Fwd:(Exane)French State Holdings (from 22/03/2017)...BPI selling Eiffage Who's next ???
From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: 05/08/17 07:54:32
To: LAURENT CHEKROUN (MAKOR SECURITIES LO)
Subject: Fwd:(Exane) FRENCH ELECTIONS: STATE HOLDINGS (from 22/03/2017)
Subject: Fwd:(Exane) FRENCH ELECTIONS: STATE HOLDINGS (from 22/03/2017)
Stake frites* Sale of public stakes: on the agenda of the main reformist candidates Emmanuel Macron proposes to partly finance a EUR10bn fund dedicated to innovation and industry by selling public stakes in French companies. François Fillon plans to accelerate the sale of the State’s holdings in different companies, keeping only those he deems “strategic”. Marine Le Pen has announced she would like a mix of nationalisation and divestments. Benoît Hamon and Jean-Luc Mélenchon would rather increase the size of public stakes in French companies, although, based on current polls, they are less likely to be elected.* State’s portfolio likely to focus more on strategic assets It is very unlikely that any candidate will trigger a sale of stakes in companies in which the French State has strategic interests. This is particularly the case in defence and aerospace. That said, the lacklustre performance of the State’s shareholding portfolio in the past and the desire to protect strategic interests also highlight the need for a more efficient management of the State’s portfolio.* Infra, telecom, transport, electronics and energy holdings most likely divestment candidates We expect a movement on ADP’s capital in the next 12-18 months and BPI to fully exit its Eiffage stake. We think a stake sale of Air France-KLM would be unlikely to be seen as giving up the crown jewels; a divestment of PSA would make sense for the next government given the significant profit (>100%) the investment has generated. We also believe the State is likely to consider disposing part of its stake in Orange while maintaining its level of influence via the double voting rights mechanism and the regulatory authorities. We also think STMicroelectronics and TechnipFMC may not be as strategic as they once were for the French government. Finally, the government’s lack of influence over ENGIE may eventually prompt it to reassess its holding.* A detailed analysis on all listed companies partly held by the French government We assess for each company the likelihood of public stakes being sold over the coming five-year Presidential mandate. Our analysts lay out the current political and financial context for each stock and consider what the State could do with its holdings.
Citron's most important report in YEARS. $EXAS to trade short term $20. Long term much lower.
rude oil trading higher by 3% after Saudi Arabia and Russia support supply cut extension (9.95)
- Crude oil is trading higher by 3% this morning following reports that oil ministers from Saudi Arabia and Russia agree that the supply cuts put in place at the beginning of this year should remain in place until March 2018.
- This would extend the cuts beyond the original June 2017 expiration and goes beyond the possible 6-month extension originally contemplated.
- The next OPEC/non-OPEC meeting to discuss the extension of supply cuts is scheduled for May 25.
- Crude oil is currently +1.47 at 49.31 (+3.1%
Early premarket gappers
Gapping up:
- NE +8.6%, BVXV +8.4%, ABAC +8%, WLL +4.4%, FEYE +4.1%, CHK +4.1%, SDRL +3.4%, OAS +3.3%, IDSA +3.3%, RIG +3.2%, SYMC +3.2%, CYBR +2.6%, PANW +2.2%, PBR +2.1%, BP +2%,TOT +2%, BBL +1.9%, LYG +1.9%, CSCO +1.9%, RDS.A +1.8%, COP +1.7%, DB +1.7%, SLV +1.7%, SLW +1.6%, APA +1.6%, HAL +1.5%, MT +1.4%, BHP +1.4%, SLB +1.4%, JD +1.3%, AU+1.3%, X +1.3%, RIO +1.2%, TRVG +1.2%, GG +1.1%, FCX +1%, SHOP +1%, CVX +1%, SBUX +1%
Gapping down:
- DRYS -11%, FORD -7.7%, SSYS -3.6%, TSLA -2.7%, TNXP -2.7%, JCP -1.1%, NVO -1.1%, MGI -1%, SBGL -0.9%, HMY -0.9%
Heavy gunfire erupted on Monday in Ivory Coast's two largest cities Abidjan and Bouake, witnesses said, as the military pressed an operation aimed at ending a four-day nationwide army mutiny over bonus payments.
Loyalist troops began advancing towards Bouake, the epicenter of the revolt, on Sunday and sporadic gunfire was heard overnight there as well as at military camps in Abidjan. Shooting in both cities intensified before dawn.
"There was heavy shooting at the northern entrance to the city and in the city center. It's calmed a bit but we're still hearing gunfire," said one Bouake resident. Other residents confirmed the shooting.
Heavy shooting was also heard in Daloa, a hub for the western cocoa growing regions. It was not immediately clear what impact the unrest might have on the flow of cocoa supplies.
The soldiers were revolting over delayed bonus payments, promised by the government after an earlier mutiny in January but not fully paid after a collapse in the price of cocoa, Ivory Coast's main export, caused a revenue crunch.
A spokesman for the mutiny denied that any clashes had occurred in Bouake and said the renegade soldiers were firing in the air to dissuade any advance on the city.
But on Sunday, the group's leaders rejected the army's demand that they disarm and surrender.
"We can no longer turn back," said their spokesman Sergeant Seydou Kone. "We don't know what will happen to us, so we just want our money so we can start a new life. But we can't give up now that we've reached this point."
DIVIDED SOCIETY
Ivory Coast has been touted as a post-war success story after emerging from a 2002-2011 political crisis as one of the world's fastest growing economies.
But society remains deeply divided and a wave of mutinies that began earlier this year has exposed the lack of unity in a military assembled from former rebel and loyalist combatants.
The 8,400 mutineers, most of them former rebels who said they were promised bonuses for fighting to bring President Alassane Ouattara to power, received 5 million CFA francs ($8,400) each to end the January uprising.
But the government has struggled to pay remaining bonuses of 7 million CFA francs.
A spokesman for the group said on Thursday they would drop demands for the remaining money, an announcement rejected by many of the soldiers who sparked the current revolt.
An Abidjan resident said mutinying soldiers came out of the West African nation's largest military camp and erected barricades early on Monday, blocking traffic along one of the main thoroughfares in the east of the city.
Several schools near the camp did not open and the Abidjan-based African Development Bank [AFDB.UL], which employs several thousand people - many of them international staff - told its employees to stay home.
"I've been hearing the sound of kalashnikovs and a heavier weapon. That began at around 5 a.m. (1.00 a.m. ET) ... It's intense," said another Abidjan resident, who lives near the U.S. Embassy and the presidential residence.
At least eight people were shot by the mutineers in Bouake and the northern city of Korhogo on Saturday and Sunday as popular opposition against the revolt gathered momentum, sparking protest marches in several cities, including Abidjan. One man, a demobilized former rebel fighter, died on Sunday.
Lyft and Waymo to team up on self-driving cars amid Uber controversy
Waymo just launched a self-driving technology public pilot in Arizona, where its Chrysler Pacifica minivans equipped with in-house developed self-driving tech will be picking up families on-demand, with applications open to anyone working in the city. Waymo’s service is limited to begin with, but bringing a partner like Lyft into the mix will likely help it build out the side of the business that requires demand modeling, efficient routing and more.
It’s an interesting partnership because it’s another piece of the puzzle in addition to Waymo’s existing tie-ups with automakers, including Chrysler, and a pending an agreement with Honda. Waymo is positioning itself as the technology partner on the autonomy side, an essential service provider but not necessarily a player interested in owning the whole stack. Lyft offers another piece of the puzzle, which could ultimately benefit Waymo’s existing automaker partners, and help it attract more, too.
Uber is also making similar partnerships, with an open program for OEs, the first of which is Mercedes-Benz parent Daimler. Lyft is different, however, in that it has not expressed any interest in making its own self-driving tech in-house, but has instead formed a previously announced partnership with GM, which is likely to result in a pilot of autonomous tech fleet deployment with GM-owned Cruise.
This is the latest move that indicates Waymo might be closer to commercializing its technology than many may have thought. The Alphabet-owned company is arguably the player in the space with the most experience, with nearly a decade of development work and actual driving experience with autonomous car tech.