>>> Europe Pre Market

MS:

BRSN LN
-2%
BERENSDEN CUT TO UNDERWEIGHT AT BARCLAYS,PT 700P
BWY LN
UNCH
BELLWAY 1H REV GBP 1.15B,MARGIN EXPECTED MAINTAINED AT 22%
CFR VX
-1-2%
EXPORTS WORSEN -10% IN FEB VS JAN -6%; US IN PARTICULAR SEES A BIG FALL; HK REVERTS SOMEWHAT.
DWNI GY
-1.5%
DEUTSCHE WOHNEN CONFIRED PRELIM ANNOUNCED NUMBERS AND DIV / GUIDANCE A TOUCH WEAKER
FPE3 GY
+1%
FUCHS PETRO CONFIRMED FINAL FY16 NUMBERSAND OUTLOOK
UHR VX
-1-2%
EXPORTS WORSEN -10% IN FEB VS JAN -6%; US IN PARTICULAR SEES A BIG FALL; HK REVERTS SOMEWHAT.
VEC LN
+2-3%
VECTURA PRELIMINARY EBITDA GROWTH OF 47% TO £34.1M,SAYS IT LOOKS FORWARD TO 2017 WITH CONFIDENCE


Investec:
EU
* AKZO- PPG said to prepare new offer........................................+2%
* BMW-annual press conf today, detailed FY16 results & 2017 o/look.
* D WOHNEN-FY in line w/guidance, broker d/grade away........................-2%
* ERICSSON-Chair never had Cisco talks(CNBC).Had been mkt bid spec recently..-1%
* FUCHS-FY revs in line,ebit and div ahead,guidance in line/slightly ahead...+1%
* L’OREAL-Body Shop bids said <€700m vs €1bn sought by L’Oreal(Rtrs).........-1%
* NORDEA, DANSKE-liknked to money laundering(Berlingske). Looks old story....U/C
* PARTNERS GRP-FY16 beat across board, div raised to Chf15 from Chf10.5....+0.5%
* PORSCHE-FY16 results due.
* PUBLICIS-Honda said to drop Publicis unit after trust breakdown(WSJ).......-2%
* SANOFI-China Head sees continued dbl digit gth this yr(WSJ)................U/C
* TIT-Vivendi(+0.5%) said weigh plan to oust C/man, transfer power to CEO....+1%
* UNIPER-in tlks with unions over salary, benefit cuts(WAZ)..................U/C

UK
* 888-FY.EBITDA 3.4% ahead of cons.(Sport strong)$0.105 special div.........+3%
* CLS HDGS-Acquires Network Perlach property (Munich) for €15.3m...........unch
* BELLWAY-H1.#'s & div in line. Order book ahead of last yr.Trav&Arriv......-1%
* ENQUEST- Kraken under budget & on time. confirms guidance...............+1-2%
* FAROE PETROLEUM-Production ahead rest looks inline........................+2%
* FEVERTREE-FY.In line(no u/g's)Charles Rolls taking back seat(-4% yday)..-2-3%
* GAMMA COMMS-FY.EPS 5% ahead. U/G FY17 & 18 fcast.........................+3%
* GOOD ENERGY- deal with DONG & resilient results.........................+2-3%
* HUNTSWORTH-FY.EPS ahead and restructuring complete.U/G FY 17&18 EPS.......+1%
* MEARS-FY.#'s a miss. FY17 to be lower end of guidance.D/G FY17&18.........-5%
* MEDICA-IPO(MGP LN) priced at 135p. Opening Ind. 165-70p..................+20%
* NAHL GRP-FY.~'s in line.Reaffirms its new strategy after MoJ proposals....+1%
* SCS GROUP-H1. #'s ahead current trading a little weaker but FY unch......unch


RBC:
*888: +2% FY pretax profit +82%, rev +18%, plans additional one-off dividend.
*AKZO NOBEL: +2% PPG said to be actively working on revised takeover bid.
*BELLWAY: +1% H1 profits +10%, raise interim dividend.
*BNP/AXA: +1% Macron perceived as victor in French Presidential debate.
*ENQUEST: +1% FY'16 broadly in line, KRAKEN on track, FY'17 guidance reiterated.
*FAROE PET: +1% finances in line, FY'17 positive & increased lower end prod guidance.
*FEVERTREE: +2% FY'16 results 2.5% beat, outlook reassuring, encouraging start to '17.
*FINGERPRINT: -10% expects weaker Q1, profit & rev warning, withdraws div proposal.
*IMB: +2% SKY: considering taking stake in P&H with JAPAN TOBACCO (+2.23%)
*L'OREAL: +2% REUTERS: suggests private equity interested in THE BODY SHOP.
*SINCLAIR: 0% Q1'17 trading in line with pre-announced.
*UHR/CFR: -2% weaker Swiss Watch exports, -10% in February v -6.2% in January.
*VECTURA: +2% FY'16 decent rev growth, strong into numbers, confident of outlook.

ML:
PARTNERS GR - EPS c11% above our ests on good cost control/lower tax (546)+2-3%
888 - Statement reads very well with revs 2% beat, EBITDA 3% ahead (240)..+2-3%
ENQUEST - Inline with prodn averaged 39.7kbd, with revs of US$850mn (41.5)..u/c
GRAND CITY - Inline. Rental income up 31% YoY, LTV at 35% v 42% in FY16 (17)u/c
BELLWAY - Interims confirm growth. Did pre-announce so no surprises (2828)..u/c
FEVERTREE - Inline with FY revs +73%,says confident of further growth (1462)u/c
LVMH - Takes majority stake in Maison Francis Kurkdjian,perfumes brand (200)u/c
SWATCH - Weak Swiss export data for Feb,adj for FX & days -4.3% in Dec (342)-1%
PUBLICIS - Honda said to drop ad unit after trust breakdown; WSJ report (62)-1%
MINERS - Copper -1.1%, Iron Ore fut -2.2% with BHP OZ -0.96%, RIO OZ -1.27%.-1%
RICHEMONT - Weak Swiss export data for Feb, adj for FX & days -4.3% (76.77).-1%
D.WOHNEN - Inline with NAV €29.68 v ~€30 cons and LTV flat at 38% (31.3)....-2%
FINGERPRINT - Warning.Sees rev decline of >50%,withdraws div.SI 18% (42)-15-20%


Citi:
UK
* Bellway - H1 revs/pretax beat,sees fy op margin maintained at 22% unch
* Enquest - fy revs beat,ebitda light,confirms 2017 output guidance +1%
* Vectura - annual savings of £10m by 2018,looks forward with confidence +1%
* 888 - fy revs beat,op profit/eps miss,current trading healthy +1%

EU
* Akzo - PPG said to ready new offer after failed $22.4bn bid +4%
* Partners - fy revs beat,ebitda margin above target,confirms fy demand +2%
* L'Oreal - Body Shop sale may fetch <€700m vs €1bn sought by co -1%
* Deut Wohnen - fy adj ebitda miss,+ve mkt development led to revaluation unch
* SGL - fy sales in line,ebit beat,sees ebit rising > than sales +2%
* Fuchs Petro - sees 2017 1-5% ebit growth/4-6% sales growth +1%
* Swatch - Swiss watch exports -10% in Feb yoy,in line with cons unch
* Subsea 7 - awarded $300-500m contract by BP offshore Gulf of Mexico unch


CS:
888 +2-3% Revs $520m vs cons $508m, special div announced
Akzo Nobel +1% PPG Said to Prepare New Akzo Bid
BASF M/P BASF SE is considering making a bid for Bayer
Bayer R BASF SE is considering making a bid for Bayer
Bellway +1-2% 1H operating inline, FY guidance better
Deut Wohnen -1% FY16 numbers broadly inline with guidance
Fevertree UNCH FY revs inline, adj EBITDA small ahead, divi better
Fuchs +0.5% FY numbers inline, FY17 guidance solid
Grand City +1% NAV €16.4 vs CS ests €16.94, Payout ratio up to 65%
Hastings +1% CS INITIATE with OUTPERFORM (Debt+Capex reductions)
Komax M/P Adj EBIT slightly ahead of CS, divi slightly light
Mears M/P Revs slightly light £940m vs cons £957m, divi ahead
Miners -1-2% Copper -1.40%, Brent +0.20%, Iron Ore -1.70%, China +0.20%
Partners +2-3% FY revs CHF973m vs cons CHF909m, EBITDA 8% ahead
Publicis -1% Honda US unit said to have dropped Publicis ad-buying unit
Richemont -1-2% Swiss watch export data -10% y/y for the month of Feb
Subsea +2% contract from BP as part of deepwater Mad Dog 2 development
Swatch -1-2% Swiss watch export data -10% y/y for the month of Feb


Mainfirst:
*SANOFI-Sees drug sales in China to rise at least 10% in yr-WSJ......+0.5%
*FUCHS-Sees further OG for '17,Sales +4-6%(4%),Ebit +1-5%(2%)........+0.25%
*PARTNERS-FY Rev 973m(909),Ebitda 601m(548),NP 558m(508),Div 15......+1%
*D/WOHNEN-FY16 FFO known,FY17 Ebitda 527.4m(552.6),FFO 425m(443).....-2%
*LVMH-To acquire niche perfume label Maison Francis Kurkdjian........U/C
*KONE-Wins order for twin tower complex in Jakarta,no fins...........+1%
*PUBLICIS-Honda drops Ad unit after trust breakdown says WSJ.........-2%
*SGL-FY16 Rev 769.8m(763),Ebit 23.7m(14.05),FCF -48.1m(-71)..........+1.5%
*VINCI-CEO says would prefer not being involved in Trump wall........U/C
*AKZO-PPG said to prepare renewed takover offer,talk of €95(83)......+1%
*SWATCH/Richemont-Swiss watch exports -10% YoY tough comp -2.3%......-1%


ShoreCap:
BELLWAY - revs +5.9% £1.15bn,profit +8.9% £296.7,fwd order book +18%........+2%
VECTURA - revs +75.7% £126.5m,sees strong LfL rev growth in 2017............+2%
FEVERTREE - rev +73%, margin 55.2%,EBITDA +97%,encouraging start to 2017....+1%
SAFECHARGE - Revs 101.5m.Pft after tax 26.6m.Divi 16.47c.Good start to 2017.+3%
888 - Fy op pft 60.6m.Ytd trading avg daily rev over 11% above prior year...+2%
WYNNSTAY - On track to return to growth in current fibal year..............UNCH
JUDGES - Fy revs 57.3m.Op pft 7.1m.Divi 18.5p.Mixed statement...............-2%
ACCESSO-Fy rev $102.5m.Op pft 15.7m.Confident statement....................UNCH
FAROE PET - Fy loss £33m (expl write-offs&imp'ment),'17 prod 13k-15k boepd.UNCH
SCS - sales +14.1%,profit +12.4%,slow Feb/improved March,in line...........UNCH
SINCLAIR PHARMA - sales +51%,profit +56%,EBITDA losses narrow,in line.......+1%
HUNTSWORTH - rev +7%,op.loss narrows,divi maintained,positive outlook.......+2%
EARTHPORT - revs +34.9%,profit +33.8%,transactions +85%,EBITDA loss grew....+2%


Winterflood:
******* Small Cap / AIM *******
* 888 HOLDINGS (888) +3%; Rev +13% to $520.8m. EBITDA +12% to $90.2m. Recommending final div of 5.1c, and an additional one-off 10.5c. Trading since start of the year has been in line.
* AUDIOBOOM (BOOM) unch; Placing at 2.5p to raise £4m.
* AUGEAN (AUG) unch; Trading in line with expectations. Dividend increase. Encouraging start to the year. Had small bounce in front of the figs.
* BERKELEY ENERGIA (BKY) +2%; EU Approval of Salamanca offtake contract.
* BRIGHTON PIER (PIER) +5%; Half Year. In line with management expectations.
* EARTHPORT (EPO) unch; Solid set of results, cash burn a slight concern however the board believe they will be cash flow breakeven by Q4 2017.
* ENQUEST (ENQ) +2%; Rev $849.6m vs $906.6m. PBT $237.1m vs $173.9m. Net debt $1,796m vs $1,548m. Cash capex $609.2m, down 19% y/y. 2017 production averaging 45k-51k boe/d, matching January guidance. Reiterates Kraken on schedule for 1st oil in 2Q.
* FAROE PETROLEUM (FPM) +2%; Finals, nothing new, reminder that the company is well funded with exciting drill programme continuing throughout the summer.
* FLOWGROUP (FLOW) +5%; Indicative offer received for energy business. No figures mentioned but had been expected to be at a premium to share price.
* GAMMA COMS (GAMA) +1%; Finals, in line with forecast and optimistic about growth.
* GOAL SOCCER CENTRES (GOAL) +5%; Final figs. Return to like for like sales and profit before tax. 2 new centres in US and overhaul of UK operation.
* GOOD ENERGY (GOOD) +2%; Robust finals, deal with DONG Energy to source offshore wind power.
* HUNTERS PROPERTY (HUNT) unch; Placing @ 55p to fund acquisition accompanied with a positive update.
* HUNTSWORTH (HNT) +2-3%; Prelims in Line. Loss due to restructuring costs and goodwill writedown. U/lying business performing well (Grayling aside). Outlook robust and $ strength a +VE. Undermanding mkt cap should attract buyers.
* JKX OIL & GAS (JKX) -10%; High Court Claim by Ukraine - Another blow for JKX as Ukraine MoJ makes application to overturn recent arbitration award.
* JUDGES GROUP (JDG) -3%; Prelims back up previously flagged mixed year. Company remains solid and div up 10% so share price reaction should be tepid.
* MEARS (MER) -1%; Finals - Looks like small miss on BBG estimates. +VE rhetoric and divi hike could mitigate.
* MIND & MACHINES (MMX) unch; +VE tone to a business update, but lacking in any real hard numbers.
* PREMIER AFRICA MIN (PREM) +10%; Positive assay results, Zulu deposit.
* RAINBOW RARE EARTH (RBW) +3%; Update. Activity commenced at Gakara project. First sales to commence by year end 17.
* SAFECHARGE (SCH) +2%; Good start to yr, strong sales, all seems to be going well, continued increase in dividend.
* SCS (SCS) -3-5%; Interims. REV £165.9m vs £145.4m, loss before tax £2.6m vs £3.4m, net cash £36.8m vs £32.2m. Interim div 4.9p vs 4.67p. Feb trading was challenging, however, seen an improvement in March. Strong comps for Easter but currently expects FY results to be inline with expectations. Lets hope the update after Easter period is more +VE.
* SINCLAIR PHARMMA (SPH) -2%; FY results. REV £37.8m v £25m. Op loss £6m v £13m. Net cash £16.8m. Trading for last year was in line with management expectations and they expect progress this year and returns for shareholders.
* SMART METERING (SMS) +2%; FY results. Rev £67.2m v £53.9m. PBT £18.2m v £17.5m. Div 4.1p v 2.2p. 2016 was a transformational year for the business and leaves it in a strong financial position. Business has had strong start to 2017 and is well positioned for the future.
* UBISENSE (UBI) +5%; Improved numbers. Reduced costs and loss and increased revenue and margin.
* VERSARIEN (VRS) +5%; 85% owned Cambridge Graphene already producing graphene for customers in samples quantities.
* XLMEDIA (XLM) +3%; Preferred partner status with Instagram.

>>> What to look at today - 21st of March 2017

Dow -0.04% S&P -0.20% Nasdaq +0.01% Russell -0.53%
US market closed lower. News flow was generally light on Monday with statements from three FOMC voters acting as the top headline. In summary, Chicago Fed President Evans could not rule out four rate hikes in 2017, Philadelphia Fed President Harker believes that the Fed will mildly overshoot the 2.0% inflation target, and Minneapolis Fed President Kashkari stated that he would like to shift the focus to reducing the Fed's balance sheet. CAT +2.47% after strong machine retail sales for February. AAPL+1%, PHLX +0.8%, the materials (+0.4%), consumer staples (+0.1%), and real estate groups (+0.1%) finished in the green. Utilities -0.7%, Energy -0.1%. US After Hours Christopher & Banks (CBK) up on insider buy, Calithera Biosciences (CALA) down on stock offering. Asian equity markets traded mixed and mostly in narrow ranges, tracking another flattish day on Wall St. Bullish sentiment has been tempered by uncertainty regarding Pres Trump's pro-business tax agenda as the cabinet continues to wrestle with Congressional inquiry into Russia election ties as well as negotiation on Obamacare repeal legislation that needs to get passed before tax reform can begin. Modest safehaven bid of US Treasuries continued on Monday as yield curve flattened and financials struggled. In Asian hours, futures are pointing to more optimism attributed to initial response from Elabe poll in France that showed Macron as the most credible candidate in today's debate, potentially defusing concerns of a populist revolt propelling Le Pen to a surprise victory in May. EUR/USD bounced on the poll release, rising some 50pips to 1.0770, while USD/JPY reversed some of the early pressure to rise over 40pips above 112.70.

Nikkei -0.34$ Hang Seng +0.34% CSI +0.13% Shanghai +0.02%

Eur$ 1.0768 CNH 6.8887 CNY 6.8990 JPY 112.74 GBP 1.2357 CHF 0.9977 RUB 57.3684 WTI$ 49.09 +0.37%

S&P +0.17% EuroStoxx +0.03% Dax +0.07% FTSE -0.02% SMI +0.12%

Macro :
- Paris Accord Could Make the World $19 Trillion Richer
- U.S. Gasoline Demand to Drop More Than 1.7M B/D by 2030: WoodMac

Keep an eye on :
- AKZA NA : PPG Could Offer Up to EU95/Share for Akzo Nobel: United First
- ATC NA : Altice Buys Ad Service Teads in Deal Valued at Up to EU285m
- BGN IM : Banca Generali Names Gian Maria Mossa CEO
- DWNI GY : Deutsche Wohnen FY Adj. Ebitda EU527.4m, Proposes EU0.74 Div.
- EDF FP : French Union Calls for Strike at Electricite de France Tuesday
- IMB LN : Imperial, Japan Tobacco May Take Stakes in Wholesaler P&H: Sky
- KOMN SW : Komax FY Adj. Ebit CHF57m; Increase Dividend; Sees 2017 in Line
- MUV2 GY : Munich Re Downgraded as Upside Potential Limited, Bernstein Says
- OR FP : Body Shop Bid Deadline Said to Be Mid-April, Reuters Says
- PUB FP : Honda Said to Drop Publicis Ad Unit After Trust Breakdown: WSJ
- SAN FP : Sanofi Sees Drug Sales in China Rising 10% or More This Year:WSJ
- SGL GY : SGL Sees Mid Single Digit Percentage Increase for 2017 Sales
- SOLB BB : Solvay Starts Dental-Care Business for Partial Denture Frames
- TMG NA : Talpa Buys 37,253 Telegraaf Shares for Average EU6.50 Apiece
- TNET BB : Telenet’s BASE Doubles Data Allowance in Mobile Plan Promotion
- TESB BB : Picanol Unit Buys Additional EU0.29m of Tessenderlo Chemie Stock
- UNA NA : Unilever Sees Investor Support for Kraft Rejection: De Telegraaf

>>> Europe : Brokers Upgrades & Downgrades - 21st of March 2017

>>> Up
*Bunzl Raised to Overweight at Barclays
*Lufthansa Raised to Add at AlphaValue
*SAP Raised to Add at AlphaValue
*Swiss Re Raised to Outperform at MedioBanca, PT CHF103.50
*Valeo Raised to Hold vs Underperform at Jefferies

>>> Down
*Berendsen Cut to Underweight at Barclays, PT GBP7
*Bourbon Cut to Sell at AlphaValue
*Campbell Cut to Underperform at Bernstein, PT $54
*Conagra Cut to Underperform at Bernstein, PT $36
*Esure Cut to Neutral at Citi, PT 235p
*Generali Cut to Hold at Equita SIM, PT EU16
*General Mills Cut to Underperform at Bernstein, PT $52
*J.M. Smucker Cut to Underperform at Bernstein, PT $130
*Kellogg Cut to Underperform at Bernstein, PT $69
*Munich Re Cut to Underperform at MedioBanca, PT EU180
*Munich Re Cut to Market Perform at Bernstein, PT EU185
*UCB Cut to Underperform at Jefferies, PT EU60


>>> Initiation
*Clorox Rated New Neutral at JPMorgan, PT $136
*Coca-Cola Rated New Neutral at JPMorgan, PT $43
*Colgate Rated New Neutral at JPMorgan, PT $77
*Constellation Brands Rated New Overweight at JPMorgan, PT $183
*Coty Rated New Underweight at JPMorgan, PT $16
*Estee Lauder Rated New Overweight at JPMorgan, PT $100
*Hastings Rated New Outperform at Credit Suisse, PT 290p
*Haynes Rated New Neutral at Longbow
*Hunting Rated New Buy at Numis, PT 816p
*Kimberly-Clark Rated New Neutral at JPMorgan, PT $139
*Melrose Industries Reinstated Overweight at Barclays
*Molson Coors Rated New Neutral at JPMorgan, PT $105
*Monster Beverage Rated New Overweight at JPMorgan, PT $56
*P&G Rated New Neutral at JPMorgan, PT $98
*PepsiCo Rated New Overweight at JPMorgan, PT $125
*Vestas Rated New Buy at DNB Markets, PT DKK630

>>> Call
>> Stock
*SCHAEFFLER ADDED TO ALPHA LIST AT BANKHAUS LAMPE
*WIRECARD ADDED TO ALPHA LIST AT BANKHAUS LAMPE

(TechCrunch) ARM’s next-gen chip design puts the focus on artificial intelligenc

ARM’s next-gen chip design puts the focus on artificial intelligence

ARM tipped its hand today with the announcement of DynamIQ, a new technology it says will lay the groundwork for its next generation of mobile processors. Like other mobile chip makers, the company’s got a lot to contend with when it comes to future-proofing its offerings, and certainly ARM’s making some pretty big claims for what it’s calling its “biggest micro-architectural shift since […] 2011”

Central to the company’s speed boasts are its focus on future artificial intelligence, an aspect of technology that will continue to grow more central to mobile computing over the next several years, both through the proliferation of smart-assistants, autonomous vehicles and beyond.

The chipmaker certainly isn’t being modest in its AI claims, with a stated 50x boost in performance for the technology over the next three to five years, a number it says is potentially “conservative […] as its only building out projections based on AI algorithms they know about or have access to.”

Nor is ARM understated in its planned ubiquity for the technology. As with offerings from other mobile chip makers, the company is targeting a wide range of different computing platforms that move well beyond mobile. And certainly it’s well positioned to deliver on that front, having already proven itself a versatile component maker during the explosion of IoT devices over the past several years.

The company is positioning DynamIQ chips for cars (accounting for the added workload of autonomous vehicles) and connected home devices, in addition to smartphones and the like. Microsoft has already laid some of the groundwork for additional applications back in December when it announced that it would be bringing its apps to the company’s mobile processors, in an attempt to get hardware makers to build a wider variety of devices for the operating system.

Redmond also gave ARM a little bit more love last week when it announced that it would allow for Windows Server OS to run on the company’s chips. That news was a bit of a preview of today’s announcement, as the DynamIQ architecture sees the company pushing even further into server/cloud computing hardware, along with newfound networking applications.

ARM’s not giving exact dates for the technology’s anticipated arrival, only stating that it expects its hardware partners to ship an additional 100 billion ARM-based chips by the year 2021, having shipped roughly half that number between 2013 and 2017.

>>> Altice to acquire Teads for EUR 285m

Altice to acquire Teads for EUR 285m

Altice N.V. (Euronext: ATC, ATCB) has entered into an agreement to acquire Teads, the No. 1 online video advertising marketplace in the world with an audience of more than 1.2 billion unique visitors including 720 million via mobile.
Teads Overview
Teads, founded in 2011, is the inventor of outstream video advertising and No. 1 video advertising marketplace in the world. Publishers work with Teads to create brand new video inventory and manage their existing inventory, monetizing it through their own sales force, Teads sales force, or programmatic buying.
Teads' native video advertising solutions encompass a series of formats inserted deep into media content, like the inRead playing inside articles. It is changing the game within the video advertising market by creating unprecedented levels of premium inventory, which did not exist before.
Brands and agencies can access this top-tier, premium inventory, available on the web and on mobile, through programmatic or managed services. Through its managed services capabilities, the Teads team execute on their clients behalf using its platform.
Teads revenue grew by 44% in 2016 to an estimated EUR 187.7m.
Acquisition Rationale
The acquisition combines the highly complementary strategic assets of Teads and Altice.
  • Teads Relationships with 94 of the top 100 advertisers globally
  • Partnership with 500+ premium publishers globally and 8,000 vertically specialized publishers
  • Powerful digital publisher platform with leading global reach
  • R&D innovation center (Montpellier, France and New York, U.S.) with more than 100 engineers and programmers
  • Highly entrepreneurial management team and powerful digital sales engine
  • Strong standalone financial profile
Altice
  • Unique first-party data sets with c.50 million unique fixed and mobile customers globally (over 30 million of which are in the U.S. and France)
  • Market leading data analytics capabilities enhanced by recent Audience Partners acquisition
  • Global and multi-local advertising sales organization
  • Large international advertising business with revenue in excess of EUR 700m per year
This acquisition is another critical component for Altice's global advertising strategy. Altice will provide clients with data-driven, audience-based advertising solutions on multiscreen platforms including TV, digital, mobile and tablets. It will also provide an open and intelligent advertising platform to the media industry, programmers and multichannel video programming distributors.
Together with sophisticated return on investment analysis capabilities, leveraging multiscreen subscriber data information, this puts Altice in a unique position to grow its global advertising platform and better monetize its core telecommunications access and content business.
Importantly, the combination is expected to provide immediate commercial and financial benefits to Altice's advertising business, in particular as it relates making unique first-party data available to Teads in the US and France.
Transaction Details
The acquisition values Teads at an enterprise value of up to EUR 285m on a cash and debt free basis. Teads announced record results for 2016, reporting 44% organic revenue growth year over year. The company was EBITDA positive for the fourth year in a row. Since Teads spends only a nominal amount on capital expenditures, the acquisition is immediately accretive to Altice's operating free cash flow before taking into account the expected synergies and strategic benefits of the transaction.
The acquisition purchase price is subject to Teads achieving certain revenue targets in 2017. 75% of the acquisition purchase price will be due at closing. The remaining 25% earn-out is subject to Teads' 2017 revenue performance and will become payable in early 2018.
The senior management of Teads, including Executive Chairman Pierre Chappaz and Chief Executive Officer Bertrand Quesada, will continue to lead the business going forward and have agreed to reinvest a significant portion of their proceeds. Pierre Chappaz will join Altice's Management Board responsible for all of its advertising activities.
The acquisition is subject to certain competition reviews and is expected to close in mid-2017.
Michel Combes, CEO of Altice, said: "Convergence of telecoms, content, and advertising is at the core of our business. There is significant incremental value to be generated from our assets. Teads, a powerful business in itself, with major presence in Altice footprint notably in the U.S. and France, will enable us to offer a truly unique value proposition to brands and agencies on the one hand and the media industry, programmers and distributors on the other. It is that value proposition - data-driven, measurable and multiscreen - which will enable us to significantly grow our advertising business. We are very excited to partner with Pierre, Bertrand and their talented team."
Pierre Chappaz, Founder and Executive Chairman of Teads, said: "We are excited to start this new phase of Teads and become part of the internationally renowned Altice team. Since our inception we have strived to offer our clients with superior advertising solutions based on measurable performance and technological innovation. As part of Altice, we will be able to offer even more tailored, data-driven solutions and take our value proposition from the digital world to a multiscreen platform, which includes TV, digital, mobile and tablets. It is this differentiated offering which will allow Altice and Teads to uniquely prosper in the global advertising market."

>>> AkzoNobel bidder PPG prepares revised offer

AkzoNobel bidder PPG prepares revised offer - report
21 MAR 2017
PPG Industries [NYSE:PPG] is actively working on a revised takeover offer for Dutch coatings company AkzoNobel [AMS:AKZA], sources familiar with the situation said in a newswire report. The value of the new bid is not known, Bloomberg reported.
Pittsburgh-headquartered PPG earlier this month offered EUR 83 per share or EUR 20.9bn for Akzo but the unsolicited approach was turned down, the report noted.
Elliott Management Corp, a major long-term shareholder in Akzo, has been pressing the business to engage with PPG and consider carefully any new offer, sources cited in the report said.
As previously reported, PPG is expected to offer up to EUR 95 per Akzo Nobel share, according to a report by Dutch daily De Financiële Telegraaf that cited United First Partner, the investment and advisory group.

(BFW) Imperial, Japan Tobacco May Take Stakes in Wholesaler P&H: Sky

U.K. wholesaler Palmer & Harvey owes tens of millions of pounds to both Imperial Brands and Japan Tobacco, which are considering taking equity stakes in the co., Sky News says, citing people it didn’t name close to P&H.
  • P&H, largest distributor to U.K. convenience stores, gets about 40% of revenue from Tesco, which may shift those contracts to Booker, a P&H rival it’s taking over, and some of wholesaler’s debt is secured by such contracts
  • P&H spokeswoman confirmed to Sky it’s in talks with lenders, shareholders
  • Barclays, Santander, GE Capital are part of P&H’s lending syndicate
  • Sainsbury agreed to give financial support to P&H, which distributes tobacco products to its supermarkets
  • Imperial Brands spokesman tells Sky it’s aware of P&H’s refinancing negotiations and is in talks with co. over range of options
  • Japan Tobacco declines to comment
  • NOTE: P&H distributes 15,000 products including alcohol, candy, groceries, snacks and beverages