Mediaset CEO says no offer received from Vivendi (translated)
19 JAN 2017
Silvio Berlusconi, the CEO of Italian media group Mediaset [BIT:MS] has said no offer has been received from its French counterpart Vivendi [EPA:VIV], La Repubblica reported.
The Italian-language report cited Berlusconi as saying that any offer that came would be examined and that Mediaset would be open to a bid that created value and made industrial sense.
Berlusconi added that his family, which controls Mediaset through Fininvest, was absolutely united in its stance towards Vivendi, which in the last few weeks has built up a stake of just under 30% in the Italian media group.
The report claimed that Berlusconi's comments represented an overture to Vivendi although negotiations would still be likely to prove difficult.
Mediaset has a market cap of EUR 4.97bn.
ML
* SCANDINAVIAN TOBACCO - $158m, DB, Nordea – Swedish Match the seller..........
* PRYSMIAN - $103-106m, 2.3% discount to market, MS, seller is Clubtre.........
SAFRAN - Safran bids EU 29.47 per share agreed bid for Zodiac Aerospace.ML RSTR
MONEYSUPERMARKET - Revs 3% ahead and op profit looks like a 7.5% beat (315).+4%
REMY - Strong. Org sales growth for 9M17 +6% v +4.2% cons on good Q3 (85).+3-4%
BLND - Strong letting progress, 314 sq ft of retail lets 8.7% ahead (628).+1-2%
CARREFOUR - Slightly better except for France with LfL -1.2% v -1% Q3 (23)+1-2%
PERNOD - Remy strong perf led by China is positive read for Pernod (108)..+1-2%
GLAXO - Major positive. Have hired Luke Miels from AZN (prev at Roche)(1576)+1%
WORKSPACE - Robust. Rents & occupancy remain strong, lettings better (780)..+1%
A.DELHAIZE - Beat. Q4 sales +2.8% cFX v BAML +1.7% cons. Outlook unch (19.7)+1%
NESTLE - Said to consider takeover of Mead Johnson (+5%): StreetInsider (74)+1%
CHEMRING - Op profit for 2016 £48.5m (cons. £47m). Net debt reduced (170)...+1%
BWNG - Q3 grp revs +4.1%online revs +12%. Benefit from trading agility (205)+1%
ASCL - Sale of Helath Service Journal for £19m. Small senti positive (296)..+1%
MINERS - Copper +0.16%,Iron Ore fut +0.8% with BHP OZ +0.64%, RIO OZ +0.62%.u/c
BILLITON - Vale, BNP in prelim agreement on Samarco With Prosecutors (1441).-1%
ASTRAZENECA - Negative. GSK have hired Luke Miels from Astras (4534.7)......-1%
PETS - LfL growth of 0.1% compared to cons of 1.3% v BAML est 0.8% (234)..-1-2%
ACACIA - Q4 prodn inline. 830koz +13% YoY & costs are $958/oz –14% YoY (423)-2%
ROYAL MAIL - Disappointing update due to weak UK letter vols in Q3 (432p)...-4%
CS CALLS >>>
Acacia +1% FY16 and FY17 guidance small ahead
Ahold +1-2% Q4 sales strong, Netherlands good
Anglos +1% Shortlists bidders for some South African coal mines
Biomereux +2-3% Sales in line, organic growth and profit guidance good
Brit Land +1% Trading update positive - ERV 8.7% ahead
Carrefour +1-2% France sales €10.761b, cons €10.68b
Cobham +2% Positive read from Safran bid for Zodiac
Dassault Avi +2% Positive read from Safran bid for Zodiac
Galenica UNCH Sales in line, confirms details of IPO of Galenica Santé
Halfords +2-3% Q3 LFLs strong, guidance inline, special dividend
LVMH +0.5% Positive read from Remy numbers
Meggitt +2% Positive read from Safran bid for Zodiac
Miners UNCH Copper +0.40%, Brent -1.25%, Iron Ore +0.30%, China UNCH
Moneysuper +1% Expects to deliver strong full year results
MTU Aero +2% Positive read from Safran bid for Zodiac
N Brown +2-3% Sees strongest ever trading weeks over cyber fortnight
Pernod +2-3% Positive read from Remy numbers
Remy +3-5% Organic growth +9% vs cons 4.2%
Royal Mail -1-2% Letter volumes -5%, marketing mail -6%
Safran -2-3% Has launched a €10b bid for ZODIAC
Severn Trent +1% CS UPGRADE to NEUTRAL (beneficiary of higher inflation)
UCB +1% Cimzia Final Phase 3 in Psoriasis Meets Primary Endpoint
United Utils +1% CS UPGRADE to OUTPERFORM (Risk reward compelling)
Workspace -1% lfl rent per sq foot +3.1%, guidance/commentary all fine
Zodiac +23% Safran has launched a €10b bid for ZODIAC
MF
*SAFRAN-Bids €29.47 shs for Zodiac(24.6% prem),with cash & loan.....-2%
*AHOLD-Q4 Net Sales €15.5b(15.5),Ex Fuel -0.2%,Reits f/casts........+2%
*CS-To take $2b charge in Q4 as settles with DOJ,stk -2.5% yest.....+1%
*NESTLE-Loooking at possible t/o on Mead Johnson(no cmnt Nestle)....+0.25%
*PRYSMIAN-ABB of 4m shs,priced at €24.4,stock from Club Tre.........-1%
*LANXESS-Sees further consolidationin European Chemicals - FAZ......-1%
*ADECCO-Pleased with Penna acq's,doesn't see more M&A s/term........+0.3%
*CARREFOUR-Sales 23.4b(23.26),France 10.76b(10.68),Spain +4.1%(3)...U/C
*DBK-CEO doesn't rule out Cap Hike and will cut 20% of IB staff.....+1.5%
*REMY-Org Sales Grth 21.3%(8.8),Sales 323.3m(307.5),FY confirmed....+3%
*TIT-Three year plan to include,bew efficiencies - Repubblica.......+1%
*SANDVIK-Divestment of Mining Systems delayed,buyer pulled out......-2%
Alitalia options include sale of short-haul business to low-cost operator — report (translated)
Alitalia, an Italian airline, could sell off its short-haul business to a low cost operator, Italian-language daily Il Sole 24 Ore reported.
The unsourced report said that the sale of the business is one of two options Alitalia CEO Cramer Ball is putting forward to shareholders.
In the context of the company's restructuring, a first option would involve the sale of the business to a low cost carrier—with Ryanair [NASDAQ:RYAAY] or easyJet [EZJ:LSE] the most likely buyers, the report said.
A second option would be for Alitalia to move the short-haul operations into its own low-cost carrier, the report noted.
According to the report, a sale of the short-haul flights business would be a major step as it represents 70% of the value of the airline.
BIG Delay on message
Dow -0.11% S&P +0.18% Nasdaq +0.3% Russell +0.46%
US MArket was mixed with Dow lower and S&P & Nasdaq Higher. Ms. Yellen's speech, as it turned out, was mostly an academic exercise. She didn't provide any "new" information for the market per se, yet her reminder that interest rates are apt to creep higher provided some verbal reassurance that facilitated the positive finish for today's market. energy sector (-0.3%) also posted a lackluster performance, falling in tandem with crude oil. The commodity's downtick was forced by some renewed strength in the dollar and expectations that U.S. producers will boost output in response to the higher prices. The U.S. Dollar Index (101.25, +0.92) finished 0.9% higher while gold closed down 0.1% at $1,212.10/ozt. US After Hours OCLR and NFLX +8% following earnings/guidance, Hunter Harrison spec lifting Class 1 rails... RCII -13%, KMI -3%, PLXS -2% following earnings/guidance. Asian equities mixed again; Nikkei225 with an outsized gain on reversal in Yen strength following some hawkish comments by Fed Chair Yellen late in the US session; Hang Seng underperforms on weakness in Energy and property developers. USD consolidating gains in late US session that followed Yellen signaling continued commitment to policy tightening with the Fed close to its dual goals; US rates also rise across the curve. US TICS flow showing China reducing its holdings of US debt for the 6th straight month and by the biggest margin in 5 years; China Commerce Ministry official nonetheless reiterates China prepared to cooperate with the new US govt on trade. Nikkei previews next BOJ decision with expectation of a 2nd consecutive upgrade in overall economic assessment amid improvements in exports, production, and consumption; Separate report however notes the headwinds from lower rents as NIRP BOJ policy stimulates investment housing supply.
Nikkei +0.94% Hang Seng -0.48% CSI -0.42% Shanghai -0.61%
Eur$ 1.0645 CNH 6.8390 CNY 6.8701 JPY 114.56 GBP 1.2289 CHF 1.0067 RUB 59.2856 WTI$ 51.55 +0.47%
S&P unch EuroStoxx +0.30% FTSE +0.17% Dax +0.28% SMI +0.35%
Macro :
- Goldman Sachs Considering 50% Cut to London Staff: Handelsblatt
- Fed Beige Book: Firms Optimistic About Growth in 2017
Keep an eye on :
- AH NA : Ahold Delhaize 4Q Sales Meet Estimates; Forecasts Reiterated
- AIR FP : Airbus’s Lahoud Says Company Looks at Brexit With Some Concern
- ALV GY : Allianz Said to Pay $200m Upfront for StanChart Insurance Rights
- ASML NA : ASML CEO Sees EUV Demand Outstripping Capacity Through 2018
- POP SM : Banco Popular Board Calls Extraordinary Holder Meeting Feb. 20
- BRBY LN : Burberry Studying Sale of Perfume Business: Challenges Magazine
- CA FP : Carrefour 4Q Total Sales, French Hypermarket In Line With Ests.
- CSGN VX : Credit Suisse Will Take About $2b Pretax Charge for 4Q
- DBK GY : Deutsche Bank’s Tells CNBC ‘Never Say Never’ on Raising Capital
- EDF FP : EDF Is Only Considering 1 Bid for Polish Assets: Parkiet
- EOAN GY : German Utilities Preparing for Greater Supplies to France: WiWo
- FCT IM : Fincantieri Gets Contract of About $1.5b From Carnival: Stampa
- GALN SW : Galenica 2016 Sales Rise, Sees Galenica Sante IPO in 2017
- DEC FP : JCDecaux Says Awarded 14 Contracts in Paris Region in 2016
- LXS GY : Lanxess Sees Further Consolidation in European Chemicals: FAZ
- LIN GY : Linde CEO Says Praxair Takeover Won’t Finalize This Quarter: DPA
- MJN US : Mead Johnson Up; Nestle Said to Consider Takeover: StreetInsider
- MEO3 GY : Metro Rises Ahead of 1Q Results; May Raise Div., Dundee Says
- NESN VX : Mead Johnson Up; Nestle Said to Consider Takeover: StreetInsider
- PRY IM : Clubtre’s Prysmian Placement of 4m Shares Priced at EU24.40/Shr
- PUB FP : Publicis CEO Says No Need to Move Staff From London To Paris
- RCO FP : Remy 3Q Organic Sales Growth 6.0%, Beating Estimates
- CFR VX : Richemont’s Panerai to Reduce Locations Selling Its Watches: AWP
- RWE GY : German Utilities Preparing for Greater Supplies to France: WiWo
- SAN FP : Regeneron, Sanofi Get Expedited Appeal in Amgen Patent Case
- SNE US : Sony Case Against Fujifilm to Be Probed at U.S. Trade Agency
- SREN VX : Bullish Swiss Re Bets Jump on Block Trade as Stock at 6-Week Low
- SWMA SS : Swedish Match Has Sold 9m Shares in STG at DKK118 a Share
- UBSG VX : UBS in Talks to Move Investment Banking Unit to Madrid:Expansion
- VOW3 GY : Volkswagen, Mazda Most Exposed to Mexico Border Tax, LMC Says
- WLN FP : Worldline SA/France Raised to Buy at Goldman, PT EU32
- ZC FP : Safran Said Set to Buy Zodiac Aero for About EU10b: Figaro
>>> Up
*Arkema Raised to Overweight at JPMorgan, PT EU110
*BASF Raised to Overweight at JPMorgan, PT EU105
*Clariant Raised to Neutral at JPMorgan, PT CHF18
*Coloplast Raised to Buy at HSBC, PT DKK555
*G4S Raised to Equal-Weight at Barclays
*HSBC Raised to Outperform at Exane, PT 750p
*Intertek Raised to Buy at Berenberg, PT 4000p
*Lundin Petroleum Raised to Hold at Nordea Securities, PT SEK200
*Pearson Raised to Hold at Deutsche Bank
*Philips Raised to Buy at ING, PT EU32
*Schaeffler Raised to Buy at Jefferies
*Severn Trent Raised to Neutral at Credit Suisse, PT 2190p
*Tenaris Raised to Neutral at JPMorgan, PT $35
*United Utilities Raised to Outperform at Credit Suisse
*Worldline SA/France Raised to Buy at Goldman, PT EU32
>>> Down
*Aurubis Cut to Sell at Goldman, PT EU50
*Autoliv Cut to Hold at Jefferies
*Big Yellow Group Cut to Hold at Jefferies, PT 740p
*Cairn Energy Cut to Sector Perform at RBC, PT 250p
*Derwent London Cut to Underperform at Jefferies, PT 2257p
*DNO Cut to Hold at Nordea Securities, PT NOK9.50
*Ericsson Cut to Sell at Goldman, PT SEK53
*Gemalto Cut to Sell at Goldman, PT EU52
*Great Portland Cut to Underperform at Jefferies, PT 563p
*Hammerson Cut to Underperform at Jefferies, PT 473p
*Iberdrola Cut to Hold at SocGen, PT EU6.10
*Ingenico Group Cut to Sell at Goldman, PT EU79
*J D Wetherspoon Cut to Sell at Canaccord, PT 850p
*Lagardere Cut to Hold at Kepler Cheuvreux
*Lanxess Cut to Hold at Bankhaus Lampe, PT EU68
*LondonMetric Property Cut to Hold at Jefferies, PT 160p
*msg life Cut to Sell at DZ Bank, PT EU2.40
*Pearson Cut to Neutral at Natixis, PT 575p
*Raiffeisen Cut to Sell at Berenberg, PT EU13
*Rightmove Cut to Sell at Citi, PT 3770p
*Saeta Yield Cut to Hold at SocGen, PT EU8.50
*Software AG Cut to Sell at Goldman, PT EU33
*Stabilus Cut to Hold at Kepler Cheuvreux
*STMicroelectronics Cut to Hold at Baader-Helvea, PT EU11
*ThyssenKrupp Cut to Equal-Weight at Morgan Stanley, PT EU24
*Tullow Cut to Hold at HSBC, PT GBP3.20
*Vivendi Cut to Sell at Citi
*WORKSPACE Cut to Underperform at Jefferies, PT 600p
>>> PT Change
>>> Initiation
*Abertis Rated New Outperform at Raymond James, PT EU15.10
*Eiffage Rated New Buy at Kempen & Co, PT EU75
*Greencore Group Resumed Buy at Jefferies, PT 300p
*Smith & Nephew Rated New Hold at HSBC, PT GBP13.20
*Vinci Rated New Buy at Kempen & Co, PT EU78
>>> Call
>> Stock
*SAGE REMOVED FROM CONVICTION BUY LIST AT GOLDMAN; STILL BUY
*SAP ADDED TO CONVICTION BUY LIST AT GOLDMAN