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BN 11/07 07:02 *AUTODESK OFFER VALUES DELCAM AT ABOUT 172.5M PNDS BN 11/07 07:01 *AUTODESK: DELCAM HOLDERS TO GET 20.75 PNDS IN CASH FOR EACH SHR BN 11/07 07:01 *AUTODESK , DELCAM REACHED PACT ON RECOMMENDED CASH OFFER BN 11/07 07:00 *AUTODESK INC RECOMMENDED CASH OFFER FOR DELCAM
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Autodesk to Buy Delcam for 2,075p-Shr in Recommended Cash Offer 2013-11-07 07:09:52.693 GMT
By Gaurav Panchal Nov. 7 (Bloomberg) -- Autodesk agrees to buy Delcam in a recommended cash offer for 2,075p, or GBP172.5m. * Expects Scheme to become effective in early Feb * Offer is at 21% premium to Nov. 6 close, 28.8% premium to 1- mo. to/including Nov. 6 * Delcam directors, advised by Numis, consider offer terms fair, reasonable * Offer terms include approval of scheme by Delcam shareholders (at least 75%) * Autodesk has irrevocables representing ~44.5% of Delcam (includes Renishaw stake) * Citi is financial adviser Autodesk; Numis financial adviser to Delcam * Autodesk to pay cash from existing non-U.S. cash resources * Statement: {NSN MVVSS63HHEDE <go>} * Renishaw statement: {NSN MVVT233HHEDC <go>}
Link to Company News:{DLC LN <Equity> CN <GO>} Link to Company News:{ADSK US <Equity> CN <GO>} Link to Company News:{RSW LN <Equity> CN <GO>}
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To contact the editor responsible for this story: Gaurav Panchal at +44-20-7392-0511 or gpanchal2@bloomberg.net
* Natixis - Q3 net in line,revs better,begins buyback,FICC outperformed +2% * Bur Veritas - Q3 revs miss,says org gr unlikely to rebound before 2013 +1% * Aperam - Q3 ebitda/net loss better,Q4 ebitda may increase +1% * Yoox - Q3 revs/ebitda light,net in line,sees sales/profit growth -2% * Telefonica - EC investigation into Hutchison bid for Tef Irish unit -1% * Havas - Q3 revs miss,2013 has been a slow yr,N.America encouraging -2% * CNP - to discuss fresh partnership model with BPCE unch * Carrefour - may buy shopping malls from Klepierre for €1.7bn (Figaro) +1% * Klepierre - may sell shopping centres to Carrefour (Figaro) +1% * Hermes - Q3 sales €895.5m according to Les Echos vs cons €917m unch * Nob Biocare - Q3 net/ebit/sales beat,sees ebit margin improvement +2% * Kuoni - 9m sales light,ebit/net beat,confirms fy forecast +1% * Arkema - Q3 ebitda/sales light,stronger euro hurt performance -1% * Deut Tel - Q3 adj ebitda/revs beat,confirms fy outlook -3% * Siemens - Q4 income/net/sales better,€4bn buyback,raises eps guid +1% * SMA Solar - Q3/9m sales in line,Q3 ebit/net loss worse unch * Swiss Re - Q3 net better,on track to meet 2015 financial targets +4% * Commerzbank - Q3 net beat,NII in line,outlook unch,revs under pressure +5% * B Callabeut - fy ebit/net better,revs light,confirms outlook +1% * Rh Klimikum - 9m revs in line,still gives no fy outlook unch * Morphosys - Q3 revs/net loss better,fy revs/ebit guid in line +1% * Delhaize - Q3 adj ebit beat,net loss worse,revs in line,reits guid +2% * Credit Ag - Q3 net miss,may sell 50% stake in Newedge/buy Amundi stake -1% * Arcelor - Q3 ebitda better,sees Q4 net debt lower,maintains fcast +2% * Tenaris - Q3 net/rev/ebitda miss,well flagged,cashflow strong -2% * SocGen - Q3 net miss,higher provisions,capital better -1%
Carrefour shareholders contacted by Abilio Diniz over Brazilian unit
Abilio Diniz, former owner of Pao de Acucar and current chairman of BRF Brasil Foods, has been in contract about potentially acquiring a stake in Carrefour Brazil, the second largest retailer in the country, InfoMoney reported.
The Portuguese-language article, citing an unamed high-rank executive from Pao de Acucar, said Diniz has already contacted Carrefour shareholders.
However, Diniz might not be looking to acquire the totality of Carrefour Brazil, the item noted. There are rumours that Carrefour is looking to float some of its Brazilian subsidiary on Brazil's stock exchange, an operation that could facilitate the entrance of Diniz into its shareholding, the article explained.
In case of such an operation, Carrefour Brazil would benefit from Diniz's sector expertise as it seeks to challenge Pao de Acucar, the largest retailer in Brazil and its main competition, the article noted.
Source Infomoney
Telecom Italia minority shareholder calls for partnerships rather than divestments
Marco Fossati, the holder of a 5% stake in Telecom Italia (TI) via his Findim holding, has called for the Italian telco to halt any planned divestments and instead focus on partnerships, Italian language daily La Stampa reported. The report cited Fossatti's comments made to analysts at a meeting in London yesterday 6 November.
The report also cited Fossati as saying he also wanted TI to make no dividend payments for a year and issue a seven-year convertible bond of around EUR 2bn.
The report noted Fossati is trying to drum up support among shareholders to put in place a board dominated by independent directors rather than Telefonica, the listed Italian telco.
The report noted the TI board is to meet today.
Source La Stampa
Ericsson looking to acquire
Ericsson, the Swedish telecom giant, is interested in acquisitions, according to Dagens Industri. The Swedish business daily cited CEO Hans Vestberg, who spoke at Ericsson’s Capital Markets Day yesterday. Vestberg said the company wishes to acquire but larger buys are not expected.
Ericsson reported net sales of SEK 160bn (EUR 18bn) for the first three quarters of this year.
Source Dagens Industri
- AMS SM : Amadeus 3Q Profit EU145 Mln Vs EU127.4 Mln a Year Ago - CWC LN : Cable & Wireless 1H Sales Miss, Ebitda Beats; Reiterates Targets - Continental 3Q Ebit Beats., Rev. Misses; Adjusts FY Forecast - ENRC LN : ENRC Says 3Q Sales, Costs Similar y/y; Saleable Copper Soars - ISYS LN : Invensys 1H Rev. Down 2%; Expects Group to Improve Performance - REED LN : Reed Elsevier 9M Underlying Rev. Growth Up, Reiterates Outlook - REP SM : Repsol 3Q Adj. Net EU356m vs Est. EU390m; Ref. Margin $2.6/bbl - SDR LN : Schroders 3Q Profit Rises 37% Helped by Performance Fees - SKAB SS : Skanska 3Q Profit After Tax SEK993m Vs Est. SEk1.15b - TALV LN : Talvivaara 3Q Loss Bigger Than Estimated; Funding Talks Ongoing - TATE LN : Tate & Lyle 1H Rev. Beats, Adj. Pretax In Line With Est.
US Market closed higher but only on Dow & S&P, small caps after bouncing on the last few days closed in negative territory...volume were low with only 700mil shares traded..today Initial jobless claims & Q3 GDP will be reported...VIX @ 12.67 -4.52%...Brazil -0.83%...Twitter prices its IPO @$26/sh. (valu at $18b)...PBoC abstains from injecting more liquidity into money markets after 3 consecutive injections; Drains funds overall for the week; Overnight, Q3 Monetary Policy Implementation Report reiterates China to continue prudent monetary policy, with foundation for stable prices is not solid...Lenovo rises over 2% in afternoon session after Q2 results...Nikkei -0.8%...Shanghai -0.5%
Eur$1.3520 S&P Fut -0.10% European Fut -0.07%
Beneteau, Foncière des Régions, JCDecaux, TF1 & Vallourec are reporting today after the close
Keep an eye on : - ADS GY : Adidas 3Q Net In Line With Ests., Confirms 2013 Forecast - AGN NA : Aegon 3Q Net Income Beats Estimates - AKE FP : Arkema 3Q Rev. Misses Ests.; Sees 2013 Ebitda of About EU920m - AKTAV FH : Aktia Bank 3Q EPS, Net Income Increase in Year; Raises Forecast - MT NA : ArcelorMittal 3Q Beats; Maintains FY Ebitda Forecast Above $6.5b - BARN SW : Barry Callebaut FY Ebit Beats Ests., Confirms Outlook - BVI FP : Bureau Veritas 3Q Rev. Below Est, Growth Unlikely to Rebound - CAP FP : Cap Gemini 3Q Sales In Line With Est.; Confirms 2013 Outlook - CA FP : Carrefour to Buy Klepierre Shopping Malls for EU1.7B: Le Figaro - CBK GY : Commerzbank 3Q Net Income EU77m; Est. EU32m - CNP FP : CNP’s Nine-Month Net Income Rose 3.6% to EU811 Million - CGG FP : not released yet - ACA FP : Credit Agricole 3Q Net Misses; In Talks to Sell Newedge Stake - CWC GY : Cewe Stiftung 3Q Net Rises 15%; Confirms 2013 Outlook - DELB BB : Delhaize 3Q Adj. Ebit EU176m vs Est. EU179.9m; Forecast Affirmed - DTE GY : Deutsche Telekom 3Q Sales, Adj. Ebitda Beat Estimates - DEZ F : Deutz 3Q Net Income Rises, Sees ‘Significant’ 2014 Sales Growth - EDF FP : EDF Cuts 2013 French Nuclear Output Target; Reaffirms 2013 Goals - FIE GY : Fielmann 3Q Sales, Pretax In Line With Est., Confirms Forecast - RF FP : not released yet... - HAV FP : Havas 3Q Organic Miss Bucks Trend, UBS Says - HEI GY : HeidelbergCement Says 2013 Forecast More Challenging on FX - IM NA : Imtech 3Q Ebit Loss EU59.5m; Revenue Falls to EU1.26b - KUNN SW : Kuoni 3Q Ebit Beats Est., Reiterates 2013 Forecast - LR FP : Legrand Narrows 2013 Organic Growth in Sales Target - MOR GY : MorphoSys 3Q Revenue EU15.4m; Keeps 2013 Forecast - MUV2 GY : Munich Re Net Income Beats Estimates; Plans EU1b Share Buyback - NOBN SW : Nobel Biocare 3Q Net, Ebit Beat Ests; Raises 2013 Forecast - OMV AV : OMV 3Q Clean CCS Net EU263m vs Est. EU269.5m; Ebit Beats Est. - UG FP : Peugeot May Open Factory in Morocco, Le Parisien Says - PSM GY : ProSieben 3Q Rev. Beats Est., 4Q Earnings Growth May Slow - RHK GY : Rhoen Klinikum 3Q Net Profit EU17.1m vs EU19.6m Y/y - RRS LN : Randgold Resources 3Q Profit Beats; Cash Costs Declined - SHP LN : To cut dozens of jobs in research - SIE GY : Siemens 4Q Adj. Profit Beats Estimates, Plans EU4b Share Buyback - GLE FP : SocGen 3Q Profit Declines, Misses Estimates; in Talks on Newedge - GLE FP : SocGen Plans to Cut 400 Jobs in France, Les Echos Says - SFQ GY : SAF-Holland 3Q Sales Rise; Confirms 2013 Outlook - SREN VX : Swiss Re 3Q Net $1.07b; Est. $755m; Special Dividend ’Possible’ - S92 GY : SMA Solar 3Q Loss Wider Than Expected; Sales in Line - O2D GY : Telefonica Deutschland 3Q Oibda Misses, Wireless Revenue Falls - TTI GY : Tom Tailor 3Q Rev. Rises, Confirms 2013 Forecast - VIE FP : Veolia 9-Month Adj. Operating Income Up 20%; Names Capron CFO
Up
*EXACT HOLDING RAISED TO BUY VS HOLD AT ING *PROVIDENT FINANCIAL RAISED TO BUY VS HOLD AT BERENBERG *R STAHL RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
Down
*EULER HERMES CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN *HAVAS CUT TO NEUTRAL VS BUY AT ODDO *MLP CUT TO NEUTRAL VS OVERWEIGHT AT HSBC *NRJ GROUP CUT TO NEUTRAL VS OVERWEIGHT AT HSBC *POP. MILANO CUT TO SELL VS HOLD AT SOCGEN *SCOR CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
PT Changes
none so far
Initiation
*STRAUSS GROUP RATED NEW BUY AT CITI
Country Sector Stock Call
Asian Market Update: Twitter prices IPO at $26/shr with valuation above $18B; Australia employment disappoints; Markets look to ECB, BOE, and US GDP
***Observations/Insights*** - Twitter prices its IPO at $26/shr - above the $23-25 projected range but shy of $27 whisper figure - giving it a valuation just above $18B; Trading commences on Thursday. - Soft Australia employment data underscores the challenging transition from a mining-driven boom economy; full-time jobs particularly telling, declining nearly 28K but offset in part by 29K part-time jobs; participation rate also hits multi-year lows; Separately, Construction sector hit its first expansion in over 3 years and employment component in building increased after 40 months of decline. - PBoC abstains from injecting more liquidity into money markets after 3 consecutive injections; Drains funds overall for the week; Overnight, Q3 Monetary Policy Implementation Report reiterates China to continue prudent monetary policy, with foundation for stable prices is not solid. - Lenovo rises over 2% in afternoon session after reporting better than expected Q2 results; Market share hitting record high 17.7%; Upbeat on PC sector, anticipating corporate refreshment demand and gradual recovery in the China market. - Investors await policy decisions from ECB and BOE as well as the release of the initial estimate of US Q3 GDP that had been postponed due to govt shutdown in Oct.
***Economic Data*** - (AU) AUSTRALIA OCT EMPLOYMENT CHANGE: 1.1K V 10.0KE; UNEMPLOYMENT RATE: 5.7% V 5.7%E; PARTICIPATION RATE: 64.8% V 64.9%E (multi-year low) - (AU) AUSTRALIA OCT AIG PERFORMANCE OF CONSTRUCTION INDEX: 54.4 V 47.6 PRIOR (first expansion since May 2010) - (NZ) NEW ZEALAND OCT QV HOUSE PRICES Y/Y: 8.9% V 8.4% RIOR - (JP) JAPAN OCT TOKYO AVERAGE OFFICE VACANCIES: 7.6% V 7.9% PRIOR (multi-year low) - (TH) THAILAND OCT CONSUMER CONFIDENCE: 77.6 V 77.9 PRIOR; CONSUMER CONFIDENCE ECONOMIC: 66.6 V 67.9 PRIOR
***Fixed Income/Commodities/Currencies*** - (CN) PBoC has not conducted open market operations (OMO) in today's session; Drains CNY5B this week v Injected CNY29.1B prior - (JP) BOJ offers to buy ¥250B in 1-3yr JGB, ¥350B in 3-5yr JGB and ¥400B in 5-10yr JGB - GLD: SPDR Gold Trust ETF daily holdings rise 2.1 tonnes to 868.4 tonnes (1st rise since Oct 22nd)
- EUR/USD and USD/JPY trading in 20pip ranges as markets appear reluctant to take big bets ahead of what appears to be a very close ECB decision and the much-politicized US GDP release. AUD/USD was the biggest movers among the dollar majors, falling about 60pips below 0.9470 after the soft Australia employment numbers. AUD/JPY was also down over 60pips to trade below 93.40, while AUD/NZD hit 3-week lows.
***Speakers/Political/In the Papers*** - (CN) China Bank of Communications (BoCom) chief economist Lian: PBoC monetary policy adjustment is due to GDP and CPI concerns - financial press - (CN) China big four banks Oct new loans said to be CNY182B (lowest amount in 2013) - financial press - (CN) China Civil Aviation Administration (CAAC): Widens the range for airlines to set air ticket prices
- (JP) BOJ Gov Kuroda: too early to debate detailed exit strategy by the BOJ - addressing parliament - (JP) Japan Fin Min Aso: Japan may reach 2% inflation target in 2 years time per BOJ forecast - addressing parliament
- (KR) South Korea releases Oct Monthly Economic Report: Domestic economic recovery is accelerating - (KR) According to South Korea's Financial Supervisory Service (FSS), loan delinquency ratio for Korea's 18 local banks in Q3 rose 0.07pts to 1.80% - Korean press
- (NZ) ANZ rural economist: Recent dairy auction data suggest prices may have reached the tipping point in the current cycle - NZ press
***Equities*** Market Snapshot (as of 03:30 GMT): - Nikkei225 -0.6%, S&P/ASX -0.5%, Kospi -0.4%, Shanghai Composite -0.3%, Hang Seng -0.7%, Dec S&P500 -0.1% at 1,762, Dec gold -0.2% at $1,315, Dec crude oil +0.1% at $94.88/brl
US markets: - OME: Reports Q3 $0.66 v $0.35e, R$87.6M v $78.9Me; +22.6% afterhours - TPX: Reports Q3 $0.73 v $0.69e, R$735.5M v $708Me; +14.9% afterhours - FLTX: Reports Q3 $0.25 v $0.22e, R$46.3M v $44.5Me; +14.1% afterhours - AEO: Guides Q3 $0.19 v $0.15e, R$857M v $834Me ($0.14-0.16 prior), SSS -5%; +12.3% afterhours - RIG: Reports Q3 $1.37 v $1.06e, R$2.56B v $2.47Be; +2.8% afterhours - VALE: Reports Q3 EBITDA $5.9B v $4.3B y/y; Rev $12.7B v $11.4B y/y; +0.8% afterhours - PRU: Reports Q3 $2.07 (cont ops) v $2.10e, R$10.82B v $12.1Be; +0.6% afterhours
- CBS: Reports Q3 $0.76 v $0.76e, R$3.63B v $3.53Be; -0.5% afterhours - TSO: Reports Q3 $0.72 v $0.49e, R$11.2B v $9.45Be; -1.1% afterhours - CTL: Reports Q3 $0.63 adj v $0.63e, R$4.52B v $4.51Be; -2.0% afterhours - ATVI: Reports Q3 $0.08 v $0.04e, R$657M v $593Me; -2.4% afterhours - QCOM: Reports Q4 $1.05 v $1.08e, R$6.84B v $6.35Be; -4.0% afterhours - CKP: Reports Q3 $0.22 v $0.27e (1 est), R$174.5M v $168.8M y/y; -8.0% afterhours - WFM: Reports Q4 $0.32 v $0.31e, R$2.98B v $3.04Be; boosts dividend 20%, authorizes $500M buyback; -9.2% afterhours - INWK: Reports Q3 $0.05 (adj) v $0.15e, R$232.6M v $237Me; cuts guidance; -22.1% afterhours - NVTL: Reports Q3 -$0.04 v -$0.10e, R$92.7M v $94.7Me; -26.1% afterhours
Notable movers by sector: - Consumer discretionary: Starbucks Coffee Japan 2712.JP -2.7% (H1 results); Sankyo Co Ltd 6417.JP -1.9% (H1 results); Casio Computer Co Ltd 6952.JP -2.7% (H1 results); Edion Corp 2730.JP +8.3% (H1 results); United Arrows Ltd 7606.JP -3.8% (H1 results); Namco Bandai Holdings 7832.JP +8.1% (H1 results) - Industrials: Toyota Motor Corp 7203.JP -1.1% (H1 results); Mitsuba Corp 7280.JP +15.1% (H1 results); Calsonic Kansei Corp 7248.JP +13.1% (H1 results); Unipres Corp 5949.JP -6.4% (H1 results) - Materials: Nippon Paper Industries Co 3863.JP +5.8% (H1 results); DeHua TB New Decoration Materials Co Ltd 002043.CN +5.7% (US ITC vetoes anti-trust duties) - Financials: Commonwealth Bank of Australia CBA.AU +1.2% (analyst action) - Technology: Lenovo 992.HK +2.4% (Q2 results); Juki Corp 6440.JP +4.4% (H1 results); COLOPL Inc 3668.JP +8.9% (H1 results); JVC Kenwood Holdings Inc 6632.JP -10.0% (H1 results); Acer Inc 2353 -1.2 (Oct shipments); Nanya Technology Corp 2408.TW +4.2% (Oct results); Inotera Memories Inc 3474.TW +3.7% (Oct results); Konami 9766.JP -2.8% (H1 results); - Healthcare: Santen Pharmaceutical Co Ltd 7248.JP +13.5% (H1 results) - Telecom: MTI Ltd 9438.JP % (H1 results)