(NY Post) London authorities probe two mysterious banker deaths

Police and coroner officials in London have launched probes into the mysterious deaths of two bankers.
Investigators began Monday investigating the death of William Broeksmit, 58, a retired Deutsche Bank executive found hanged in his London home on Jan. 26.
At the time of his death, a company memo said, “He was considered by many of his peers to be among the finest minds in the fields of risk and capital management,” Deutsche Bank co-CEO Anshu Jain wrote.
Broeksmit was “instrumental as a founder of our investment bank” and Jain’s memo called him “a dear friend and colleague to many of us who benefited from his intellect and wisdom.”
In 2012, Broeksmit was named by Jain and co-CEO Juergen Fitschen to become Deutsche Bank’s chief risk officer, but German financial authorities said he lacked the needed managerial experience to oversee the office.
The other banker inquest — set to begin in late May — is looking into the mysterious death of Gabriel Magee, the 39-year-old vice president of technology at JPMorgan, whose body was discovered on the ninth-floor roof of a building connected to the firm’s 33-story London headquarters.
Modal Trigger

There were no eyewitnesses to Magee’s fall. His body was discovered at 8 a.m. Jan. 28 by workers coming into work in the adjacent building, who called authorities.
Police reports at the time said the death was non-suspicious.
Magee — an American banker working in the European headquarters of JPMorgan in the Canary Wharf section of London — reportedly emailed his girlfriend the night before his body was found to say he was on his way home from the office.
When he did not return, his girlfriend contacted police to make a missing person report.
Meanwhile, detectives in Stamford, Conn., are still awaiting toxicology reports in the death of Ryan Crane, the JPMorgan executive director.
Crane, 37, was found dead in his Stamford home on Feb. 3.
A JPMorgan spokesperson at that time said there was no apparent connection between the two deaths. Police officials expect the lab results in late April.
Last week, Kenneth Bellando, 28, who previously worked at JPMorgan, was found dead after an apparent leap from his East Side home, police said.
Bellando’s brother John is a top chief investment officer with JPMorgan, whose work focuses on risk exposure valuations and is cited in Senate Finance Committee testimony on the London Whale trade.

>>> Scania union close to agreement with Volkswagen

Scania union close to agreement with Volkswagen 

Scania’s (STO:SCV-B) union is close to an agreement with German auto giant Volkswagen (FRA:VOW)regarding union rights in the event of a full takeover of the Swedish truck maker, according to Dagens industri.

The Swedish business daily reported that it has been speculated that the deal between Scania and Volkswagen may fail partly due to discontent of Scania’s unions. However, vice-chairman at the union Verkstadklubben Scania, Michael Gustafsson, said that the involved parties agree on most matters and he believes an agreement will be concluded even though he could not specify when. The paper wrote, citing unnamed sources, that an agreement between Verkstadsklubben Scania and Volkswagen is expected within days.

Gustafsson declined to disclose details of the potential agreement but said that it mainly concerns the possibility to influence employment issues and factory locations. He also pointed out that the potential agreement will not be put in place unless Volkswagen’s full takeover of Scania succeeds.


Source Dagens Industri

>>> Dixons: 'nothing happening' with BC Partners

Dixons: 'nothing happening' with BC Partners

Talk of a counter-bid for the listed UK-based electrical goods retailer Dixons Retail from BC Partners was downplayed yesterday, 24 March, the Financial Times reported. The newspaper’s market report section cited people familiar with the companies who said there was nothing happening.

The article noted a report yesterday that the buyout group BC Partners had approached Dixons about a counter offer to the proposed merger with Carphone Warehouse.

BC Partners had planned to list its Phones4U mobile phone retailing business, but those plans are on hold, the item said. Investors said it was therefore unsurprising that BC Partners would look to reverse Phones4U into Dixons, according to the newspaper.

A Daily Telegraph report said Phones4U is believed to have sounded out Dixons about expanding their commercial relationship, under which Phones4U has retail outlets in Dixons' Currys and PC World stores. The newspaper did not cite a source for the claim. However, it is understood that Phones4U and Dixons are not in discussions regarding a merger or takeover, the article added.

BC Partners owns Mergermarket Group, publisher of this news service.

Dixons Retail’s share price closed 0.11p down at 50.00p in London yesterday, giving the company a market capitalisation of GBP 1.83bn.


Source Financial Times, Daily Telegraph

(Les Echos) SFR: Minority Vivendi want more transparency

Link to google Translation : {http://bit.ly/1kZQCWX}
Link to Original French Article : { http://bit.ly/1gwuZOC}

SFR: Minority Vivendi want more transparency

Colette Neuville asked Jean-René Fourtou more transparency on both offers.
She also wants Vivendi shareholders can express their opinion in general meeting.

New episode in the series from the sale of SFR by Vivendi. Colette Neuville, president of Adam (Association of Defence of minority shareholders ) up to the plate. It was commissioned by Jean-Charles Mériaux, Chief Manager DNCA Finance, which has invested its customers 300 million euros. The latter, which has suddenly, a little over 1% of the capital, "Vivendi wants to take the best decision for the shareholders."
Perplexity of shareholders
March 20, Colette Neuville wrote to Jean-René Fourtou, Chairman of the Supervisory Board of Vivendi asking for more transparency on both offers. "Shareholders are puzzled by the fact that the Council has made ​​its decision at the end of a meeting just three hours, two days after the submission of tenders. And even though, it is easy to see that the part payment in cash provided by Numericable is slightly higher than (the first offer of Bouygues, Ed) Bouygues, the party titles is very difficult to assess " , she says in her letter.
She asked not only to be communicated elements relating to the valuation of the two offers, but also to submit to a general meeting . This application is not running. French law does not require such a device (unlike Anglo-Saxon law, which provides that whenever there was a cessation of essential assets, shareholders vote). Colette Neuville protested against the way the dichotomy in treatment between the shareholders of a controlled more than 40% (which in this case can be a company buyout offer ) and those of a non-company controlled (which do not have that exit). A great opportunity for her to develop the securities laws.
Strong pressure from the president of the Adam
If she does not get the required transparency, the president of the Adam plans to enter the commercial court to request the appointment of an expert. Nobody knows if Colette Neuville go that far. It is clear in any case it puts pressure on the chairman of the Supervisory Board of Vivendi and other members, who may fear that their subsequent responsibilities are implicated. Especially since Bouygues has since put on the table an offer even better bidder.

(BFW) Hornbach Family to Buy Back Kingfisher Stake, Free Float to Rise


DBF 03/25 07:05 DGAP-News: HORNBACH Familien-Treuhandgesellschaft mbH: Hornbach family to buy back ordinary shares in Hornbach Holding AG from
 BN 03/25 07:11 *HORNBACH BAUMARKT FREE FLOAT SET TO RISE TO 23.6% FROM 18.4%
 BN 03/25 07:10 *HORNBACH HLDG PREF SHR FREE FLOAT SET TO INCREASE TO 100%
 BN 03/25 07:08 *HORNBACH FAMILY TO BUY BACK HORNBACH STAKE HELD BY KINGFISHER
 BN 03/25 07:06 *HORNBACH FAMILY TO BUY BACK SHRS IN HORNBACH FROM KINGFISHER
 BN 03/25 07:05 *HORNBACH FAMILY TO BUY BACK ORDINARY SHRS IN HORNBACH HOLDING
 BN 03/25 07:05 * HORNBACH FAMILIEN-TREUHANDGESELLSCHAFT MBH: HORNBACH FAMILY TO

Hornbach Family to Buy Back Kingfisher Stake, Free Float to Rise
2014-03-25 07:17:43.434 GMT


By Gaurav Panchal
     March 25 (Bloomberg) -- Hornbach family to buy back
minority stake held by Kingfisher in unlisted ordinary shares in
Hornbach Holding (25% plus two shares).
  * Albrecht Hornbach expects sale of listed Hornbach shares
    from Kingfisher’s holdings to impact positively on share’s
    stock market tradability.
  * For 8m preference shares in Hornbach Holding listed in SDAX,
    free float to increase to 100% from 82.6%
  * Baumarkt free float to rise to 23.6% from 18.4% of total of
    31.8m listed ordinary shares
  * Statement:{NSN N2ZD0R3PR6RL <GO>}
  * Earlier: Kingfisher to dispose entire 21.2% stake in
    Hornbach for ~GBP195m {NSN N2ZD0G6TTDSB <go>}


Link to Company News:{HBH3 GR <Equity> CN <GO>}
Link to Company News:{KGF LN <Equity> CN <GO>}
Link to Company News:{HBM GR <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:
Gaurav Panchal at +44-20-7392-0511 or
gpanchal2@bloomberg.net

(Les Echos) SFR Bouygues Vivendi wants to reassure the competitive risks of the

Link to Google Translation : {http://bit.ly/1oYcGD9}
Link to Original French article : {http://bit.ly/1fdtvU8}

SFR Bouygues Vivendi wants to reassure the competitive risks of the operation

Bouygues remains very confident in the success of its bid for SFR. Evidenced by the non-performance that would have been included in the new proposal was made Thursday night at Vivendi for the redemption of the second French telecom operator. The information revealed by the website "La Tribune" yesterday, confirmed the "Echos" by a source. The amount of this clause approaching 500 million euros, according to our information. The construction group has undertaken to pay this amount if the merger between SFR and Bouygues Telecom would be blocked by the Competition Authority, or if requested by counterparties it proved too large relative to synergies announced (10 billion euros). Asked Bouygues did not wish to comment on the information.
"This is an argument for saying that their operation does not include contingencies," considered an expert in the sector. Competitive problem is thus considered as one of the main risks in the context of a marriage Bouygues, SFR, because the mobile market is dominated by two giants (with Orange), totaling nearly 90% market share. Bouygues estimates have already made strong guarantees sealing an agreement with him for Free resell its network and part of the spectrum for $ 1.8 billion.
"No excitement"
Nothing says that a clause of the same type has not been shown in the tender Numericable. Competitive risks were lower, but they exist as part of a rapprochement with the cable operator, including the distribution of TV content. If this were the case, the amount would probably be less. In the environment of Numericable entered into exclusive negotiations with Vivendi since March 14 until April 4, it is not moved by these revelations. "Teams normally work without any excitement," says a source close to society. So far, no increase in supply is the order of the day in the clan Patrick Drahi, founder of Numericable. The increase in the share of the cash offer would not necessarily be a decisive argument, according to its supporters. "What's important for Vivendi, is to be fluid and can quickly get out," one trusts of them. That Numericable, already listed, expects to make by offering a 32% stake in the new entity.
R. G. and S. G., Les Echos

>>> Orange prepares bid for Jazztel with adviser Bank of America

Orange prepares bid for Jazztel with adviser Bank of America Merrill Lynch; deal could be worth EUR 2.7bn
French teleco Orange has appointed Bank of America Merrill Lynch to prepare an offer for the Spanish cable company Jazztel (JAZ:SM), El Confidencial reported citing financial sources. Orange has been working with the bank for several weeks to analyse an offer worth almost EUR 2.7bn, according to the report.

Other sources said that talks have been on and off for some time without the parties having reached any agreements, the Spanish-language report said.

Jazztel reported EUR 1.044bn revenue in 2013 up 15% on the previous year, EBITDA of EUR 184m (up 7%) and net profit of EUR 67.6m (up 9%), the report noted.


Source El Confidencial

(UBS) GLOBAL STEEL MARKET WATCH – REMAIN CAUTIOUS

UBS = GLOBAL STEEL MARKET WATCH – REMAIN CAUTIOUS

=> China's steel mills to limit global steel recovery in our view, it is not yet time to buy global steel stocks, especially those from Europe, South Korea or China.
=> We see risks accumulating with China being the single biggest threat, given the slowdown in demand and negative implications for global steel pricing.
=> On our calculations, Chinese steel companies are, unsurprisingly, likely to have the highest earnings sensitivity to a more environmentally restrictive scenario, especially Maanshan (Neutral, PT Rmb1.70) and Wuhan Steel (not covered).
=> However, steel price sensitive stocks such as ArcelorMittal (Sell, PT $14/€10.5) and CSN (Sell, PT R$8.5), or steel traders such as Kloeckner (Sell, PT €7), could be hit particularly hard.

>>> What to look at today - 25/03/2014

US Market closed lower with Nasdaq leading the move, Nasdaq has broken its 50d MA, Biotechnology was one of worst performer...Biotech -2,8% after testing its 100d MA, Volume @ 714mil shares in line with average...VIX @ 15,09 +0,6%...BRazil +1.29% after S&P Dwg... Brazil Finance Ministry response noted the downgrade contradicts economic fundamentals, and that the analysis by the credit rating agency of the country's FDI trends is not correct....- Former PBoC adviser Li Daokui said China govt has more room to expand credit and forecasted broader economic expansion in Q3-Q4, but also said the State Council is unlikely to heed calls for more stimulus and that a "mini-crisis" in local govt debt is possible....- The head of Japan's top pension fund GPIF reiterated he would not oppose lowering domestic bond holdings to certain extent due to low yield conditions....Nikkei-0.36% ...HS -0.39%...Shanghai -0.10%

Eur$1.3837 S&P Fut +0.05% European fut +0.6%

Macro :
- S&P LOWERS BRAZIL SOVEREIGN RATING TO BBB- FROM BBB; revises outlook to Stable from Negative
- ‘Next Bust Will Be Unlike Any Other,’ Grantham Tells Fortune {NSN N2YY6G6K50XT <go>}, ful article sent by bbg
- Credit Suisse Halves The Size of Overweight in Equities

>>> Keep an eye on :
- AAL LN : Anglo American plc Halts prodcution at Los Bronces Copper Mine in Chile
- ALPHA GA : Alpha Bank Starts EU1.2b Offering Through Private Placement, fully covered @ 0,65 (vs 0,70 close ie 7,15% discount)
- BAER VX : Julius Baer Raises Stake in Wealth Manager GPS to 80% vs 30%
- BALN VX : Baloise 2013 Net Misses; Dividend Plan Beats Forecast
- BKIA SM : Bankia Agrees to Sell 70.2% of Bancofar
- EN FP : Bouygues Sees No Competition Problem With SFR Purchase: Echos
- COP LN :
- DXNS LN : Phones 4u sponsor approached Dixons to hijack Carphone Warehouse merger 
- EVT GY : Evotec Posts 2013 Loss After Impairments on EVT100 Series
- GBB FP : Bourbon Names Directors to Examine Takeover Offer From Jaccar
- KER FP : La Redoute Labor Unions Sign Accord on Kering Sale: Les Echos
- LHA GY : Lufthansa Staying With Bombardier Despite Delays: Reuters
- LUX IM : Google & Luxottica announce strategic partnership for google glass
- ORA FP : Orange prepares bid for Jazztel with adviser Bank of America Merrill Lynch; deal could be worth EUR 2.7bn
- ORCO FP : Orco Germany extends period for participating in EUR 36m capital raise
- RSA LN : Right issue 3 for 8 rights issue @ 56p ( 40% discount), to rasie £773mil, underwritten by BofA-ML & JPM
- SAN FP : Sanofi Said to Join Bidders for Merck’s Consumer-Health Unit
- SBO AV : Schoeller-Bleckmann Seeks AGM Permission to Sell 1.6m Shrs
- SCVB SS : Scania union close to agreement with Volkswagen - Dagens Industri
- TNG FP : *TRANSGENE RAISES EU20M IN PRIVATE PLACEMENT OF 2M EXTRA SHARES
- VIV FP : Vivendi Said to Seek Improved Bid for SFR From Drahi’s Altice
- VIV FP : SFR Unions Want Bidders to Sign Accord Guaranteeing Jobs: AFP

>>> Brokers Upgrage & Downgrades

>>> Up
*ACCOR RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*ALMIRALL RAISED TO BUY AT JEFFERIES, PT EU19
*BENI STABILI RAISED TO NEUTRAL VS SELL AT GOLDMAN
*BMW RAISED TO BUY VS NEUTRAL AT BOFAML
*NOVATEK RAISED TO BUY VS HOLD AT SOCGEN
*POSTNL RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN
*SABMILLER RAISED TO OUTPERFORM VS MARKETPERFORM AT BERNSTEIN
*TRAVIS PERKINS RAISED TO BUY VS NEUTRAL AT CITI

>>> Down
*BP MILANO CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*KENTZ CUT TO NEUTRAL VS BUY AT UBS
*POLYMETAL INTERNATIONAL CUT TO NEUTRAL VS OVERWEIGHT: JPMORGAN

>>> PT Change


>>> Initiation
*ESPIRITO SANTO SAUDE RATED NEW NEUTRAL AT CREDIT SUISSE
*NATIONAL GRID RATED NEW UNDERPERFORM AT MACQUARIE, PT 750P
*OSRAM RATED NEW BUY AT BOFAML, PT EU53
*VODAFONE REINSTATED OVERWEIGHT AT JPMORGAN, PT 270P

>>> Call
>> Stock
*ARM REMOVED FROM EUROPE 1 LIST AT BOFAML
*AKZO NOBEL ADDED TO CITI FOCUS LIST EUROPE, LINDE REMOVED