RTRS - SGL GROUP SGCG.DE ATTRACTS INTEREST FOR ITS GRAPHITE ELECTRODE UNIT FROM RUSSIAN BILLIONAIRE VEKSELBERG'S RENOVA - SOURCES
Berkshire Hathaway acquired its previously disclosed 9.8M share Apple stake at $99.49/shr - press
Gapping down
In reaction to disappointing earnings/guidance: VIAB -1.8% (issued Q2 guidance).
M&A news: BUD -1.1% (reports suggesting China Mofcom is conducting an anti-trust probe on BUD and China Resources Snow Beer deal)
Other news: GLYC -13.2% (to offer and sell shares of its common stock in an underwritten public offering; size not disclosed), CMTL -12.6% (prices offering of 7,145,000 shares of its common stock at $14.00 per share), SEMG -4.5% (prices offering of 7.5 mln shares of its Class A common stock at $27.00 per share), INNL -4.5% (prices offering of 5,725,000 ordinary shares at $7.00 per share), MHG -2.4% (still checking), ERIC -1.7% (reports the company is being investigated over alleged corruption ), RARE -1.3% (Chief Medical Officer Sunil Agarwal resigns, effective Aug 18, to pursue other opportunities), NGG -1% (UK Times details comments from UK officials that co should be broken up)
Gapping up
In reaction to strong earnings/guidance: SKYS +12.5%, FNSR +10.4%, SWHC +9.7%, MGM +2.4%, ORCL +1.8%, ITI +0.8%
M&A news: RDEN +48% (Elizabeth Arden to be acquired by Revlon for $14.00 Per Share in All-Cash Transaction), REV +0.5%
Select financial related names showing strength: BCS +4.3%, LYG +4.2%, RBS +3.7%, DB +3.3%, CS +2.5%
Select metals/mining stocks trading higher: CLF +3.8%, MUX +3.3%, AG +2.9%, CDE +2.8%, FCX +2.7%, MT +2%, HMY +1.8%, ABX +1.7%, SLV +1.5%, BBL +1.4%
Select oil/gas related names showing strength: WLL +5.1%, CHK +4%, RIG +2.3%, RDS.A +1%
Other news: PRTK +16.8% ( Announces that Omadacycline met all Primary and Secondary outcomes), GBSN +14.5% (unveils news analyzer, the GB550, at the ASM Microbe 2016; expects to begin delivery of the new analyzer in 1H17), LL +12.2% (CPSC announced that LL agreed to not resume sales of inventory of Chinese-made laminate flooring ), LOCK +5.4% (Elliott Associates discloses 8.8% active stake), BMRN +4.3% (shares ticking higher pre-market after Betaville reports that Sanofi (SNY) could look to acquire it if its pending pursuit of Medivation (MDVN) fails), BIOS +1.4% (prices offering of 40 mln shares of common stock at $2.00 per share), VRX +1.2% (Canadian subsidiary is expanding manufacturing & export capacity with investments totaling $27.5 mln)
Analyst comments: GEVO +7.6% (positive commentary at Rodman & Renshaw), SYRG +2.5% (initiated with a Strong Buy at Raymond James), CRZO +1.5% (initiated with Buy at Stifel), PM +1% (upgraded to Overweight at JP Morgan)
RTRS - ITALY'S RENZI SAYS EITHER WAY IN 2017 EUROPE HAS TO RESTART ITSELF OR IT IS FINISHED
Price Target cut to $115 from $120 at RBC Capital, reiterates Outperform rating - Firm is modestly adjusting their Sep-qtr and beyond iPhone revenues lower to reflect extending replacement cycle, higher mix of SE contribution, and broader conservatism around iPhone 7 cycle.
Sanofi said to weigh alternative deals to Medivation; eyes BioMarin Pharmaceutical - sources
Posted: 16 Jun 2016 11:22 PM PDT
French pharmaceutical giant Sanofi is working on a back up plan in case it fails to win its $9.3 billion hostile pursuit of US-listed Medivation.
Top sources have told me the French pharmaceutical giant has begun looking US-based rare disease specialist BioMarin Pharmaceutical as a potential alternative takeover deal after growing frustrated in its pursuit of Medivation, which has resisted the French company's advances.
Last month, Sanofi launched a formal attempt to kick out the entire Medivation board after the US company rebuffed a $52.50 a share takeover proposal. Medivation has urged its shareholders to reject Sanofi's proposal for a new board.
Bio Marin, run by Jean Jacques Bienaime, has been courted over the last couple of years by the likes of Switzerland-based Roche and London-listed Shire but up until now has opted to remain independent.
However, the company's shares have fallen from a high of $150 in the middle of last year to around $80 a share, potentially leaving the business vulnerable to an approach.
Now, clearly the very idea of Sanofi - which is being advised by Morgan Stanley and Goldman Sachs - looking at an alternative deal to Medivation might just give the US company's shareholders that extra bit of encouragement to work with the French giant in replacing Medivation's board. But this story really has come from excellent sources, so I'm taking Sanofi's interest in BioMarin seriously.
Other potential targets for Sanofi include Actelion although recent comments from Jean-Paul Clozel, the founder and chief executive, imply it's unlikely he is willing to sell the business.
When asked about BioMarin, a spokesperson for Sanofi declined to comment. A BioMarin spokesperson also declined to comment.
National Grid subject of UK parliamentary report recommending independent body manage power networks
National Grid’s [LON:NG] role in managing the UK’s power network should be given to a central independent organisation and regional network operators, according to a report from UK members of parliament (MPs), The Times reported.
The UK parliament’s energy and climate change committee's report, Low Carbon Network Infrastructure, which is to be released today (17 June), argues for a National Grid break-up. The proposals would, if adopted, have a significant effect on National Grid, leaving it without a role in managing the UK's power network, the report said.
On 10 November 2015, National Grid announced that it will in 2H15-1H16 begin a sale process for a majority stake in its UK gas distribution business.
The item cited concerns in the power industry and at the energy regulator Ofgem about the extent of National Grid’s influence. Its position as operator of the UK’s electricity transmission network is leading to growing tensions with other groups and limiting innovation, to the detriment of consumers’ interests, according to the article.
The report goes on to cite conflicting interests with regards to National Grid’s profits from its financial interest in “interconnectors” -- high-voltage cable links between the UK and other countries in Europe -- while simultaneously managing the UK’s energy network.
The committee’s chairman, Angus MacNeil, said the UK should use the US model of having an independent system operator.
The newspaper disclosed in March that UK civil servants were looking at proposals to form an independent system operator, under the remit of Ofgem.
The article went on to quote a National Grid spokesperson who said the company takes conflicts “very seriously” and that National Grid has “Chinese Walls” as safeguards. The spokesperson added that there is scant evidence that any benefits to be derived from having an independent system operator would justify the possible costs to residential consumers, the possibility of disruption to the UK’s energy sector and energy security risks.
A report in The Guardian said the committee's report made no recommendation as to whether the independent system operator should be private, state-owned, or a nonprofit.
National Grid’s market capitalisation stood at GBP 36.04bn (EUR 45.65bn) at the close of trading in London on Thursday, 16 June.
LInk to original source
Source The Times (London), The Guardian, previously reported intelligence