(BFW) Amcol Says Imerys Boosts Offer to $45.25/Shr

PRN 03/04 21:43 AMCOL International Corporation Announces Amended Merger Agreement with Imerys
 BN 03/04 21:44 *AMCOL SAYS REVISED PROPOSAL DID NOT BOOST MTI'S OFFER PRICE
 BN 03/04 21:44 *AMCOL PACT BOOSTS OFFER BY $2.50/SHR
 BN 03/04 21:44 *AMCOL SAYS LATEST OFFER ISN'T SUPERIOR TO IMERYS TERMS
 BN 03/04 21:44 *AMCOL BOARD DETERMINED LATEST MTX DEAL IS NOT SUPERIOR
BFW 03/04 21:44 *AMCOL SAYS IMERYS BOOSTS OFFER TO $45.25/SHR
 BN 03/04 21:43 *AMCOL GOT REVISED PROPOSAL FROM MTX FOR $45/SHR
 BN 03/04 21:43 *AMCOL SAYS IMERYS BOOSTS OFFER TO $45.25/SHR
 BN 03/04 21:43 *AMCOL PACT BOOSTS PRICE-SHR FOR AMCOL HOLDERS TO $45.25 INTL
 BN 03/04 21:43 *AMCOL INTL REPORTS AMENDED MERGER PACT W/ IMERYS
Amcol Says Imerys Boosts Offer to $45.25/Shr
2014-03-04 21:46:19.826 GMT


By Libby Sallaberry
     March 4 (Bloomberg) -- Amcol got revised proposal from MTX
for $45/shr; board determined latest MTX offer not superior to
Imerys terms.

Link to Statement:{NSN N1XLO13MMTC0 <GO>}
Link to Company News:{ACO US <Equity> CN <GO>}
Link to Company News:{MTX US <Equity> CN <GO>}
Link to Company News:{NK FP <Equity> CN <GO>}

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First Word scrolling panel: {FIRST<GO>}
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To contact the editor responsible for this story:
Libby Sallaberry at +1-212-617-8044 or
lsallaberry@bloomberg.net

>>> Credit Suisse Pre-Market Indications

Adidas -5% FY13 numbers look fine but EBIT margin cut
Admiral UNCH Numbers inline
Arkema -1-2% CS downgrade to neutral from outperform, TP 85 from 90 Eur
Ascom -2-4% Numbers ok but they lower EBITDA margin target
Barrett Dev -2% CS downgrade to neutral from O/P, remove from focus list
Bellway -2% CS downgrade to neutral from O/P, TP 1876p from 2058p
Carillion UNCH Numbers inline, outlook inline
Carrefour +2% Numbers fine, dividend better
Intesa +1% CS upgrade to outperform from neutral, TP 2.8 from 1.8 Eur
L&G +2% Good update, cash generation better
Melrose -2-3% Numbers inline, weak outlook
Michael Page -2% Numbers inline, stock has had a decent run
Miners -1% Copper +0.4%, Brent UNCH, China -0.4%
Panalpina -1% Weak 4Q, restructuring potential
Persimmon -2% CS downgrade to neutral from O/P, TP 1486p from 1532p
RSA +2-3% Warren Buffett may have acquired strategic stake (DM)
Taylor Wim -2% CS downgrade to neutral, remove from SMID focus list
UBI +1% CS upgrade to outperform from neutral, TP 7.7 from 4.8 Eur
Verbund -1% Numbers look ok but dividend looks light
Vivendi UNCH More news on Numericable and potential bid for SFR

(NY Post) Famed short seller barely breaks even after Green Mountain stock soars

Famed short seller David Einhorn must have a bitter taste in his mouth over his two-and-a-half-year battle against Green Mountain Coffee Roasters.
Last month, Einhorn’s Greenlight Capital, his flagship fund, barely broke even after the coffee company’s stock shot up by more than 35 percent.
The stock skyrocketed after Coca-Cola said it would take a 10 percent stake in the coffee machine maker Keurig on Feb. 5.
Greenlight gained a mere 0.6 percent in February, while the S&P 500 index rose 4.3 percent. The fund is down 1.3 percent, vs. a 0.6 percent gain for the S&P 500 during the first two months of 2014.
The $10 billion fund has a huge short book — worth about $7 billion — and Green Mountain is its largest position. Green Mountain was also one of Einhorn’s biggest losers last year, as shares gained 83 percent in 2013.
It’s unclear how much of the losses this year have come from Green Mountain, as other shorts like Chipotle have been a losing stake.
But one source close to Einhorn said he could have lost close to $100 million shorting the coffee roaster this year.
Since the hedgie announced his Green Mountain short to much fanfare Oct. 19, 2011, shares have risen about 33 percent. Despite his losses in recent years, last fall the hedgie said he was adding to the position.
Einhorn isn’t believed to have covered this year, although he may have hedged the position, sources said.

(BFW) Santander to Issue Up to EU1.5b of Contingent Perp. Securities

+------------------------------------------------------------------------------+

BFW 03/05 07:37 *SANTANDER TO SELL SECURITIES VIA ACCELERATED BOOK-BUILDING BFW 03/05 07:36 *SANTANDER TO ISSUE UP TO EU1.5B OF CONTINGENT CONV. SECURITIES BN 03/05 07:35 *SANTANDER TO SELL SECURITIES VIA ACCELERATED BOOK-BUILDING BN 03/05 07:35 *SANTANDER TO ISSUE UP TO EU1.5B OF CONTINGENT CONV. SECURITIES BN 03/05 07:34 *SANTANDER TO ISSUE CONTINGENT CONVERTIBLE SECURITIES

+------------------------------------------------------------------------------+

Santander to Issue Up to EU1.5b of Contingent Perp. Securities 2014-03-05 07:40:33.127 GMT

By Charles Penty March 5 (Bloomberg) -- Santander to carry out issue of contingent perpetual preferred securities convertible into newly-issued ordinary shares with nominal value up to EU1.5b, bank says. * Bank to carry out issue through accelerated book-build * Santander comments in regulatory filing today

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To contact the editor responsible for this story: Charles Penty at +34-91-700-9654 or cpenty@bloomberg.net

(NY Post) So far, 2014 has been very, very good to Bill Ackman. +11.7% YTD

So far, 2014 has been very, very good to Bill Ackman.
The hedge-fund mogul’s Pershing Square International is up 11.7 percent this year, according to an investor, powered by a 7.4 percent gain in February.
The gain far surpasses the break-even first two months of the year for the S&P 500 index.
Last year, the now-$13 billion Pershing Square, punished by its positions in Herbalife and JCPenney, rose 10 percent, but still lagged the more-than-29 percent rise in the S&P.
Ackman’s double-digit gain this year puts his performance way ahead of similarly sized funds, according to HSBC’s ranking of hedge funds.
David Einhorn’s Greenlight Capital, which has also reported February results to its investors, is down 1.3 percent for the year, while Dan Loeb’s Third Point is up about 2.6 percent.
Ackman’s gains in February were driven in part by his near-10 percent stakes in both Fannie Mae and Freddie Mac — where he has become the largest common stockholder outside the US government.
Both stocks had a surge in late February after a federal court issued a ruling in favor of preferred shareholders, who are suing the US government over its decision to return all profits to the government in defiance of its earlier agreement.
The judge ruled the government will have to turn over a trove of information to the suing shareholders.
Ackman is not a party to the lawsuit.
Fannie jumped 46 percent in February, and Freddie was up 57 percent.
Other stocks of Ackman’s that outperformed the broader market in February include Air Products, which jumped 15 percent; Howard Hughes, which gained 11 percent; and Burger King, up 9 percent.
Last month, shares of Ackman’s controversial Herbalife short gained 3 percent, but the stock is still down 15 percent for the year.

>>> Exane Makes Changes to U.K. High Conviction List

Exane Makes Changes to U.K. High Conviction List

Says “U.K. domestics” have driven mkt, investors now need to employ alternative strategies for stock selection.
  • Removes Smiths Group, BP, RSA, Pearson, Wood Group from High Conviction index
  • Adds Ladbrokes (deep value opportunity), BSkyB (yld appeal), First Quantum Minerals (increasing Resources exposure), Royal Dutch Shell (yld & balance sheet), Land Securities (rental growth play), Colt (legacy capex appeal), British American Tobacco (yld appeal)

(Oddo) CARREFOUR (BUY, TP E32) FIRST LOOK AT FY EARNINGS IN LINE

CARREFOUR (BUY, TP E32) FIRST LOOK AT FY EARNINGS IN LINE...
Carrefour reported underlying operating profit @ Eu2.24bn vs Oddo and consensus Eu2.2bn
Organic growth of EBIT is better at 9.8% vs. Oddo 7.9%. By region we note: FRANCE op profit out @ Eu1.2b and 3.4% op margin bang in line with our est. REST OF EUROPE : company outlines continuing recovery of Spain with strong improvement in the H2. Italy remains difficult.
LATAM is better +18.6% organic vs. Oddo +11.4% thanks to good perf in Brazil Net debt Eu203m and 2014 Capex target Eu2.4/2.5b is inline with our ests. Dividend is good at Eu0.62 (cons. Eu0.6)
-> In line release with good message on Spain and Brazil. More details after analyst meeting 9:30 paris time.

>>> Debenhams shares gain on vague chatter of takeover bid from Mike Ashley

Debenhams shares gain on vague chatter of takeover bid from Mike Ashley

Debenhams’ share price gained in London yesterday, 4 March on talk of a takeover bid from Mike Ashley, The Daily Telegraph reported.

The newspaper’s market report mentioned vague chatter that Ashley will table an offer for the listed department store chain, but did not cite a source for the speculation.

Ashley is the controlling shareholder in Sports Direct, a listed, UK-based sportswear retailer.

Debenhams shares closed 3.2p up at 77.85p on the London Stock Exchange yesterday, giving the company a market capitalisation of GBP 954m (EUR 1.15bn).


Source Daily Telegraph

>>> RSA shares gain on rumour that Warren Buffett has bought strategic sharehold

RSA shares gain on rumour that Warren Buffett has bought strategic shareholding

RSA shares gained yesterday, 4 March, reportedly on gossip that private investor Warren Buffett has bought a strategic shareholding in the listed UK-based insurer. The Daily Mail reported this speculation, without citing a source for the rumour.

As reported, Buffett usually conducts investments through his Berkshire Hathaway vehicle.

RSA Insurance Group’s share price closed 2.35p up at 95.9p in London yesterday, giving the company a market capitalisation of GBP 3.53bn (EUR 4.28bn).


Source Daily Mail

>>> What to look at today - 05/03/2014

US MArket Closed Higher, seeting new record while Ukraine reamins in focus but not a real issue anymore but investors still nervous as market had a brief dip on news of Russian test of a intercontinental ballistic missile...VIX @ 14.10 -11.87%...China National People's Congress unveiled its 2014 targets, most notably maintaining the 7.5% GDP objective - in line with 2013 target when the economy grew 7.7%. China is also targeting national budget spending to rise 9.5% to CNY15.3T, trade growth 7.5%, retail sales to rise 14.5%, M2 money supply 13%, and maintaining CPI goal below 3.5%. Furthermore, state council said to maintain proactive fiscal and prudent monetary policy, extend yuan floating
rate, expand VAT trial, and further reform the pension system. Despite the seemingly ambitious reform agenda, some analysts are skeptical that policymakers are serious about meaningful change given the apparent slowdown in the economy not reflected by the growth target...Nikkei +1.20%...HS-0.44%...Shanghai -0.99%

Eur$ 1.3728 S&P Fut -0.15% European Fut -0.32%

Keep an eye on :
- ADS GY : Adidas Sees 2014 Net Income EU830m-EU930m; Analyst Est. EU1.01b,4Q Adj. Sales Rise 12% Led by Latin America, Asia
- ALPH SW : Alpiq Sees Continued Pressure on Wholesale Prices in Outlook
- BARC LN : Barclays, Deutsche Bank Accused of London Gold Fix Manipulation
- GBB FP : Bourbon 2013 Ebitda, Dividend Beat Estimates; Net Income Rises
- EN FP : Bouygues to submit offer for Vivendi's SFR {http://reut.rs/1hJamNP}
- CA FP : Carrefour 2013 Recurring Oper. Inc. Beats; Margin Rises
- DBK GY : Barclays, Deutsche Bank Accused of London Gold Fix Manipulation
- ELIOIR : Elior Plans IPO Around Third Quarter, Le Figaro Says
- ENI IM : ENI to Start Producing Gas in Mozambique as Soon as Late 2018
- NCLH US : Genting HK to Cut Norwegian Cruise Stake, May Sell Rest
- NOVN VX : Novartis India May Face Penalties Over Document: E. Times Link
- RNO FP : Nissan, Renault to Share 70% of Auto Parts by 2020, Asahi Says
- ROG VX : Roche’s Lebrikizumab Data Show Drop in Asthma Attack Rates
- GLE FP : SocGen’s Oudea Bonus for 2013 Increases 18% from Previous Year
- PWTN SW : Panalpina 4Q Sales Rise, Posts Loss
- RI FP : Pernod Among Companies Vying For Whyte and Mackay Stake: ET Link
- SCOR FP : Scor 2013 Net Income Beats Estimates; Dividend Plan In Line
- SCVB SS : Scania Will Continue to Grow, VW CEO Says: Svenska Dagbladet
- VOLVB SS : Cevian Continues to Increase Volvo Stake, Dagens Industri Says