>>> Fedrigoni attracts joint bid from Edizione and Investindustrial – Il Sole 24

Fedrigoni attracts joint bid from Edizione and Investindustrial 

Edizione, the holding of the Benetton family, has teamed up with private equity firm Investindustrial in a renewed bid for Fedrigoni, an Italian paper manufacturer, Il Sole 24 Ore reported. The Italian-language daily cited market rumours.

Edizione had previously teamed up Singapore sovereign wealth fund Temasek, the item noted. However, the item said that those talks broke down because Edizione and Temasek offered EUR 500m, while the Fedrigoni family was asking for EUR 650m-EUR 700m.

Il Sole 24 Ore

>>> Meda suitor Mylan raising funds to finance acquisition

Meda suitor Mylan raising funds to finance acquisition

Mylan [NASDAQ, TASE: MYL], a Netherlands-based pharmaceutical company, is raising funds to finance its acquisition of Meda [STO:MEDA-A].

Mylan N.V. announced the pricing of a private placement of USD 6.5bn aggregate principal amount of senior notes, comprised of USD 1.0bn aggregate principal amount of 2.50% senior notes due 2019 at an issue price of 99.888%, USD 2.25bn aggregate principal amount of 3.15% senior notes due 2021 at an issue price of 99.884%, USD 2.25bn aggregate principal amount of 3.95% senior notes due 2026 at an issue price of 99.231% and USD 1.0bn aggregate principal amount of 5.25% senior notes due 2046 at an issue price of 99.984%.

Mylan intends to use the net proceeds from the offering of notes to finance its previously announced public offer (the “Offer”) to acquire all of the outstanding shares of Meda AB (publ.) (the “Meda Acquisition”), to repay, prepay, redeem or otherwise refinance its or any of its subsidiaries’ indebtedness (including that of Meda and its subsidiaries) (the “Refinancing”) and to pay costs associated with the Meda Acquisition and the Refinancing, including non-periodic fees, costs and expenses, stamp registration and other taxes.

Upon completion of the offering of the notes, Mylan intends to reduce the commitments under its Bridge Credit Agreement, dated as of 10 February 2016, in an amount equal to the aggregate net proceeds from the offering of the notes. Subject to customary closing conditions, the sale of the notes is expected to close on or about 9 June 2016.

The notes will be sold only to qualified institutional buyers in the United States in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

The proposed issuance of the notes will not be registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

>>> A2A shares rise on market chatter of possible merger of Italian thermoelectr

A2A shares rise on market chatter of possible merger of Italian thermoelectric assets with EPH

A2A, the listed Italian utilities group, saw its shares rise on market rumours that it might merge its thermoelectric generating assets with the Italian assets of Czech counterpart EPH, Milano Finanza reported. EPH operates six thermoelectric plants in Italy and that rumours speculate these would be combined with those of A2A to create a newco holding 4500 MW of generating capacity, the Italian-language daily noted in an unsourced report.

A2A has a market cap of EUR 4.032bn.

Milano Finanza daily edition

>>> What to look at today - 2nd of June 2016

Dow+0.01% S&P+0.11% Nasdaq+0.08% Russell+0.71%
US MArket closed on a flat note. Asian Session didn't help the sentiment (Nikkei-1.6%). WTI crude ended its day lower by 0.1% at $49.06/bbl. Seven sectors finished in the green as consumer staples (+0.7%), health care (+0.4%), financials (+0.3%), and materials (+0.3%) led the pack. Conversely, telecom services (-1.0%), technology (-0.3%), and consumer discretionary (-0.1%) rounded out the board. Auto Sector Underperform after May Sale. Volume were in line with average @ 880mil shares. Fed Beige book assessments weren't terrible but also weren't stellar, with expectations of modest wage growth. Investors await Friday's non-farm payrolls for more clarity, even as some of the more tertiary employment indicators such as the latest online job ads data from the Conference Board paint a rather gloomy picture. US After Hours GWRE +4%, OLLI -1%, BOX -8% following earnings/guidance; ORCL -3% following lawsuit from former accountant. RPRX+15.4% on New treatment, KERX +5.4% on Baupost stake, WFT -6% on $1bil Exchangeable. Asian equity markets are mixed, with the most notable decline coming in Tokyo on outsized 70pip slide in USD/JPY pair below ¥109 handle - a 2 week low. The upcoming OPEC meeting in Vienna has also figured prominently in market sentiment. Oil prices rallied in late US hours after reports that OPEC is working on agreement that could accommodate Iran as it ramps up production to pre-sanction levels, and a ceiling to output was under consideration. Late in US session however, UAE oil officials said there were no new developments about OPEC output target plan to their knowledge. WTI contract retreated further below $49/brl after API inventories showed a build for the first time in 3 weeks.
--> Yahoo Japan +2.8% (Softbank). Lenovo -4.4% (Google to sell its share), HTC +1.6% (spin off VR Business), Softbank -3.3%

Nikkei -2.26% Hang Seng -0.05% CSI -0.10% Shanghai +0.01%

EUr$ 1.1197 CNH 6.5845 XNY 6.58 JPY 109.17 GBP 1.4437 CHF 0.9875 RUB 67 WTI$ 48.85 (-0.33%)

S&P -0.26% EuroStoxx -0.10% Dax -0.11% SMI -0.18%

Macro :
- Fed Beige Book: Consumer Spending Up Modestly
- Saudi Arabia Open to New OPEC Production Ceiling: Energy Aspects
- OPEC May Consider New Oil Output Ceiling at Thursday Mtg: Rtrs
- Greek Euro Exit Would Be Catastrophic, Valls Tells Kathimerini

Keep an eye on :
- ADP FP : French CFDT, FO Unions Lift Air Traffic Strike Threat, AFP Says
- AIR FP : Norway Authority Issues Safety Warning on Airbus Helicopter Part
- AF FP : French CFDT, FO Unions Lift Air Traffic Strike Threat, AFP Says
- BABA US : Alibaba to Pay $74/Shr in 27m-Share Repurchase From SoftBank
- AAPL US : Tesla’s Musk Expects Apple Will Be in Car Production by 2020
- BMW GY : Brilliance -1.69%
- CSGN VX : Credit Suisse to Issue 75.5m New Shares as Part of Scrip Div.
- EDF FP : EDF Employees Vote to Strike at French Nuclear Plants: CGT Union
- FDPA FP : Gecina Says Eurosic, Fonciere De Paris Had Premade Plan: Echos
- GLEN LN : Glencore to Close Tahmoor Coal Mine in Australia by Early 2019
- HEN3 GY : Henkel May Probably Invest in Jyothy Laboratories, Standard Says
- HIK LN : Hikma Pharma to Replace Inmarsat in FTSE 100 Index
- ISAT LN : Hikma Pharma to Replace Inmarsat in FTSE 100 Index
- DEC FP : JCDecaux: Will Not Buy Rest of Metrobus It Doesn’t Already Own
- LONN VX : Lonza Offer for Catalent ‘Off the Table,’ StreetInsider Says
- LHA GY : Lufthansa CEO ‘Optimistic’ for Trading in 2016 on Fuel Tailwind
- LSE LN : Deutsche Boerse to Avoid Redundancies in LSE Deal: Handelsblatt
- MHG NO : Marine Harvest, Deep Sea Supply in Aquaculture Shipping JV
- NEO FP : Neopost Says 1Q Rev. Declines, Sets Medium-Term Margin Target
- NESN VX : Nestle CEO Bulcke to Replace Brabeck as Chairman: Challenges
- NHH SM : NH Hotel shareholder Hesperia joins activist funds led by Oceanwood against HNA
- NOVN VX : Novartis Afinitor Gets EU Approval for Some GI, NET Tumor Types
- NOVN VX : Genmab Says Novartis to Start Pivotal Ofatumumab Study in RMS
- PNL NA : PostNL Isn’t Looking For a Buyer, CEO Tells Dutch Paper AD
- ROG VX : Roche Gets FDA Approval for Tarceva Companion Diagnostic Test
- SNF FP : CDC May Sell Stake in Sanef, Les Echos Reports
- SAN FP : Sanofi Requests Record Date to Replace Medivation’s Board
- SIE GY : Siemens Healthcare Puts Organic Growth Before M&A: Handelsblatt
- SN/ LN : Zimmer Hasn’t Been Talking to PE to Pursue Tailored Brands: BTV
- SOLB BB : Solvay Completes Purchase of Eastman Chemical Stake in U.S JV
- SOP FP : Sopra Steria Names du Vignaux as CFO
- STL NO : Statoil: Norway Suspends All Use of H225 Helicopter
- TNTE NA : FedEx Results TNT Post-Closing Acceptance Period, 98.5% Tendered
- UBER IPO : Uber Receives $3.5 Billion Investment From Saudi Wealth Fund, Didi’s Jean Liu Says Working on Closing >$3.5b Funding Round
- FR FP : Bain Said Near Deal to Sell German Clutchmaker FTE to Valeo
- VIV FP / GFT FP : Electronic Arts Predicts Sales to Rise by $1.5b in 5 Yrs: Call
- VOE AV : Voestalpine FY Ebit Misses Ests; Books Tubes Impairment on Oil
- WFT US : Weatherford Drops 11%; Offering $1b in Exchangeable Notes
- YHOO US : SoftBank May Use Alibaba Sale for Yahoo Japan Purchase: Nikkei --> Yahoo Japan +2.8% (4689 JP)

>>> Europe : Brokers Upgrades & Downgrades - 2nd of June 2016

>>> Up
*RUBIS RAISED TO BUY VS NEUTRAL AT GOLDMAN
*UMICORE RAISED TO HOLD FROM SELL AT DEUTSCHE BANK

>>> Down
*BANCO COMERCIAL PORTUGUES CUT TO HOLD VS BUY AT SOCGEN
*DEUTSCHE BANK CUT TO SECTOR PERFORM AT RBC CAPITAL
*EFG INTERNATIONAL CUT TO NEUTRAL VS BUY AT UBS
*HALFORDS CUT TO NEUTRAL AT CITI
*MONEYSUPERMARKET.COM CUT TO HOLD AT JEFFERIES
*MOSENERGO CUT TO HOLD AT RENAISSANCE CAPITAL
*RTL GROUP CUT TO HOLD VS BUY AT HSBC
*WOLSELEY CUT TO NEUTRAL VS BUY AT CITI

>>> PT Change

>>> Initiation
*ABN AMRO RATED NEW SELL AT BERENBERG, PT EU15
*BALOISE RATED NEW ’UNDERPERFORM’ AT EXANE BNP PARIBAS
*HELVETIA RATED NEW ’NEUTRAL’ AT EXANE BNP PARIBAS
*SSAB B SHARES RATED NEW HOLD AT BERENBERG, PT SEK20
*SWISS LIFE RATED NEW ’UNDERPERFORM’ AT EXANE BNP PARIBAS

>>> Call
>> Stock
*SHIRE ADDED TO SHORT-TERM BUY LIST AT DEUTSCHE BANK

RTR - Softbank says not involved at all in Yahoo Inc asset sale

Softbank says not involved at all in Yahoo Inc asset sale

Japan's SoftBank Group Corp (9984.T) is not planning to use any of the funds raised from a recent sale of Alibaba Group Holding Ltd (BABA.N) shares to buy assets put up for sale by Yahoo Inc (YHOO.O), SoftBank President Nikesh Arora said on Wednesday.

"We intend to use the capital proceeds to manage our leverage and our balance sheet, which does not include expanding and buying things in the U.S.," Arora told analysts on a conference call with Alibaba, explaining details of the sale announced on Tuesday.

"I can unequivocally say we are not involved in the process that Yahoo Inc is running in any way, shape or form," he added.


>>> Asian Update

Asian Mid-session Market Update: Nikkei slumps, Yen strengthens after sales tax hike delay; Australia trade deficit narrows again

***Economic Data***
- (AU) AUSTRALIA APR TRADE BALANCE (A$): -1.58B V -2.10BE; smallest deficit in 13 months
- (AU) AUSTRALIA APR RETAIL SALES M/M: 0.2% V 0.3%E
- (JP) JAPAN MAY MONETARY BASE Y/Y: 25.5% v 26.8% PRIOR; MONETARY BASE END OF PERIOD: ¥386.7T v ¥386.2T PRIOR
- (KR) SOUTH KOREA Q1 FINAL GDP Q/Q: 0.5% V 0.4%E; Y/Y: 2.8% V 2.7%E

***Index Snapshot (as of 04:30 GMT)***
- Nikkei225 -2.2%, S&P/ASX -0.9%, Kospi +0.1%, Shanghai Composite -0.2%, Hang Seng +0.1%, Jun S&P500 -0.3% at 2,093

***Commodities/Fixed Income***
- Aug gold +0.2% at $1,217/oz, Jul crude oil -0.1% at $48.94/brl, Jul copper -0.2% at $2.07/lb
- (US) Weekly API Oil Inventories: Crude: +2.3M v -5.1M prior; first build in 3 weeks
- GLD: SPDR Gold Trust ETF daily holdings rise 2.0 tonnes to 870.7 tonnes
- JGB: (JP) Japan MoF sells ¥2.18T in 10-year 0.1% JGBs; Avg yield: -0.094% v -0.096% prior; bid to cover: 4.11x v 3.44x prior
- USD/CNY: (CN) PBOC SETS YUAN MID POINT AT 6.5688 V 6.5889 PRIOR; first stronger setting in 4 days
- (CN) PBOC to inject CNY70B in 7-day reverse repos

***Market Focal Points/FX***
- Asian equity markets are mixed, with the most notable decline coming in Tokyo on outsized 70pip slide in USD/JPY pair below ¥109 handle - a 2 week low. Traders are looking at the latest move by Japan PM Abe to delay consumption tax increase by over 2 years as a fiscal step that could potentially detract from more aggressive BOJ policy moves in the second half of the year, particularly as economy tackles the likely Q2 contraction headwind due to Kumamoto earthquake impact. USD was generally soft in the major pairs over the course of the US session, with Fed Funds futures probability of a June move sliding toward 20%. Fed Beige book assessments weren't terrible but also weren't stellar, with expectations of modest wage growth. Investors await Friday's non-farm payrolls for more clarity, even as some of the more tertiary employment indicators such as the latest online job ads data from the Conference Board paint a rather gloomy picture. In other FX majors, EUR/USD rose about 30pips above 1.1210, AUD/USD rallied 25pips to 0.7270 on improved Aussie trade data, and NZD/USD remained supported above $0.68 in the wake of the 2nd straight price rise in the dairy auction.

- The upcoming OPEC meeting in Vienna has also figured prominently in market sentiment. Oil prices rallied in late US hours after reports that OPEC is working on agreement that could accommodate Iran as it ramps up production to pre-sanction levels, and a ceiling to output was under consideration. Late in US session however, UAE oil officials said there were no new developments about OPEC output target plan to their knowledge. WTI contract retreated further below $49/brl after API inventories showed a build for the first time in 3 weeks.

- Australia economic data were mixed, with slightly lower than expected retail sales and a smaller than expected deficit in April. The two data points - frequently released together - typically elicit greater reaction to Retail print, but lately produced more pronounced move from trade data. AUD/USD rose over 20pips as Australian deficit was the smallest in 13 months, exports rose again (+1%), and shipments of Coal and Iron ore were little changed. S&P/ASX200 fell to 3-week lows below 5,280.

- Among notable speakers out of China, Vice Fin Min called for more communication with the Fed over its plans for rate decision this year given their impact on China's and global economy. Analyst with Moody's remarked that a financial crisis in China is not likely.

- In Japan, Chief Cabinet Sec Suga remarked that the scale of economic stimulus previewed by PM Abe as part of his decision to delay sales tax hikes has not been decided. In terms of sovereign credit impact of that delay, Fitch said it is awaiting more details before considering revising sovereign rating, but S&P raised Japan 2017 GDP target to 1.0% from 0.4%. Comments from BOJ's Sato underscored the challenge for Japan policymakers, as he expressed doubt over negative rates stimulating capital spending, voiced alarm over stability of financial system, and speculated that there's some chance of BoJ missing ¥80T annual asset purchase target. Sato added the road to 2% inflation target will be long, the economy is very fragile, and potential GDP rate in Japan is practically flat.

***Equities***
US equities / ADRs:
- GWRE: Reports Q3 $0.14 v $0.07e, R$98.9M v $92.7Me; +4.3% afterhours
- SMTC: Reports Q1 $0.30 v $0.28e, R$131M v $129Me; +0.8% afterhours
- BABA: Agreed to re-purchase 27.03M ordinary shares from SoftBank Group at $74.00/shr (1.08% of shares outstanding) and announces other share placements; +0.7% afterhours
- WFT: Offers $1.0B Exchangeable Senior Notes (~20% of market cap) through RBC Capital Markets and Citigroup; -5.1% afterhours
- BOX: Reports Q1 -$0.18 v -$0.23e, R$90.2M v $88.6Me; -8.1% afterhours

- COST: Reports May SSS (ex-gas) 4% y/y; US SSS (ex-gas) 4% y/y

Notable movers by sector:
- Consumer discretionary: Cheil Worldwide Inc 030000.KR +2.2% (failed deal with Publicis); Patties Foods PFL.AU +7.0% (acquisition offer)
- Financials: Challenger Financial Services Group CGF.AU -0.3% (on track to meet guidance); Bank of East Asia 23.HK +1.1% (to shut down units)
- Industrials: Hyundai Motor Co 005380.KR +0.4% (May car sales); Suzuki Motor Corp 7269.JP -2.9% (plant explosion)
- Technology: Yahoo Japan Corp 4689.JP +2.8% (Softbank may use fund from Alibaba sale to raise stake); Lenovo Group 992.HK -4.4% (Google to sell its share); HTC Corp 2498.TW +1.6% (to spin off VR business in Q3)
- Materials: South32 Limited S32.AU -0.9% (job cut speculation); OZ Minerals OZL.AU -1.8% (on track to meet guidance)
- Telecom: Softbank Coro 9984.JP -2.8% (not involved in Yahoo sale process of Alibaba, asset sales)

Le Temps Essai prometteur d’un vaccin contre le cancer qualifié d'«universel»

Essai prometteur d’un vaccin contre le cancer qualifié d'«universel»

Des chercheurs allemands ont utilisé des nanoparticules de graisses portant des bribes génétiques de cellules cancéreuses pour stimuler contre elles le système immunitaire

Cette avancée peut être vue comme «une nouvelle classe de vaccins applicable de manière universelle pour l’immunothérapie contre le cancer»! C’est ainsi que s’achève un article de scientifiques allemands publié ce 2 juin dans la revue Nature. Une percée à relativiser tant elle n’a été vérifiée jusque-là que sur un très petit nombre de patients, qui plus est avec des observations non absolument conclusives. Mais des travaux de recherches fondamentales qui sont qualifiés de prometteurs par les experts. Cette technologie «va booster fortement le domaine», commentent Jolanda de Vries et Carl Figdor aussi dans Nature, mais sans avoir participé à l’étude.

Le champ d’action dont parlent ces deux immunologues de l’Université Radboud aux Pays-Bas est l’immunothérapie. L’idée est simple: stimuler le système immunitaire d’une personne atteinte d’un cancer pour entraîner ce dernier à reconnaître ses cellules tumorales, ceci à l’aide d’un vaccin, c’est-à-dire un vecteur simulant l’infection.

Plus simple à postuler qu’à concrétiser avec le cancer car, à l’inverse d’un virus vite reconnu par l’organisme, les cellules cancéreuses ressemblent à maints égards à des cellules normales: le système immunitaire ne va ainsi pas spontanément les attaquer. De plus, le développement du cancer ne s’accompagne pas d’une réponse inflammatoire (et des signaux d’alarme biochimiques qui vont avec) comme dans le cas d’une invasion microbienne. Si bien que le «crabe» peut co-évoluer pendant des années avec la personne qui le porte en elle.

Voie inédite testée

Les oncologues tentent donc, autant in vivo qu’ex vivo, dans des boîtes de Petri en laboratoire, de développer des tactiques pour déclencher contre les cellules cancéreuses une réponse des «gardiens de l’organisme», les lymphocytes T notamment. Ceci avec des succès variables.

Ugur Sahin et ses collègues de l’Université Johannes Gutenberg de Mainz ont emprunté une voie inédite: ils ont produit des nanoparticules de graisse dans lesquelles ils ont introduit des bribes génétiques de cellules cancéreuses (des morceaux bien distinctifs de leur ARN). Puis ils les ont injectés dans le système sanguin d’abord de souris. Ces intrus ont été immédiatement repérés par les lymphocytes T, qui ont aussi remarqué la signature cancéreuse qu’ils portaient. Ainsi «renseignées», ces cellules immunitaires se sont alors attaquées avec succès aux tumeurs qui rongeaient les rongeurs.

Les chercheurs ont ensuite répété l’expérience sur trois patients souffrant de trois types de cancer différents, à des stades divers. Ils leur ont injecté leurs nanoparticules par voie intraveineuse – un avantage par rapport aux lourdes chimiothérapies.

Ils ont observé des réponses immunitaires similaires et positives, mais sans pouvoir dire vraiment si leur cancer avait disparu. Chez un patient une tumeur suspectée sur un nodule lymphatique s’est amoindrie. Chez un second, à qui les tumeurs avaient été extraites chirurgicalement, était exempt de toute trace de cancer sept mois après la vaccination. Chez le troisième patient, les tumeurs, partie de la peau, s’étaient répandues dans les poumons: ces tumeurs sont restées «cliniquement stables», indique l’article des chercheurs.

Autres études nécessaires

«Nous en sommes au début, des essais plus larges et réalisés en 'double aveugle' sont nécessaires pour valider cette découverte», commentent Jolanda de Vries et Carl Figdor, avant de conclure: «Les résultats de ces études cliniques à venir seront d’un très grand intérêt.»

WSJ : Uber Raises $3.5 Billion From Saudi Fund

Uber Raises $3.5 Billion From Saudi Fund

Investment marks largest-ever U.S. funding round for a venture-backed company

By Douglas MacMillan
June 1, 2016 5:28 p.m. ET
Uber Technologies Inc. said Wednesday it raised $3.5 billion from the investment arm of Saudi Arabia, a grand gesture from the Middle East that represents the largest-ever U.S. funding round for a venture-backed company.

The investment from Saudi Arabia’s Public Investment Fund values the ride-hailing company at more than $66 billion including the amount of the cash raised in the recent round, Uber said in an emailed statement.

Uber said it now has more than $11 billion in cash and convertible debt on its balance sheet.

Uber is forging close ties to Saudi Arabia when the kingdom is seeking to diversify its economy and reduce its reliance on oil. Yasir Al Rumayyan, the managing director of Saudi Arabia’s Public Investment Fund, is taking a seat on Uber’s board.

The company said it plans to work with the government to create more opportunities for women in the country. Around 80% of Uber passengers in Saudi Arabia are women, Uber said.

This is the largest slug of capital raised by Uber, topping an earlier $2.8 billion round, the previous U.S. record, according to Dow Jones VentureSource. It is also one of the largest ever raised globally. Earlier this year, Alibaba Group Holding Ltd. ’s affiliate, Ant Financial Services Group, raised $4.5 billion in a funding round, while China online retailer Meituan-Dianping collected $3.3 billion.