Repsol board set to accept $5 billion YPF deal on Wednesday:

Repsol board set to accept $5 billion YPF deal on Wednesday: sources

MADRID (Reuters) - Spanish oil major Repsol's (REP.MC) board is set to accept compensation of $5 billion in bonds for Argentina's nationalization of its stake in YPF (YPFD.BA), less than half it had demanded, sources close to the board said.

The 2012 seizure of Repsol's 51 percent of the Argentine unit not only infuriated the company and the Spanish government, but also created tensions between Spain and Mexico, a core shareholder in Repsol through its state oil monopoly Pemex, over the handling of the dispute.

The fact that the proposal was thrashed out at a meeting in Buenos Aires with representatives from the Spanish, Argentine and Mexican governments as well as top Repsol executives and board members indicates broad support for a deal that will end 18 months of rancour and legal wrangling.

"The initial agreement already has the backing of Repsol's management, its main shareholders and the governments, meaning that with all probability the board will give the green light," one of the sources said.

Another source, close to another key board member, said the main thrust of the deal was positive for Repsol, which had been seeking $10.5 billion, and it was highly unlikely to be rejected at the meeting on Wednesday.

Repsol's shares climbed 4.25 percent to 19.24 euros per share, a top gainer on a flat blue chip Spanish index (.IBEX), as investors cheered the potential end to a year-long conflict that had battered the oil major's shares.

Key corporate shareholders of Repsol, including some who were critical of Repsol CEO and Chairman Antonio Brufau's handling of the conflict with Argentina, were also involved in talks in Buenos Aires to strike a deal that could benefit their own business.

Among them was Isidro Faine, the chairman of La Caixa bank (CABK.MC), which has 12 percent of Repsol and also owns stakes in large Spanish companies like Telefonica (TEF.MC) and Gas Natural (GAS.MC), both with interests in Argentina and Mexico.

Joining him was Emilio Lozoya, the chief executive of Mexican oil company Pemex, who has a 9.4 percent stake in Repsol and is keen to explore Argentina's vast shale oil and gas deposits. The Vaca Muerta deposits, believed to be among the largest in the world, could now receive a wave of international investment.

Repsol's second largest shareholder, indebted Spanish builder Sacyr (SCYR.MC), also stands to gain from a deal that would likely bring the value of Repsol shares above 19.9 euros each, the amount at which Sacyr carries them in its books.

Sacyr's shares were 5.37 percent higher at 3.85 euros each in early Tuesday trading.

>>> US Early premarket gappers

Early premarket gappers

Gapping up: BLRX +8.1%, PWRD +7.1%, WDAY +6.4%, LDK +6.2%, TIF +6.2%, BIOF +6.1%, PANW +5.2%, APPY +4.7%, UNXL +4.5%, OLED +4.1%, QCOM +3.5%, NPD +3.4%, LGND +3.2%, NUAN +3.2%, CSTM +3%, GALE +2.7%, OREX +2.4%, TTS +2.1%, VJET +2.1%, EGY +1.7%, JONE +1.7%, JKS +1.6%, AXE +1.5%, AG +1.3%, JCP +1.2%, FFIV +1.2%, BCS +1.2%, CS +1%, UBS +0.9%, ITW +0.6%, MU +0.3%, PLL +0.3%

Gapping down: VNET -7.6%, ATAX -7.5%, FSC -4.4%, BITA -3.4%, TWGP -3.4%, PBR -3%, MACK -2.9%, WPC -2.7%, LGF -1.9%, SFM -1.7%, RIO -1.5%, BBL -1.2%, VALE -1.1%, DY -1.1%, GOLD -1%, BHP -0.8%, DEO -0.4%

(BFW) *PEUGEOT, RENAULT AGREE TO SWAP STAKES IN JOINT UNITS

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BN 11/26 09:48 *PEUGEOT, RENAULT PRESENTED STAKE SWAP PLAN TO UNIONS TODAY BN 11/26 09:48 *PEUGEOT, RENAULT AGREE TO SWAP STAKES IN JOINT UNITS

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*PEUGEOT, RENAULT AGREE TO SWAP STAKES IN JOINT UNITS 2013-11-26 09:48:43.789 GMT

--CORMAC MULLEN

-0- Nov/26/2013 09:48 GMT

>>> 2014 Strategy - what people are thinking - quick sum up

STRATEGY 2014

NOMURA STRATEGY : - We think that European equity markets will rise by 14% in 2014 (17% total return), with the driving force likely to switch to earnings growth rather than multiple expansion"

ML STRATEGY : In our base case European equity indices have 9-12% upside potential in 2014. We also believe that ECB action on deflation is key to a positive equity view.

BARCLAYS STRATEGY : We forecast a total return of 27% for the Pan-European market in 2014, which would take the market back to the highs achieved in 2000 and 2007. Earnings growth should accelerate to 12% as modest, but above- consensus, GDP growth returns.

CITI STRATEGY : Citi strategists’ market targets suggest a further 14% gain to end-2014 for Europe. Another rerating should drive half this gain, and a resumption of global EPS growth the other half.

GS STRATEGY : After three years of virtual stagnation we expect European profits to grow 14% in 2014 driven by an improvement in global growth and some rise in margins.

>>> ‘Frozen’ Is the Best Disney Film Since ‘The Lion King’

‘Frozen’ Is the Best Disney Film Since ‘The Lion King’ Link to article {http://thebea.st/193R8vg}

Who needs Pixar? Frozen confirms that the House of Mouse is capable of melting hearts again.

There's a special place in the heart reserved for wisecracking candlesticks, singing crustaceans, and lion cubs growing up to be mighty kings. It's a place where nostalgia is kept, where a warm feeling swells at the thought of things that we used to love, that used to be great. For the better part of this new century, Disney's animated features resided there. With a string of brilliant animated musicals in the late '80s and '90s—The Little Mermaid, Beauty and the Beast, Aladdin, The Lion King—the House of Mouse reigned, with hit after hit of family-friendly cartoons that dominated the box office, dazzled critics, and warmed cold hearts with signature Disney magic and catchy tunes. The Magic Kingdom was overthrown in the new millennium, with Pixar delivering its own brand of reliably wholesome and reliably brilliant films—Toy Story 2, Finding Nemo, The Incredibles, Up, Wall-E—while Disney struggled to adapt its magic to a new tech-savvy age. Not anymore. Frozen, which hits theaters Wednesday, is the best Disney film since The Lion King, and a powerful reminder of how astonishing the company's magic can really be. This is also, as it happens, the third consecutive year that Disney's big animated release is better than Pixar's. The knee-jerk reaction to such a thing would be to call Disney the new Pixar. But the more accurate coronation is that Disney is the new Disney.

Frozen pulls off its animated abracadabra by conjuring up the elements that made Disney's modern classics just that. It's about two sister princesses—this is Disney, did you really expect anything else?—in the Scandinavian kingdom of Arendelle whose relationship is tested when their parents die in a tragic accident—again, this is Disney, did you really expect anything else? Mostly, though, it's about the transformative powers of true love, of both the sisterly and romantic kind. This is Disney, and we don't want to expect anything else. Anna (voiced by Kristen Bell as an adult) and Elsa (Idina Menzel as an adult) are inseparable as little girls. They adore spending time with each other, especially when Elsa uses her secret power to make it snow inside the castle. As must be learned, great power comes with great responsibility. Elsa's lesson comes when she nearly kills Anna while casting a chilly spell. Anna is fine—a wise (and adorable) old troll erases her memory of the incident. But in Elsa's eyes, great responsibility means Rapunzel-ing herself in her castle bedroom, where her powers can't hurt anyone else. But she does hurt Anna, every day, as her heart breaks at the transformation of her fun-loving best friend into a mysterious recluse. The dissolution of their relationship plays out in the achingly poignant duet "Do You Want to Build a Snowman?" sung by the girls from opposite sides of locked doors as the years pass and they grow into lonely adults. (This is where we see their parents die.) The sequence evokes the masterful montage from the beginning of Pixar's Up, but made perhaps even more wrenching by the essentially Disney element of song. When Elsa comes of age, a ball is held to celebrate her becoming queen, the first time the people of Arendelle are allowed within the castle's walls since the death of her parents. Anna, spunky and cute with a tiara on her head and heart on her sleeve, delights in the company of others, including a prince she believes is her true love, and needles Elsa to allow it to happen more often, unable to understand why she won't. Frustrated at not being able to give Anna the happiness she wants, Elsa loses control of her powers, accidentally turning the entire kingdom into a frozen wasteland and outing herself as a magical freak.

She exiles herself to the mountains, and Anna chases after her, desperate to have her sister—and a warm kingdom—back. From the fall of the first snowflake, Frozen is gorgeously animated, turning a dramatic Nordic landscape into a wintry animated wonderland. It's icing on the, well, ice that the film's story is as emotionally cascading as the setting. With Anna, you have a female protagonist who is exceptionally female-positive. She's a princess, but she's a clumsy tomboy. She's beautiful, but she's headstrong. She's obsessed with falling in love—her meet-cute with Prince Hans (Santino Fontana) is as precious as their silly-and-lovely duet "Love Is an Open Door"—but learns that love isn't something that can be whipped out of thin air, like Elsa's snowflake, and that stories don’t always end with Happily Ever After, even if you are a princess. She's a multi-faceted, rich lead character, owed both to writer Jennifer Lee's scripting and Kristen Bell's perfectly precocious, zippy voice performance. With Elsa, you get an adversary with much more nuance than anyone would expect. Though she's the one who buried her kingdom in snow and the one responsible for Anna's life-long loneliness, she's never the antagonist. It's fitting that Menzel voices the character, as the "how she got this way" insight given to Elsa is as empathetic and heartbreaking as the backstory in Wicked—Menzel starred as the Wicked Witch of the West, another not-quite-a-villain, in the Broadway production. Frozen's most rousing song, "Let It Go," is actually Elsa's, not Anna's, an empowerment ballad about Elsa deciding she's no longer going to be afraid of her powers. Menzel belts it out like an vocal blizzard. Most animated films have you rooting for the guy and the girl to get together. By adding unexpected dimension to Elsa, this one has you more invested in the reunion of these sisters. There's a flurry of other things to cherish about Frozen. Josh Gad turns talking snowman Olaf into a comedic sidekick that ranks alongside the Genie and Lumiere in Disney’s rich history of scene-stealers. Jonathan Groff turns a hapless mountaineer who talks to his pet reindeer into a swashbuckling Prince Charming. And while the ending might be written on the wall from the get go—again, this is a Disney movie!—the journey there careens in unexpected and satisfying ways. The original music is from husband-and-wife team Robert and Kristin Anderson-Lopez. Robert is the Tony-winning genius behind the music of The Book of Mormon, which explains the sly wit (Olaf's denial fantasy "In Summer" is particularly inspired) and appealing Broadway bombast of the songs. All of this works together to make Frozen the most Disney-feeling film in over a decade, the crescendo of what's been an exciting build over the past few years. The Princess and the Frog was a welcome return to classic animation from the studio, but stayed perhaps too closely to its mission of reviving classic animation. While magical, it never felt special. Tangled confirmed that Disney Animation could compete with Pixar, but the plot was a bit knotty and the songs completely unmemorable. Last year's Wreck-It Ralph was a brilliantly conceived take on blurred lines between "good guys" and "bad guys" and executed with ample intelligence and sass, but it didn't feel Disney the way that Frozen does. Disney getting its mojo back would be something to celebrate at any point; mojo by its definition is a great thing, and Disney's was particularly groovy. But it's especially welcome at a point when Pixar seems to be losing its own. For years, Pixar was this quirky little oasis of family film, where heart and humor were equally important and stories that should never work on film were turned into the best films. But following the stunning Toy Story 3 in 2010, the studio's been on an off streak, with the lazy Cars 2, the imperfect Brave, and the uninspired Monsters University. It's as if the studios have reversed roles, with Pixar mired in sequelitis and write-by-number scripts while Disney gambles on out-of-the box story ideas (Wreck-It Ralph) and nostalgia (Frozen). There's no vindication in this, of course. The sooner Pixar gets back to making great movies again, the better. But if Pixar's going to slump, it's comforting that Disney is back to its old tricks. The wise words in Frozen are that "Only an act of true love can thaw a frozen heart."Frozen proves that Disney we loved is, indeed, back…and back to melting hearts.

(NYPost) Tortora: I lost millions gambling, day trading

It was easy come, easy go for admitted insider trader Jesse Tortora. The former tech analyst turned government witness — who was at the center of what prosecutors call a “corrupt circle” of insider-trading pals — said he lost most of his millions gambling in Vegas, day trading and paying legal fees. The 37-year-old Tortora, testifying for the third day in the case against SAC top money man Michael Steinberg, said his big year at now defunct hedge fund Diamondback was 2008, when his compensation hit $2.5 million. He only made $800,000 in 2009 and left the firm that was founded by former SAC portfolio managers early in 2010. Tortora, who is living with his parents in Florida while he awaits sentencing for his cooperation in the Steinberg trial, said he has only $100,000 left from his years of living high as a hedge-fund analyst. While the financial crash decimated portfolios of millions of Americans in 2008, that was Tortora’s big year, when insider trading tips about Dell, among others, paid off. Steinberg traded on that insider tip and knew it was illegal, prosecutors allege. Tortora said he lost $400,000 day trading and “several hundred thousands” in Las Vegas on blackjack and sports betting. He said he has also spent $400,000 on legal fees since his arrest on insider trading charges. While at Diamondback, he also fed insider tips to his stepfather, who did not know they were illegal. “In general, he’s done poorly,” Tortora told the jury. “He has lost a good amount of money.” Steinberg’s defense lawyer Barry Berke is expected to cross examine Tortora this afternoon. Jon Horvath, a member of Tortora’s insider-trading circle who reported to Steinberg, is the government’s next witness.

(BFW) Remy Slumps on Profit Forecast, Bernstein Says Worst Yet to Come

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Remy Slumps on Profit Forecast, Bernstein Says Worst Yet to Come 2013-11-26 08:25:18.23 GMT

By Heather Burke Nov. 26 (Bloomberg) -- Remy Cointreau falls as much as 8.6%, most since March 2009, sees “substantial double-digit decline” in FY current oper. profit. * Biggest Stoxx 600 decliner, vol. 100% of 3-mo. daily avg. in 1st 10 min of trading * Food/beverage sector down most in index; Pernod -2.1%, Diageo -0.7% * Bernstein suggests 1H beat due to phasing, worst yet to come (underperform) * Kepler says profit drop due to poor China sales outlook, inventories still high (buy) * Weak forecast may also be due to worsening competitive environment in China * Earlier reaction 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: 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