Vivarte finalizes sale of Besson Chaussures to Weinberg Capital Partners and Groupe Philippe Ginestet (translated)
07 SEP 2018
Following the exclusive negotiations announced in May 2018, Vivarte confirmed the acquisition of Besson Chaussures by Weinberg Capital Partners, a French investment company, in partnership with Groupe Philippe Ginestet (GIFI,Tati). Founded in the 1980s, Besson was a wholly owned subsidiary of Vivarte since 1998.
With this operation, Besson will now be able to accelerate and amplify the growth dynamic that the shoe manufacturer has known for several years. Besson concluded 2017 with a turnover of EUR 264m generated by the sale of nearly 13m pieces through its network of 133 stores.
Weinberg Capital Partners and Groupe Philippe Ginestet are committed to taking over all the stores and their staff, i.e. 47 employees.
Patrick Puy, Chairman of Vivarte, said: "With this operation, Vivarte accelerates the refocusing of its activities in town suburbs around its flagship brand, La Halle, whose strong synergies between its ready-to-wear and shoes products ensured the revival of the brand in the last 3 years, and opens up excellent growth prospects.
Asian stocks retreated further on Friday, set for the worst week since March, thanks to continuing worries about emerging markets and the outlook for the technology sector’s earnings. The yen headed for its biggest two-day gain since July.
Equities fell in Japan, South Korea and Australia, while stocks in China posted gains. Technology shares lagged behind, following their U.S. counterparts lower amid concern about the durability of chip demand. Emerging-market stocks steadied after entering a bear market, while currencies advanced. The yen strengthened after the Wall Street Journal reported President Donald Trump may turn his sights on trade with Japan.
US After Hours OKTA +15%, FIVE +9%, MRVL +7%, PANW +6%, FNSR / DOMO / AVGO +4% are all higher following earnings/guidance
Nikkei -0.78% Hang Seng -0.25% CSI +0.41% Shanghai +0.34% Shenzen +0.07%
Eur$1.1616 CNH 6.8513 CNY 6.8414 JPY 110.62 GBP 1.2919 CHF 0.9657 TRY 6.5940 RUB 69.3021 WTI$ 67.84 +0.1%
S&P -0.05% EuroStoxx +0.06% FTSE +0.17% Dax -0.01% SMI -0.21%
Macro :
- UBS Sees S&P 500 Dropping 5% Should Trump Levy 25% China Tariffs
- Millennium Is Said to Shut Down Pioneering Quant Hedge Fund Firm
- *GOLDMAN CFO CALLS BITCOIN TRADING SPECULATION`FAKE NEWS': CNBC
Keep an eye on :
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- MT NA : ArcelorMittal Reaches Labour Pact with Ilva’s Trade Unions
- AIR FP : Airbus Said to Postpone Premium Aerotec Disposal: Handelsblatt
- AZA IM : Alitalia has Italian government sound out possible interest from Air China
- BIM IM : *BANCA INTERMOBILIARE'S BOARD APPROVES 2019-2021 STRATEGIC PLAN
- CFEB BB : CFE’s DEME Orders Two Dredging Vessels, Barges With Royal IHC
- CSGN SW : Credit Suisse CEO Says Will Stay in Job, Won’t Go Into Politics
- DBK GY : Deutsche Bank Is Said to Woo New York Hedge Funds After Cuts
- EDF FP : Macron: Nuclear Power Is Not Most Polluting Source of Energy
- ENEL IM : ISA Replaces Enel Americas as Top Utilities Pick, BTG Says
- FGP LN : FirstGroup Is Said to Draw Private Equity Interest Including CVC
- EXO IM : Exor First Half Net Assets $23.9 Bln
- G IM : Generali in Exclusive Talks to Buy Sycomore Asset Management
- HEI NA : Heineken Files Petition to Invalidate AB InBev Keg Patent
- IAG LN : British Airways Investigating Website, Mobile App Data Breach
- JUST LN : Just Group CEO says ‘not actively’ considering sale - Daily Telegraph
- MS IM : Mediaset acquires Radio Monte Carlo - http://bit.ly/2Cqm2s3
- NAS NO : Norwegian Air Plans Rio Flights in 2019, FlightGlobal Reports
- NHY NO : Alunorte Resuming Production Hinges on Key Studies: Prosecutors
- SBRY LN : Sainsbury’s Mike Coupe Urges Business Tax Reform: FT
- SU FP : Schneider Says Offices Visited by French Judicial Authorities
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- UBI IM : UBI Banca, Trade Unions Reach Pact for More Job Cuts
- VOW3 GY : VW to Add Electric Car Factory in Shanghai: Automobil-Produktion
- ZEAL DC : Zealand in Pact to Sell Royalty Streams to Royalty Pharma
>>> Up
* Aixtron Upgraded to Hold at Baader Helvea; PT 11 Euros {NSN PEO6P86JIJUR <GO>}
* Aker BP Upgraded to Buy at SEB Equities; PT 320 Kroner
* BioMerieux Upgraded to Buy at Kepler Cheuvreux; PT 89 Euros
* Equinor Upgraded to Buy at SEB Equities; PT 240 Kroner
* Grieg Seafood Upgraded to Buy at SpareBank; PT 115 Kroner
* Idorsia Upgraded to Hold at Berenberg {NSN PEO7Q76S9729 <GO>}
* Julius Baer Upgraded to Buy at HSBC; Price Target 59 Francs
* Lundbeck Upgraded to Hold at SEB Equities; PT 380 Kroner
* NTS Upgraded to Buy at SpareBank; PT 63 Kroner
* Yara Upgraded to Overweight at JPMorgan; PT 425 Kroner
>>> Dow
* Aena Downgraded to Underweight at Santander; PT 142 Euros
* Burberry Cut to Neutral at Goldman; Price Target 25.36 Pounds
* dormakaba Downgraded to Hold at Kepler Cheuvreux; PT 700 Francs
* MorphoSys Downgraded to Hold at Berenberg {NSN PEO7Q76S9729 <GO>}
* MTU Aero Downgraded to Hold at SocGen; Price Target 198 Euros
* Safran Downgraded to Hold at SocGen; PT 116 Euros
* Shire Downgraded to Hold at Berenberg {NSN PEO7Q76S9729 <GO>}
* Teva ADRs Downgraded to Neutral at Credit Suisse; PT $23
>>> Initiation
* Adler Real Estate Rated New Buy at National Bank AG; PT 18 Euros
* Bayer Rated New Outperform at ZKB
* DCC Rated New Outperform at RBC; PT 95 Pounds
* GlobalData Rated New Buy at Berenberg; PT 8.20 Pounds
>>> Call
Just Group CEO says ‘not actively’ considering sale
07 SEP 2018
Just Group’s [LON:JUST] chief executive Rodney Cook has said the UK-based life insurance company is not “actively” considering a sale of the business, The Daily Telegraph reported. Cook said it is difficult to consider selling when the company does not know what impending regulatory review of equity release mortgages will involve.
Just Group informed shareholders that it is considering a variety of outcomes ahead of the results of a consultation by the UK’s Prudential Regulation Authority (PRA).
Analysts cited by the newspaper suggested last weekend that Just Group could either launch a cash call or put itself up for sale depending on the outcome of the PRA consultation.
The company also said it will delay dividend payments until the PRA announces any new measures.
Just Group’s share price has slumped since the beginning of the PRA’s review in July, the item noted. The PRA will make a decision later this month, which could force insurers to set aside additional capital, the report said.
One source cited by the newspaper said the UK-based insurer Legal & General [LON:LGEN] would be an “ideal” buyer for Just Group.
Just Group reported its 1HY18 results on Thursday, 6 September, which showed an 85% increase in adjusted operating profit to GBP 124m (EUR 137m).
Just Group’s market capitalisation stood at GBP 825m at the close of trading in London on Thursday.
After Hours Summary: OKTA +15%, FIVE +9%, MRVL +7%, PANW +6%, FNSR / DOMO / AVGO +4% are all higher following earnings/guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance/SSS: OKTA +15.2%, FIVE +9.3%, MCFT +9%, NX +8.6% (also doubles quarterly dividend to $0.08/sh; authorizes a $60 mln share repurchase plan), MRVL +6.9%, PANW +6%, FNSR +4.1%, DOMO +3.6%, AVGO +3.7%, COST +0.8% (reports Aug comps of +9.2%, core +8% vs +7.3%/core +2% year ago and +8.3%/core +6.4% last month)
Companies trading higher in after hours in reaction to news: OCUL +4.5% (initiated with Overweight at Piper Jaffray), MAT +3.7% (announces creation of Mattel Films, a new theatrical film division), MNLO +2.9% (Overweight rating and $25 price target at Cantor), NUE +2.7% (approved the repurchase of up to $2 bln of common stock), TRTN +2% (ticking higher; coverage transferred and upgraded to Outperform from Mkt Perform at Keefe Bruyette), MU +1.1% (rebounding after closing nearly 10% lower on the day; also AVGO/MRVL boosting select peers), CPB +1.1% (WSJ reporting that Third Point may launch proxy battle to overthrow board), AAOI +1.1% (following FNSR results), DK +0.4% (expects to complete $100 mln repurchase plan in Q3)
Cybersecurity names are higher following Palo Alto Networks (PANW) earnings: FEYE +1.8%, HACK etf +1.2%, FTNT +1.1%, CYBR +1%
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance/SSS: EGAN -21.8%, GME -3.7% (also says it continues to conduct a comprehensive review of strategic and financial alternatives, including, but not limited to, a potential sale of the company), ZUMZ -0.3% (also reports Aug comps of +9.5% vs +7.4% year ago and +9.1% last month)
Companies trading lower in after hours in reaction to news: TLRY -3.5% (continuing to pull back after today's 11% decline), SNE -1.5% (light volume - still checking), HOME -0.6% (announces underwritten secondary public offering of 10.0 mln shares of common stock by selling shareholders), ROKU -0.6% (after closing near highs -- up 3.7% on the day), CGC -0.6% (ongoing volatility and lower despite Cramer suggesting buying today's pullback on Mad Money)
easyJet still in talks over buying Alitalia short-haul business
UK-based easyJet [LON:EZJ] is still having talks about buying the short-haul business of Italy-based industry peer Alitalia, Reuters reported in its Italian-language service. It has cited Johan Lundgren, CEO of airline easyJet.
The Italian airline is currently run by state-appointed managers, who are having talks with interested parties. Alitalia is on the brink of bankruptcy. The company might be sold or nationalised.
Lundgren said any deal has to be strategic and make commercial sense, the report noted.
EasyJet, Lufthansa [ETR:LHA] and Wizz Air [LON:WIZZ] have all shown interest in buying Alitalia or parts of it, the item added.
Link to original : https://it.reuters.com/article/businessNews/idITKCN1LM14H-OITBS
GameStop confirms working with Perella Weinberg on potential sale; in talks with with third parties
06 SEP 2018
GameStop [NYSE:GME] today confirmed it is working with Perella Weinberg on a "comprehensive review of strategic and financial alternatives," and said it is in talks with with third parties regarding a possible transaction.
This news service reported yesterday that the video game retailer was working with Perella Weinberg to explore a sale. Sycamore Partners and Apollo Global Management are the two main parties pursuing the company, sources familair with the situation said.
The publicly traded company has USD 630m in LTM EBITDA, making for a mid 3x EBITDA multiple based on its USD 1.43bn market cap and USD 818m in total debt.
In May, the company received a letter from shareholder Tiger Management calling for a strategic review on account of management changes and a decline in shareholder value.
The company made the disclosure in its 2Q results statement. It is holding its conference call at 5:00 p.m. ET.
Sullivan & Cromwell and Pepper Hamilton are the company's legal advisors to assist in the review process.
Press release (excerpt):
The company also confirmed that it continues to engage with third parties regarding a possible transaction as part of a comprehensive review of strategic and financial alternatives initiated by the company’s board of directors. The ongoing process includes a thorough evaluation of a full range of alternatives to enhance shareholder value.
Dan DeMatteo, executive chairman of GameStop’s board of directors, stated, “As our teams prepare for a busy and exciting holiday period, our board of directors, with the support of our financial and legal advisors, continues to conduct a comprehensive review of strategic and financial alternatives, including, but not limited to, a potential sale of the company.”
The company noted there can be no assurance that the board’s review will result in any transaction. The company does not intend to discuss or disclose further developments related to its review unless and until further disclosure is appropriate. The company and board of directors have been working with Perella Weinberg Partners LP as financial advisor and Sullivan & Cromwell LLP and Pepper Hamilton LLP as legal advisors to assist in the review process.
Sick passengers on two flights from Europe evaluated at Philadelphia airport
Passengers arriving in Philadelphia today on two American Airlines flights from Paris and Munich were evaluated by medical personnel after some complained of flu-like symptoms, the second such incident in two days after 10 passengers were treated for similar symptoms after landing in New York on an Emirates flight from Dubai.
The US Centers for Disease Control and Prevention said in a statement that the two flights had arrived “with ill passengers on board”.
Medical personnel from the CDC and local public health and medical workers evaluated the passengers for influenza and other respiratory illnesses, the statement said. “12 passengers from the two flights reported sore throat and cough; none were identified with fever. None of the passengers are severely ill, and they will be released and informed of test results in 24 hours”, the CDC said.
American Airlines said the passengers on the two flights “deplaned normally, were not quarantined on the airplane and the airplane was not quarantined”.
Yesterday’s Emirates flight was quarantined on landing in New York after about 100 passengers and crew reported feeling unwell, the CDC said in a statement. A spokesperson later said three passengers and seven crew were transferred to the hospital for further medical care and evaluation. Nine passengers underwent additional medical screening near the aircraft and were released afterwards.