- Pernod Ricard (PER TH) +0.7%
- Equinor (DNQ TH) +0.7%
- OMV (OMV TH) +0.7%
- Bavarian Nordic (BV3 TH) +0.7%
- Tomra (TMRA TH) -1%
- Bechtle (BC8 TH) -1.1%
- Reply (REJA TH) -1.1%
- Atlas Copco (ACO4 TH) -1.3%
- Siemens (SIE TH) -1.7%
- Industrial Bonds’ Volatile Euro Returns Face Rising 2025 Risks
- Spie (4SP TH) -4.5%
- Spie Offering by Holder Lac1 Prices at EU30/Share: Terms
Bolloré’s Havas to use Amsterdam listing to fuel M&A
Stock market offering is part of a planned three-way break up of parent company Vivendi
Havas, the advertising agency, will consider “significant” merger and acquisition deals once it has completed its stock market listing in Amsterdam next month, according to Yannick Bolloré, the billionaire boss of parent company Vivendi.
The listing is part of a planned three-way break up of Vivendi aimed at addressing what Bolloré said was a sharp share price discount to the value of the company. He said the conglomerate structure had made it difficult to “unlock the full potential” of the business, which also includes Canal+ television and the Louis Hachette publishing division.
Bolloré, whose family will own about 30 per cent of Havas once the listing is completed, said the company’s shares could become a valuable way to fund acquisitions. Havas is among the smallest of the group of global advertising agency networks that also includes IPG, Publicis and WPP.
“If you open up the idea of paying part in shares, you can have bigger potential targets,” he told the Financial Times in London ahead of an investor day. “We don’t have any discussion with significant partners today but it’s the kind of opportunity that could be opened up.”
Vivendi has put in place a structure to prevent any hostile takeover of Havas by the use of a Dutch corporate ‘stichting’ mechanism that in effect stops unwanted approaches or stake building. Bolloré said this would also provide stability for staff and clients. “That’s why we created this stichting, and that’s why we have chosen [Amsterdam],” he said.
Even so, Bolloré said Havas was “big enough to compete with our peers”, noting its 23,000 staff in more than 100 countries and close to €3bn in revenues. “It’s not a small boutique,” he said.
He continued: “It’s a great moment in time for Havas to be listed again. It will create opportunities of accelerating external growth, it will give us more visibility, it will be good from a business standpoint, and it will also help to align fully the interest of senior leadership teams with investors.”
The proposed demerger of Vivendi, in which Bolloré is the main shareholder with just under 30 per cent, would also involve floating Canal+ in London and publishing division Louis Hachette Group in Paris.
Bolloré said Vivendi, which will remain listed in Paris, would be left with a “strong portfolio of investments” worth some €6.5bn and debt of a little under €2bn.” It . . . is still a pretty significant company,” he added.
He also said that Vivendi would return to dealmaking. “Once the split is done, Vivendi can focus again on taking stakes and creating value for its different assets.”
Vivendi will put the proposed demerger to a shareholder vote in early December and push ahead with the listings shortly after if the plans are approved.
However, Paris-based asset manager CIAM has raised concerns that minority shareholders will take a hit and that the plan would not achieve its aims of closing the conglomerate discount.
CIAM is also concerned that the listings are a strategic move by the Bolloré family, led by Yannick’s father Vincent, given Vivendi has chosen listing locations where the spin-offs will be exempted from rules that force shareholders to make an offer on the whole company above a certain ownership level. This could potentially give the family an opportunity to increase its control.
Bolloré controls both Vivendi’s board and the share capital with a minority stake, and has previously attracted scrutiny over issues of corporate governance. The billionaire has hit out at criticism, saying that “investors are very pleased with the idea of a split”.
He declined to comment directly on the option of the family increasing its stake in the various spun-off groups, but added: “We believe it’s important to maximise the value of every entity. And we believe it’s important to have a diversified investors portfolio.”
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11/19/2024 08:16:19[BFW]
DAX:
• Siemens (SIE TH) -1.6%
◦ Siemens Cut to Neutral at BofA
MDAX:
• Thyssenkrupp (TKA TH) +2%
◦ Thyssenkrupp Sees Negative Cash Flow During Transition Year
SDAX:
• Thyssenkrupp Nucera AG & Co KGaa (NCH2 TH) +11%
◦ GERMANY DAYBOOK: AI Funding; US Missile Call; Defense Spend
• SFC Energy (F3C TH) +7%
◦ EQS-News: SFC Energy AG remains on track after nine months
• Kontron (KTN TH) +4.6%
• Evotec SE (EVT TH) -1.6%
>>> Up
* ADP Raised to Buy at Stifel; PT 148 euros
* Aegean Air Raised to Buy at Wood & Company; PT 11.30 euros
* Coloplast Raised to Hold at HSBC; PT 930 kroner
* Coloplast Raised to Hold at HSBC; PT 930 kroner
* DEME Group Raised to Buy at Jefferies; PT 175 euros
* Just Group PT Raised to 200 pence from 190 pence at JPMorgan
* Orthex Raised to Buy at Inderes; PT 6.50 euros
* SBB Raised to Buy at Arctic Securities; PT 6 kronor
* Solaria Energia Raised to Neutral at JB Capital Markets
>>> Down
* Icelandic Salmon Cut to Hold at DNB Markets; PT 135 kroner
>>> Down
* Icelandic Salmon Cut to Hold at DNB Markets; PT 135 kroner
* Icelandic Salmon Cut to Hold at Pareto Securities; PT 120 kroner
>>> Initiation
>>> Initiation
* BioNTech ADRs Rated New Buy at Berenberg; PT $130
* Moderna Rated New Hold at Berenberg; PT $42
* Sainsbury Rated New Outperform at RBC; PT 300 pence
* Tesco Rated New Sector Perform at RBC; PT 375 pence
>>> Call
* Tesco Rated New Sector Perform at RBC; PT 375 pence
>>> Call
* Deme Upgraded to Buy at Jefferies on Continued Strong Pipeline
* Goldman Sachs’ Kostin Sees S&P 500 Reaching 6,500 by End of 2025
* Goldman Sachs’ Kostin Sees S&P 500 Reaching 6,500 by End of 2025
* Sainsbury Favored in UK Food Retail at RBC, Tesco Sector Perform
* Thyssenkrupp Nucera Delivering ‘Resilient’ Performance, RBC Says
Asian shares advanced with US and European futures as lower Treasury yields bolstered the appeal of holding equities. Traders are watching for any further news around President-elect Donald Trump’s planned administration. MSCI’s gauge of Asian stocks climbed as much as 1.2% as benchmarks rose in Japan, Australia and South Korea. Bloomberg’s gauge of the dollar headed for a third day of losses as the so-called Trump trade that had bolstered the greenback and pushed up US yields has at least temporarily lost momentum. The gains in US stock futures suggest American equities can extend their rally after the S&P 500 and Nasdaq 100 both closed higher Monday. The Nasdaq 100 outperformed in US trading, with Tesla Inc. jumping 5.6% on a news report that Trump’s transition team is seeking to ease federal framework for fully self-driving vehicles. Treasury 10-year yields slipped one basis point to 4.41% in Asia after dropping three basis points in the US. The yield has come down from as high as 4.50% last week. Trump’s transition team is considering pairing Kevin Warsh, a former Federal Reserve official, in the Treasury secretary role, with hedge fund manager Scott Bessent as director of the White House’s National Economic Council, according to people familiar with the matter. Chinese shares bucked the trend, with the CSI 300 Index dropping as much as 1.4%. The mainland benchmark is heading for a fourth day of losses amid concern over potentially higher tariffs on Chinese exports under a Trump administration. The yen strengthened versus all its Group-of-10 peers, paring some of its recent weakness. Japanese Finance Minister Katsunobu Kato said there was no change in the government’s stance on taking appropriate measures against excessive currency movements. The Australian dollar held near a one-week high after central bank minutes showed policymakers thought their current settings were appropriate to try to pull down core inflation that is still “too high.” In corporate news, Xiaomi Corp. shares reversed earlier gains to drop as much as 4.5% in Hong Kong, as investors took profit after the company’s profit beat expectations and its co-founder raised his targets on electric vehicles. The S&P 500 rose 0.4% on Monday, while the Nasdaq 100 climbed 0.7%. The S&P 500 will advance through the end of next year to reach 6,500 by December 2025 amid continued US economic expansion and earnings growth, according to Goldman Sachs Group Inc.’s chief equity strategist David Kostin. Bitcoin extended its gains after rising above $91,000 Monday. The crypto currency is back in the vicinity of an all-time high, supported by salvo of developments highlighting the deepening embrace of the digital-asset industry in the US under crypto cheerleader Donald Trump. Oil steadied in Asia after the biggest gain in more than five weeks as the dollar weakened and a risk-on tone swept across wider markets. Brent traded above $73 a barrel after surging 3.2% on Monday, while West Texas Intermediate was near $69. Gold extended gains as Goldman Sachs reiterated a forecast for prices to reach $3,000 an ounce next year. US After Hours SYM +23.8% soaring on earnings; SMCI +26% spiking after engaging independent auditor; GOOG -0.5% creeping lower after DOJ pushes firm to sell Chrome, according to Bloomberg.
Nikkei +0.51% Hang Seng +0.63% CSI +0.61% Shanghai +0.53% Shenzen +1.97%
Eur$ 1.0592 CNH 7.2361 CNY 7.2345 JPY 154.46 GBP 1.2677 CHF 0.8834 RUB 99.8004 TRY 34.6060 WTI$ 69.22 +0.10% Gold 2,625 0.51% BTC 91,900 +0.59% ETH 3,129 -0.66%
S&P +0.12% Nasdaq +0.19% EuroStoxx +0.27% FTSE +0.45% Dax +0.15% SMI +0.07%
Macro :
- Goldman Sachs’ Kostin Sees S&P 500 Reaching 6,500 by End of 2025
- Bitcoin Gets Another Fillip From US’s Growing Embrace of Crypto
Keep an eye on :
Keep an eye on :
- BAVA DC : Bavarian Nordic CEO Sees US Vaccine Market Growing: Borsen
- BYG LN : Big Yellow Group 1H Adjusted EPS Misses Estimates
- BYG LN : Big Yellow Group 1H Adjusted EPS Misses Estimates
- BA/ LN : BAE Systems Gets Over $200M in Maintenance Contracts by US Navy
- BX US : Blackstone Is Said to Near Deal for Sandwich Chain Jersey Mike’s
- CABK SM : CaixaBank Aims to Reach RoTE Higher Than 16% By the End of 2027
- DHER GY : Delivery Hero Seeks to Raise About $1.4B-$1.5B from Talabat IPO, Talabat’s $1.5 Billion Dubai IPO Sells Out Soon After Books Open
- CFN PL : Cofina Board to Propose Dissolution of Company at Annual Meeting
- ERA FP : Juwi to Develop Senegal Solar, Battery Plant for Eramet
- INCY US : Incyte Shares Drop on Phase 2 MRGPRX2 Study Enrollment Halt
- EMBRACB SS : Asmodee to Refinance Bank Bridge Through Bond Deal; Sets Targets
- GREEN BB : Greenyard 1H Adj. Ebitda Cont Ops EU94.4M Vs. EU90.3M Y/y
- INTRUM SS : Intrum Chairman Lindquist Buys SEK14m of Shares in Company
- KER FP : Kering Reshuffles Ranks With New Saint Laurent, Balenciaga CEOs
- EGP PL : Mota-Engil 9M Net Income EU77M Vs. EU51M Y/y
- NESN SW : Nestle Reduces Its Profitability Target, Will Split Off Water
- PGHN SW : Partners Group Plans to Expand Growth Equity Investment Programs
- PETR4 BZ : Petrobras Outlines $111 Billion, Five-Year Spending Proposal
- SCHA NO : Schibsted Plans Selective Acquisitions, Progressive Annual Div
- SLR SM : Solaria Expands to the UK, Eyes Data Center Joint Ventures
- SOON SW : Sonova 1H Adjusted Ebita Misses Estimates
- SPIE FP : SPIE Holder Lac1 Offers 4.2m Shares, Terms Show
- NCH2 GY ; Thyssenkrupp Nucera Reached FY 2023/24 Revenue Target
- TKA GY : Thyssenkrupp Sees 2025 Adjusted Ebit EU600M to EU1B, Est. EU820M
- UCB BB : UCB Says Dapirolizumab Pegol Phase 3 Meets Primary Endpoint
- VLTSA FP : Voltalia to Build 135MW Power Plant in Spain
- VOW GY : Volkswagen’s hopes of a US comeback shaken by Donald Trump’s re-election
After Hours Summary: SYM +23.8% soaring on earnings; SMCI +26% spiking after engaging independent auditor; GOOG -0.5% creeping lower after DOJ pushes firm to sell Chrome, according to Bloomberg
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: SYM +23.8%, TCOM +3.7%, DOC +0.2%
Companies trading higher in after hours in reaction to news: SMCI +26% (engages BDO USA, P.C. as its independent auditor), ECX +5.6% (components procurement and R&D services agreement with Geely Automobile Holdings), ERII +5.4% ($50 mln repurchase plan), MCHP +2.7% (CEO to retire; appoints interim CEO), SQ +1.8% Bitkey launches inheritance feature for Bitcoin), VIR +1.7% (receives positive opinion on orphan drug designation for Tobevibart and Elebsiran), COHR +0.7% (launches high-speed photodiodes for 1.6T transceivers), ARRY +0.5% ($3.0 mln investment in Swap Robotics), ADM +0.4% (files restated finacial statements), IRM +0.3% (acquiring two data center development sites in VA), FREY +0.2% (appoints new CEO), AHH +0.1% (names new CEO)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: ACM -0.7% (also increases repurchase plan and dividend)
Companies trading lower in after hours in reaction to news: INCY -10.4% (update on MRGPRX2 and MRGPRX4 programs), PTGX -3.4% (topline results from Phase 3 ICONIC studies), DJT -2.3% (in talks to buy Bakkt (BKKT), according to FT.com), IIIN -2% (closing facility in OH), OMCL -1.5% (offering $150 mln convertible senior notes), SEI -1.3% files $500 mln mixed shelf), MSTR -1.2% (offering $1.75 bln convertible senior notes), WEN -1.1% (names new CFO), TECK -0.9% (to repurchase up to 40 mln shares), SYRE -0.7% ($200 mln stock offering and pre-funded warrants), GOOG -0.5% (DOJ pushing company to sell Chrome, according to Bloomberg), AMD -0.2% (Chief Accounting Officer resigns), KWR -0.1% (appoints new CEO), WY -0.1% (to invest $500 mln to build new TimberStrand facility)
After Hours Summary: SYM +23.8% soaring on earnings; SMCI +26% spiking after engaging independent auditor; GOOG -0.5% creeping lower after DOJ pushes firm to sell Chrome, according to Bloomberg
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: SYM +23.8%, TCOM +3.7%, DOC +0.2%
Companies trading higher in after hours in reaction to news: SMCI +26% (engages BDO USA, P.C. as its independent auditor), ECX +5.6% (components procurement and R&D services agreement with Geely Automobile Holdings), ERII +5.4% ($50 mln repurchase plan), MCHP +2.7% (CEO to retire; appoints interim CEO), SQ +1.8% Bitkey launches inheritance feature for Bitcoin), VIR +1.7% (receives positive opinion on orphan drug designation for Tobevibart and Elebsiran), COHR +0.7% (launches high-speed photodiodes for 1.6T transceivers), ARRY +0.5% ($3.0 mln investment in Swap Robotics), ADM +0.4% (files restated finacial statements), IRM +0.3% (acquiring two data center development sites in VA), FREY +0.2% (appoints new CEO), AHH +0.1% (names new CEO)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: ACM -0.7% (also increases repurchase plan and dividend)
Companies trading lower in after hours in reaction to news: INCY -10.4% (update on MRGPRX2 and MRGPRX4 programs), PTGX -3.4% (topline results from Phase 3 ICONIC studies), DJT -2.3% (in talks to buy Bakkt (BKKT), according to FT.com), IIIN -2% (closing facility in OH), OMCL -1.5% (offering $150 mln convertible senior notes), SEI -1.3% files $500 mln mixed shelf), MSTR -1.2% (offering $1.75 bln convertible senior notes), WEN -1.1% (names new CFO), TECK -0.9% (to repurchase up to 40 mln shares), SYRE -0.7% ($200 mln stock offering and pre-funded warrants), GOOG -0.5% (DOJ pushing company to sell Chrome, according to Bloomberg), AMD -0.2% (Chief Accounting Officer resigns), KWR -0.1% (appoints new CEO), WY -0.1% (to invest $500 mln to build new TimberStrand facility)