>>> What to look at today - 8th of June 2022

Stocks rose in Asia on Wednesday, spurred by Chinese technology shares and a climb in Japan as yen weakness bolsters exporters. Hong Kong’s Hang Seng Tech Index advanced after new video game approvals encouraged the view that China’s crackdown on internet firms is loosening. That helped an Asia-Pacific share gauge to add a little under 1%.  Still, the tech index and the broader Asian market came off session highs, suggesting some investors took the opportunity to bank profits. Equity futures were mixed, with those for the U.S. dipping and Europe’s pushing higher.  Treasury yields edged up, taking the benchmark 10-year rate back toward 3%. The yen slid to another two-decade low versus the dollar on the policy contrast between a super-dovish Bank of Japan and hawkish Federal Reserve. Sentiment remains fragile on concerns that interest rates will need to go much higher to rein in inflation, stifling economic growth in the process. The Bloomberg Commodity Spot Index of raw materials is at a record peak, underlining global price pressures. The World Bank again cut its forecast for 2022 global expansion, warning of several years of above-average inflation and below-average growth.  Billionaire hedge fund founder Ray Dalio said central banks across the globe will be required to cut interest rates in 2024 after a period of stagflation constrains their economies, according to a report. Cryptocurrencies were on the back foot, with Bitcoin shedding about 4% and falling back to around $30,000. US After Hours SMAR -5.6%, GWRE -1.3% lower on earnings; CURV +4.7% higher on earnings; NVAX +13.5% as FDA advisory committee recommends EUA for its COVID-19 vaccine

Nikkei +0,92% Hang Seng +1,70% CSI -0,41% Shanghai -0,70% Shenzen -1,21%

Eur$ 1,0686 CNH 6,6812 CNY 6,6767 JPY 133,17 GBP 1,2565 CHF 0,9751 RUB 61,6030 TRY 16,8567 WTI$ 120,13 +0,6% Gold 1,847,55 -0,30% BTC 30,200 63% ETH 1,788,25 - 3%

S&P -0,28% Nasdaq -0,39% EuroStoxx +0,55% FTSE +0,29% Dax +0,42% SMI +0,18%

Macro :
- Hedge Funds Fell 0.7% in May, Led by Event Driven Funds
- Citadel Securities, Virtu Form Crypto Plan With Fidelity, Schwab
- US Seeks $4.3 Billion for Nuclear Fuel to Wean Off Russia Supply
- Yellen Warns Inflation to Stay High, Recants Again on Transitory
- New Drug Prices Soar to $180,000 a Year on 20% Annual Inflation

Keep an eye on :
- A2A IM : A2A Closes Acquisition of Wind and Solar Portfolios From Ardian
- AB FP : AB Science Phase 3 Masitinib Asthma Study Met Primary Endpoint
- AF FP :
- ARYN SW : Aryzta Targets at Least EU2B Revenues by End 2025
- BBVA SM : BBVA to Invest MXN12B in Mexico in 2022, Chairman Torres Says
- BMPS IM : Monte Paschi to Seek About EU2.5B in Capital Increase: Ansa
- BCHN SW : Burckhardt FY Sales CHF650.7M Vs. CHF658.6M Y/y
- CBK SM : CaixaBank vs. Looming ECB Rate Hikes Looks a Win-Win: BI Focus
- CSGN SW : Credit Suisse Sees Likely Group, Investment Bank Loss in 2Q
- DBV FP : DBV Technologies: Viaskin Peanut Meets Primary Endpoint in Trial --> +45% in After Hours
- EBK GY : KfW Eyes Stake in EnBW’s TransnetBW Power Grid: Reuters
- ELUXB SS : Electrolux Names Anna Ohlsson-Leijon as Chief Commercial Officer
- ENX FP : Euronext Resolves Technical Issue on Cash Instrument Trades
- FUL LN : Fulham Shore Says Performance is in Line With Expectations
- HLDX SS : SAF-Holland to Buy Haldex for SEK66 in Cash Per Share
- HAS US : Hasbro Is Said to Fend Off Activist’s Push for Board Shake-Up
- IIA AV : Immofinanz Extends Slump; Erste Analyst Sees Headwinds Priced In
- IMMU SS : Immunicum Granted FDA Orphan Drug Status for Ilixadencel
- ITX SM : Inditex 1Q Ebit Misses Estimates
_ KBX GY : Knorr-Bremse Gets EU28m From Sale of Haldex Shrs to SAF-Holland
- NVAX US : Novavax Shares Rise After Panel Endorses Its Covid-19 Vaccine
- RI FP : Pernod Ricard Sees 4%-7% Annual Sales Growth in Mid-Term Plan
- RWAY IM : Italy’s Rai Picks Lazard as Adviser for RAI Way Unit: Sole
- SAN FP : Sanofi Says FDA Approves Dupixent For Children
- 8TRA GY : Truckmaker Scania Will Operate at Full Speed in ‘Few Weeks’: DI
- SU FP : Schneider Electric Agrees Sale of Eurotherm Unit to Watlow
- SEAW7 NO : Seaway Picked as Preferred Supplier for Wind Project in Scotland
- 2330 TT : TSMC Expects 30% Sales Rise Despite Global Economic Ructions
- TWTR US : Elon Musk’s Efforts to Get New Twitter Funding on Hold: Rtrs
- UCB BB : UCB Gets FDA Orphan Drug Status for Fenfluramine hydrochloride
- UCG IM : UniCredit Receives Four Binding Offers for Leasing Unit: MF
- VLA FP : Valneva to Present on Chikungunya Vaccine Candidate
- VWS DC : Vestas Secures Conditional Order for 900MW He Dreiht Project
- VOE AV : Voestalpine FY Dividend Beats Est., Sees Ebitda Falling
- VPK NA : Vopak Targets Operating Cash Return of at Least 10% by 2025
- VP/ LN : VP FY Revenue Misses Estimates
- WDC US : Western Digital Nears Settlement With Elliott Management: WSJ

WSJ : Novavax’s Covid-19 Vaccine Backed by FDA Advisers

Novavax’s Covid-19 Vaccine Backed by FDA Advisers
Vaccine advisory committee finds in an overwhelming vote that vaccine’s benefits outweigh risks

Vaccine experts advising the Food and Drug Administration endorsed Novavax Inc.’s Covid-19 vaccine, voting overwhelmingly that the shot’s benefits outweighed its risks.

The outside panel’s 21-0 vote, with one abstention, on Tuesday moves the shot one step closer to becoming available in the U.S.

The FDA must next make a decision on authorizing the vaccine, after months of manufacturing-related delays and an agency review that found the shots effective but raised a safety concern.

An FDA decision could take weeks. FDA staff said, in their review of Novavax’s application, that the agency must sign off on the company’s latest manufacturing processes.

If the agency authorizes the vaccine, the Centers for Disease Control and Prevention would then decide whether to recommend the vaccine’s use, before the shots would become widely available.

The shot would be the first available using a more traditional, protein-based vaccine technology, found in hepatitis B and shingles vaccines, than the relatively new messenger RNA Covid-19 shots in wide use.

Advisers said Novavax’s shot performed akin to vaccines already authorized. “If we’re going to use the same criteria that we did then, it’s not that difficult of a decision now,” said Dr. Eric Rubin, editor in chief of the New England Journal of Medicine.

Novavax Chief Executive Stanley Erck said the panel’s endorsement “acknowledges the strength of our data and the importance of a protein-based Covid-19 vaccine.”

Novavax has said its shot would appeal to people reluctant to receive the vaccines made by either Pfizer Inc. and partner BioNTech SE or by Moderna Inc., which are each based on the gene-based technology known as messenger RNA.

Members of the Vaccines and Related Biological Products Advisory Committee said it would be helpful to offer choices beyond the current shots, including the widely used mRNA vaccines from Pfizer and BioNTech and from Moderna.

The advisers expressed skepticism, however, that those who avoided messenger RNA vaccines would adopt Novavax’s protein-based shot but said it would be good to offer more choices.

Overall, the use of Covid-19 vaccines and boosters has slowed in the U.S., as many people eligible for the shots have received them and tire of getting additional doses. Roughly 67% of the U.S. population is fully vaccinated against Covid-19, according to the CDC. Less than half the population has received one booster.

During its all-day meeting, the committee considered clinical trial data from the company as well as the FDA staff’s review.

Agency staff told the outside advisers that the shot was 90% effective against Covid-19 in its pivotal trial but noted six concerning cases of heart-inflammation conditions in vaccine recipients.

Novavax, of Gaithersburg, Md., pushed back on those concerns in its presentation, saying the myocarditis and pericarditis cases were consistent with what would be expected in the general population.

Several of the committee members said they supported adding a warning about myocarditis, as is done for the mRNA vaccines currently.

“We need to understand the mechanism here, because this infection and the vaccines against it are going to be with us for the foreseeable future,” Dr. Bruce Gellin, chief of global public health strategy for the Rockefeller Foundation’s Pandemic Prevention Institute.

He abstained from the committee’s vote, but afterward said he was a “conditional yes.”

The pivotal trial for the Novavax vaccine took place before the Omicron variant emerged. Studies have found Omicron has been better able to elude authorized vaccines, but the impact on Novavax’s hasn’t been determined, said Dr. Filip Dubovsky, the company’s chief medical officer. He said studies are ongoing.

The company’s Covid-19 vaccine would be the first authorized in the U.S. with a traditional protein-based platform.

It sends a version of the coronavirus spike protein to stimulate the body’s immune response. That is different from the market-dominating Pfizer-BioNTech and Moderna vaccines, which deliver mRNA to instruct the body to assemble a harmless version of the coronavirus spike protein, which then triggers the immune system to mobilize defenses.

Johnson & Johnson’s Covid-19 vaccine uses a modified version of an adenovirus, the virus behind many common colds, to deliver genetic instructions to cells.

Novavax has said it regularly gets calls and emails from people awaiting its vaccine, and some experts have voiced hope that the shot could win over unvaccinated skeptics of mRNA technology.

Kayb Joseph, a 47-year-old Chattanooga, Tenn., resident, said she has checked every two weeks for news on Novavax’s vaccine and would drive to the company’s Maryland headquarters to get it if needed. She prefers its protein-based platform.

“I just don’t believe in being somebody’s R&D,” she said. “Novavax is still just the first version, but to me it is the second version of traditional technology.”

WSJ : SEC’s Trading Shake-Up Expected to Face Heavy Opposition

SEC’s Trading Shake-Up Expected to Face Heavy Opposition
Proposed changes to how individual investors’ stock orders are processed grew out of frenzied trading in meme stocks in 2021

The Securities and Exchange Commission’s expected changes to U.S. stock-trading rules are likely to prompt fierce opposition from the brokerages and electronic market-making firms that handle small investors’ orders, analysts and traders say.

The agency is preparing to propose major changes to the stock market’s plumbing as soon as this fall, The Wall Street Journal reported Monday. SEC Chairman Gary Gensler is expected to outline some of the SEC’s plans Wednesday in a speech. The changes grew out of the frenzied trading in GameStop Corp. GME 14.36% and other meme stocks in early 2021, which resulted in heavy scrutiny of the handling of individual investors’ trades.

One of the most consequential changes being discussed by the SEC is a possible requirement to send more individual investors’ stock orders to auctions, where trading firms could compete to fill the order at the best price, the Journal reported.

Such auctions would represent a big shift to the working of the U.S. stock market. Currently, when investors enter orders using brokerages such as Robinhood Markets Inc. , the brokers often route the orders to electronic market-making firms that execute them. In return, the market makers frequently pay the brokerages cash incentives, a practice called payment for order flow.

Mr. Gensler has criticized such payments as being a conflict of interest for brokers, and he has suggested that the business of retail market-making is too concentrated. Market makers are firms that buy and sell stocks throughout the day and make a profit from collecting a difference between the buying and selling price. A handful of such firms, including Citadel Securities and Virtu Financial Inc. , handle the lion’s share of U.S. stock trades for individual investors.

By funneling more such trades into competitive auctions, the SEC would seek to have more market makers competing for individual investors’ business, in hopes that investors get better prices for their orders.

Retail brokers and market-makers entrenched in the current system will fight Mr. Gensler’s changes, potentially even filing lawsuits to block any regulatory changes, said Joe Saluzzi, partner and co-founder of brokerage Themis Trading LLC.

“Any time you threaten an existing status quo that benefits a lot of people, they will fight you tooth and nail,” said Mr. Saluzzi, whose firm handles stock trades for institutional investors and hedge funds.

A spokeswoman for the SEC declined to comment.

Executives at retail brokerages and market-making firms have been wary of Mr. Gensler’s plans since he indicated last year that he would pursue a shake-up of market structure. Firms such as Robinhood, Virtu and Citadel Securities say investors get high-quality executions from the current system, because the market-makers that handle small investors’ trades provide better prices than they would get if their orders were routed to public stock exchanges. Payment for order flow has also made it possible for brokerages to offer zero-commission trading.

Asset bubbles are easy enough to define, but not so simple to identify. WSJ’s Gunjan Banerji explains what bubbles are exactly, how they form and what happens when they burst. Illustration: Jacob Reynolds for The Wall Street Journal
Virtu has estimated that U.S. individual investors saved $11 billion on their trades in 2020 by having those trades routed to market makers instead of exchanges.

Virtu criticized Mr. Gensler’s idea of bringing order-by-order competition for individual investors’ stock orders, saying it would eliminate a big benefit of the current system: the guarantee that a market maker must fill every retail order it gets from a broker at a price at or better than the best price available on public stock exchanges.

If those orders were routed to auctions instead, the retail brokerage wouldn’t have a clear way to ensure that they would be executed. If an order went unexecuted in an auction, the retail brokerage would need to find another place to execute and bear additional costs, such as exchange transaction fees. The end result wouldn’t necessarily be an improvement for ordinary investors, according to Virtu.

Virtu Chief Executive Douglas Cifu suggested in an emailed statement that the SEC would face litigation if it pushed through with the changes reported by the Journal.

“The entire market will be evaluating any proposal to ensure it complies with the rule-making requirements, aligns with the SEC’s mandate, and includes complete economic and competitive analysis,” he said.

Robinhood declined to comment. A spokesman for Citadel Securities said the firm looks forward to reviewing the SEC’s proposals and working with the agency. “It is important to recognize that the current market structure has resulted in tighter spreads, greater transparency, and meaningfully reduced costs for retail investors,” he said.

One group that may be happy with Mr. Gensler’s proposals is stock exchanges, which would be likely to win more orders from individual investors that are now executed privately by market makers, said Hitesh Mittal, founder and CEO of trading-technology firm BestEx Research.

>>> US Close Dow +0,80% S&P +0,95% Nasdaq +0,94% Russell +1,57%

Closing Stock Market Summary

The stock market had its reasons to decline today -- and that's what it did at the open. After that, however, it was mostly an upward, recovery march for the major indices which ended close to their highs for the session.

Retailer Target (TGT 156.05, -3.62, -2.3%) and railroad operator Union Pacific (UNP 228.71, +3.54, +1.6%) played a big part in driving the negative start. They both issued profit margin warnings, with the former blaming a need to clear excess inventory and the latter blaming cost inflation.

Their news came on top of a surprise decision by the Reserve Bank of Australia to raise its key lending rate by 50 basis to 0.85%, when only 25 basis points was expected, a report out of Germany showing weaker-than-expected factory orders for April, and news coverage highlighting national average gasoline prices hitting a record $4.92/gallon.

Soon after the opening bell, the Dow, Nasdaq, and S&P 500 were down 0.8%, 1.4%, and 1.0%, respectively. Just as quickly, though, they started to rebound as the CBOE Volatility Index rolled over and investors stepped in to buy on the initial weakness.

Notably, the CBOE Volatility Index hit 26.24 shortly before 10:00 a.m. ET. It trended lower the rest of the day, crossing at 23.98 as the stock market's closing bell rang. The drop-off in the so-called "fear gauge" coincided with a pickup in stocks, which were also helped by the following considerations:

  • The S&P 500 holding above the May 27 low (4077.43) on its opening decline (today's low was 4080.19)
  • A lack of follow-through selling pressure in Target, which was down nearly 10% in pre-market trading, and in Union Pacific, which was down nearly 4.0%
  • The 10-yr note yield slipping back below 3.00% (-7 bps to 2.97%)
  • Broad-based buying interest that benefited all sectors

Today's best-performing sector was the energy sector (+3.1%), which is now up 65.0% for the year. It enjoyed a 1.2% gain in WTI crude futures to $119.60/bbl and a big move by Exxon Mobil (XOM 103.37, +4.53, +4.6%), which was upgraded by Evercore ISI to Outperform from In-Line.

For most of the day, the energy sector was the only sector to gain at least 1.0%, but late buying interest helped the cause for a lot of sectors. The industrials (+1.4%), health care (+1.3%), information technology (+1.2%), and real estate (+1.2%) sectors all ended with gains in excess of 1.0%.

The only sector that didn't finish higher was the consumer discretionary sector (-0.4%), but even its loss felt like a gain given Target's warning, and considering the sector was down as much as 2.7% at its worst levels of the morning.

An advance-decline line that looked questionable at various points during today's session left no question by the end of the day that a bullish bias prevailed. Advancing issues led declining issues by an 11-to-5 margin at the NYSE and by nearly a 2-to-1 margin at the Nasdaq.

Reviewing today's economic data:

  • The April trade deficit narrowed nicely to $87.1 billion (consensus -$89.6 billion) from an upwardly revised $107.7 billion (from -$109.8 billion), but it wasn't for the best of reasons.
    • The key takeaway from the report is that imports dropped by $12.1 billion from March largely on account of supply chain bottlenecks driven by COVID-related lockdowns in China and presumably by less ordering from retailers facing an inventory glut.
  • Consumer credit increased by $38.0 billion in April ( consensus $34.0 billion). The prior month saw a downward revision to $47.4 bln from $52.4 bln.
    • The key takeaway from the report is that April marked another month of robust credit expansion, driven by hefty increases for both revolving and nonrevolving credit.

Looking ahead, market participants will receive the MBA's Weekly Mortgage Applications Index (7:00 a.m. ET), April Wholesale Inventories (10:00 a.m. ET), and the EIA's Weekly Crude Oil Inventories Report (10:30 a.m. ET) on Wednesday.

  • Dow Jones industrial Average: -8.6% YTD
  • S&P 400: -9.7% YTD
  • S&P 500: -12.7% YTD
  • Russell 2000: -14.5% YTD
  • Nasdaq Composite: -22.2% YTD

>>> US After Hours Summary: SMAR -5.6%, GWRE -1.3% lower on earnings; CURV +4.7%

After Hours Summary: SMAR -5.6%, GWRE -1.3% lower on earnings; CURV +4.7% higher on earnings; NVAX +13.5% as FDA advisory committee recommends EUA for its COVID-19 vaccine

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: CURV +4.7%, VRNT +1.3%, CASY +0.5% (also increases dividend)

Companies trading higher in after hours in reaction to news: DBVT +37.9% (positive topline results from Phase 3 EPITOPE Trial), NVAX +13.5% (FDA advisory committee recommends EUA for its COVID-19 vaccine), PNTG +5.3% (names new CEO), DOCU +4.4% (expands partnership with MSFT to accelerate anywhere work), EIGR +2.1% (enters into $75 mln term loan agreement with Innovatus), AWK +2% (acquires Village of Hardin water and wastewater systems), CPLP +0.3% (acquries carriers), NVRO +0.2% (says clinical data reinforces benefits of Nevro's HFX 10 kHz Therapy), PAYC +0.1% (increases and extends stock repurchase plan), SF +0.1% (to acquire ACXIT Capital Partners)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: SMAR -5.6%, OI -3.1%, GWRE -1.3%

Companies trading lower in after hours in reaction to news: CCSI -3.3% (files for 2 mln share offering by selling shareholders), GT -1.9% (recalling 170,000 tires produced between 1996-2003, according to the NHTSA), GENI -0.9% (stock offering), SNY -0.7% (FDA approves Dupixent for children with moderate-to-severe atopic dermatitis), INSW -0.1% (INSW completes transaction to sell 50% stake in FSO vessels to EURN; also increases dividend)

La Lettre A : LVMH recrute un inspecteur de l'Agence française anticorruption

LVMH recrute un inspecteur de l'Agence française anticorruption

Après la validation d'une convention judiciaire d'intérêt public (CJIP) en janvier contre l'abandon des poursuites dans l'affaire de l'espionnage du journal Fakir, LVMH débauche à bonne école. Inspecteur de l'Agence française anticorruption (AFA) depuis 2019, Bastien Krouti a rejoint début juin le département d'audit interne du groupe dirigé par Bernard Arnault. Agé de 31 ans, ce juriste passé par le département Risk and Compliance de BNP Paribas travaillera sous l'autorité d'Anne Jaunaux, à la tête de la direction de l'audit interne, rattachée à la direction financière du groupe de luxe.

La nouvelle recrue n'a jamais travaillé sur les dossiers en lien avec LVMH lors de son passage à l'agence anticorruption. Au sein des services d'audit interne, Bastien Krouti ne sera pas au contact de ses anciens collègues. L'AFA livre en effet ses recommandations à une autre direction : celle dédiée à l'éthique et à la conformité (Ethics & Compliance), menée par Roselyne Bied-Charreton. Le transfert a donc fait l'objet d'un avis déontologique favorable du directeur de l'AFA, Charles Duchaine.

Bastien Krouti sera chargé de veiller à la bonne application des mises en conformité impulsées au sein du groupe. La mise en place de ces process anticorruption est devenue stratégique pour LVMH. Le tribunal de Paris a en effet récompensé ses investissements en la matière en fixant le montant de l'amende à 10 millions d'euros dans la CJIP validée en janvier. Les magistrats ont considéré comme un critère atténuant le renforcement des dispositifs de compliance mis en avant par le groupe de luxe depuis 2015.

La Lettre A : Lactalis continue d'intriguer pour racheter Bel

Lactalis continue d'intriguer pour racheter Bel
Le PDG de Lactalis, Emmanuel Besnier, est d'autant plus obstiné à racheter Bel que le patron du groupe, Antoine Fiévet, l'a chassé l'an dernier de son capital en faisant mine de vendre sa pépite Leerdammer à un concurrent canadien. La guerre sans merci entre Laval et Suresnes est relancée par les difficultés de Bel, contraint de se chercher un nouvel allié.

S'il est de moins en moins discret, notamment depuis son voyage de presse aux Etats-Unis le mois dernier (LLA du 04/05/22), Emmanuel Besnier n'a rien perdu de son obstination. Selon nos informations, le PDG de Lactalis continue de tourner autour de Bel (Boursin, Apéricube, Babybel...) comme un requin qui attend que sa proie s'essouffle. Et ce d'autant plus que la cible en question lui a joué un vilain tour l'an dernier.

Dans ses manœuvres, le patron de Lactalis s'appuie sur le fidèle Thierry d'Argent, directeur de la branche banque d'investissement de la Société générale. Et sur Pierre Moraillon, le conseiller du directeur général du Crédit agricole CIB, Jacques Ripoll, qui est chargé de cogiter sur de nouveaux scénarios pour se rapprocher de Bel. Le banquier de Perella Weinberg Partners, David Azéma, est pour sa part mandaté par Bel, et non pas par Lactalis, contrairement à ce qu'avait indiqué La Lettre A dans un précédent article (LLA du 20/04/22).

Diviser les familles
Parmi les banquiers de Lactalis, la tentation est grande de créer une brèche pour diviser les familles Fiévet, Sauvin et Dufort, qui détiennent Bel via leur holding Unibel. Les Dufort sont une cible facile, puisqu'ils sont en procès avec les deux autres depuis des années. Stéphane Dufort affichait ouvertement son désaccord sur plusieurs points de stratégie avec le président de Bel Antoine Fiévet lors de l'assemblée générale du 12 mai. Les Sauvin et les Fiévet seraient autrement plus difficiles à convaincre.

Mais pourquoi Emmanuel Besnier s'acharne-t-il, alors qu'il est sorti l'an dernier du capital de Bel, en échangeant ses parts (24 %) contre la pépite Leerdammer ? Justement parce que cette sortie lui reste en travers de la gorge. Selon nos informations, le patron de Laval n'avait aucune intention de quitter le groupe que son père, Michel Besnier, avait conquis via des procédés peu appréciés côté Bel dans les années 1990 (LLA du 12/05/22). Alors, pour l'appâter, Antoine Fiévet a décidé en 2020 de vendre son emmental Leerdammer à un des plus gros concurrents de Lactalis, le canadien Saputo. Ce groupe familial de 14 milliards d'euros de chiffre d'affaires est déjà en position de leader dans le fromage type cheddar aux Etats-Unis et dans toute l'Amérique du Nord. Leerdammer, numéro 1 en Allemagne et en Italie et très bien placé en France, aurait permis au géant laitier basé à Montréal de mettre un gros pied au cœur de l'Europe.

Bel se cherche un partenaire
L'information a bien entendu fuité utilement entre banquiers pour arriver jusqu'aux oreilles d'Emmanuel Besnier, qui ne pouvait pas laisser ce concurrent venir marcher sur ses plates-bandes. Menacé par l'arrivée de Saputo, Emmanuel Besnier a proposé en personne à Antoine Fiévet de lui racheter Leerdammer. En position de force, ce dernier a négocié une sortie définitive de Lactalis du capital de Bel en échange d'une cession de la marque de fromage, sans échange de cash. Le couteau sous la gorge, Emmanuel Besnier n'a eu d'autre choix que d'accepter ce deal qui, selon nos informations, a tout de même conduit à valoriser Leerdammer à plus de douze fois son Ebitda. Une pilule difficile à avaler pour le Mayennais, plutôt habitué à compter ses sous face aux agriculteurs et aux distributeurs, ou encore aux concurrents vendeurs.

Mais l'homme fort de Laval n'a pas dit son dernier mot. D'autant que Bel doit aujourd'hui trouver une solution pour sa branche fromage. Elle a moins de perspectives que l'autre branche, végétal et fruits, issue notamment du rachat de MOM (Mont-Blanc, Pom'Pot). Le groupe de Suresnes a aussi besoin d'argent frais pour gagner du terrain en Chine et aux Etats-Unis, afin de se dégager de sa dépendance à l'Afrique du Nord et au Moyen-Orient, où les affaires vont mal. Cette sortie de Lactalis l'a enfin contraint à quitter la bourse, ce qui affaiblit sa trésorerie. Alors pour s'offrir un coup d'accélérateur stratégique, Bel est actuellement, selon nos informations, en train de faire la tournée des fonds RSE et des family offices. Le groupe cherche un investisseur capable de s'engager sur le long terme à ses côtés, sans présenter de danger. La famille Bongrain, du concurrent Savencia, fait partie des prétendants.

Unibel resserre les rangs
Il est donc tentant pour Lactalis de revenir à l'attaque en endossant le rôle de sauveur de la branche fromage. Ou tout du moins d'alerter les marchés en clamant que seule l'union des groupes laitiers est à même de permettre de résister aux distributeurs dans la tempête inflationniste qui s'annonce.

Mais comme les Hermès en leur temps face à LVMH, les deux principales familles du groupe Bel, les Sauvin et les Fiévet, resserrent les rangs. En assemblée générale le 12 mai, ils ont réaffirmé leur action de concert devant leurs actionnaires. Et le 1er juin, lors d'un événement de communication interne, Florian Sauvin, le président du conseil d'Unibel, était aux côtés d'Antoine Fiévet pour renouveler ensemble leur confiance dans leur nouvelle directrice générale, Cécile Béliot, et dans la gouvernance en place. Le requin Besnier n'a semble-t-il pas fini de tourner.

>>> World Bank Pres Malpass: If downside risks materialize, global growth could

World Bank Pres Malpass: If downside risks materialize, global growth could fall to 2.1% in 2022 and 1.5% in 2023, which would drive per capita growth close to zero
- Real threat that faster than expected tightening of financial conditions could push some countries into the kind of debt crisis seen in 1980s
- Danger of stagflation is considerable today
- Many countries will have a hard time avoiding recession; There is a downside risk of a global recession