>>> Diaego registered for Jose Cuervo IPO in Mexcio exchange

Diageo bought Jose Cuervo back in 2014.
Last talk of IPO for Jose Cuervo were mentionning a valuation of $1bil.


Press Release of deal
3 November 2014
Diageo strengthens its global position in tequila and its leading position in Mexico through transaction facilitated by the sale of Bushmills

Diageo has agreed with Casa Cuervo the acquisition of full global ownership and control of Tequila Don Julio and the early termination of Casa Cuervo's production and distribution agreement for Smirnoff in Mexico. In return, Diageo has reached an agreement to sell Bushmills to Jose Cuervo Overseas. The transaction will result in a net payment of $408 million to Diageo upon completion, which is expected in early 2015 subject to certain approvals.

The transaction is expected to be economic profit break-even in year 3 assuming a WACC rate of 9%. Assuming completion of the transaction in early calendar 2015 and the use of the net proceeds to reduce debt at Diageo's average rate of interest, the transaction will dilute eps by 0.6% in the year ending 30 June 2015.


Ivan Menezes, Chief Executive, commented:

'This transaction delivers two key objectives for us. We have secured our position in the growing super and ultra-premium segments of the tequila category and further strengthened our global footprint by expanding our leading position in Mexico where the growth of spirits has great potential.

Diageo has realised this opportunity through the breadth and depth of our portfolio. It delivers our strategy: to build our presence in the world's fastest growing markets and lead the industry in the biggest growth opportunities. I am delighted we have reached this agreement.'

Details of the component parts of the transaction are confidential. Smirnoff volume and net sales in Mexico in the year ended 30 June 2014 were 285,000 cases and £9 million respectively. Bushmills volume and net sales in the same period were 800,000 cases and £57 million. Tequila Don Julio had volume and net sales of 590,000 cases and £105 million, of which Diageo accounted for 345,000 cases and £75 million net sales, in the year ended 30 June 2014.

(Makor) Holding Companies Report - Makor’s Monitor

September 27, 2016 

 

Holding Companies Report - MAKOR'S monitor

 

Key highlights from the past two weeks:

 

 

• PARGESA /GBL - the redemption of the EUR 250m BNP exchangeable bond is due to expire this week. Following that we expect the selling pressure on Pargesa to significantly moderate and we see the current level of the spread as a buying opportunity- see more details next page.

 

• Wendel (MF: FP) – the company continues to increase its exposure to African growth. Management announced last week it will acquire Tsebo Solutions, a South African pan leader in facilities management.  Prior to this deal Wendel already had presence in Africa with its stake in IHS, Saham Group and its recent investment in SGI (commercial real Estate assets in Africa). The discount is now approx. 30% in line with the past year average. 

 

• Eurazeo (RF FP) sold last week 6% of its stake (15m shares) in Moncler for €230m (net proceeds of €190m). In addition, Credit Agricole, which owns 14.9% of Eurazeo, issued today €300m exchangeable bonds for Eurazeo shares (to replace the exchangeable zero coupon bonds it issued in 2013 and due in 2016), at a premium of 27.5%-32.5% due in 2019. Discount is ~26% - slightly above the last year average.

 

 

 

  

  ​     ​     ​

 

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>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: FDS -0.7%

M&A news:
  • SXL -8.2% (to acquire Vitol's crude platform for about $760 mln plus working capital; commenced an underwritten public offering of 21 mln common units pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC)
  • RICE -6% (to acquire Vantage Energy for approximately $2.7 billion; commences a 40 mln share underwritten public offering of common stock)
  • MPW -3.9% (to acquire the real estate interests of nine acute care hospitals operated by Steward Health Care System; commences 33.5 mln common stock offering)
Select EU financial related names showing weakness: CS -3.4%, DB -3%, RBS -2.6%, BCS -1.3%

Select oil/gas related names showing early weakness: MRO -2.5%, WLL -2.5%, CHK -2.1%, OAS -1.9%, RIG -1.8%,RDS.A -1.2%

Other news:
  • CVM -44.4% (receives FDA notice that its Multikine Phase 3 trial placed on clinical holdg)
  • MIME -8.7% (commences a registered secondary public offering of 4 mln ordinary shares by selling shareholders)
  • CZR -7.5% (announce proposed consensual restructuring plan for CEOC)
  • NAT -7.1% (announced an underwritten public offering of 11 mln common shares)
  • MYOK -3.7% (announces underwritten public offering of 3,800,000 shares of its common stock)
  • AMGN -2.1% (reports Phase 3 KYPROLIS; trial did not meet the primary endpoint)
Analyst comments:
  • GILD -1.4% (downgraded to Mkt Perform from Outperform at Leerink Partners)
  • DLTR -0.9% (downgraded to Underweight from Neutral at Atlantic Equities)
  • CRI -0.8% (downgraded to Market Perform from Outperform at Wells Fargo)
  • SJM -0.5% (downgraded to Neutral from Outperform at Credit Suisse)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: SNX +7.8%, ( also increased quarterly cash dividend), THO +1.3%, .

M&A news:
  • GI +88.9% (to be acquired by Boston Scientific (BSX) for $8.00/share)
  • RMP +2.8% (ticking higher, will purchase the acquired midstream assets from Rice Energy for $600 mln. The transaction is expected to close in the fourth quarter of 2016, subject to customary closing conditions)
Other news:
  • INFI +12.4% (presents new preclinical data for IPI-549 that "appear favorable")
  • KITE +11.9% (announces positive topline KTE-C19 data from ZUMA-1 pivotal trial in patients with aggressive non-hodgkin lymphoma (NHL) -- Study met primary endpoint with combined complete response rate of 39% at three months)
  • ARRY +11.2% (cont strength)
  • PPHM +10.2% (presentation of preclinical study data demonstrating that PS-targeting antibodies similar to bavituximab)
  • PIRS +10.1% (Pieris Pharmaceuticals presents 'positive' data for its bispecific drug candidate, PRS-343)
  • NYRT +8.2% (files for 3,452,7 share common stock offering by selling shareholders; retains Spencer Stuart for independent Board Of Directors candidate search)
  • PERI +8% (CEO to step down; Directors to begin search for new CEO)
  • JUNO +6.7% (following KITE's CAR-T data)
  • DNAI +5.9% (obtains an exclusive license from the CRT Pioneer Fund LP for worldwide rights to develop and commercialize PNT737)
  • ATNM +5% (initiates a Phase 2 clinical trial of Actimab-A in patients newly diagnosed with Acute Myeloid Leukemia who are over the age of 60)
  • BLDP +4.9% (announces that automotive OEM Audi AG has issued purchase orders to accelerate certain key development activities)
  • HEAR +4.3% (light volume, restructuring Hypersound business to substantially lower operating costs)
  • NAVB +4.1% (appoints Michael Goldberg, M.D. President and Chief Executive Officer and Eric Rowinsky, M.D. as Chairman)
  • PTIE +3.8% (after Monday's 50% decline on CRL news)
  • DRRX +2.6% (after Monday's 30%+ decline on CRL news)
  • AGRO +2.4% (Adecoagro S.A. extends share repurchase program for and additional twelve-month period ending on September 23, 2017)
  • TRIL +1.3% (presents data indicating TTI-621 signal leads to enhanced anti-tumor CD8 + T cell responses)
  • NQ +1% (announces Zhongzhi Hitech Overseas Investment agreed to purchase $220 mln convertible notes through a private placement)
Analyst comments:
  • ORAN +2.2% (upgraded to Outperform from Neutral at Credit Suisse)
  • LLY +1.5% (upgraded to Buy from Neutral at Goldman)
  • AZO +1.2% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
  • AMZN +0.6% (target raised to $1000 from $925 at JP Morgan)
  • CBOE +0.6% (upgraded to Neutral from Underperform at Credit Suisse)

>>> US Early premarket gappers

Early premarket gappers

Gapping up: INFI +15%, PIRS +13.1%, KITE +12.7%, NYRT +8.2%, ARRY +7%, SNX +6.9%, BLDP +4.9%, HEAR +4.3%,NAVB +4.1%, JUNO +3.5%, SDRL +3%, RMP +2.8%, DRRX +2.6%, CCL +2.6%, AU +2.6%, AGRO +2.4%, ORAN +2.2%, LLY+1.8%, VLO +1.6%, PTIE +1.5%, GOLD +1.5%, HMY +1.4%, RCL +1.3%, THO +1.3%, TWTR +0.9%, UN +0.7%, GPRO +0.5%

Gapping down: SXL -7.1%, NAT -6.8%, RICE -5.3%, MIME -5.1%, MYOK -3.7%, MPW -3.5%, RBS -3.3%, DB -3.2%, CS -3%,CF -1.6%, GILD -1.3%, QGEN -1.2%, MT -1%, AZN -1%, FCX -1%, NVO -0.9%, FDS -0.8%, SLB -0.7%, RDS.A -0.6%, AMGN-0.5%

(Re/Code.net) Why Disney won’t buy Twitter

Why Disney won’t buy Twitter
I can’t believe I have to type this, but here you go.

This was supposed to be a rant about why it makes no sense for Salesforce to buy Twitter. But like the kids say, life comes at you fast*.
So now we’re on to Disney.
It’s not insane to imagine that Disney would think about maybe kinda taking a look at Twitter, asBloomberg is reporting.
After all: Jack Dorsey is on Disney’s board.
Perhaps he has been talking up Twitter Moments to Bob Iger — out of earshot from fellow board member Sheryl Sandberg — during email/water breaks on board meeting days.
And if that doesn’t sound convincing, there’s this: Other media companies have thought about the idea that Disney might buy Twitter — based chiefly on the idea that Dorsey and Iger are close — and that notion has prompted those guys to wargame a potential approach.

But if you’re going to spend $18 billion, $20 billion, $30 billion on something, you need a little bit more than “I like the dude who runs the company.”
So here’s the most plausible thought exercise for Iger: Disney is a video company, and Twitter would like to be a video delivery company. Meanwhile, Disney’s strength in video now seems wobbly, as cord-cutting/cord-nevering becomes a thing.
And Disney has already signaled that, in the future, it would like to own a direct-to-consumer video-delivery system, instead of being dependent on the Comcasts of the world to sell its stuff to consumers.

That’s the logic behind its investment in BAM Tech, the video company currently owned by Major League Baseball.
And if you squint at it, you can rationalize putting $1 billion or more into BAM Tech. In a best-case scenario, Disney uses that one to deliver its super-valuable content to consumers who care about it.
But how does Twitter work as a Disney-owned operation?
Forget, for a moment, whether Disney could fix Twitter’s fundamental product problems, which have capped the company’s growth.
Or whether Disney is ready to associate its pristine brand with a platform that’s become a playground for the worst people on the internet.
Or whether Iger, who made three of the best acquisitions in history, period — Marvel + Lucasfilm + Pixar, for a mere $15 billion (!) — wants to gamble his legacy on this.
Here’s the biggest issue: Once Disney takes control over Twitter, how can Twitter possibly work with any other content company — the kind Twitter needs if it wants to be a video company?
If you want Time Warner, or Viacom, or even BuzzFeed to send you their stuff, you can’t do it if you’re owned by a major rival.
That is, you can’t anymore.
You could in the old world, if you were a cable company, and you had a distribution monopoly, and anyone who wanted your customers’ eyeballs had to go through you.
But that world is going, going, gone, which is why Disney is in the place it’s at right now.
In the new world, no one owns eyeballs. Not even mighty Facebook, which is why Facebook has such Snapchat angst.
And Twitter definitely doesn’t — which is why it’s for sale right now.

(Re/Code.net) Uber is researching a new vertical-takeoff ride offering that flie

Uber is researching a new vertical-takeoff ride offering that flies you around

Link to Video :

In an onstage interview with me today at the Nantucket Conference, Uber products head Jeff Holden said that the fast-growing ride-sharing company was seriously looking at a new form of transportation to offer its customers: Short-haul flying in cities.
The technology is called VTOL — which stands for vertical takeoff and landing. Simply put, VTOL is an aircraft that can hover, take off and land vertically, which would also describe a helicopter. But, unlike the typical helicopter, these planes have multiple rotors, could have fixed wings and perhaps eventually would use batteries and be more silent. In time, like cars, such aircraft would be autonomous.
Holden said that he has been researching the area, “so we can someday offer our customers as many options as possible to move around.” He added that “doing it in a three-dimensional way is an obvious thing to look at.”
Holden said in the interview that such technology could be in use within a decade, which is an aggressive prediction, given the issues around the complexity of movement in the air above densely populated areas. (Also, you know, the possibility of these VTOL vehicles crashing into each other.)

Holden, who previously worked at Amazon and Groupon, has been deeply involved in Uber’s recent rollout of self-driving cars in Pittsburgh. He noted that the company accelerated the development of that technology after it was first mentioned by CEO and co-founder Travis Kalanick only a few years ago.
VTOL is certainly a step further in ambition, but it’s a pretty slick concept to imagine, and the actual development of such vehicles is far along.
While Uber’s plans are in their infancy, the idea of airports everywhere — Holden talked about landing on top of buildings in cities, reducing commuting time and congestion dramatically — is compelling. Holden said he imagined that many people would use it together, like a way cooler UberPool. Uber has offered helicopter services before, but it was largely a marketing effort, he said.

VTOL is another thing altogether and, thus far, most of the development of vertical takeoff and landing has been done by the military. Below, for example, is a video that the Defense Advanced Research Projects Agency (DARPA) is imagining as part of its VTOL Experimental Plane (VTOL X-Plane)program, which “aims to overcome these challenges through innovative cross-pollination between fixed-wing and rotary-wing technologies and by developing and integrating novel subsystems to enable radical improvements in vertical and cruising flight capabilities.”

There are a lot of startups in the space, and big companies are experimenting with VTOL, too. Aeronautics giant Airbus recently unveiled research on air taxis for cities, serving both passengers and cargo. As noted in Aviation Week last month: “The single-passenger vehicle is being developed by A3, Airbus’s Silicon Valley outpost, under Project Vahana, launched in February. A team of internal and external developers have agreed on a vehicle design, and the prototype is scheduled to fly at the end of 2017.”
Of course, there are a multitude of regulatory and safety issues to overcome — simple drones are freaking people out, so imagine this thing landing in your neighborhood on a regular basis.
But Holden, who described himself as a geek many times onstage in the “Future of Cities” panel that I moderated, seemed giddy at the idea. “It could change cities and how we work and live,” he said, also underscoring that the goal of Uber was to eliminate private car ownership in time.
“VTOL is another way to do that,” said Holden, describing a whole new way to commute quickly and efficiently, and decrying increasing the traffic congestion such as that between San Francisco and nearby Oakland (it is awful) that makes it near impossible to move around urban areas.
Holden posited that that long commute could be reduced to nine minutes.
And, just to be clear, none of this is a new idea. In 1493, Leonardo da Vinci conceived of an “aerial screw” (see below) that was much in the range of such vehicles.