(BFW) Abengoa to Meet 2013 Business Targets, CEO Sanchez Tells El Pais


Abengoa to Meet 2013 Business Targets, CEO Sanchez Tells El Pais
2013-12-22 13:19:26.527 GMT


By Esteban Duarte
     Dec. 22 (Bloomberg) -- Rev. to be EU7.25b-EU7.35b, CEO
Manuel Sanchez tells El Pais.
     Sanchez also tells newspaper:
  * Net debt/ebitda to be at 3x in 2013, and ~2.5x or less from
    2014
  * Abengoa to sell about EU1b in 2014, after EU2b of assets
    sold in 2013
  * Co.’s capex to be at EU450 per years from 2014


Link to Company News:ABG SM <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:
Esteban Duarte at +34-91-700-9606 or
eduarterubia@bloomberg.net

>>> Lafuma shareholders approve capital increase and public offer by Calida

Lafuma shareholders approve capital increase and public offer by Calida
The shareholders of French sports clothing group Lafuma have approved the public offer made by the Swiss group Calida, French daily le Figaro wrote, without citing sources.

The report said Calida will acquire 50.85% of the capital and voting rights at Lafuma. This includes a EUR 35m capital increase at Lafuma by Calida, the report noted.

An earlier press release announcing the public offer said execution of the takeover offer is conditional, among others, on LAFUMA shareholders approving the capital increase reserved for CALIDA, which they will vote on at an EGM on 20 December 2013.


Source Le Figaro

>>> Chrysler: Fiat restarts negotiations with Veba to acquire 41.5%

Chrysler: Fiat restarts negotiations with Veba to acquire 41.5%
Fiat, the listed Italian carmaker, has re-opened negotiations with Veba, the medical and pension fund, to acquire its 41.5% stake in the Michigan-based car maker Chrysler, a newswire reported.

The item carried by Bloomberg on 20 December cited three sources with knowledge of the situation who said Fiat/Chrysler's CEO Sergio Marchionne met with Veba representatives, earlier during the week.

The report said earlier in December, Veba had turned down an improved offer for the stake from Fiat. The item said Fiat may improve its offer to ward off Chrysler's IPO being pushed for by Veba.

The report cited one of the sources who claimed Fiat was now offering USD 4.2bn but Veba was asking for at least USD 5bn.


Source Newswire Round-up

Edgar M Bronfman dies at 84

Edgar M. Bronfman, the billionaire businessman and philanthropist who as chairman of the Seagram Company expanded his family’s liquor-based empire and who as president of the World Jewish Congress championed the rights of Jews everywhere, died on Saturday at his home in Manhattan. He was 84. His death, of natural causes, was confirmed by the family’s Samuel Bronfman Foundation. Mr. Bronfman inherited control of Seagram from his father, Samuel Bronfman, an irascible, self-made Canadian magnate who founded a distilling company in 1924 and got rich during Prohibition when Bronfman liquor found its way to American customers through bootleggers. Edgar gave the company a more sophisticated image, in keeping with his own elegantly turned-out profile in New York society — a prominence underscored in the 1970s by the headlines generated by the kidnapping of his son Sam for ransom money. But as liquor profits began to falter, he broadened the company by acquiring Tropicana, taking Seagram into the oil business and eventually making it the largest minority shareholder in DuPont, the chemical giant. Later, he allowed his son Edgar Jr., who had succeeded him as head of the company, to risk billions of dollars to transform Seagram once again, this time into a major player in Hollywood. As president of the World Jewish Congress, from 1981 until 2007, Mr. Bronfman turned a loose, cautious federation of Jewish groups in 66 countries into a more focused, confrontational organization. Under his leadership, the Congress pressed the Soviet Union to improve conditions for Jews living within its borders and to allow freer emigration. Spurred by Mr. Bronfman, the Congress led efforts to expose the hidden Nazi past of Kurt Waldheim, the former secretary general of the United Nations who became president of Austria. And it campaigned successfully to force Swiss banks to make restitutions of more than a billion dollars to the relatives of German death camp victims who deposited their savings in Switzerland before World War II. Mr. Bronfman shrugged off criticism from those who feared that his aggressive tactics were risking an anti-Semitic backlash. “The answer isn’t to say, ‘Don’t make trouble,’ and hide our heads in the sand,” he wrote in his 1998 memoir, “Good Spirits: The Making of a Businessman.” “We may not earn the friendship of others, but we will demand their respect.” Edgar Miles Bronfman was born in Montreal on June 20, 1929. His father and his mother, the former Saidye Rosner, were Jewish immigrants from Eastern Europe who had moved to Montreal from Winnipeg, Manitoba. Edgar was the third-born of their four children. Sam Bronfman and his brother Allan established a successful mail-order liquor company but were forced to give it up when provincial governments in Canada took over the retail side of the liquor business themselves. The Bronfmans decided that if they could not sell liquor, they would produce it. The family built its own distillery near Montreal in 1925. It prospered, and the Bronfmans took advantage of Prohibition by opening more distilleries just across the border from the United States. One that the brothers bought was owned by the Seagram family, and they incorporated the name. When Prohibition ended, they were strategically placed to open a Seagram subsidiary in the United States, in 1933. “How much business Father and his brothers did with bootleggers was never clear,” Mr. Bronfman wrote in “Good Spirits.” Edgar and his siblings grew up in aristocratic splendor. Their family’s suburban Montreal mansion was staffed with a butler, a cook, maids, nannies, gardeners and chauffeurs. They spent summers at their country estate in Tarrytown, N.Y., and at the family retreat on Lake Placid in the Adirondacks. But affluence did not always evoke fond memories. “My childhood was marked by a tension between privilege on the one hand and emotional dysfunction on the other,” Mr. Bronfman wrote in “Good Spirits.” He complained that his father had rarely been around and that his mother had been remote and inaccessible. Mr. Bronfman said he had grown up with a confused understanding of his Jewish identity. The Bronfmans kept a kosher home, and the children received religious schooling on weekends. But during the week Edgar and his younger brother, Charles, were among a handful of Jews sent to private Anglophile schools, where they attended chapel and ate pork. “No one said anything to my face,” Mr. Bronfman remembered, “but I constantly heard comments denigrating Jews.” Mr. Bronfman enrolled at Williams College in Massachusetts and then transferred to McGill University in Montreal, graduating in 1951. At 21 he joined Seagram, working as an apprentice taster and accounting clerk in Montreal and then at the main distillery nearby, where he eventually oversaw production. He had a knack for finances and the boldness to tell his tyrannical father how best to handle his money. At 22 he explained that Seagram could reap great tax benefits if it incorporated its petroleum subsidiary and carried out exploration in the United States rather than in Canada. “Fortunately, Father saw the point at once and agreed,” he wrote. Mr. Bronfman was a confident executive, safe in the knowledge that as the firstborn son he was the heir apparent. His brother accepted his status and throughout his life deferred to Mr. Bronfman on business decisions. But his oldest sibling, Minda, resented the accident of gender that had removed her from consideration as the eventual heir, despite her degree in business administration. Relations between her and Edgar were strained for most of their lives. In 1953 Mr. Bronfman married Ann Loeb, a granddaughter of the financier Carl M. Loeb. Loeb, Rhoades & Company helped the Bronfmans purchase the Texas Pacific Coal and Oil Company. Mr. Bronfman convinced his father that since the United States accounted for 90 percent of Seagram revenues, it made sense to install himself permanently in New York. In 1953 Samuel Bronfman put Edgar in control of the company’s subsidiary in the United States, Joseph E. Seagram & Sons, and placed Charles in charge of the Canadian branch, the House of Seagram. Mr. Bronfman moved to New York two years later and shortly afterward became an American citizen — although it was his sister Phyllis, who had studied architecture, who was put in charge of the construction of the new company headquarters, the Seagram Building, on Park Avenue, considered a jewel of modern skyscraper design. At its zenith, in 1956, Seagram’s products accounted for one of every three distilled-alcohol drinks in the United States. Then its market share began to slide. To compensate for the losses, Mr. Bronfman squeezed more profits from less production, using modern cost-cutting methods and focusing on more expensive brands of whiskey. But he was frustrated by his inability to wrest full control of Seagram from his aging father, and he began to dabble in film and television production. After losing a bid for MGM to the financier Kirk Kerkorian, however, he returned full time to the beverage business. With the death of his father in 1971, Mr. Bronfman’s personal life began to unravel. That same year he separated from his wife, with whom he had five children. After their divorce, he married Lady Carolyn Townshend, in 1973, but that marriage also ended in divorce, a year later. He quickly became involved with another Englishwoman, Rita Webb (who changed her name to Georgiana). They married and divorced each other twice, and had two daughters. He then married Jan Aronson, an artist and a former triathlete. He is survived by Ms. Aronson; his sons, Samuel, Edgar Jr., Matthew and Adam, and his daughter Holly Bronfman Lev, all from his first marriage; his daughters with Ms. Webb, Sara Igtet and Clare Bronfman; his brother, Charles; his sister Phyllis Lambert; 24 grandchildren; and two great-grandchildren. In 1975, Samuel Bronfman II was kidnapped in New York and held for ransom. Mr. Bronfman himself delivered the $2.4 million ransom to one of his son’s two kidnappers, who were both arrested shortly afterward by the F.B.I. But the kidnappers’ lawyer claimed in court that the abduction had been a hoax and that Sam Bronfman had been a part of it. In the end, the jury convicted the defendants of the lesser charge of extortion. With liquor consumption in decline in 1981, Mr. Bronfman tried to buy Conoco, a major oil and gas company. Seagram lost out to DuPont in the bidding but, because of its investment in Conoco, ended up with a 20 percent share of DuPont — and soon raised this to almost 25 percent, making Seagram DuPont’s largest minority shareholder. Initially, most Wall Street analysts and the financial press took the position that Seagram had been outdueled for Conoco by DuPont. A 1981 Business Week article quoted a DuPont senior executive as saying jokingly that he enjoyed drinking “Seagram on the rocks.” But by 1985 its stake in DuPont accounted for nearly 75 percent of Seagram’s earnings, and Mr. Bronfman was being hailed as a smart, risk-taking businessman. At the same time, Mr. Bronfman was becoming increasingly involved in Jewish causes. He was elected president of the World Jewish Congress in 1981. “Making money is marvelous, and I love doing it, and I do it reasonably well,” he told The New York Times in 1986, “but it doesn’t have the gripping vitality that you have when you deal with the happiness of human life and with human deprivation.” As his devotion to Jewish causes grew, he reduced his involvement with Seagram and prepared to turn over the company to the next generation. By family tradition his oldest son, Sam, was the logical successor, but he favored his second son, Edgar Jr., and without consulting either, Mr. Bronfman announced his choice in a 1986 interview with Fortune magazine. It would be Edgar Jr. “It took Sam a long time to get over the hurt that I had inflicted,” Mr. Bronfman later conceded. “But my responsibility was to choose the right C.E.O. for Seagram regardless of presumed birthright or familial relationship.” Edgar Bronfman Jr. became president of Seagram in 1989 and chief executive in 1994. With his father’s approval, he sold Seagram’s shares in DuPont and used the proceeds, more than $9 billion, to purchase MCA, a major Hollywood film and music company, which was later split into Universal Studios and Universal Music. DuPont’s share price doubled within four years, while Seagram’s stock barely budged during the long bull market of the 1990s. Undeterred, Edgar Jr. spent billions more on entertainment. In 1998 he bought PolyGram, the giant music company, but the resulting conglomerate floundered, forcing him to seek a strategic partner. So in 2000 he negotiated yet another controversial deal, an all-stock acquisition of the French conglomerate Vivendi. He briefly became chief executive of the new company, Vivendi Universal, but after Seagram lost control of its entertainment holdings, he stepped down from an executive capacity in 2001. Seagram then sold its beverage business. In 2004, Edgar Jr. acquired Warner Music Group. Edgar Sr., for his part, became a major philanthropist through the family foundation, with a focus on Jewish educational and social programs in the United States and Israel. At New York University, he helped establish the Edgar M. Bronfman Center for Jewish Student Life. In 1999, President Bill Clinton presented him with the Presidential Medal of Freedom. He also wrote four autobiographical books. His work with the World Jewish Congress also accelerated. In the 1990s the Congress, spurred by Mr. Bronfman, negotiated with Eastern European countries to recover — or at least receive compensation for — the property of Jews that had been seized first by the Nazis and then by the Communists. In the late ’90s, the Congress became one of the foremost critics of Switzerland’s role during World War II, accusing Swiss banks of having stolen the deposits of European Jews who died during the war. After several years of bitter negotiations, Swiss banks agreed in 1999 to distribute at least $1.25 billion in compensation to relatives of European Jews who had secretly deposited their money in Switzerland before perishing at the Nazis’ hands. Mr. Bronfman acknowledged that he could be abrasive in pursuing Jewish causes, but he defended his approach, telling The Times in 1986, “I would like every Jew to be as comfortable in his skin as I am in mine.”

>>> Weekly Market Update : Taper Arrives But Stocks Party On

Weekly Market Update: The Taper Is On

- The FOMC surprised markets and announced the taper at its December meeting on Wednesday. In the press conference after the event, Chairman Bernanke said economic growth would pick up in coming quarters but highlighted that even after the reduction in asset purchases, the Fed would still be adding to its holdings at a rapid pace. Beginning in January, the Fed will buy $75 billion in bonds each month, down from the $85 billion it had been buying since September 2012. The Fed will cut back on purchases of mortgage-backed securities and treasuries by $5 billion per month each. The Fed's assessment of the economic outlook was somewhat more upbeat and the statement was more or less in line with expectations. The VIX moved lower back toward 13 while the Dow closed the week near a new all-time high even after adjusting for inflation. On Friday, the third and final reading of Q3 US GDP came in better than the preliminary reading, rising to +4.1% from 3.6% prior, for the strongest rate of growth since the final quarter of 2011. Equities have shot higher after the taper and the GDP news, while selected decent data in Europe helped European indices gain. For the week, the DJIA rose 3.1%, the S&P500 rose 2.5% and the Nasdaq gained 2.6%.

- In the decision issued on Wednesday, the Fed said it would begin to taper QE buys in January and set qualitative conditions for the next round of tapering but left the specific details of the latter point open ended. The challenge now is managing expectations for a rate hike, and to that end the Fed strengthened its forward guidance by saying rates would remain low well after unemployment reached their 6.5% threshold. Helping matters, CPI figures released this week continued to indicate inflation levels remain below the Fed's target.

- Treasury markets were somewhat volatile as the FOMC announcement induced some recalibration. Leading up to the FOMC meeting traders were betting that at the very least tapering would be discussed extensively, even if it were not announced until next year. After the announcement traders appeared to use the news to unwind bets that the yield curve would steepen. The belly of the curve saw outsized selling which backed up yields on the 5-year and 7-year notes. Midweek offerings in those maturities were particularly disappointing, which helped the 5-year yield to reach a high of 1.72% and the 7-year to top 2.4%. Fed fund futures suggest the market believes the Fed will hike rates by the third quarter of 2015, inducing some early hand wringing that the Fed's forward guidance has not fully convinced markets yet. Spot gold hit its lowest price since June on Friday at $1,185 an ounce, closing in on a 3.5-year low touched earlier that month.

- In China, rocketing short-term rates prompted the PBoC to use short-term liquidity operations to inject emergency funding into money markets, echoing the credit crunch seen last June. In Shanghai, the seven-day repo rate rose to a six-month high of 7.6% on Friday, up from 7.06% on Thursday, while overnight interbank rates jumped to 8.2%. The PBoC injected nearly $50B into money markets to calm nerves. The Shanghai Composite fell nine straight sessions through Friday.

- Emerging-market equities plummeted this week, exacerbated by the Fed, the liquidity situation in China and a political and corruption crisis in Turkey. Turkish equities slumped after mass arrests of clients and family members of PM Tayyip Erdogan's ruling party, followed by retaliatory dismissals of police chiefs by the ruling party. The Turkish Lira fell to 2.0970 per dollar, the weakest since at least 1981. One exception was Russia, where the Micex has gained this week after President Vladimir Putin surprised everyone by pardoning Mikhail Khodorkovsky.

- The yen racked up its eighth weekly decline against the greenback after the Bank of Japan sustained its plan to add 60-70 trillion yen a year to the monetary base. The BoJ said it would maintain stimulus until annual inflation is stable at 2 percent. Most analysts anticipate the BoJ will boost stimulus after the national sales tax is raised in April. USD/JPY entered the week at 103 and rose above 104.5 on Friday.

- EUR/USD topped out last week around 1.3810, which is exactly as high as it got after the Fed announcement this week as well. Despite some decent economic reports, including the excellent ZEW and manufacturing PMI data out of Germany, EUR/USD failed to make top its 2013 highs at the 1.3830 level. Traders see more pressure on the single currency as year-end flows wind up and portfolio inflows slow down. In the UK, the ILO Unemployment Rate edged closer to BOE threshold of 7.0% while Jobless Claims declined for the 13th straight month. GBP/USD rose above 1.6350.

- There were several large M&A deals announced this week. After years of back-and-forth negotiations with various potential partners, AIG reached a deal to sell its aircraft leasing business ILFC to AerCap in a cash-and-stock deal valued at approximately $5.4B. This is the last major sale of AIG's non-core businesses in the wake of the financial crisis, which has seen the size of the firm cut in half. Semiconductor manufacturer Avago agreed to buy LSI Corporation for about $6.6B in cash, moving into the world of networking and storage chips as the computing world embraces the cloud.

>>>US Close Dow+0,26% S&P+0,48% Nasdaq+1,15%

Closing Market Summary: Stocks End Strong Week on Upbeat Note

The major averages capped a solid week with a broad advance. The S&P 500 added 0.5%, extending its weekly gain to 2.7%. Equities spent the entire session in a steady climb after the final reading ofthird quarter GDP sparked a broad-based rally. The report pointed to growth of4.1%, which was the strongest reading since the economy expanded by 4.9% in the fourth quarter of 2011, and well above the 2.5% gain reported in the second quarter. Real final sales, which exclude inventory growth, increased 2.5%. That was up from a 1.9% gain reported in the second estimate, and was the largest gain since a 3.4% increase was observed in Q4 2011.

Even though all the key indices rallied, the small-cap Russell 2000 (+1.9%) had the best showing. Meanwhile, the S&P 500 posted a more modest gain as nineof ten sectors finished in the green. The largest S&P 500 sector, technology (+0.9%) played a significant part in the rally. The group received support from large-cap names like Apple (AAPL 549.02, +4.56), Google (GOOG 1100.62, +14.40), and Microsoft (MSFT 36.80, +0.55). Chipmakers also chipped in as the PHLX Semiconductor Index gained 0.8%. On a related note, the tech sector's strength contributed to the outperformance of the Nasdaq (+1.2%), which also received noteworthy support from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 223.70, +5.71) surged 2.6%. In turn, biotechnology gave a boost to the health care sector (+0.5%), which kept pace with the S&P 500 throughout the session. Another influential group, financials (+0.5%) lagged for the majority of the session, but caught up to the broader market in the late afternoon.

Although most sectors had a strong showing, energy (+0.1%) and materials (+0.3%) struggled to gain traction. The energy sector underperformed as two large members, Chevron (CVX 122.78, -0.44) and Exxon Mobil (XOM 98.68, -0.75) spent the day in the red. The pair of Dow components also factored into the underperformance of the Dow Jones Industrial Average (+0.3%). On the downside, the telecom services sector (-0.6%) was the lone decliner.

Today's participation was well above average as nearly two billion shares changed hands on the floor of the New York Stock Exchange. The final tally wasaided by additional activity associated with quadruple witching and quarterly rebalancing that took place today. Treasuries ended on their highs after staging an intraday reversal. The 10-yr yield tested resistance earlier this morning at 2.95% (September closing high). Despite the stronger-than-expected Q3 GDP revision, the 10-yr came barreling back in a surprising manner that probably stirred some short-covering activity that has exacerbated today's gains. The 10-yr note settled higher by 11 ticks with its yield down four basis points at 2.89%. On Monday, November personal income, personal spending, and core PCE prices will all be reported at 8:30 ET while the final reading of the Michigan Consumer Sentiment Survey will be released at 9:55 ET.

o Nasdaq +35.9% YTD o Russell 2000 +35.0% YTD o S&P 500 +27.5% YTD o DJIA +23.8% YTD

Telecom Italia Investors Reject Motion To Revoke Board

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

Telecom Italia Investors Reject Motion To Revoke Board 2013-12-20 18:20:41.860 GMT

By Daniele Lepido Dec. 20 (Bloomberg) -- Telecom Italia investors rejected motion by shareholder Findim to revoke board at meeting today * Telecom Italia investors reject Findim motion 50.3% vs 42.3%, with 7.4% abstentions * 54.26% of co.’s capital present at the meeting

Link to Company News:{TIT IM <Equity> CN <GO>} Link to Company News:{0852578D LX <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the reporter on this story: Daniele Lepido in Milan at +39-02-8064-4266 or dlepido1@bloomberg.net

To contact the editor responsible for this story: Dan Liefgreen at +39-02-8064-4204 or dliefgreen@bloomberg.net

*INBEV BELGIUM TO TAKE OVER 10% OWNERSHIP FROM INBEV NEDERLAND

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

BN 12/20 18:33 *COFINIMMO COMMENTS ON WEBSITE BN 12/20 18:33 *INBEV BELGIUM TO TAKE OVER 10% OWNERSHIP FROM INBEV NEDERLAND BN 12/20 18:32 *COFINIMMO, INBEV SIMPLIFY PUBSTONE STRUCTURE IN THE NETHERLANDS

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

*INBEV BELGIUM TO TAKE OVER 10% OWNERSHIP FROM INBEV NEDERLAND 2013-12-20 18:34:26.705 GMT

--LOUISA FAHY

-0- Dec/20/2013 18:34 GMT

(BFW) *ENI SPA OUTLOOK TO NEGATIVE BY S&P

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

BN 12/20 16:36 *ENI SPA OUTLOOK TO NEGATIVE BY S&P

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

*ENI SPA OUTLOOK TO NEGATIVE BY S&P 2013-12-20 16:38:34.301 GMT

--JULIE ALNWICK

-0- Dec/20/2013 16:38 GMT