Le Figaro : Casino : Niel Pigasse Zouari dépose une offre d’un milliard pour mon

Le trio Niel, Pigasse, Zouari dépose une offre d'un milliard d'euros pour monter au capital de Casino

Le groupe avait officialisé début juin son entrée dans une procédure de conciliation afin de renégocier son important endettement.

Le trio composé de Xaxier Niel, de Matthieu Pigasse, et de Moez-Alexandre Zouari vient de déposer une offre d'un milliard d'euros pour monter au capital de Casino. Le fondateur de Free, le banquier d'affaires et le spécialiste de la distribution avaient déjà annoncé jeudi dernier «en leur nom» vouloir «faire émerger une solution industrielle et financière pérenne» pour Casino, écrasé par le poids de sa dette.

Une opération qui se fera donc sans Teract en tant qu'entité même si un «potentiel partenariat opérationnel» reste sur la table, selon un communiqué de Teract et Casino. Et sans InVivo, propriétaire à plus de 75% de Teract (enseignes Gamm Vert, Jardiland, Boulangeries Louise) et union de 188 coopératives agricoles. «Teract et le groupe Casino ont décidé, d'un commun accord, de ne pas poursuivre» leurs discussions, écrit Casino. Et ce, «considérant l'évolution du contexte», a précisé Teract.


Casino avait officialisé début juin son entrée dans une procédure de conciliation pour une période de quatre mois afin de renégocier son important endettement. Cette procédure amiable, qui laisse la direction du groupe aux manettes - contrairement à une situation de redressement judiciaire par exemple -, doit permettre de conclure un accord avec ses créanciers en vue d'une restructuration de la dette. Le groupe, qui emploie 200.000 personnes dans le monde dont un gros quart en France sous de nombreuses enseignes dont Monoprix, Franprix ou Pao de Acucar au Brésil, était endetté à hauteur de 6,4 milliards d'euros à fin 2022, dont 4,5 milliards sur son activité en France, selon ses données officielles.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:

  • MEI -10.8% (guidance)

Other news:

  • LSEA -10.6% (announces pricing of upsized secondary common stock offering and concurrent stock repurchase)
  • VALN -3% (reports data from Phase 3 Chikungunya vaccine candidate published in the Lancet)
  • IRON -2% (public offering of $100 mln)
  • AMK -2% (issues May report)
  • CHS -1.9% (CFO resigning appoints new CFO)
  • BG -1.9% (Bunge and Viterra to combine to create a premier diversified global agribusiness solutions company; plans to repurchase $2.0 billion of Bunge's stock to enhance accretion)
  • CWST -1.6% (acquiring Consolidated Waste Services; files $400 public offering)

Analyst comments:

  • EOG -0.8% (downgraded to Neutral from Buy at Goldman)
  • AAPL -0.7% (downgraded to Neutral from Buy at UBS)
  • WB -0.7% (downgraded to Neutral from Buy at UBS)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:

  • ORCL +5.8%, BUR +1.3%, IAS +1.3% (guidance), THS +0.8% (guidance), HD +0.6% (reaffirms FY23 guidance)

Other news:

  • SAND +5.7% (will remain in NYSE Arca Gold Miners Index)
  • TM +4.5% (to launch solid-state-battery EVs by 2027 according to Nikkei)
  • SGH +3.4% (to divest majority stake of SMART modular Brazil)
  • ABOS +2.5% (to present topline results from first-in-human phase 1 study of ACU193 for early Alzheimer's disease during featured research session at the Alzheimer's Association International Conference)
  • IRWD +2.4% (FDA approval of new indication for LINZESS)
  • UVE +1.9% (new $20 mln repurchase program)
  • OVV +1.3% (total production updates)
  • TEVA +1.1% (settles Kentucky price-fixing claim)
  • HOG +0.9% (issues statement regarding production suspension)
  • SGEN +0.9% (ADCETRIS (brentuximab vedotin) Plus Novel Immunotherapy Combination Delivers 98% Overall Response Rate and 93% Complete Response Rate in Patients with Early-Stage Classical Hodgkin Lymphoma)

Analyst comments:

  • DVN +1.5% (upgraded to Buy from Neutral at Goldman)
  • EGP +1% (upgraded to Buy from Neutral at Citigroup)
  • AIZ +0.9% (upgraded to Overweight from Neutral at Piper Sandler)
  • ULTA +0.7% (upgraded to Buy from Hold at Loop Capital)

>>> US Research Calls

Research Calls

  • Upgrades:
    • Assurant (AIZ) upgraded to Overweight from Neutral at Piper Sandler; tgt $144
    • BRP Inc. (DOOO) upgraded to Buy from Neutral at DA Davidson; tgt raised to $126
    • Devon Energy (DVN) upgraded to Buy from Neutral at Goldman; tgt lowered to $58
    • EastGroup (EGP) upgraded to Buy from Neutral at Citigroup; tgt raised to $195
    • PagSeguro Digital (PAGS) upgraded to Buy from Hold at HSBC Securities; tgt raised to $13
    • StoneCo (STNE) upgraded to Buy from Hold at HSBC Securities; tgt raised to $15
    • Urban Outfitters (URBN) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $41
    • Ulta Beauty (ULTA) upgraded to Buy from Hold at Loop Capital; tgt raised to $520
  • Downgrades:
    • Apple (AAPL) downgraded to Neutral from Buy at UBS; tgt raised to $190
    • Capri Holdings (CPRI) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $40
    • Essent Group (ESNT) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $50
    • EOG Resources (EOG) downgraded to Neutral from Buy at Goldman; tgt lowered to $130
    • First Horizon (FHN) downgraded to Neutral from Overweight at JP Morgan; tgt lowered to $13
    • Global Payments (GPN) downgraded to Hold from Buy at Jefferies; tgt lowered to $105
    • GOL Linhas Aereas Inteligentes S.A. (GOL) downgraded to Hold from Buy at HSBC Securities
    • PayPal (PYPL) downgraded to Neutral from Overweight at Atlantic Equities; tgt $72
    • Radian Group (RDN) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $27.50
    • Rexford Industrial Realty (REXR) downgraded to Neutral from Buy at Citigroup; tgt lowered to $53
    • Weibo (WB) downgraded to Neutral from Buy at UBS; tgt lowered to $15.50
  • Others:
    • 89bio (ETNB) initiated with an Outperform at Evercore ISI; tgt $49
    • Agilon Health (AGL) initiated with an In-line at Evercore ISI; tgt $22.50
    • Applied Materials (AMAT) initiated with a Neutral at Redburn
    • Alight (ALIT) initiated with a Buy at Citigroup; tgt $12
    • Capital Bancorp (CBNK) assumed with an Overweight at Piper Sandler; tgt $22
    • Clarivate (CLVT) initiated with an Outperform at Oppenheimer; tgt $11
    • CompoSecure (CMPO) initiated with a Buy at Berenberg; tgt $13
    • Core & Main (CNM) initiated with a Buy at Northcoast; tgt $40
    • Crane NXT (CXT) initiated with an Outperform at Oppenheimer; tgt $70
    • Ferguson plc (FERG) initiated with a Buy at Northcoast; tgt $178
    • Marqeta (MQ) initiated with a Hold at Berenberg; tgt $5
    • Peakstone Realty Trust (PKST) initiated with an Underperform at BofA Securities; tgt $27
    • Privia Health (PRVA) initiated with an Outperform at Evercore ISI; tgt $34
    • Roblox (RBLX) initiated with a Buy at Canaccord Genuity; tgt $48
    • Xperi (XPER) initiated with a Buy at Rosenblatt; tgt $15

WSJ : BP Refinery Suffered Cascade of Malfunctions Before Fatal Explosion, Agenc

BP Refinery Suffered Cascade of Malfunctions Before Fatal Explosion, Agency Says
Government investigators cite repercussions of keeping Ohio plant running in hours before two brothers were killed

In the hours before an Ohio refinery accident killed two workers last year, BP BP -1.97%decrease; red down pointing triangle supervisors opted to keep the plant running despite a series of malfunctions and a petroleum spill serious enough to prompt major equipment shutdowns, according to a preliminary report by government investigators reviewed by The Wall Street Journal.

The report by the U.S. Chemical Safety and Hazard Investigation Board, which hasn’t been made public, says that a morning valve failure and large spill of highly flammable naphtha on Sept. 20 led managers to shut down parts of the plant. The managers continued to keep a nearby crude-processing tower running up until a fatal explosion and fire that evening, according to the report.

The interim report, which is expected to be published as soon as this week, is the third governmental finding suggesting that a lack of employee training, murky safety processes, decision-making by BP supervisors or a combination of factors contributed to the accident at what was then called the BP-Husky Toledo Refinery.

Earlier findings from the U.S. Occupational Safety and Health Administration and an interim report from the Environmental Protection Agency in recent months cited evidence that operational and training deficiencies were factors in the explosion at the oil refinery in Oregon, Ohio, just outside of Toledo.

Two BP employees, brothers Benjamin and Maxwell Morrissey, both in their 30s, died from injuries sustained in the fire.

At the time of the accident, the refinery was operated and 50% owned by BP subsidiary BP Products North America.

In a statement, a BP spokeswoman said the company hasn’t seen the report but is “deeply saddened by this tragic accident.” She said the company is cooperating with the CSB and “remains committed to safe and reliable operations at all of our facilities.”

BP years ago pledged to improve companywide safety standards after a series of deadly accidents. Those included a 2005 explosion at its Texas City refinery that killed 15 workers, at the time the deadliest U.S. petrochemical-industry accident in years.

In 2010, BP’s Deepwater Horizon platform in the Gulf of Mexico exploded, killing 11 people and creating an environmental disaster that has cost BP more than $60 billion in legal and other costs.

The CSB didn’t immediately respond to a request for comment. The nonregulatory agency investigates incidents ranging from chemical-plant accidents to offshore oil spills and makes recommendations on general chemical hazards.

The CSB report is the most detailed yet by federal investigators, but likely won’t be final for months to come, according to the agency. The nine-page report doesn’t assign blame or analyze decision-making. Instead, it lays out a timeline of events investigators understand so far, as they continue to look into process controls and other aspects of what happened.

The CSB investigators say in the report that the partial shutdown of a gas plant and other equipment earlier that Tuesday combined with a cascade of mishaps including an oil-pump leak after the evening crew arrived, causing “unstable operating conditions” in the crude-processing tower. As the tower continued operating, another risky naphtha buildup led to emergency attempts to drain the liquid.

Operators at the plant had to bypass the equipment that had been shut down because of the problems earlier in the day, investigators say. They cite rerouting of hazardous materials as helping create new problems that refinery operators in the control room and outside struggled to rein in.

Ultimately, releases of naphtha formed a vapor cloud that ignited at 6:46 p.m., engulfing the crude tower in flames, investigators said. The fire burned for several hours.

OSHA said in March that shortcomings in the handling of hazardous materials and training failures contributed to the explosion. BP at the time of the accident said its “highest priority remains the safety of our staff, the responders and the public.”

OSHA cited 10 violations it categorized as serious tied to employee training, safety processes and other factors, and proposed $156,250 in penalties based on federal guidelines. OSHA said in March that BP “violated the U.S. Department of Labor’s process safety procedures for highly hazardous materials and failed to adequately train the workers.”

BP contested the findings. The company has said it was cooperating with OSHA’s investigation.

The EPA conducted a March inspection of the refinery under its role in enforcing the U.S. Clean Air Act. In May, EPA investigators cited what they called “areas of concern,” including discrepancies between refinery equipment and records used for training and safety management.

The EPA also cited evidence that the refinery didn’t implement its written operating procedures the day of the explosion, including for the temporary shutdown of key units involved. The EPA said BP had failed to “certify all operating procedures annually.”

The EPA said its review was ongoing.

BP has since sold its 50% holding in the refinery. Calgary, Canada-based Cenovus Energy in February said it completed its purchase of BP’s stake for $370 million and took over as operator.

BP Chief Executive Officer Bernard Looney’s 2022 bonus was reduced as a result of safety issues including the refinery fatalities, according to a company spokesman and BP’s annual report. The compensation report showed Looney’s bonus was knocked down by 3.2%, or roughly $98,000, at the discretion of the board.

Looney’s total 2022 compensation more than doubled from the previous year, to around $12 million.

BP reported a record full-year profit in 2022, riding a wave of bumper results from major oil companies after Russia’s war in Ukraine helped fuel high energy prices.

WSJ : Bunge, Viterra to Merge to Create Global Agribusiness Giant

Bunge, Viterra to Merge to Create Global Agribusiness Giant
The agricultural and food company says complementary assets will position it to meet growing demand

U.S. grain trader and oilseed processor Bunge BG 0.18%increase; green up pointing triangle agreed to acquire Glencore GLNCY 0.64%increase; green up pointing triangle-backed Viterra for $8.2 billion in a deal that would create one of the world’s largest agricultural companies.

Under the terms of the deal, Bunge will pay Viterra shareholders about 65.6 million shares valued at $6.2 billion and about $2 billion in cash. Bunge will also assume $9.8 billion of Viterra’s debt. The combined company will be led by Bunge Chief Executive Greg Heckman.

“Our highly complementary asset footprints will create a network that connects the world’s largest production regions to areas of fastest growing consumption,” Heckman said in a statement Tuesday.

The deal is expected to close in the middle of next year.

The planned combination of the two grain shippers comes as agriculture traders, including Bunge, have reaped larger profits over the past year following Russia’s invasion of Ukraine, which sent grain prices soaring.

For Bunge, which has a market value of about $14 billion, swallowing Viterra would put it on par with its biggest rivals, Archer Daniels Midland and Cargill, with more than $100 billion in annual revenue.

Bunge is one of the world’s largest grain traders, directing shipments of corn, soybeans, wheat and other food commodities around the globe. St. Louis-based Bunge, ADM, Cargill and Louis Dreyfus make up the so-called “ABCDs” of global commodity trading that dominate the sector.

Bunge reported $67 billion in annual sales in its 2022 fiscal year while Viterra had $54 billion in revenue. Bunge’s rival ADM reported $102 billion in revenue for its 2023 fiscal year and privately held Cargill posted $165 billion.

The companies said the merger is expected to generate about $250 million in savings within the first three years of completing the deal. Bunge said that it also plans to repurchase about $2 billion of its own stock. After the transaction closes, Viterra shareholders are expected to own about 30% of the newly combined entity.

WSJ : Goldman Sachs Is at War With Itself

Goldman Sachs Is at War With Itself
CEO David Solomon has come under fire from partners who complain about bonuses, strategy and that DJ side gig

When Goldman Sachs GS 1.03%increase; green up pointing triangle partners descended on Miami Beach for the bank’s annual confab of senior leaders in February, it was a former CEO, Lloyd Blankfein, who stole the show.

Blankfein, holding court at the hotel bar before a gathering of Goldman partners, groused about his successor, according to people familiar with the matter. David Solomon, Blankfein said, was spending too much time away from his day job, jetting around on Goldman’s private planes and DJing at nightclubs and festivals.

Blankfein wasn’t the only one complaining. Partners faulted Solomon, who wasn’t present at the bar, for presiding over a money-losing expansion into consumer lending that Goldman is now unwinding. The consumer business, they said, didn’t make the partners money. That stood in contrast with the bank’s other units.

Cracks are forming in a Wall Street institution: the vaunted Goldman Sachs partnership.

Most bank CEOs make big decisions with a cadre of executives. Goldman isn’t like other banks. Some 24 years after becoming a publicly traded company, Goldman maintains a partnership of about 420 members, many of whom think they’re just as important as the CEO.

In his nearly five years as CEO, Solomon, 61, has sought to impose corporate discipline on the freewheeling structure. Partners accustomed to little oversight and lots of deference aren’t thrilled.

Solomon has sparred over bonuses with the partner who leads the bank’s traders. Another longtime partner threatened to quit when Solomon restructured the bank’s private-investing businesses. John Rogers, a Goldman partner since 2000, and the secretary to the bank’s board, expressed concerns to Solomon about his DJ side gig, according to people familiar with the matter, saying it wasn’t a good look for the CEO of one of Wall Street’s most formidable firms.

Goldman spokesman Tony Fratto said differences of opinion reflected healthy debate at the firm and “show partners and business leaders engaging with David on strategy and initiatives.”

“The reality is smart people can have disagreements. It’s normal,” he said.

The internal drama has spilled into public view. Solomon has told partners to refrain from leaking to the media, people familiar with the matter said.

Cracks in the partnership
Solomon needs the support of the partners. He’s presiding over Goldman’s biggest overhaul since the 2008 financial crisis, jettisoning much of the ill-fated consumer business in favor of an expansion of steady fee-generating businesses such as wealth and asset management. A deal-making slump, meanwhile, is battering the bank’s bread-and-butter investment-banking businesses, sending profits down sharply.

Solomon’s allies say he’s managed to revive the bank’s lackluster stock, which is up about 51% since he took over, compared with a roughly 23% decline for a broader index of bank stocks. And the One Goldman Sachs initiative, which incentivizes employees to refer Goldman clients to other divisions of the firm, that he announced on his first day as CEO has helped the bank squeeze more revenue out of existing clients and attain a greater share of their business. Goldman’s senior executives say this initiative has already bolstered the bank’s investment banking and trading returns.

“The stock price has doubled since the depths of the pandemic. And the firm saw record performance in 2021. Doesn’t David deserve some credit for that?” said former partner Gregg Lemkau, who left Goldman at the end of 2020 and is now co-CEO of merchant bank BDT & MSD Partners.

Since the late 1800s, Goldman partners have weighed in on the firm’s direction. They conveyed their opinions to Goldman’s chief—for a long time known as the senior partner—and engaged in debate. Partners sometimes overruled the CEO or persuaded him to go along with their plans.

Tensions have run high among the partnership many times in its history, including over whether to take the company public, in part because of concerns about what it would mean for Goldman’s heritage and how much money partners would make.

Former partners, too, hold considerable sway. Goldman has long maintained close ties to retired executives, including those who’ve gone on to senior government positions. Goldman counts former U.S. Treasury secretaries and a prime minister of Australia among its prominent alums.

Former partners get briefings from the firm’s finance chief and gather annually for dinners in New York and London. Blankfein visits Goldman’s headquarters occasionally, popping in on the trading floors to say hello, eating at the cafeteria and meeting with the people who manage his personal accounts.

For a long time, the CEO was viewed as one of many, less a benign dictator and more the bank’s public face and standard-bearer. Blankfein often behaved like the senior partner, people familiar with the matter said, preferring persuasion to decree when it came to decision-making.

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • SAND +7.7%, TM +4.5%, ORCL +4.3%, IRWD +2.5%, CNM +2%, UVE +1.9%, EPRT +1.7%, BSBR +1.6%, HD +0.9%, TEVA +0.8%, AB +0.7%, APPN +0.7%, OVV +0.6%, NFLX +0.6%
  • Gapping down:
    • MEI -11.2%, LSEA -7.6%, BG -3.2%, VALN -3%, IVZ -2.3%, AMK -2%, IRON -1.9%, CHS -1.9%, CWST -1.8%, ACI -0.8%, HOG -0.5%