Statoil ASA To delay Bressay Oil field located in North Sea - Cites new data related to the field. - According to pror reports it was estimated that the field had up to 300M barrels of recoverable oil.
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Liberty Global Bid for ITV ’Very Possible:’ Panmure’s DeGroote 2013-11-22 09:36:30.788 GMT
By Blanche Gatt Nov. 22 (Bloomberg) -- Any bid for ITV would have to be ~300p to have any chance of success, Alex DeGroote, analyst at Panmure Gordon says in telephone interview. * That’s ~50% premium, DeGroote says * NOTE yday: WSJ says ITV could become M&A target for Liberty Global in move to expand into content production * DeGroote says ITV is “attractive and scarce asset,” bid from Liberty a “very possible” scenario * Says 2 things make it likely: * 1st is ITV’s “incredibly attractive” content production unit, which is saw rev. growth of 11% and programing that generates “big audiences” * 2nd is exposure to recovering U.K. economy through U.K.’s largest mass-mkt advertising platform * Reiterates strong buy, PT 270p; sees ITV as “critically undervalued” * Shares rise as much as 1.8% today, ~10p below 1-year high of 195.1p on Oct. 17 * ITV has 12 buys, 13 holds, 3 sells; avg. PT 199p implies upside of 7.9%; up 81% YTD: Bloomberg data * Trading on 15x next year’s earnings vs 15.7x for the Stoxx 600 Media index * NOTE yday: ITV Critically Undervalued, Offers 50% Upside; Panmure Lifts PT * NOTE Nov. 20: ITV Chief Says Lost Champions League Won’t Affect Advertising * NOTE Nov. 19: ITV Down; Exane Sees Possible Profit-Taking, Says Chance to Buy
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To contact the reporter on this story: Blanche Gatt in London at +44-20-7392-0351 or bgatt@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net
Magna International will not bid for Peugeot'stake in Faurecia -- Reuters, citing Magna
Tiscali SpA There is speculation that News Corp Italy is interested in the firm
Eurazeo Credit Agricole to reduce its stake through at least 3.2M share placement and convertible debt sale - Bonds convertible into a total of up to 5.1M shares -
Tullow Oil Announces Agete-1 oil discovery - Announces that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs. - The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Tullow's acreage in the region. This discovery de-risks several follow-on prospects located to the north and is on trend with the Twiga South, Ekales, and Ngamia oil discoveries and adds to the significant resource base already discovered. - The Sakson PR5 rig drilled Agete-1 to a total depth of 1,930 metres. Following completion of logging operations the well will be suspended for future flow testing which will confirm the net pay count. The rig will then move to drill the Ewoi-1 wildcat in the east of this basin, targeting a rift flank prospect similar to the recent Etuko oil discovery. - Tullow operates the Agete-1 well with a 50% interest and Africa Oil (50%) has a non-operated interest.
--> Another $6bn into Equities (= $235bn YTD); $3bn into bonds; outflows from Gold.
*On course for biggest Equity inflows since 2004…but investor sentiment is not frothy enough to make correction call: our Bull & Bear Index is at 6.4, i.e. below 8 (Chart 1); our Global Flow Trading Rule is in neutral territory & would require an improbable $16bn of long-only equity inflows in next 2 weeks to trigger “sell” signal
*Inflows to Europe equity funds exceeding inflows to US equity funds as % AUM by widest margin since Apr’09…pain trade into year-end remains US over Europe
Asset Class Flows
* Equities: $6.0bn inflows ($3.1bn inflows via ETF’s) (Table 1) * Bonds: $2.9bn inflows * Precious metals: 10 straight weeks of outflows
Equity Flows
* EM: 4 straight weeks of outflows (albeit tiny $0.1bn) (Table 2) * Europe: 21 straight weeks of inflows ($1.9bn) * Japan: first outflows in 11 weeks * US: $1.8bn inflows, but note divergence between outflows from large-cap and inflows to SMID-cap
Fixed Income Flows
* Largest weekly inflows to IG bond funds since May’13 ($3.0bn) (but dominated by inflows to one fund) * $1.6bn inflows to HY bond funds (inflows in 10 out of past 11 weeks) * 8 straight weeks of outflows from EM debt funds ($1.4bn) (outflows in 25 out of past 26 weeks) * 32 straight weeks of outflows from TIPS * 27 straight weeks of outflows from MBS * 74 straight weeks of inflows to floating-rate debt
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Mediaset Offers Significant Upside, Goldman Says; Keeps CL Buy 2013-11-22 07:02:47.909 GMT
By Blanche Gatt Nov. 22 (Bloomberg) -- Mediaset offers “significant upside” as structural, competitive outlook improves, Goldman Sachs says in note. * Goldman says upside to come also from ad recovery, self-help measures * Political risks “overstated,” Goldman says * Strong FCF generation, SOTP offer support to valuation * Reiterates Conviction List buy * 5 buys, 9 holds, 11 sells; avg. PT EU3.5 implies upside of 6.8%; up 110% YTD: Bloomberg data * NOTE Nov. 13: Mediaset PT raised to EU3.3 vs EU3 at Kepler Cheuvreux; raised to EU5.6 vs EU4.4 at Credit Suisse
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To contact the reporter on this story: Blanche Gatt in London at +44-20-7392-0351 or bgatt@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net
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BN 11/21 23:01 KPN Sees America Movil Sticking With Stake After Takeover Snub
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KPN Sees America Movil Sticking With Stake After Takeover Snub 2013-11-22 07:03:47.603 GMT
By Sam Chambers Nov. 22 (Bloomberg) -- Given KPN’s current share price and price AMX paid for its stake, AMX is likely to keep its stake, KPN CEO Eelco Blok says at investor conf. yday. * Blok expects some remedies to be imposed on E-Plus sale, although says he thinks regulator will be “positive” about deal * NOTE: German Cartel Office wants referral of E-Plus case * KPN wants to retain financial flexibility for potential opportunities for small in-mkt consolidation in Netherlands, Blok says. Story * NOTE: Tele2 considering sale of its Dutch fixed business
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--With assistance from Patricia Laya in Mexico City. Editor: James Ludden
To contact the reporter on this story: Sam Chambers in London at +44-20-7673-2021 or schambers7@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net
*TULLOW SAYS HAS DISCOVERED MOVEABLE OIL IN KENYA