(Citi) AstraZeneca - Looking for a deal...Actelion ?...UCB?...Hospira???

* Consensus earnings post ‘16 look materially too low (7-27%)… we maintain our NEUTRAL rating, although our in-depth early pipeline analysis lifts our DCF-derived intrinsic value from £37 to £49 (the greatest discount to NPV in our universe). Our target price remains unchanged (£35, 12% ETR) and is based on c.12x 2014E core earnings. The market ascribes minimal value to the potential of AZN’s extensive and growing cancer pipeline and the longer-term potential of Brilinta (cardiovascular). Despite the DCF support, ahead of maturing pipeline data we continue to prefer BUY rated Roche, Novartis and Bayer in EU and BMY and PFE among US majors.

* …but near/mid-term EPS still face downward pressure and few catalysts. Our new estimates are c.2% below consensus for 2014-2015 EPS. Dividend yield rather than capital appreciation prospects will likely remain the determinant of the share price until AZN discloses pipeline data 4Q 2014/2015.

* Restructuring of BMY diabetes JV and Actelion deal or similar could provide c.24% EPS accretion. We have previously outlined our belief that a restructured diabetes JV for BMY/AZN would be mutually beneficial, potentially accreting AZN’s EBIT by c.7%. (AZN Could Seek Increased Ownership Of Diabetes JV). Acquisition of “long runway” assets like Actelion could provide c.12% EBIT accretion without jeopardizing the dividend.

* AZN’s unappreciated $7bn pa cancer pipeline — AZN is building the broadest portfolio of cancer immunotherapies (IO), outside BMY and Roche (Immunotherapy – The Beginning of the End for Cancer). AZN has multiple checkpoint inhibitors/ costimulators, armed antibodies, antisense inhibitors and a plethora of high potential novel small molecules. First phase II data due 4Q 2014 for immunotherapy agents, with first novel oral launches anticipated in 2014/2015.

* Likely positive PEGASUS data in ACS set to make Brilinta a >$3bn drug — The direct and indirect effect of positive Brilinta data from PEGASUS should fuel increased uptake in the primary ACS (Acute Coronary Syndrome) and help extend treatment duration (data due 1Q 2015). We are unperturbed by the planned investigation into the PLATO registration trial (DOJ Investigation Into Brilinta/PLATO Trial Integrity Likely Immaterial. PEGASUS Is Key For Transforming Brilinta Outlook)

(BFW) MORE: UCB And Hospira May Be M&A Targets for Astra, Citi Says

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MORE: UCB And Hospira May Be M&A Targets for Astra, Citi Says 2013-11-21 11:07:32.693 GMT

By Simeon Bennett Nov. 21 (Bloomberg) -- Buying UCB, Hospira or Actelion would give AstraZeneca “long runway” assets to offset genericization over next 3y, Citigroup analyst Andrew Baum says in note today. * Restructuring diabetes JV with Bristol-Myers Squibb, coupled with acquisition such as Actelion, could add 24% to core EPS: Baum * Deal like Actelion wouldn’t jeopardize GBP1.8 dividend: Baum * Actelion would complement AstraZeneca’s stated growth platforms in cardiovascular, respiratory medicine: Baum * AstraZeneca could benefit from Actelion’s 15% effective tax rate: Baum * AstraZeneca was among bidders for Onyx, people familiar told Bloomberg in July * NOTE: Actelion Rises After Citi Says It Could Be M&A Target for Astra * NOTE: AstraZeneca, Pfizer, Novartis Among Suitors for Onyx Pharma * NOTE: Don’t See Need for Large Acquisition, AstraZeneca CEO Says

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To contact the reporter on this story: Simeon Bennett in Geneva at +41-22-317-9238 or sbennett9@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at +33-1-5530-6277 or pserafino@bloomberg.net

WSJ : Probe of How U.S. Agency's Medicare Move Reached Investors Hits Wall

Probe of How U.S. Agency's Medicare Move Reached Investors Hits Wall

Incident Has Put Spotlight on Political-Intelligence Business in Washington

WASHINGTON—Investigators are hitting a wall in an insider-trading probe of how a government funding decision made its way to investors before it was officially released, according to people familiar with the probe. The Securities and Exchange Commission and Federal Bureau of Investigation have been examining whether anyone in government illegally passed along information April 1 about a pending decision on Medicare payments, according to officials involved in the probe. A report from a Washington policy-research firm, Height Securities, correctly called the decision just before it was announced, which sent health-care stocks soaring. The incident has put the spotlight on the burgeoning business known as political intelligence, where lobbyists, policy experts and former government officials gather insights on policy changes that they then sell to investors. But investigators are struggling over how to distinguish between illegal insider tips and accurate predictions based on research and analysis, the people familiar with the probe say. The legal quandary cuts to the heart of a debate about how business is conducted in the nation's capital, specifically whether the government's common practice of widely sharing information about policies could lead to violations of insider-trading laws. The investigation involving Height and others connected to the incident continues and still could result in enforcement action, according to people close to the matter. Officials at Height have denied any wrongdoing. Beyond the health-care investigation, the SEC, FBI and the Justice Department are looking broadly into the political-intelligence business, according to officials involved in the probes.

It is difficult to determine whether a member of Congress or an aide is breaking the law by passing along information, or if the information is something they normally would share in the course of their duties, people familiar with the matter say. It is easier to prove wrongdoing in the executive branch, because agencies often have clear rules about discussing policy. George Canellos, co-chief of the SEC's enforcement division, speaking at the Benjamin Cardozo School of Law in New York earlier this month, said determining whether anyone in Congress violated a duty to keep information confidential "is probably the toughest and most challenging issue and varies very much on facts and circumstances." He was talking broadly about political intelligence and not about any specific probe. Unlike traditional insider-trading cases involving information from a publicly held company, when it comes to market-moving information coming from Congress "the lines aren't quite as bright and the opportunities for arguments by the defense are greater," Mr. Canellos said. The most prominent political-intelligence investigation, involving the Centers for Medicare and Medicaid Services' decision on payments, was prompted by an article in The Wall Street Journal about an alert from Height Securities to its clients that sent shares of health-insurance stocks up as much as 6% in the final minutes of trading April 1. In that case, Height emailed traders at 3:42 p.m. Eastern time that the Medicare regulator planned to announce it had reversed course on a proposal, a switch that would benefit firms such as UnitedHealth Group Inc. UNH +0.52% and Humana Inc. HUM +1.66% The alert was based on an email from a health-care lobbyist on retainer by Height. That lobbyist, former Senate Republican aide Mark Hayes, said in the email that he learned about the change from "very credible sources." Mr. Hayes later told congressional investigators that he didn't receive a tip from a lone individual but based his prediction from information gathered partly from conversations with a Senate aide. Investigators from the FBI, SEC, Department of Health and Human Services and the Senate itself have spoken with officials at Height, health-insurance companies and the Senate, and have determined that dozens of officials at the CMS knew about the decision before it was made public, according to officials involved in the investigations. That has made it difficult to determine whether Mr. Hayes received an illegal tip or whether he based his conclusion on his own analysis and publicly available information. Congress passed the Stock Act in 2012 with much fanfare and a promise that it would tighten up insider-trading rules for lawmakers and their aides. The Height case is showing the law's limitations, several law-enforcement officials said. Rep. Louise Slaughter (D., N.Y.), an author of the Stock Act, wants to go further and enact regulations for political-intelligence operatives similar to those faced by lobbyists. "Until we enact reforms, the political intelligence industry will continue to game the market and disadvantage ordinary investors by trading on information gleaned from Congress without any scrutiny," she said. In his remarks at Cardozo, Mr. Canellos said the Stock Act made it marginally easier for the SEC to bring an insider-trading case against someone on Capitol Hill because the law imposed a legal "duty" on congressional officials not to trade stocks on information learned during their official duties. But he said it would be difficult to prove that a congressional official was violating the law by knowingly passing along nonpublic information and not engaging in routine conversations with lobbyists and other interested parties about legislation and strategy. The Constitution's "speech or debate" clause specifically protects lawmakers and their aides from prosecution for engaging in what it terms legislative conduct. In practice, that means federal agents eyeing those who work in Congress must often negotiate with the legislative branch over the terms and scope of their investigation. In a memo to staff after the Stock Act was enacted, the Senate Ethics Committee said that the law isn't intended to "chill legitimate communications made in good faith between public officials and their constituents, inhibit government transparency, or otherwise hinder the dissemination of public information about government activities."

(Manager.de) diamond billionaire enters at Karstadt

In german : {http://bit.ly/1djY5Qi}

English trnaslation : {http://bit.ly/18qeTkA} (Google)

The Israeli diamond trader Beny Steinmetz is co-manager of the Karstadt Premium division, belong to the KaDeWe, Alsterhaus Oberpollinger. Even with the 28 Karstadt sports houses rises a stone. The former sole owner Nicolas Berggruen is amply rewarded.

Hamburg - As the manager magazine in its 22 November emerging issue reported Steinmetz takes each 37.55 percent of the premium and the sports company. The Austrian real estate developer René Benko announced in September to enter both companies with 75.1 per cent, each half of the shares he now extends to more stone. manager magazine appeals to a board template of Benko's Signa society.

In addition, signals and Steinmetz have loudly manager magazin the option to take over for a euro and 75.1 percent of the ailing company Karstadt tribe, which operates 83 conventional stores. If the partners exercise their option keeps the current sole owner Nicolas Berggruen in all three divisions Karstadt only 24.9 percent.

Unlike previously known, Berggruen is richly compensated by Signa and stone.As the manager magazine further writes, the German Americans receives a small capital contribution, a contribution of 24.9 percent to a sub company of signals and Steinmetz, of the 18 to the parent department stores are leased. In addition, Berggruen has an option to participate also with 24.9 percent of those three properties that are leased to the premium segment (KaDeWe, Alsterhaus Oberpollinger). He can participate in this way increases in value, the Signa has forecast for a total of 21 houses with half a billion euros. Benko and want Steinmetz within two years Karstadt invest in all three operating companies 300 million euros - because there is a considerable need for modernization among other things there. They get the money, however, by information from manager magazine about rent increases back. Thus, for seven houses - including three premium real estate - agreed rent increases, the mean for the operating companies overspending from 34.4 million euros a year.

(BFW) Actelion Rises After Citi Says It Could Be M&A Target for Astra

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Actelion Rises After Citi Says It Could Be M&A Target for Astra 2013-11-21 09:37:51.247 GMT

By Simeon Bennett Nov. 21 (Bloomberg) -- Actelion climbs 4.6% to intraday record of CHF77.65; vol 72% of 3-mo avg. * Actelion is “an intriguing potential target” for AstraZeneca, Citigroup analyst Andrew Baum says in a note today * Buying Actelion could provide 12% EBIT accretion for Astra, Baum says Note: Actelion’s Next $1 Billion Drug Seen Enticing Buyers: Real M&A

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

To contact the reporter on this story: Simeon Bennett in Geneva at +41-22-317-9238 or sbennett9@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at +33-1-5530-6277 or pserafino@bloomberg.net

>>> Deezer denies rumours of acquisition by Microsoft (translated)

Deezer denies rumours of acquisition by Microsoft (translated) Story Deezer, the French privately-owned music streaming service, has officially denied rumours that it could be acquired by the listed US, Washington, Redmond-based software giant Microsoft, the French daily Le Figaro reported. The article referred to rumours reported by the information website Digital Music News, which claimed that discussions were held between Deezer and Microsoft regarding a potential acquisition of Deezer.

The report also cited Deezer co-founder Daniel Marhely as saying that his company was planning to launch its services in the US next year. Deezer is looking for a local partner in the US in order to help the group with the deployment of its services.

Deezer, which received a EUR 100m investment from the Russian investor Len Blavatnik in 2012, expects revenues of EUR 100m in 2013. It reported sales of EUR 60m in 2012. The company expects to break even in 2015.

Source Le Figaro