzpah to be kings of the deal, and there are plenty of businesses that could be the billion-pound companies of the future but are currently being held back – either by the weediness of the venture capital industry in this country, or else by something as simple as excessive business rates – the single biggest issue that is raised with me by London businesses. There is no point in wasting any more moral or mental energy in being jealous of the very rich. They are no happier than anyone else; they just have more money. We shouldn’t bother ourselves about why they want all this money, or why it is nicer to have a bath with gold taps. How does it hurt me, with my 20-year-old Toyota, if somebody else has a swish Mercedes? We both get stuck in the same traffic. We should be helping all those who can to join the ranks of the super-rich, and we should stop any bashing or moaning or preaching or bitching and simply give thanks for the prodigious sums of money that they are contributing to the tax revenues of this country, and that enable us to look after our sick and our elderly and to build roads, railways and schools. Indeed, it is possible, as the American economist Art Laffer pointed out, that they might contribute even more if we cut their rates of tax; but it is time we recognised the heroic contribution they already make. In fact, we should stop publishing rich lists in favour of an annual list of the top 100 Tax Heroes, with automatic knighthoods for the top 10.

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Oi/Portugal Telecom Merger Offers 50-60% Upside, Bernstein Says 2013-11-27 08:13:11.619 GMT

By Sam Chambers Nov. 27 (Bloomberg) -- The merged entity will create a more investable business, with the potential to benefit from further M&A in Brazilian wireless mkt, Bernstein says. * Says a bid for TIM Brasil by Telefonica, alone or in combination with America Movil, is possible in early 2014 * PT/Oi would benefit from the deal, as it would give them chance to acquire spectrum more cheaply through remedies imposed on the transaction, Bernstein says * NOTE: Tel Italia CEO said selling Brazilian assets to repay debt is wrong * Oi is the better way to invest in the merger, Bernstein says; initiates co. at outperform with a PT of BRL8 on OIBR3 listing and PT of BRL7.4 for OIBR4 * NOTE: Short interest stands at 7.8% of Portugal Telecom’s shrs outstanding: Markit

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

--Editor: James Cone

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

Telecom Italia SpA Brazil's watchdog (CADE) may cancel approval of Telefonica's move related to Telco on concerns related to conflicts of interest - Italian Press **Note: On Nov 14th, Telefonica said there was no plan to merge with Telco. - In Sept, Telefonica paid approx €324M in cash to raise its stake in Telco to 66% from 46% - Telco controls Telecom Italia

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Adidas Is Germans’ Favorite Brand, Beats VW and BMW, Bild Says 2013-11-27 07:46:13.715 GMT

By Cornelius Rahn Nov. 27 (Bloomberg) -- Sports-goods maker maintained top position from last year, Bild-Zeitung reports, citing a survey by Forsa. * Apple, Samsung follow behind three top brands: Bild

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

To contact the reporter on this story: Cornelius Rahn in Berlin at +49-30-70010-6212 or crahn2@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at +49-30-70010-6215 or kwong11@bloomberg.net

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BFW 11/27 07:33 *HEXAGON HOLDS 27.4% OF VERIPOS, SEEKS TO BUY MORE AT NOK34-SHR BN 11/27 07:31 *HEXAGON HOLDS 27.4% OF VERIPOS, SEEKS TO BUY MORE SHARES BN 11/27 07:31 *VPOS - HEXAGON HOLDS 27.4% OF VERIPOS, CONTEMPLATES

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VPOS - Hexagon holds 27.4 per cent of Veripos and contemplates 2013-11-27 07:31:25.106 GMT

to continue purchases at NOK 34 per share until reaching total holding of 11\,030\,529 shares

Reference is made to the stock exchange notice from Hexagon AB ("Hexagon") yesterday where Hexagon announced its intention to acquire up to 3,900,000 shares reaching a total holding of 11,030,529 shares in Veripos Inc. ("Veripos"). Hexagon has today acquired or agreed to acquire 1,961,961 shares in Veripos, representing 5.92 per cent of the outstanding shares of Veripos. The shares were acquired at a price of NOK 34 per share. Following completion of the acquisition, Hexagon holds 9,092,490 shares in Veripos, representing 27.44 per cent of the outstanding shares of Veripos.

As set out in the stock exchange notice from Hexagon yesterday, Hexagon contemplates to acquire shares up to a total holding of 11,030,529 shares, representing 33.3 per cent of the outstanding shares of Veripos. Shareholders that would like to sell their shares to Hexagon for NOK 34 per share can contact SEB on +47 21 00 85 32. The contemplated purchase may be closed at short notice at the full discretion of SEB, acting as manager.

SEB Corporate Finance is acting as financial adviser to Hexagon.

For further information please contact: Mattias Stenberg, Vice President, Strategy and Communications, Hexagon AB, +46 8 601 26 27, ir@hexagon.com

Kristin Christensen, Vice President, Corporate Communications, Hexagon AB, +1 404 554 0972, media@hexagon.com

Karl Skjelbred, SEB Corporate Finance, +47 21 00 85 78, karl.skjelbred@seb.no

Jo Isaksen, SEB Corporate Finance, +47 21 00 85 41, jo.isaksen@seb.no

Hexagon (NASDAQ OMX Stockholm: HEXA B) is a leading global provider of design, measurement and visualisation technologies. Our customers design, measure and position objects, and process and present data, to stay one step ahead of a changing world.

Hexagon's technologies increase productivity, enhance quality and allow for faster, better operational decisions, saving time, money and resources.

Hexagon has more than 14 000 employees in over 40 countries and net sales of about 2 400 MEUR. Our products are used in a broad range of industries including surveying, power and energy, aerospace and defence, construction, safety and security, automotive and manufacturing. Learn more at www.hexagon.com. http://www.newsweb.no/index.jsp?messageId=340911 -0- Nov/27/2013 7:31 GMT

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BN 11/27 07:33 *GENERALI CEO SAYS 2013 ANA EST OF EU4.5B OP PROFIT TOO HIGH BN 11/27 07:33 *GENERALI STILL IN TALKS TO SELL BSI BEFORE 2015 BN 11/27 07:33 *GENERALI NOT CAPITALIZED ENOUGH YET, WORKING TO REACH TARGET BN 11/27 07:33 *GENERALI CEO SPEAKS IN TV INTERVIEW BN 11/27 07:33 *GENERALI DOESN'T NEED TO RAISE CAPITAL, CEO GRECO SAYS IN INTW

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*GENERALI DOESN’T NEED TO RAISE CAPITAL, CEO GRECO SAYS IN INTW 2013-11-27 07:34:30.321 GMT

--JAMES LUDDEN

-0- Nov/27/2013 07:34 GMT

PPF likely to delist Telefonica Czech Republic and buy out minority shareholders

The Czech financial group PPF is likely to delist Telefonica Czech Republic, Hospodarske Noviny reported, without citing sources.

The Czech-language item speculated that such move would be advantageous for PPF, which has recently acquired a 66% stake in Telefonica. This move would avoid shareholders’ scrutiny and give PPF more freedom to look for a strategic partner, if it decides to do so.

The item said, this time citing Czech financial analyst Josef Nemy, that PPF will try to buy out minority shareholders and the likely price might be around CZK 303 per share.

The item also speculated that in case Telefonica is delisted, a new IPO might be launched, once PPF restructures the company. However, the report added that PPF might also opt for a strategic partnership or JV for Telefonica, as in the case with Ceska pojistovna (owned by PPF) and Generali.

Source Hospodarske Noviny

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BN 11/27 07:21 *KREMLIN SEEKS IMMEDIATE DEMOLITION OF RED SQUARE PAVILION: IFX BFW 11/27 07:21 *KREMLIN WANTS LOUIS VUITTON PAVILION ON RED SQUARE RAZED: IFX BN 11/27 07:20 *KREMLIN WANTS LOUIS VUITTON PAVILION ON RED SQUARE RAZED: IFX

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Kremlin Wants Louis Vuitton Pavilion on Red Square Razed: IFX 2013-11-27 07:25:20.89 GMT

By Paul Abelsky Nov. 27 (Bloomberg) -- Russian presidential administration seeks immediate demolition of pavilion built by French luxury goods maker, Interfax reports, citing unidentified senior Kremlin official. * NOTE: LVMH Faces Backlash for Red Square Exhibit Eclipsing Lenin Tomb {NSN MWVEPH6S973U <go>}

Link to Company News:{MC FP <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: Paul Abelsky at +7-495-771-7738 or pabelsky@bloomberg.net