TheChek News Flow

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BFW 11/26 20:07 *MONCLER SAYS IPO PRICE RANGE EU8.75-EU10.2 PER SHARE BN 11/26 20:02 *MONCLER SAYS IPO PRICE RANGE EU8.75-EU10.2 PER SHARE BN 11/26 20:01 *MONCLER COMMENTS IN E-MAILED STATEMENT ON CONSOB APPROVAL BN 11/26 20:00 *ITALY MKT REGULATOR APPROVES MONCLER LISTING ON MILAN EXCHANGE

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Moncler Gets Italy Mkt Regulator Approval for IPO Prospectus 2013-11-26 20:12:16.473 GMT

By Chiara Vasarri Nov. 26 (Bloomberg) -- Moncler comments in e-mailed statement. * Says IPO price range EU8.75-EU10.20/shr * NOTE: Moncler Said to Start Presentations Next Week for Italy IPO {NSN MVWM4E1A1I4H <go>}

Link to Company News:{2942075Z IM <Equity> CN <GO>}

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To contact the reporter on this story: Chiara Vasarri in Rome at +39-06-4520-6325 or cvasarri@bloomberg.net

To contact the editor responsible for this story: Alessandra Migliaccio at +39-06-4520-6324 or amigliaccio@bloomberg.net

Americans and Oil: How Deep Is Your Love?

Weekly Demand Data Showing U.S. Oil Demand Jumping Recently Look Suspect

It seems America is falling back in love with oil—or at least that is what weekly numbers from the Energy Department show.

But oil demand is a slippery concept. The DOE's latest data show the U.S. burned an average 20.27 million barrels a day in the four weeks ended Nov. 15. That is up 7.4% year over year, a figure more redolent of China than America. It is the fastest pace of growth in oil demand since May 2010, when the numbers were flattered by 2009's economic malaise. Gasoline demand, meanwhile, was up 3.9%, and growth in October was apparently running at levels higher still, and not seen since late 2006.

Thing is, those growth rates look wrong.

With the weekly numbers, officials essentially take refinery output, add imports and stock draws and subtract exports and stock additions to calculate an implied "product supplied" total. Fittingly enough, these data get refined: Every month, with a time lag, the DOE publishes its Petroleum Supply Monthly report.

Naturally, there is some discrepancy. What is interesting is that the gap has been growing.

Throughout the decade or so leading up to 2005, the weekly implied demand numbers were usually between 1.5 million and two million barrels a day higher than the more refined monthly Supply numbers, based on a rolling 12-month average. That gap blew out to more than 2.5 million barrels a day in the feverish summer of 2008 before falling back. But it has been rising sharply again over the past year and is now back to precrisis levels, at 2.64 million barrels a day—an amount slightly bigger than the entire oil consumption of Canada.

Another set of data also suggests weekly numbers overstate demand. The Bureau of Economic Analysis estimates how much is spent on motor fuels. According to this, Americans spent $982 billion in real terms on motor fuels in the four quarters ended in September—the same level it has been stuck at since the start of 2012.

One possible explanation of the gap: The U.S. went from being a net importer of refined products to a net exporter, sustainably, in the summer of 2011. By August of this year, net exports were more than 1.5 million barrels a day. Given such a rapid swing, official data may underestimate the real level of exports, boosting the weekly implied demand figure.

U.S. refiners able to process cheap, landlocked domestic crude and export products such as gasoline have an incentive to ship as many barrels overseas as possible. While most U.S. product exports go elsewhere in the Americas, about a fifth head to Europe, according to Sanford C. Bernstein. Of all sectors of the global oil industry, Europe's refiners are most exposed to the increase in U.S. exports, especially if the real level is understated in the data.

Not only do Europe's refiners face weak demand at home and increasing competition from across the Atlantic. They also must deal with new export-oriented refineries opening in Asia and, later this decade, new Brazilian refineries to process that country's rising oil output.

Rather than raging thirst, rampant competition could be the real story beneath U.S. demand data.

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ONE 11/26 16:57 EDF: EDF ANNONCE LE LANCEMENT DE LA CESSION DE SA PARTICIPATION DANS VEOLIA ENVIRONNEMENT BFW 11/26 17:00 *EDF TO SELL 4.01% VEOLIA ENVIRONNEMENT STAKE IN PLACEMENT BN 11/26 16:58 *EDF SAYS VEOLIA STAKE SALE TO BE MANAGED BY MORGAN STANLEY BN 11/26 16:58 *EDF SAYS OFFER BEGINS IMMEDIATELY BN 11/26 16:58 *EDF TO SELL 4.01% VEOLIA ENVIRONNEMENT STAKE IN PLACEMENT BN 11/26 16:57 *EDF TO SELL VEOLIA ENVIRONNEMENT STAKE

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EDF to Sell Its 4.01% Veolia Environnement Stake in Placement 2013-11-26 17:01:22.646 GMT

By Andrea Snyder Nov. 26 (Bloomberg) -- Private placement is through accelerated book building for institutional investors. * Offering to start immediately, be managed by Morgan Stanley * Stake represents 4.12% voting rights * EDF will hold no shrs in Veolia Environnement after sale

Link to Statement:{NSN MWVR3U3V2801 <GO>} Link to Company News:{EDF FP <Equity> CN <GO>} Link to Company News:{VIE FP <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: Andrea Snyder at +1-202-624-1831 or asnyder5@bloomberg.net

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BN 11/26 16:58 *EDF TO SELL 4.01% VEOLIA ENVIRONNEMENT STAKE IN PLACEMENT BN 11/26 16:57 *EDF TO SELL VEOLIA ENVIRONNEMENT STAKE

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EDF: EDF ANNONCE LE LANCEMENT DE LA CESSION DE SA PARTICIPATION DANS VEOLIA ENVIRONNEMENT 2013-11-26 16:57:30.958 GMT

EDF: EDF ANNONCE LE LANCEMENT DE LA CESSION DE SA PARTICIPATION DANS VEOLIA ENVIRONNEMENT

   COMMUNIQUÉ DE PRESSE 26 novembre 2013 Ne pas distribuer directement ou indirectement au Canada, en Australie ou au Japon

EDF ANNONCE LE LANCEMENT DE LA CESSION DE SA PARTICIPATION DANS VEOLIAENVIRONNEMENT

Electricité de France S.A. (EDF.PA) announces that it has initiated today the sale of a total of 22,024,918 Veolia Environnement S.A. (VIE.PA) shares, representing 4.01% of the share capital and 4.12% of the voting rights of Veolia Environnement as of June 30, 2013, by means of a private placement through an accelerated book building for institutional investors.

Upon completion of the offering, EDF will have sold all of its shares in Veolia Environnement.

The offering will commence immediately and will be managed by Morgan Stanley.

EDF intends to issue a press release upon the completion of the offering to disclose the results of the offering.

Disclairmer

No communication and no information in respect of the sale by EDF of Veolia Environnement shares may be distributed to the public in any jurisdiction where a registration or approval is required.  No steps have been or will be taken in any jurisdiction where such steps would be required.  The offer or sale of the Veolia Environnement shares by EDF may be subject to specific legal or regulatory restrictions in certain jurisdictions.  EDF, its shareholders and their affiliates take no responsibility for any violation of any such restrictions by any person.

This announcement is not a prospectus within the meaning of Directive 2003/71/EC of the European Parliament and the Council of November 4, 2003, as implemented in each member State of the European Economic Area (the "Prospectus Directive").

This announcement does not, and shall not, in any circumstances constitute a public offering, nor an offer to sell or to subscribe, nor a solicitation to offer to purchase or to subscribe securities in any jurisdiction.

The offer and sale of the Veolia Environnement shares by EDF in France will be carried out through a private placement to qualified investors, in accordance with article L. 411-2 of the French Financial and Monetary Code and other applicable laws and regulations.  There will be no public offering in France.

With respect to the member States of the European Economic Area, other than France, which have implemented the Prospectus Directive (each a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of the Veolia Environnement shares sold by EDF requiring a publication of a prospectus in any relevant member State.  As a consequence, the Veolia Environnement shares may only be offered or sold in any Relevant Member State pursuant to an exemption under the Prospectus Directive.

In the United Kingdom, this press release is directed only at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Financial Promotion Order"), and (ii) "high net worth entities", "unincorporated associations" and other persons to whom it may otherwise be lawfully communicated under Article 49(2)(a) to (d) of the Financial Promotion Order (all such persons together being referred to as "relevant persons"). Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Any investment decision to buy shares in Veolia Environnement must be made solely on the basis of publicly available information regarding Veolia Environnement.  Such information is not the responsibility of EDF or Morgan Stanley and has not been independently verified by EDF or Morgan Stanley.

Morgan Stanley est autorisée au Royaume Uni (autorité compétente : Prudential Regulatory Authority). Les détails sur l'étendue de l'autorisation et du contrôle de Morgan Stanley par la PRA sont disponibles sur demande.

Morgan Stanley agit pour le compte d'EDF et pour le compte de personne d'autre dans le cadre du placement et ne sera responsable à l'égard de personne autre qu'EDF pour assurer les protections accordées aux clients de Morgan Stanley, ni pour fournir des conseils dans le cadre du placement.

Le présent communiqué ne doit pas être publié, transmis ou distribué, directement ou indirectement, sur le territoire du Canada, de l'Australie ou du Japon.

* * *

A propos d'EDF :

Le groupe EDF, un des leaders sur le marché de l'énergie en Europe, est un énergéticien intégré, présent sur l'ensemble des métiers : la production, le transport, la distribution, le négoce et la vente d'énergies. Premier producteur d'électricité en Europe, le Groupe dispose en France de moyens de production essentiellement nucléaires et hydrauliques fournissant à 95,9 % une électricité sans émission de CO[2]. En France, ses filiales de transport et de distribution d'électricité exploitent 1 285 000 km de lignes électriques aériennes et souterraines de moyenne et basse tension et de l'ordre de 100 000 km de réseaux à haute et très haute tension. Le Groupe participe à la fourniture d'énergies et de services à près de 28,6 millions de clients en France. Le Groupe a réalisé en 2012 un chiffre d'affaires consolidé de 72,7 milliards d'euros dont 46,2 % hors de France. EDF, cotée à la Bourse de Paris, est membre de l'indice CAC 40.

Contacts EDF :

Presse Carole Trivi & Alison Marquilly : +33(1) 40 42 46 37

Analystes et investisseurs Carine de Boissezon & Kader Hidra : +33(1) 40 42 45 53 David Newhouse (investisseurs US) : +33(1) 40 42 32 45

Ne pas distribuer directement ou indirectement au Canada, en Australie ou au Japon

CP EDF ABB

*BERENBERG IS OFFERING VOSSLOH SHARES AT EU68-70, TERMS SHOW

U.S. Flies B-52s Into China's New Air Defense Zone

WASHINGTON—A pair of American B-52 bombers flew over a disputed island chain in the East China Sea without informing Beijing, U.S. officials said Tuesday, in a direct challenge to China and its establishment of an expanded air defense zone.

The planes flew out of Guam and entered the new Chinese Air Defense Identification Zone at about 7 p.m. Washington time Monday, according to a U.S. official.

Over the weekend, Beijing said it was expanding its Air Defense Identification Zone to include the island chain, which is claimed by both Beijing and Tokyo but administered by Japan. The islands, the source of growing friction in the region, are known as the Diaoyu Islands in China and Senkaku Islands in Japan.

Defense officials earlier had promised that the U.S. would challenge the zone and would not comply with Chinese requirements to file a flight plan, radio frequency or transponder information.

The flight of the B-52s, based at Anderson Air Force Base in Guam, were part of a long planned exercise called Coral Lightening. The bombers were not armed and were not accompanied by escort planes.

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Vivendi May Distribute SFR Shrs To Own Hldrs in Demerger 2013-11-26 16:43:17.878 GMT

By Steve Rhinds Nov. 26 (Bloomberg) -- The co.’s supervisory bd validated demerger plan announced on Sept. 11 * Vivendi says Vincent Bollore to be chairman after demerger * Vivendi hires de Puyfontaine from Hearst as senior executive vp, media and content activities * De puyfontaine will join group in early 2014 * Vivendi to submit demerger plan to works councils

Link to Company News:{VIV FP <Equity> CN <GO>} Link to Company News:{5673Z US <Equity> CN <GO>}

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To contact the editor responsible for this story: Steve Rhinds at +33-1-5365-5072 or srhinds@bloomberg.net

*VIVENDI SAYS BOLLORE TO BE CHAIRMAN AFTER DEMERGER *VIVENDI HIRES DE PUYFONTAINE AS SENIOR EXEC VP *VIVENDI SAYS DE PUYFONTAINE WILL JOIN GROUP IN EARLY 2014 *VIVENDI TO SUBMIT DEMERGER PLAN TO WORKS COUNCILS

Aker ASA A Shares Engaged ABG Sundal Collier Norge ASA and Arctic Securities ASA to explore the opportunity to acquire approx. 16.5M shares - To explore the opportunity to acquire approx. 16.5M shares (~6 per cent of the share capital) in Aker Solutions ASA, but with the possibility for Aker ASA at its full discretion to increase or decrease the number of shares to be acquired - The book building process commences immediately, and will close no later than at 08:00 CET, 27 November 2013. The book building period can be closed earlier or extended at the Managers' own discretion