*LIBERTY GLOBAL SAYS COMBINING WITH ZIGGO MAKES LONG-TERM SENSE
Link to transaltion {http://bit.ly/18nt75J} Link to french article {http://bit.ly/1aR1jmA}
PSA Peugeot family agrees to continue discussions with Dongfeng
Talks between PSA Peugeot Citroen and Dongfeng Chinese group for an input of the latter capital manufacturer automotive French will be able to continue - it's one of the options for saving PSA medium term. According to Les Echos on Wednesday, November 20, a special supervisory board of French society, met Monday endorsed the continuation of initiated by the management with the Chinese manufacturer negotiations. The Monde.fr is pleased to offer reading this article usually reserved for subscribers Monde.fr. Enjoy all items reserved for the Monde.fr you subscribe from 1 € / month | Discover edition subscribers
This means that the family Peugeot , rumors say deeply divided in recent weeks, agreed at this stage to open the group's capital to the constructor of Wuhan and the French State, as also mentioned the Reuters.
According to the assumptions its studied PSA would launch a capital increase subscribed equally by Dongfeng and state. It would, according to confirmed information in the world, a total of 4 billion euros. This would double the current share capital.
In exchange for this contribution, Dongfeng and each state would get 30% share of the French manufacturer. The Peugeot family, which currently owns a quarter of the shares, but 38% of the voting rights, would share in the capital of the company returned around 12.5% if it does not participate in the capital increase.
Although she handed the pot, the family would lose anyway group management. Today, Thierry Peugeot who presides over a company that is over two hundred years in the family fold. "We're not there yet, said a source.'s Peugeot have agreed to formalize strategic discussions with Dongfeng, but nothing is yet done, nor signed. "
But PSA is now at an impasse. It is too small, too general and too focused on Europe . He risk of being in the medium term, distanced by Toyota, General Motors, Volkswagen, Renault -Nissan and Hyundai or Fiat-Chrysler groups that accelerate their investments.
The French manufacturer is pressed for time. If reduced its losses quarter after quarter, the debt grows and its credit rating, which weighs on the borrowing requirements of the bank deteriorates. It also needs in the medium term, an injection of cash to make its technology investments. And it is precisely because the Peugeot family begins to understand the strategic stalemate in PSA is she decided to jump on it.
"INEVITABLE"
Yet all was not as easy, it seems, in recent weeks. Some have even been ready, according to a source, sabotage negotiations with Dongfeng to remain at the head of the company or to make from Philippe Varin, Chairman of the Board.
"This attitude was suicidal, according to one expert group. It took time, but the family eventually understand that opening capital partner is inevitable. "Also, remember a source close to Peugeot," they can have significant disagreements internally, they always end up finding a common position. "
Besides family, PSA management must still convince Dongfeng s' engage quickly. However, it does not seem rushed. The Chinese group, for its part, does not have a knife to her throat. It seeks an industrial agreement to develop its own brand. The French manufacturer has its counterpart access to some of its technologies and common development in the region Asia Pacific . PSA particular facilitate the deployment of the input range of Dongfeng brand in Asia.
Limit the entry strategy of the Chinese capital group PSA is that it does not allow him to see his volumes of cars increased significantly because he wants to significant economies of scale.
Dan Loeb's Third Point Capital reported new stakes (as of 9/30) in FNF (2.1 mln shares) and NLSN (1.0 mln) in an amended 13F filing out last night after the close
Deere beats by $0.22, reports revs in-line; guides Q1 sales above consensus; guides FY14 net income above consensus, sales below consensus
Reports Q4 (Oct) earnings of $2.11 per share, $0.22 better than the Capital IQ Consensus Estimate of $1.89; total net sales fell 4.7% year/year to $8.62 bln vs the $8.68 bln consensus. The profit improvement for the quarter was due primarily to the impact of price realization [lower effective tax rate also helped EPS), partially offset by the unfavorable effects of FX, lower shipment volumes and a less favorable product mix.
Sales included price realization of 4% for the quarter and 3% for the year and an unfavorable currency-translation effect of 2% for the quarter and 1% for the year. Equipment net sales in the United States and Canada decreased 6% for the quarter and increased 5% for the year. Outside the U.S. and Canada, net sales decreased 2% for the quarter and increased 4% for the year, with unfavorable currency-translation effects of 4% and 3% for these periods.
Co issues upside guidance for Q1, sees Q1 equipment sales -2% to ~$6.66 bln vs. $6.53 bln Capital IQ Consensus.
Co issues guidance for FY14, sees FY14 net income ~$3.3 bln vs. the $3.08 bln consensus; sees equipment sales -3% to ~$33.95 bln vs. $34.29 bln Capital IQ Consensus. For fiscal 2014, net income attributable to Deere & Company is anticipated to be about $3.3 billion. The outlook contemplates the sale of 60% of John Deere Landscapes operations, as previously announced. Supported by record 2013 performance, John Deere remains in a prime position to carry out its wide-ranging growth plans and attract new customers throughout the world.
Early premarket gappers
Gapping up: IPCI +21.2%, HNR +19.5%, STV +9.2%, LZB +8.5%, BMRN +4.9%, VEEV +4.3%, SPWR +4.3%, JKS +3.4%, OTIV +3.3%, YHOO +3.1%, TSL +3%, NQ +2.9%, NOK +2.6%, RYAAY +2.3%, ARO +2%, SOL +1.6%, BSX +1.2%, SSYS +1.2%, ZNH +1.1%, HLF +0.8%, CRM +0.7%
Gapping down: CHLN -15.8%, AEZS -8.2%, QUNR -5.8%, SSW -5.7%, LOV -4.2%, GFI -4.2%, LOW -3.8%, CRNT -3.4%, MODN -3%, GOOD -2.4%, NHI -1.8%, TEF -1.3%, BUD -1.1%, GPK -0.9%, SPLS -0.9%
*GERMAN CARTEL OFFICE WANTS REFERRAL OF E-PLUS CASE KPN taking a hit
Lowe's misses by $0.01, beats on revs; raises FY14 EPS below consensus, raises FY14 revs above consensus; Q3 comps +6.2%; sees FY13 comps +5%
Reports Q3 (Oct) earnings of $0.47 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.48; revenues rose 7.3% year/year to $12.96 bln vs the $12.72 bln consensus.
Sales for the quarter increased 7.3 percent to $13.0 billion from $12.1 billion in the third quarter of 2012, and comparable sales for the quarter increased 6.2 percent.
Co issues guidance for FY14, raises EPS to ~$2.15 from prior guidance of $2.10 vs. $2.19 Capital IQ Consensus Estimate; sees FY14 revs to ~6% from prior guidance of +5% calc to ~$53.55 bln vs. $53.09 bln Capital IQ Consensus Estimate. FY13 Outlook Details: Comparable sales are expected to increase approximately 5 percent. The company expects to open 9 stores in fiscal year 2013. Earnings before interest and taxes as a percentage of sales (operating margin) are expected to increase approximately 75 basis points.
"I am pleased we delivered another solid quarter driven by balanced performance...This balanced performance resulted from our improved collaboration and execution within a strengthening home improvement market, combined with our employees' hard work and continued dedication to serving customers."
*NOVATEK, GAZPROM NEFT TO BUY RUS. JV STAKE FROM ENI FOR $2.94B
Staples reports EPS in-line, misses on revs; reaffirms FY14 EPS guidance, revs guidance (15.34) 11/20/2013 6:07:26 AM ET Reports Q3 (Oct) earnings of $0.42 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.42; revenues fell 3.8% year/year to $6.11 bln vs the $6.18 bln consensus.
Third quarter 2013 total company sales growth was negatively impacted by one percent due to 107 store closures in North America and Europe during the 12 months preceding the third quarter of 2013. The foreign exchange impact from the stronger U.S. dollar also negatively impacted total company sales growth by one percent during the third quarter of 2013.
Q3 Comps North America -3% - reflecting a three percent decline in traffic and flat average order size versus the prior year Europe -2% - modest declines in both traffic and average order size. Guicance: Co reaffirms guidance for FY14, sees EPS of $1.21-1.25, excluding non-recurring items, vs. $1.23 Capital IQ Consensus Estimate; sees FY14 revs of low single digit decline vs. $23.37 bln Capital IQ Consensus Estimate.
The company expects to generate more than $900 mln of free cash flow and plans to continue repurchasing its common stock through open-market purchases during 2013.
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Vivendi to Appoint Hearst’s Arnaud de Puyfontaine CEO: L’Express 2013-11-20 08:08:13.600 GMT
By Blanche Gatt Nov. 20 (Bloomberg) -- Vivendi to appoint Hearst’s Arnaud de Puyfontaine as CEO to replace Jean-Francois Dubos “in the next few days,” L’Express said yday on its website, without saying where it got the information.
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To contact the reporter on this story: Blanche Gatt in London at +44-20-7392-0351 or bgatt@bloomberg.net
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