LeMonde.fr : Alexandre Bompard grand favori pour prendre la tête de Carrefour

Alexandre Bompard grand favori pour prendre la tête de Carrefour
Le patron de la Fnac est bien placé pour succéder à Georges Plassat, dont le mandat s’achève en mai 2018. Les discussions achoppent encore sur sa rémunération.

Le mystère autour du prochain PDG de Carrefour touche à sa fin. Le patron de la Fnac, Alexandre Bompard, est bien placé pour prendre la tête du groupe, murmure-t-on au sein du géant de la grande distribution. Le comité des nominations de Carrefour, qui rassemble plusieurs administrateurs-clés du groupe, s’est réuni la semaine dernière pour examiner les candidatures à la succession de Georges Plassat, dont le mandat s’achève en mai 2018. Une nouvelle réunion du comité est prévue d’ici l’assemblée générale de Carrefour, le 15 juin, au cours de laquelle M. Plassat envisage d’introniser son successeur.
Si le nom d’Alexandre Bompard figure bien sur la « short list », rien n’est encore formellement décidé. Après avoir rencontré les principaux administrateurs de Carrefour, le dirigeant de 44 ans, qui avait repoussé les discussions après la tenue de l’assemblée générale du groupe Fnac le 24 mai, a encore rendez-vous en fin de semaine pour évoquer le projet industriel, les moyens et son échéance.

Le comité des nominations n’a pas encore émis de recommandation. Les discussions butent notamment sur les prétentions de l’ancien patron d’Europe 1, qui se montrerait plutôt gourmand, indique un proche du dossier. Un sujet éventuel de tension avec les salariés du groupe, mettent en garde les syndicats de Carrefour. A la Fnac, la rémunération de M. Bompard a atteint 13,8 millions d’euros en 2016. A comparer aux 9,7 millions d’euros gagnés en 2016 par M. Plassat, à la tête de l’enseigne depuis 2012. Toutefois, relève une source, les discussions sont entrées dans leur phase finale, et un accord sera probablement trouvé.
« Homme de défis »
L’énergique patron de la Fnac correspond au profil recherché par les actionnaires. Après avoir dirigé Europe 1, il a, depuis 2011, relancé la Fnac en greffant avec succès le commerce électronique à un modèle fondé sur un réseau de magasins. Avant d’acheter en avril 2016 le distributeur d’électroménager Darty au terme d’une bataille homérique contre Conforama. « Homme de défis », « malin », « toujours en mouvement », « il va chercher les victoires avec les dents » : ceux qui connaissent M. Bompard ne sont pas étonnés qu’il soit prêt à une nouvelle aventure. A la Fnac, le chantier de l’intégration de Darty n’est pourtant pas achevé. Il a néanmoins avancé, avec une nouvelle gouvernance, un rapprochement logistique, et, très bientôt, des annonces prévues sur la localisation du futur siège Fnac-Darty et l’organisation. Certains voyaient même M. Bompard prendre la tête d’Orange pour succéder à Stéphane Richard en 2018, mais le poste de PDG de l’opérateur de télécommunications est beaucoup moins rémunérateur.

Chez Carrefour, cela fait plusieurs mois que les noms de candidats internes et externes défilent, comme ceux d’Hubert Joly (Best Buy) ou Alain Caparros (Rewe). Le processus a été ralenti par les désaccords entre les deux principaux actionnaires : Bernard Arnault, qui possède 8,7 % du capital et 11,5 % des droits de vote par le biais de sa holding Groupe Arnault, et la famille Moulin, propriétaire des Galeries Lafayette et détentrice de 11,5 % du capital. Georges Plassat avait dès octobre 2016 proposé à son conseil d’administration d’enclencher le processus, de manière à pouvoir accompagner son successeur pendant près d’un an si nécessaire ou à partir avant la fin de son mandat.
Lire aussi : Duel d’actionnaires autour de la succession du PDG de Carrefour
Aujourd’hui, les actionnaires semblent plus favorables à l’idée d’un électrochoc externe qu’à un choix interne. Le groupe doit retrouver son lustre d’antan. Le chiffre d’affaires des hypermarchés Carrefour (à magasins comparables, hors essence) est en recul depuis le quatrième trimestre 2015. « Le développement du drive depuis 2014 et celui du e-commerce en 2016 n’ont pas permis d’enrayer le recul du chiffre d’affaires des magasins, ni la perte de parts de marché », relevait en avril le syndicat Force ouvrière. Pour le futur PDG, « l’enjeu porte sur la diversification des canaux de distribution », estime Véronique de Pompignan, associée chargée de la distribution au sein du cabinet de recrutement Boyden. « Carrefour doit aussi passer d’un modèle centré sur l’hypermarché, vieillissant mais où se fait encore une grande partie du chiffre d’affaires, à un modèle de magasins de proximité. »
« Un mastodonte, un mammouth »
Le nouveau patron devra cependant compter avec la force d’inertie du groupe, premier employeur privé français, avec près de 120 000 salariés, hors franchisés. Et avec la puissance des réseaux internes, que forment les dirigeants des hypermarchés. « Qu’est-ce qu’Alexandre va faire dans cette galère ?, s’interroge un patron proche de M. Bompard. Carrefour, c’est un mastodonte, un mammouth, c’est l’éducation nationale ! » Mêmes inquiétudes chez M. Caparros, l’actuel PDG de Rewe. « Je n’ai pas envie de me rendre malade ! », expliquait-il au magazine LSA le 17 mai pour justifier son refus du poste. A ses yeux, des solutions radicales s’imposent face à la compétition croissante : « baisser les prix », « réduire les coûts de manière drastique ». Pareille « chirurgie lourde » risque de faire mal au personnel et aux actionnaires, « qui devraient accepter de ne pas gagner d’argent pendant au moins trois ans ».
La concurrence d’Amazon et son arrivée dans l’alimentaire, c’est justement ce qui motive M. Bompard. L’entrée du commerce numérique dans les magasins Carrefour est un enjeu de taille, après l’achat en janvier 2016 du site marchand Rue du Commerce. Au même titre que la fidélisation des clients, à l’heure où les consommateurs ont tendance à éparpiller leurs achats entre les enseignes.

Reuters - Novartis has assets to sell, investors wary of what it might buy - Reu

Novartis has assets to sell, investors wary of what it might buy - Reuters News
30-May-2017 09:09:54
  • Novartis mulls asset disposals of some $50 billion
  • Large transaction could fill cancer portfolio holes
  • Investors wary of big transaction after Alcon woes
By John Miller
ZURICH, May 30 (Reuters) - As Novartis NOVN.S considers asset sales that could raise $50 billion, investors are worried any cash raised may give the Swiss drugmaker firepower for another unsuccessful megadeal.
Novartis's $52 billion takeover of U.S.-based eye care giant Alcon, completed in 2011, saddled it with a business whose sales and profit have faltered two years running. (Full Story)
Now, Chief Executive Joe Jimenez is reviewing Alcon's surgical devices and contact lens businesses, suggesting they could be valued at $25-$35 billion if he unloads them. (Full Story)
The American CEO is also considering disposal of a roughly $14 billion stake in cross-town rival Roche, as well as his over-the-counter (OTC) drugs venture with GlaxoSmithKline GSK.L, worth some $10 billion. (Full Story)
Given Alcon missteps, however, investors are wary about arming Novartis with a pile of cash, for fear managers eager to refocus on cancer drugs as they address a sales hit from patent expiries might blunder into a big takeover.
"We would applaud selling those stakes, generally," said Stephen Anness of Invesco Perpetual, Novartis's 23rd largest shareholder, according to Thomson Reuters data.
"But what do you do with that money?" Anness said. "I would be very cautious about selling stakes...in things to raise a war-chest to go and do a massive deal, only for that deal to go and be another poor deal."
To be sure, Jimenez has said Novartis's M&A focus remains on smaller transactions, including lower-risk drug licensing deals, ranging up to $5 billion. (Full Story)
Still, Jimenez has not dismissed the notion of a larger transaction. He suggested last year the Roche stake - amassed during former chairman and CEO Daniel Vasella's unrequited merger aspirations two decades ago - could be sold once another, potentially more significant transaction is lined up to absorb the proceeds.
"We’re always monitoring what’s going on but have not changed our position regarding our M&A strategy or potential disposals," Novartis spokesman Michael Willi told Reuters.

PORTFOLIO HOLES
Novartis, which is holding a two-day investor event in Boston on Tuesday and Wednesday, has portfolio holes a major deal could help fill.
Where rivals including Roche ROG.S, Merck MRK.N and Bristol-Myers Squibb BMY.N have immuno-oncology drugs (I-O) on the market for a range of cancers, Novartis has only investigational molecules in this hot new therapy area.
Vas Narasimhan, Novartis's drug development chief, could be tempted to look outside the company, some analysts said, especially as competitors including AstraZeneca AZN.L near approval for their own I-O molecules.
"We believe that Novartis may be pushed to liquidate assets in order to finance acquisitions in pharma," said Michael Leuchten, a UBS analyst.
Speculation that Novartis might buy AstraZeneca sparked a brief jump in the British company's stock last year. There has also been talk of its interest in Bristol-Myers.

PUT OPTION
For its OTC joint venture with GSK that emerged out of their 2014 asset swap, Novartis faces a March 2018 deadline to exercise its put option for its 36.5 percent stake.
People familiar with GSK's thinking confirmed the British group would be a willing buyer of the stake, which added $234 million to Novartis's profit last year.
Alcon, whose eye drugs portfolio was moved into Novartis's main pharmaceuticals unit last year, has been trimmed to include surgical equipment for conditions like cataracts as well as contact lenses and solutions.
When Jimenez began his strategic review this year, he said "all options were on the table". Sales have fallen nine quarters, necessitating a costly programme to arrest the fall. (Full Story)
Even Vasella, who bought Alcon as he sought to build up a European healthcare giant akin to Johnson & Johnson JNJ.N, now acknowledges the transaction was a mistake. (Full Story)
Alcon's problems have coincided not only with the patent expiration of its blockbuster cancer drug Gleevec but also with the lacklustre launch of Novartis's new heart failure medicine Entresto, which in 2016 missed sales expectations.
Like Alcon, Entresto has forced the company to step up marketing investments.
A fund manager among Novartis's top-60 investors said the Alcon and Entresto stumbles raise red flags about managers' ability to tackle business challenges like a big takeover.
"A big deal might solve some of their issues, but personally I would prefer to see them doing smaller acquisitions," the investor said. "A cash mountain of $50 billion would definitely make me nervous."

>>> Stada bidders Advent and Permira dismiss banks advising bid - report (transl

Stada bidders Advent and Permira dismiss banks advising bid - report (translated)
30 MAY 2017
Stada bidders Advent and Permira have dismissed the banks advising them in their consortium bid for the German pharmaceutical company, Frankfurter Allgemeine reported.
The German-language daily cited unidentified sources as saying that Advent and Permira have dissolved the relationships with their advisors in the matter, making it unlikely that they will put forward a counter-bid to the wining offer from another private equity consortium consisting of Bain and Cinven.
The report said the bidding duel that happened between an Advent/Permira consortium and a Bain/Cinven consortium resulted in the latter emerging victorious, offering EUR 66 per share for a total EUR 5.3bn value.
Nonetheless, Advent and Permira had been thought to be considering coming back with a higher offer in cooperation with a company active in the pharma sector, the report said. It said the two bidders are thought to have talked with Chinese medicine producer Shanghai Pharma on a possible joint bid for Stada.
The article said the talks with Shanghai Pharma are now thought to have been called off. Advent's advisors had been Bank of America Merrill Lynch and Morgan Stanley, while Permira's had been Credit Suisse and Goetzpartners, the report said.

(JPM) Equity Strat. : Adding to the UK, reducing Japan further; Stalling

Adding to the UK, reducing Japan further; Stalling bond yields confirm one needs lower portfolio beta

* UK equities are up 9% in the past six months, lagging continental Eurozone which is up 18% over the same timeframe. We think UK is becoming interesting in the regional allocation again, and move it to N, from UW:
* 1. UK is a defensive market with high dividend yield. It should perform better in the backdrop of potential softening in activity indicators, lower inflation prints and continued range-bound bond yields. Market internals have turned defensive since early May, which is a support for the UK.
* 2. We think commodity sectors will perform better from here post Q1 weakness, helping UK – consistent with the big picture of a lower USD.
* 3. GBP might not move much higher from here, which would be a tailwind for the exporters’ part of the FTSE100. FX is also a hedge on any unexpected political outcome. Labour win would be challenging for many domestic plays – screens in the report – but exporters would benefit from the potentially weaker GBP.
* 4. UK appears underowned and it is back to being record cheap on P/B relative. This holds even ex commodities.

FT : US banks pull back from $1.2tn car loans market

US banks pull back from $1.2tn car loans market
Overstretched consumers raise fears of bubble in echo of subprime mortgage crisis

Big banks are throttling back from the $1.2tn US car loan market, fearing that consumers have taken on more debt than they can handle.

Lenders piled into the sector in the years after the financial crisis, as low defaults and an improving economy encouraged them to focus on a market that performed relatively well as mortgages soured. Total loans across the industry rose to $1.17tn at the end of the first quarter, according to the New York Federal Reserve, up almost 70 per cent from a trough in 2010.

But data released last week by the Federal Deposit Insurance Corporation showed the first sequential drop in car loans outstanding at commercial banks in at least six years. The total slipped $1.6bn to $440bn from the fourth quarter of last year to the first of this, suggesting that banks — wary of repeating the mistakes of the subprime mortgage crisis — have been spooked by rising delinquencies and the threat of litigation.

One of the banks pulling back is Citizens Financial Group, the US’s ninth largest by assets. Bruce van Saun, chief executive, told the Financial Times he would rather steer resources into areas such as student loans. “We ran up auto for a while when there was not much else going on. Now we have growth in other areas which offer better risk-adjusted returns.”

Wells Fargo and JPMorgan Chase, the two biggest banks in the sector, saw first-quarter originations drop by double digits from the same period a year earlier. Even relatively aggressive specialists such as Capital One — which added a net $2bn to its $50bn car loan book over the first quarter — are toning down their outlook.

“We’re certainly one more notch cautious,” said Richard Scott Blackley, chief financial officer, noting bigger-than-expected falls in used car prices in the first quarter. “We think that by pulling back a little bit, we’re going to . . . maximise price over volume,” he said.

Analysts expect the car loan market to keep growing, fanned by specialist non-bank lenders which focus on borrowers with lower credit scores. But the caution of the big banks — which claim more than 30 per cent of the market — shows that many are now worrying about the consequences of looser underwriting, which has seen them stretch out terms for borrowers while pushing up loan-to-value ratios and debt-to-income ratios, in an echo of the subprime crisis.

Last last year the Office of the Comptroller of the Currency warned of rising credit risk in car loan portfolios, while airing concerns over violations of fair-lending standards. Several subprime-focused lenders have disclosed in public filings that regulators and state and federal authorities are investigating them for possible abuses.

Shares in Santander Consumer USA, the subprime car loan arm of the Spanish bank, have dropped about a fifth since the beginning of March. Ally Financial, too, has fallen almost a fifth over that period, as losses on its loans bundled into securities have been higher than expected.

Analysts expect losses to keep rising if used-car prices, already down about 8 per cent this year, continue to fall. Lower prices normally mean higher gross charge-offs, as customers default on loans that exceed the value of the car, and smaller recoveries for the lender forced to sell the vehicle.

The consequences of an car sector meltdown are unlikely to be as severe as in mortgages, a market about eight times bigger, but “there will be fallout”, said Joseph Cioffi, chair of the insolvency and creditors’ rights practice at Davis & Gilbert, a law firm. “Just because something doesn’t kill you, doesn’t mean it’s good for you.”

>>> Europe Pre-Market Indications

BAML:
ARYZTA - Q3 sales 3.7% ahead, org growth better at 0% v cons -3.2% (33.9).+2%
BT - Appealing to end accruals in its defined-benefits pension scheme (316).+1%
LSE - Inline. Citi is selling them their fixed income index business (3425).+1%
INTU - Sales of 50% of Xanadu as expected. Should be reassuring today (272).+1%
H&M - Senti +ve. Chairman Persson bought 1.9m shrs for SEK227.9/shr (224).+0.5%
ASML - +ve. Samsung said to be in final talks to build no2 prodn line(120)+0.5%
MINERS - Copper -0.5%, Iron Ore fut closed and BHP OZ +1.05%, RIO OZ +1.07%.u/c
LINDE - Said to receive cEUR1b order from Russia; Sueddeutsche reports (171)u/c
INFINEON - CEO says is still seeking acquistions in the US; Faz reports (20)u/c
AKZO - Amsterdam court rejects Elliot's bid to oust Chairman Burgmans (75)..-2%
RYANAIR - Fares to decline -5-7% on weaker GBP & announce a buyback (18)..-2-3%
IAG - System issues likely to cost co cEUR100m in exceptional line (595.6)..-3%


Investec:
EU
* AKZO-Elliott fails to win court backing to oust Chairman..................-2%
* ARYZTA-Q3 revs better, margins under pressure, no o/look. 12% short base..+2%
* ELIOR-says org sales accelerated in Q2,reits FY f/casts.Appoints new CEO..+1%
* IAG-IT issues seen costing €100m. Seen lower again today (-2.7% y’day)....-2%
* LINDE-said to receive €1bn order for Russian gas facility(SDD)............+1%
* L’OREAL-Chinas Renhe said to weigh Body Shop bid(Sky).....................U/C
* NESTLE-to reduce Maggi salt content, sees sales rising 3%-5% pa.........+0.5%
* RAIFFEISEN-said to ask regulator to delay ipo of Polish unit............+0.5%
* Investor Days : AXA, NOVARTIS

UK
* AMERISUR-Successful test result at Mariposa well(Llanos Basin).........+3-4%
* ANLGOS-Competes sale of Darthbrook mine(sector +1%).......................+1%
* BABCOCK-In talks to land further European fighter pilot deals(S.Tele).....+1%
* CLS HDGS-Exchanged contract to acquire €35.6m Dortmund property..........unch
* GLENCORE-Sent letter to Aus. Authorities on copper costs(B'berg)..........+1%
* IAG-Shs (IAG SM) traded -3% yday..........................................-5%
* KAINOS-FY.5% u/l miss due to increased inv. in Health care.+ve o/look.....-2%
* KCOM-Investec appointed joint broker & Financial advisor.................unch
* LEG&GEN-Said to eye Br.Steel £15b pension liabilities(S.Times)...........unch
* LSE-Acquires F.I Analytic and Index business from Citi for $685m..........+1%
* RBS-Investors accepted £200m settlement over misled rights issue.(B'berg)unch
* RYANAIR-FY.#'s a small beat. Travel & Arrive(+6 1/2% laast 5 day)...........-2%
* SPORTECH-All conditions in relation the sale of the Pools now satisfied..unch


Macquarie:
* Anglo American AAL- Completes sales its 83.33% Interest in Dartbrook mine Australia. Unch
* IAG- Computer Failure over the weekend could cost Company up to £150m. -3%
* INTU- Forms JV with TH Real Estate for Madrid Xanadu Shopping Centre. Unch
* Legal & General LGEN- Spec to buy out £15bn ex Corus pension scheme (S. Times). -1%
* McCarthy & Stone MCS- Appoints John Tonkiss COO, previously was National Operations Director. Unch
* Ryanair RYA- FY17 Results inline with expectations, €600m share buyback. Unch


Mainfirst:
*CS-Singapore penalizes CS over 1MDB probe, fine S$0.7mln............U/C
*AKZO-Elliot fails to get court backing to oust Akzo Chairman........-1%
*LINDE-Said to receive €1bln order from Russia,signed Friday.........+1%
*ELIOR-H1 Sales 3.21b,Net 58m,Confirms FY targets,S/Int 2.8%.........+2%
*RYANAIR-NI 1.32b(1.32),2018 NI 1.4-1.45b(1.48),€600m b/b,Gd run.....-3%
*ARYZTA-Q3 Rev 975.2m(939.5),Still no guidance,NA m/pressure,SI 18%..+2.4%
*DUFRY-Hudson Grp wins contract at Raleigh-Durham airport............+0.5%
*IAG-Impact from the IT failure over the w/e est €100m-IAG -2.5%.....-2.5%
*NESTLE-To reduce salt in Maggi prods by 10%,sales +3-5% a year......U/C
*IFX-CEO still seeing aquistions in US - FAZ........................U/C
*BANCO POPULAR-Shared businesses hinder its sale says Expansion......-0.5%


CS:
Aryzta +2% Q3 Sales 4% ahead, ongoing margin pressure
Akzo -2-3% Wins court challenge From Elliott in takeover battle
Elior +2-3% Organic growth of 2.6%, CSe 1.4%, EBITDA 7% ahead
IAG -3% Weekend flight cancellations
LSE +1-2% To acquire The Yield Book and Citi Fixed Income Indices
Ryanair UNCH Net income ahead, 600m buyback announced
X-Fab -2% CFO Chris Förster to leave


Citi:
UK
* IAG - delays caused by computer sysyem failure at co's BA unit -3%

EU
* Arytza - Q3 revs beat,hired HSBC to advise on Picard stake options +1%
* Ryanair - fy revs/net in line,sees 8% rise in 2017/18 net,had run -1%
* Elior - H2 net rises 44%,confirms fy targets unch


Numis:
* LSE mkt LSEG has announced plans to acquire The Yield Book and Citi Fixed income Indices from Citi, including the World Government Bond Index (WGBI), for a total cash consideration for $685m (£535m)
* RENOLD MKT FY results in line with expectations; no change to FY18 forecasts


N+1 Singer:
UK 100
ANGLO AMERICAN (AAL) Unch * Completes sale of Dartbrook mine
INTU PROPERTIES (INTU) +0.5% * Forms new JV with TH Real Estate to own and manage Madrid shopping centre

UK 250
ALLIED MINDS (ALM) +0.5% * Jill Smith appointed as CEO
BREWIN DOLPHIN (BRW) +0.25% * Raised to Buy at Peel Hunt
CLS HOLDINGS (CLI) +0.5% * Exchanged contracts to buy German office for EU35.6m
MCCARTHY & STONE (MCS) +0.25% * Appoints John Tonkiss as COO
MEGGITT (MGGT) +0.25% * Raised to Buy at Alphavalue

SMALL CAP
KAINOS (KNOS) +1% *In line prelims, Rev. +9%, adj. PTP £14.3m +1%, cash £23.7m +58%. Positive outlook.
LONMIN (LMI) -1% *Cut to Sell at Peel Hunt
PURETECH HEALTH (PRTC) Unch *PureTech's Vedanta granted new US Patent
RENOLD (RNO) FINALS/Unch *In line finals, Rev. £183.4m, Fy profit £4.8m, cash flow from ops. £7.4m. Says markets still uncertain.

BEST OF AIM
BLANCCO TECH (BLTG) UNCH * Rob Woodward steps down as Chairman.
HORIZON DISC (HZD) UNCH * Broadly in line prelims see revenue +19% to £24.1m & ebitda loss down to £3.8m from £4.6m. £6.1m cash.
INDIGOVISION (IND) UNCH * Appointment of George Elliott as Chairman.
RHYTHMONE (RTHM) UNCH *N+1 Singer reiterate Buy recommendation and raise TP to 70p
SIGMA CAP (SGM) UNCH *Successful raise of £250m equity for PRS REIT enhances visibility.
SILENCE THERAP (SLN) UNCH * Continued expansion of IP with additional US patent application allowed for grant.
SURGICAL INN. (SUN) UNCH *Initiation note with a Buy recommendation and TP 4.8p.