>>> Toshiba chip unit bidder Western Digital expected to use refusal right to bl

Toshiba chip unit bidder Western Digital expected to use refusal right to block investment from Micron, SK Hynix - report 

Western Digital Corp [NASDAQ: WDC], one of the bidders for Toshiba Corp's [TYO: 6502] memory-chip subsidiary, is likely to say no to investments from rivals Micron Technology Inc [NASDAQ: MU] or SK Hynix Inc [KRX: 000660] in the new unit, the Diamond Weekly reported.

If Toshiba chooses these companies as buyers of stakes in the to-be-formed chip subsidiary, Western Digital is expected to exercise the first right of refusal, which it holds through an alliance accord with Toshiba on flash memory chip production, the Japanese weekly magazine reported, citing an unidentified official from the US company.

The unit is to be formed on 1 April via a spin-off of Toshiba's flash memory-chip business.

Between 2002 and 2016, Western Digital had spent a total of JPY 1.2tn (USD 10.52bn) on the flash memory chip-making factory in Yokkaichi, Mie Prefecture, jointly operated by the two companies, according to the report.

The Yokkaichi plant operations will be problematic if a rival to Western Digital joins, the report said, citing the source.

Meanwhile, Toshiba is reluctant to sell the chip unit stake to Western Digital, partly because the US chip maker is a direct competitor, and also because it may take longer than expected time to gain regulatory approvals, the magazine report said, citing an unidentified Toshiba executive.

Other bidders Apple Inc [NASDAQ: AAPL] and Hon Hai Precision Industry Co Ltd [TPE: 2317] do not appear seriously ready to make a huge investments in the memory-chip business, the Toshiba executive was quoted as saying in the report.

That automatically leaves investment funds as the only potential acquirers left, the report added, citing the executive.

>>> De Mol Raises TMG Cash Offer to EU6.50 P/S Amid Takeover Battle

De Mol Raises TMG Cash Offer to EU6.50 P/S Amid Takeover Battle
John de Mol’s Talpa raises intended bid on all outstanding TMG shares to EU6.50 in cash from previous EU6.35 bid, Talpa says in statement late Sunday.
  • Bid represents a premium of 8.3% to Mediahuis, VP Exploitatie’s recommended March 5 offer, co. says
  • Talpa will announce its position, further steps in short term, it says
  • NOTE: Mediahuis, VP Exploitatie, TMG agree on cash offer for TMG Shrs
  • NOTE: The supervisory board of TMG suspended both members of management board, TMG said Sunday
  • NOTE: March 1, Talpa proposed takeover offer of EU6.35/share ($6.74)

>>> PSA to Buy GM’s European Operations in Deal Valued at EU2.2b

PSA to Buy GM’s European Operations in Deal Valued at EU2.2b
Owner of Peugeot and Citroen car brands agrees to buy GM’s Opel/Vauxhall subsidiary valued at EU1.3b, and GM Financial’s European operations valued at EU0.9b, PSA and GM say in statement.
  • PSA to acquire GM Financial business in joint-venture with BNP Paribas
  • PSA sees annual synergies of EU1.7b by 2026, “significant part” to be reached by 2020
    • Opel-Vauxhall to reach recurring operating margin of 2% by 2020 and 6% by 2026, to generate positive operational free cash flow by 2020
  • Deal allows GM to lower cash balance requirement under its capital allocation framework by $2b, plans to use that to accelerate share purchases
    • GM to buy warrants to buy shares in PSA
    • GM will take a primarily non-cash special charge of $4.0b-$4.5b
  • Deal expected to close before year-end
    • Makes PSA second-biggest European carmaker with 17% market share
  • Opel-Vauxhall had revenue of EU17.7b in 2016

>>> Asian Update

Asia Mid-Session Market Update: China lowers 2017 GDP, M2, Retail Sales targets; North Korea fires more missiles ahead of US-South Korea drills

***Friday US markets on close: Dow flat, S&P500 +0.1%, Nasdaq +0.2%***
- Best Sector in S&P500: Financials
- Worst Sector in S&P500: Real Estate
- Biggest gainers: MU +3.5%; UAL +3.2%; GPN +3.0%
- Biggest losers: M -4.4%; COST -4.3%; PRGO -3.7%
- At the close: VIX 11.0 (-0.9pts); Treasuries: 2-yr 1.30% (-1bp), 10-yr 2.49% (flat), 30-yr 3.08% (flat)

***Weekend US/EU Corporate Headlines***
- DB: Confirms plans to raise €8B (31.9% of market cap) through rights issue on Mar 21st priced at a discount of about 39% to Friday's €19.14/shr close price - press
- MGM: Reportedly MGM has made offer to acquire Las Vegas Sands' casino in Bethlehem, Pennsylvania for as much as $1B - press
- STAN.UK: Confirms in talks about an all share merger with Aberdeen Asset Management

***Politics***
- (US) President Trump claims President Obama ordered wire taps on his phones in October; Obama spokesperson denies the allegation
- (US) FBI Director Comey calls on DOJ to publicly reject Pres Trump's assertion that his phones were tapped under Pres Obama in 2016 - NY Times
- (JP) Japan PM Abe said to consider potential snap election in 2018; LDP may also revise rules to allow him to serve 3 consecutive terms (until 2021) - Japan press

***Key economic data:***
- (AU) AUSTRALIA JAN RETAIL SALES M/M: 0.4% V 0.4%E
- (AU) AUSTRALIA FEB ANZ JOB ADVERTISEMENTS M/M: -0.7% V 3.9% PRIOR
- (AU) AUSTRALIA FEB MELBOURNE INSTITUTE INFLATION M/M: -0.3% (first decline in 7 months) V 0.6% PRIOR; Y/Y: 2.1% V 2.1% PRIOR
- (NZ) NEW ZEALAND JAN BUILDING PERMITS M/M: +0.8% V -7.9% PRIOR (1st increase since Sept)

***Asia Session Notable Observations, Speakers and Press***
- Asia indices are mixed to positive, all in spite of Fed Chair Yellen virtually confirming intentions to raise rates this month in her speech on Friday and US/European futures coming under pressure on more political polarization in Washington and geopolitical concerns on Korean peninsula. Nikkei225 is underperforming as JPY reversed 4 consecutive declines on Friday with a modest rally, while Australia is among the gainers as miners rally after recent slump. In FX, USD/JPY and NZD/USD are among the bigger movers, falling 40pips and 30pips to 113.70 and 0.7005 session lows.
- China kicked off its National People’s Congress (NPC) with 2017 GDP target of "around 6.5% or higher if possible" vs 6.5-7.0% in 2016, also lowering 2017 M2 money supply to 12% from 13% and Retail sales to 10% from 11. China kept its CPI target and Fiscal Budget deficit to GDP ratios unchanged at 3% and 3%. PBoC pledged to pursue prudent, neutral monetary policy in 2017, while Fin Min expressed concerns over imbalances between revenue and spending as well as local govt debt risks. In other notable developments, Defense Ministry's 2017 growth was set at 7%, down from 7.6% last year and the lowest in a decade. Expressing continued commitment to reducing pollution, regulators also announced cuts in steel capacity by another 50M tons and coal output by over 150M tons.
- Reeling from the unexpected recusal by AG Sessions from campaign investigations last week due to misleading testimony on his contact with Russian ambassador, President Trump and his team went on offense this weekend, claiming that President Obama ordered wire taps on his phones in October. FBI Director Comey is denying those claims and calling for the DOJ to also publicly reject that assertion.
- Geopolitical tensions on Korean peninsula flared up again ahead of the seasonal joint US-South Korea exercises. North Korea was reported to have fired 4 missiles that traveled about 1,000KM in continued show of force. South Korea said it is monitoring market impact, while Japan is lodging a formal complaint and also holding a national security council meeting.
- Ahead of tomorrow's RBA decision, key economic data for the session came out of Australia where Jan retail sales came in line with consensus. Annualized increase was 3.2%, as personal accessory/clothing category was said to print the biggest increase in spending from prior month. Expectations are widely in favor of an RBA hold, though fixed income markets are starting to price in a 50/50 chance of a hike by Q1 of next year.

China
- (CN) China National People’s Congress (NPC) sets 2017 GDP target of "around 6.5% or higher if possible" vs 6.5-7.0% in 2016
- (CN) PBOC Deputy Gov Pan Gongsheng: China has very adequate forex reserves in accordance with international standards or by latest indicators proposed by scholars - Chinese press
- (CN) China PBoC Dep Gov Yi Gang: China does not need to raise interest rates or cut RRR for the time being; Yuan to remain relatively strong - press
- (CN) NDRC: China to cut steel capacity by another 50M tons and coal output by over 150M tons in 2017 - press
- (CN) China Parliament Spokeswoman: No plans to implement nationwide property tax this year - press
- (CN) China sets 2017 Defense Spending increase at about 7%, down from 7.6% in 2016 and lowest in over a decade - press

Japan
- (JP) Japan PM Abe: Will lodge firm protest against North Korea missile launch; launch is unacceptable
- (JP) Ruling LDP party endorses changes to party rules that will allow PM Abe to remain until 2021 - Nikkei

Australia
- (AU) Fixed income markets are pricing in about a 20% chance of an RBA rate hike before the end of 2017; Sees about 50% chance of a hike by the end of Q1 of 2018 - AFR
- (NZ) New Zealand Treasury Monthly Economic Indicators: Q4 private consumption may be slightly lower than 1% forecast in HYEFU - press
- (NZ) New Zealand PM English: planning to raise pension age to 67 from 65 within 20-yrs - NZ media

***Asian Equity Indices/Futures (00:00ET)***
- Nikkei -0.5%, Hang Seng +0.3%, Shanghai Composite +0.4%, ASX200 +0.3%, Kospi flat
- Equity Futures: S&P500 -0.3%; Nasdaq -0.3%, Dax -0.3%, FTSE100 -0.1%

***FX ranges/Commodities/Fixed Income (00:00ET)***
- EUR 1.0600-1.0620; JPY 113.70-114.15; AUD 0.7570-0.7595; NZD 0.7005-0.7035; GBP 1.2280-1.2300
- Apr Gold +0.6% at 1,234/oz; Apr Crude Oil -0.4% at $53.11/brl; May Copper -0.7% at $2.69/lb
- GLD: SPDR Gold Trust ETF daily holdings fall 4.7 tonnes to 840.6 tonnes; lowest since Feb 12th
- SLV: iShares Silver Trust ETF daily holdings fall to 10,350 tonnes from 10,424 tonnes prior; 11-month low
- (CN) PBOC SETS YUAN MID POINT AT 6.8790 V 6.8896 PRIOR; Strongest Yuan setting since Feb 25th; first stronger fix in 4 sessions
- (CN) PBOC to inject combined CNY40B v CNY30B prior in 7-day, 14-day and 28-day reverse repos
- (KR) South Korea Finance Ministry sells KRW700B in 3-yr treasury bonds; avg yield 1.75% v 1.655% prior
- (AU) Australia sells A$600M in 3.75% 2037 bonds; avg yield 3.4984%; bid-to-cover 2.52x

***Asia equities / Notables / movers***
Australia
- YOW.AU Yowie Group +3.8%; Exec: In US market we continued to gain share in Jan; Affirms FY17 Rev +85-90% y/y
- WSA.AU Western Areas -2.3%; Morgan Stanley cut
- NVT.AU Navitas Ltd -14.7%; Named preferred AMEP program tenderer for reduced number of contract regions

Hong Kong
- 771.HK Automated Systems Holdings +3.8%; Acquires Grid Dynamics
- 229.HK Raymond Industrial Ltd +3.7%; profit alert
- 3333.HK China Evergrande Group +0.7%; Feb sales

>>> deutsche Bank cap increase

*** Deutsche Bank (DBK GY): Announces €8bn Rights Issue to strengthen its capital ratio

• To issue 687.5m new shrs at €11.65 each (30% discount to TERP) vs outstanding 1379.27m shares
• Timetable: prospectus published Mar 20; Trading Mar 21- Apr 6
• No language related to Unsubscribed rights
• Note: In 2014 Deutsche executed similar capital increase with take up of 99.1% where remaining new shares that were not subscribed were sold on the market.

https://www.db.com/newsroom_news/2017/medien/deutsche-bank-refines-strategy-and-announces-capital-increase-en-11483.htm

>>> What to look at today - 4th & 5th of March 2017

Weekly Performance
Dow +0.88% S&P +0.67% Nasdaq +0.44% Russell -0.03% Mexico +0.78% (+2.85% in $) Brazil -2.63% Nikkei +0.96% (-0.74% in $) Hang Seng -1.72% Shanghai -1.08% EuroStoxx +3.01% FTSE +1.80% CAC +3.09% Dax +1.89% Ibex +3.65% MIB +5.74% SMI +1.69%
The stock markets started the week on hold as investors slowed down the pace and strength of the recent bull run. Markets were muted at the beginning of the week, awaiting President Trump's speech to Congress on Tuesday evening. Investors were looking for some concrete details on economic policy including tax reform, which the speech failed to deliver. Trump did, however, strike what many considered a much more presidential tone while promising a $1 trillion infrastructure spending spree. Global stock markets received the comments extremely well sending the Dow up above the 21,000 mark for the first time. For the week, the DJIA gained 0.9%, the S&P500 rose 0.7%, and the Nasdaq added 0.4%

Macro :
- U.S. to Impose Duties on Stainless Steel Sheet From China
- China Ready to Meet Challenges From Trump White House, Fu Says
- EPA expected to reopen vehicle emissions decision: source - http://reut.rs/2mQ10aM (Reuters)
- Germany, France, Italy Spar Over EU Defense Fund: Handelsblatt

Keep an eye on :
- ADN LN : Aberdeen Asset, Standard Life Said to Mull GBP11b Merger: Sky
- AIB ID : Ireland Said to Sell 25% AIB Stake in IPO Within Weeks: Times
- AGS BB : Ageas Keen to Increase Holding in IDBI Federal Life to 49%: PTI
- AZA IM : Alitalia Plan May Include 2,000 Job Cuts: Il Sole 24 Ore, Needs Capital, Funding of About EU1.3b: Messaggero
- BAS GY : BASF Plans to Invest 3b Euros in Asia-Pacific 2017-2021: BS
- BT/A LN : Du Plessis Said Frontrunner for BT Chairman Role: Sunday Times
- BC IM : Cucinelli Looks to E-Commerce to Boost Growth: Il Sole
- DB1 GY : Deutche Boerse Board Says Kengeter Is Right Man as CEO: FAZ
- DBK GY : Deutsche Bank Extends Declines; Confirms Potential Capital Boost
- DBK GY : Deutsche Bank Supervisory Board Said to Meet Sunday: Reuters
- ERICB SS : Ericsson CFO Says Earnings, Cash Flow a Priority This Year: BZ
- XOM US : Exxon Mobil Seeks License for $5b Guyana Crude Project: El Mundo
- GFK GY : KKR Takeover Offer for GfK Exceeds Minimum Acceptance Threshold
- ISP IM : Intesa CEO Says Le Pen Victory Could Be Damaging: Corriere
- MBTN SW : Meyer Burger CEO Braendle Hopes to Cut Costs Further: FuW
- NOVOB DC : Novo Nordisk Sues to Block Teva Copy of Diabetes Drug Victoza
- OMV AV : OMV Reaches Agreement for Sale OMV Petrol Ofisi to Vitol Group
- P US : Pandora shares surge amid speculation about a sale - NYT
- UG FP : PSA Sets Monday Press Conference With GM: PSA Spokesman
- PFD LN : Premier Foods major shareholder Nissin urged to sell or launch takeover
- SAN FP : Sanofi, Regeneron Report Positive Results From Dermatitis Drug
- SBRY LN : Sainsbury’s to Cut 400 Jobs in Shake-Up of Operations: Guardian
- SIG US : Signet Drops; Earlier NYT Story Discussed Company Accounting
- SNAP US : MSCI to Reassess Snap Inclusion in USA Index at May Review
- TWX US : Sprint Wins $139.8 Million Verdict Against Time Warner Cable
- UBER IPO : Uber Said to Have Used Greyball Tool to Deceive Authorities: NYT

>>> Barrons weekend summary: positive on RRC, XRX; cautious on SNAP Cover

Barrons weekend summary: positive on RRC, XRX; cautious on SNAP 

* Cover story: As Donald Trump tries to keep manufacturing jobs in the U.S., many companies that remain will use robots in an effort to lower labor costs; "For long-term investors, robots could be one key to securing healthy corporate profit growth, and stock returns, even as wages rise"; Investors should look at Fanuc, ROK, ABB, Yaskawa Electric, and ROBO. 

* Features: 1) Positive on RRC: Leading U.S. gas producer appears undervalued, and its ability to drill profitable wells, even at current prices, gives it staying power and makes it an "option" on higher gas prices; 2) Cautious on SNAP: Even assuming the startup sees strong growth, it's hard to justify more than half the current stock price, and the company is more likely to resemble TWTR than FB; 3) Positive on XRX: Now that it has spun off business-processing units such as CNDT, Xerox and its investors have the opportunity to realize substantial long-term gains under new chief executive Jeff Jacobson.

* Tech Trader: At the Mobile World Congress the key topic was the advent of 5G technology, which is less about making phones faster than about connecting a wide range of devices to the Web; NOK, ERIC, CIEN, and JNPR stand to benefit from the trend. 

* Trader: "Merrill Lynch's Sell Side Indicator, a measure of Wall Street's bullishness, still sits in neutral territory despite hitting its highest level in 16 months"; Positive on PHM: Shares have lagged the market for the past four years and are nearing the top of their long-term range, but expectations of stronger growth and margins could carry them further; Cautious on SIG: Jeweler's valuation may be the one good thing it has going for it as it faces several challenges, including allegations it underpaid female workers. 

* Profile: Brian Kessens, manager of the Tortoise MLP & Pipeline fund, is upbeat about the prospects for pipelines, storage facilities, and other midstream energy outfits (top 10 holdings: KMI, WMB, TRP, LNG, SE, ENG, OKE, PAGP, TRGP, Inter Pipeline). 

* Interview: Mark Boyar, founder of Boyar Asset Management, is an "eclectic value investor" who looks for strong businesses that aren't in favor (picks: MSG, MSGN, QVCA, TRCO). 

* Advisor Rankings: Barron's list of the top 1,200 financial advisors by state looks at assets under management, revenue produced for their firms, regulatory record, quality of practice, and philanthropic efforts. 

* Follow-Up: Cautious on MLM: The miner's prospects remain strong, but the excitement is already priced into the shares, and investors may want to take profits; Cautious on AFSI: Questions Barron's raised earlier about the company's accounting and reserve levels remain, and there could be more bad news when it files its 10-K report for 2016. 

* European Trader: Positive on AZN: This could be the year the company starts to deliver on a promise made in 2014 that it would fare better alone than by accepting PFE's takeover bid. 

* Asian Trader: The Indian economy grew by 7% in the December quarter despite the government's ban of the use of large rupee bills, but Capital Economics doesn't see India's economy surpassing China's. 

* Emerging Markets: In a recent report, Jim Barrineau of Schroders Investment Management claimed EMB and PCY haven't properly tracked their benchmark indexes and aren't proxies for the diversity of developing market debt. 

* Commodities: Aluminum prices are up this year on expected boosts in China's smelting industry, but without more evidence that production is decreasing, investors may find prices falling. 

* Streetwise: Reducing the U.S. corporate tax rate, which Donald Trump is unlikely to do if he wants to increase infrastructure spending, would hurt some companies, particularly those with high interest rates.

WSJ : Deutsche Bank Plans $8.5 Billion Capital Increase

Deutsche Bank Plans $8.5 Billion Capital Increase
German lender also will combine global markets, corporate and investment bank

Deutsche Bank AG said Sunday it will seek to raise €8 billion ($8.5 billion) through a share sale, a move to shore up the German lender’s capital less than two years into a major restructuring under Chief Executive John Cryan.
The fundraising plans confirm many investors’ expectations that Deutsche Bank would be forced to tap the market for the third time since early 2013. Since taking over in mid-2015, Mr. Cryan said he wanted to avoid selling shares, which will hurt existing shareholders. The bank also said it would reconfigure its business structure, combining its global-markets unit and its corporate and investment bank, reversing a separation of the investment bank a year and a half ago.

Mr. Cryan has tried to preserve capital by cutting costs, axing employee bonuses and canceling annual shareholder dividend payouts. But those steps haven’t done enough. Mr. Cryan’s hopes were overwhelmed by multibillion-dollar legal bills, toughening capital regulations and sagging profits in key businesses ranging from German retail banking to deal-advising and trading. The bank said it expects around €2 billion in restructuring and severance costs in connection with its plans.


The timing of the capital increase seeks to take advantage of a resurgence in Deutsche Bank’s share price, which has almost doubled from multiyear lows near €10 in September. The shares closed Friday at €19.14 in European trading. Last year, corporate clients and hedge funds pulled balances and other business from Deutsche Bank over concerns about its legal costs and weak capital position.

Deutsche Bank on Friday night confirmed investor expectations that it needs a capital injection, saying it was doing “preparatory work” for a share sale and considering other strategic moves.


Sunday afternoon, after a meeting of the supervisory board, the lender said as expected that it plans to sell a minority piece of its asset-management business via a public sale of shares. The plan is part of a bid to stabilize that business after it has suffered a long spate of asset declines.

Selling a stake would dent the advantage Deutsche Bank gains from the asset-management division’s profits, which are predictable compared with more-volatile investment-banking and trading profits. A stake sale would allow the lender to hold on to a business that Deutsche Bank officials including Mr. Cryan have praised as an important part of the bank. A partial float could help the bank once again expand the division while boosting its capital incrementally, some investors say.

Deutsche Bank also said Sunday it plans to fold its German retail-banking unit called Postbank back into its ongoing operations. That is a reversal of costly plans announced in 2015 to separate the business in preparation for a spinoff.


Attractive buyers proved scarce in a crowded market where low interest rates have hurt retail-banking profits.

NY Post : Macy’s asking price may be too steep for bidders

Macy’s asking price may be too steep for bidders

Hopes for a deal to sell Macy’s are fading as the department store giant refuses to take a discount, sources told The Post.

Hudson’s Bay, the owner of Saks Fifth Avenue and Lord & Taylor, is the only bidder that has stepped forward so far, and is put off by the “high price”

Macy’s is asking for its 829 stores, said a source close to the situation.

The companies have been in talks on and off for 90 days, the source said.

One explanation for the impasse, insiders say, is that some of the pressure on Macy’s to consider a sale has diminished in recent weeks.

That’s partly because activist hedge fund Starboard Value is no longer interested in waging a proxy battle and has instead been reducing its stake in Macy’s, according to sources close to the firm.

Indeed, several weeks ago Starboard made a last-ditch effort to find other potential bidders for the chain and came up empty, a source close to the situation said.

Although Starboard is still monitoring the situation, it has limited interest in investing more time and money in what has been a losing investment, the source said.

Macy’s declined to comment as did officials at HBC and Starboard.

Earlier this year, Starboard’s founder and chief executive, Jeff Smith, was angling for seats on Macy’s board and was said to be considering a proxy fight.

Fed up with Macy’s weak performance — sales declined 4 percent to $8.8 billion in the fourth quarter and its stock is down about 30 percent over the past year — Smith was making a run for seats in advance of Macy’s annual meeting in late April or May.

But on the heels of a rough holiday quarter, “Smith is less interested in Macy’s and Macy’s is under less pressure as a result,” said a source familiar with the situation.

If Macy’s and HBC reach a deal it will likely involve mall operator Simon Properties, with which HBC is a partner, to form the joint venture HBS Global Properties. The investment vehicle owns real estate in the US and Germany, where HBC bought the department store Galeria Kaufhof last year.

Longtime Macy’s CEO Terry Lundgren is stepping down this month and is slated to hand the reins to President Jeffrey Gennette.

“It wasn’t the year we expected or hoped for,” Lundgren said this month during his last earnings call. “We thought we could do better than that.”

Reuters reported on Friday that there are no “current negotiations” between the companies because Macy’s does not believe HBC can raise the financing it needs.

One source close to the negotiations disputed the report.

“There are multiple ways HBC can finance the deal,” the source said. “The issue is that Macy’s is holding out for a much higher price. No doors have closed.”

Macy’s shares on Friday closed at $31.76, down 4.4 percent.

>>> Premier Foods major shareholder Nissin urged to sell or launch takeover - re

Premier Foods major shareholder Nissin urged to sell or launch takeover - report

Premier Foods’ [LON:PFD] biggest investor, Nissin Foods [TYO:2897] of Japan, has been urged by another shareholder to exit its stake or launch a takeover bid for the UK-based business, The Sunday Times reported. The unidentified top-10 Premier shareholder said Nissin’s ownership of a 19.7% stake is blocking any prospective sale of the British food group.
However, sources with close links to Premier said Nissin’s presence on the share register is an aid to Premier’s ambitions for growth, the item reported. The Japanese group revealed its Premier holding last year, the same day Premier turned down a bid from McCormick [NYSE:MKC], which went on to offer 65p per share before abandoning the takeover attempt, the report noted. Sources at the time said Nissin’s stake was to blame for the collapse, the report stated.
Premier has an approximately GBP 399m (USD 491m) market capitalisation, with its shares trading at 40.75p by Friday’s close, the report noted.
The original item appeared in The Sunday Times, Business section, page 3