*GLENCORE CEO SAYS WILL SEEK TO ADD COPPER ASSETS IN FUTURE
Safran va racheter Zodiac avec une décote de plus d'un milliard d'euros
L'action des deux groupes a été suspendue. Selon nos informations, Safran va annoncer une offre de rachat sur Zodiac à un prix inférieur à 25 euros l'action Zodiac. Ce qui correspond à une décote de plus de 15% par rapport au projet initial, soit plus de 1 milliard d'euros.
Safran va bien racheter Zodiac. Mais à un prix largement inférieur à celui proposé en janvier lors de la présentation du projet d'acquisition. Et sous une forme différente que le schéma imaginé à ce moment-là.
Décote de plus de 15%
Après avoir réexaminé la situation de cette opération à la suite de l'annonce par Zodiac de deux "profit warning" en avril, Safran maintient son intérêt pour cette opération. Selon nos informations, le groupe dirigé par Philippe Petitcolin va proposer une offre de rachat à moins de 25 euros par action de Zodiac. Ce qui correspond à une décote de plus de 15% par rapport aux 29,45 euros proposés initialement. Et une baisse par rapport à ce qu'espéraient les actionnaires de Zodiac après l'annonce de leur profit warning (autour de 27 euros). Résultat, pour Safran, la décote s'élèvera à plus d'un milliard d'euros par rapport aux 8,5 milliards prévus en janvier (9,7 milliards en incluant la dette). Et encore, l'offre sera environ aux deux tiers en cash et à un tiers en échange de titres.
Plus de fusion
Car, outre le prix, le schéma de l'opération n'est plus le même. Alors que le schéma initial prévoyait une première étape avec une OPA de Safran sur Zodiac, puis, en cas de succès, une fusion pour les actionnaires de Zodiac qui n'auraient pas participé à l'OPA, il prévoit aujourd'hui une offre en cash et une offre en titres.
La cotation de Safran et Zodiac a été suspendue mercredi matin dans l'attente d'un communiqué, qui "sera publié dans la journée", a déclaré une porte-parole de Safran, sans plus de précision.
PPG chief prepared for divestments to obtain regulatory approval for Akzo Nobel deal - De Telegraf
PPG Industries [NYSE:PPG] CEO Michael McGarry has indicated he would be prepared to divest parts of the business to gain regulatory approval for a deal with Akzo Nobel [AMS.AKZA], De Telegraaf reported, citing remarks by McGarry at a press conference.
By stating its attitude to divestments, PPG makes it more difficult for Akzo Nobel to cite regulatory issues as a possible dealbreaker in the takeover bid, the Dutch daily reported.
This possibility has not yet been discussed with Akzo Nobel, as they had not asked PPG about it, McGarry remarked.
In case of a hostile takeover bid, PPG thinks it can obtain at least 80% of Akzo Nobel's shares, McGarry said.
As earlier reported, Activist shareholder Elliott launched a courtcase on May 9 against Akzo's refusal of PPG's third offer for the company. A hearing was held on Monday (22 May), the verdict is scheduled for 29 May.
PPG's management is set to meet on 30 May to discuss whether it will proceed with its takeover bid.
A deadline for the submission of a bid document with market regulator AFM expires on 1 June, the item added.
Iran Oil Min Zanganeh: OPEC ceiling will continue just not clear on duration of the extension of production cuts
- No problem whether oil production cut extension is 6 or 9 months
- Have yet to be ask to join Cabinet under the new Rouhani govt
- Says Saudi Arabia trying to drive up oil prices
China’s Geely to take controlling stake in Lotus
Takeover is part of a deal to invest in the historic carmaker’s parent company Proton
China’s Zhejiang Geely will take a majority stake in Lotus as part of a deal to invest in the historic British sports car maker’s parent company, according a statement put out by the Hangzhou based company.
The Geely holding company, which owns the listed carmaker Geely, will take a 49 per cent stake in struggling Malaysian carmaker Proton according to the deal announced Wednesday morning.
Part of the deal will include the Chinese company also taking control of Proton’s Norwich-based subsidiary, Lotus, with a stake of 51 per cent.
Lotus, which made a loss of £27.6m in the 12 months ending on March 31 2016, is a leader in composite materials and lightweighting technology, which Geely will look to deploy across its vehicles to help them meet stringent emissions targets in China.
The takeover of Lotus will aim to breathe new life into the brand, whose sales last year fell by 242 to 1,584 vehicles. Lotus also includes an engineering division that sells sports car technology to other businesses.
Yale Zhang, director of Shanghai-based consulting company Automotive Foresight, said Geely would likely use the acquisition as a jumping off point into large Asia markets such as Malaysia and Thailand “these are big markets and they are growing pretty fast. but they are very difficult markets because the Japanese entered early and set very high standards.”
“Proton is a well established brand in Asia, and Geely wants to get a brand and sales channels into Asia.”
The deal with Proton was subject to regulatory approval and the signing of the definitive agreement, expected in July, according to the Geely statement.
DRB-Hicom, which owns Proton, issued a notice to the Malaysian stock exchange on Tuesday evening saying its shares would be suspended on Wednesday pending an announcement.
The move will extend the global reach of Geely, which already owns the Volvo car brand and The London Taxi Company.
Geely is hoping to break into the right-hand drive market in south-east Asia, and plans to use Proton’s plant, which has a capacity to make right-hand drive cars.
While Geely’s premium Volvo brand makes right-hand drive vehicles, the Chinese marque only manufactures left-hand drive vehicles in its title brand.
Proton has been looking for an international partner to help it expand its range of products and improve the quality of its cars amid falling market share in its home territory.
PSA, the owner of Peugeot and Citroën, was also in the running to take a stake in Proton, but has lost out to Geely’s parent group.
Founded in 1983 by former Malaysian prime minister Mahathir Mohamad, Proton was once dominant in its native market with three-quarters of all car sales, but by last year its share had fallen to 15 per cent due to fierce competition from cheap imports.
In 2013, the brand set a target of producing 500,000 cars a year by 2017. Last year it made just 150,000 vehicles.
SoftBank said to take US$4b stake in US chipmaker Nvidia
SoftBank Group Corp has quietly amassed a US$4 billion stake in Nvidia Corp making it the fourth-largest shareholder in the graphics chipmaker, according to people familiar with the situation.
The Japanese company, which just closed its Vision Fund, disclosed it owned an unspecified amount of Nvidia stock when it announced US$93 billion of commitments to the technology investment fund on Saturday. A holding of 4.9 per cent, just under the amount that would require a regulatory disclosure in the US, would be worth about US$4 billion.
A stake in Nvidia fits with SoftBank founder Masayoshi Son's plans to become the biggest investor in technology over the next decade, with bets on emerging trends such as artificial intelligence.
Under its founder, Jen Hsun Huang, Nvidia has become one of the leaders of the charge by chipmakers to provide the underpinnings of machine intelligence in everything from data centers to automobiles.
SoftBank spokesman Matthew Nicholson declined to comment. In announcing the Vision Fund's capital commitments, SoftBank said the fund will have the right to acquire several investments including its Nvidia stake.
Depending on when the shares were acquired, Mr Son may have made a savvy wager. Nvidia's stock tripled last year and is up 28 per cent again this year, giving the company a market value of more than US$80 billion. Its worst annual gain since it started rallying in 2013, was the 25 per cent run up achieved in 2014.
Nvidia, which is the biggest maker of graphics chips used by computer gamers, earlier this month countered concern among analysts that its share price appreciation had outrun its ability to grow profit by reporting earnings that beat estimates and forecasting a further improvement.
The results showed that gains are being driven by progress expanding into new markets, such as automotive and data centers.
Son set up the planned US$100 billion Vision Fund so he can pursue even more ambitious deals than he's been able to do on his own. He has invested in startups in China, India and the US and acquired control of larger companies such as UK chipmaker ARM Holdings Plc and US wireless operator Sprint Corp.
SoftBank invested US$5 billion into the Chinese ride-hailing giant Didi Chuxing last month in the largest-ever venture fundraising.
This month, the Japanese company put US$1.4 billion into the digital payments startup Paytm in the largest funding round from a single investor in India's technology sector.
Mr Son has made the US a particular focus after meeting with President Donald Trump in December and pledging to create 50,000 new jobs in by investing US$50 billion in startups and new companies.
That month, SoftBank contributed US$1 billion to a funding round in OneWeb Ltd, a satellite startup based at Exploration Park, Florida near Kennedy Space Center.
In March, SoftBank invested US$300 million in WeWork Cos, a US startup that rents out office space and desks to small businesses and freelancers
RTRS - SAFRAN SAF.PA TO ISSUE STATEMENT LATER IN THE DAY - SAFRAN SPOKESWOMAN