>>> Formula One CEO Bernie Ecclestone says change of control could lead to his d

Formula One CEO Bernie Ecclestone says change of control could lead to his departure
Formula One Group (F1) chief executive Bernie Ecclestone has said he may step down if there is a change of ownership at the UK-based motorsport organisation, The Times reported. Ecclestone, when asked whether he would walk away from his long association with F1, suggested that new management would want to assert control. Ecclestone added that he would walk away if he did not like a new owner’s plans for the business.

The UK-based cable media group Liberty Global [NASDAQ:LBTYA] is expected to acquire a 10% stake in F1 from current controlling shareholder CVC Capital Partners for USD 800m (GBP 717m), the item said. The expected deal would clear the way for Liberty Global to take control of F1, the item said.

A 3 September newswire report said German’s Auto Motor Und Sport magazine reported at the weekend that Bernie Ecclestone said while attending the Italian Grand Prix on Saturday that he expected Liberty Media to make the initial payment for the USD 8.5bn F1 deal today, 6 September. A second payment would follow, the Reuters report said. This news service reported yesterday that Ecclestone described weekend press suggesting a deal had been agreed as unfounded, according to The Times.

A Sky News report on 5 September cited F1 insiders who said Colorado-based Liberty Media Corporation could announce an agreement to acquire a significant stake in F1 on 7 September. Sky News also reported on 26 August talks between CVC and Liberty Media Corporation regarding a possible acquisition by Liberty Media of a stake in F1’s parent company Delta Topco.

A report in The Times on 5 September also mentioned speculation that Liberty Media Group has agreed a deal to acquire an initial stake of 20% in F1 for GBP 1bn.

The Colorado-based entrepreneur John Malone holds stakes in both Liberty Media Group and Liberty Global, as previously reported.

It is thought that Malone plans to install 21st Century Fox vice-chairman Chase Carey as executive chairman at F1, which could lead to friction with Ecclestone, the Times report said.

The article went on to cite an unspecified source who said “the Americans” would seek help on managing F1 from Sacha Woodward-Hill, the legal adviser to Ecclestone.

Payment for Liberty Global’s acquisition of a 10% stake in F1 is pencilled in for Wednesday, 7 September, The Times reported. However, CVC chairman Donald Mackenzie said the deal had yet to be finalised, according to the report.

Separately, the article said European antitrust regulators are prepared to launch an investigation into claims of cartel behaviour at F1. It is believed that the European Union has sent letters to Ecclestone, CVC, the F1 teams and the motorsport's governing body FIA requesting information, the report said.

Ecclestone was informed of the EU investigation last weekend and said the inquiry could be disruptive to F1 for a couple of years.

>>> Mediaset Premium: Vivendi mandates Cleary Gottlieb Steen Hamilton - report

Mediaset Premium: Vivendi mandates Cleary Gottlieb Steen Hamilton

Vivendi S.A. , has mandated Cleary Gottlieb Steen Hamilton to advise on its dispute with Mediaset S.p.A. This was reported by the Italian daily Il Sole 24 Ore which quoted sources. The report said that Giuseppe Scassellati of Cleary Gottlieb is working with Vivendi; while Mediaset is working with Chiomenti and lawyer Vincenzo Mariconda.

As previously reported, Mediaset's owner Fininvest is asking Vivendi for damages of EUR 570m for non maintaining previous agreements.

The report said Tarek Ben-Ammar, entrepreneurs close to both Mediaset and Vivendi, might help out with the mediation. Vivendi's answer could come in the next 20 days, the report said.

Il Sole 24 Ore

>>> GKN rumored to be eyed by SAIC Motor for 450p-per-share takeover bid - repor

GKN rumored to be eyed by SAIC Motor for 450p-per-share takeover bid - FT

SAIC Motor Corporation [SHA: 600104] of China is rumoured to be exploring a 450p-per-share offer for the UK-based aerospace and auto engineering group GKN [LON:GKN], the Financial Times reported. US advisers are believed to have been working on the potential deal, which would give GKN a valuation of close to GBP 8bn (USD 10.7bn), the FT’s market report said, without citing a source for the takeover chatter.

The report noted weekend media items which suggested bidders might be deterred by GKN’s GBP 2.1bn pension black hole.

>>> Ubisoft's Guillemot brothers close to buying further 3.5% stake to counter V

Ubisoft's Guillemot brothers close to buying further 3.5% stake to counter Vivendi – report 
The Guillemot brothers, the founding family of French videogames publisher Ubisoft [EPA:UBI], are understood to be close to acquiring an additional 3.5% shareholding in the company, French daily Le Figaro reported.

The unsourced report said the Guillemots, who already own 9.2% of Ubisoft and control the board of the company, are seeking to prevent attempts of a creeping takeover by French media group Vivendi [EPA:VIV], which already owns 22.72% of Ubisoft and is asking to have representatives seating at the board of the group.

The original article appeared in print; Page 24


Source Le Figaro

>>> Leonardo–Finmeccanica could consider deals with Airbus - reported rumour (tr

Leonardo–Finmeccanica could consider deals with Airbus - reported rumour

Leonardo-Finmeccanica, the Italy-based aerospace and transport technology group, could consider deals with Airbus, reported the Italian daily La Repubblica. The report said that Chief Executive Mauro Moretti had said before the Brexit vote that the company is ready to make buys or swap divisions with the aim to grow in the helicopter sector and in the defense area. Leonardo closed 1H 2016 with earnings of EUR 200m. Leonardo generates 14% of its revenues in the UK and has an order of EUR 2bn with the UK government about the construction of some Apache helicopters.

The report suggested speculations that Leonardo could study deals around its missiles division which could interest Airbus or could consider deals around DRS in the US. The report did not give further details

Sourced from print, page 19

La Repubblica

>>> What to look at today - 6th of September 2016

Asian equity markets are less volatile and more mixed after yesterday's rally on perceived caution by the FOMC following Friday's non-farm payrolls data. The biggest macro ripple in the past 24 hours has been the announcement that Saudi Arabia and Russia have signed an agreement to cooperate on oil production, even though analysts remain skeptical that a production freeze could take place in the near term. Oct WTI crude oil had risen as high as $45.60's earlier, but retreated in late electronic trade. In FX, JPY strengthened after comments by PM Abe advisor Hamada calling for caution in terms of further BOJ policy easing, with USD/JPY falling about 30pips to 103.40. After a set of mixed commentary by BOJ Gov Kuroda overnight, acknowledging the pressure on financial sector from negative rates while reiterating commitment to achieving inflation target with more easing if needed, PM Abe's advisor Hamada said the central bank should wait until the Fed to decide on whether to expand its policy easing.

Nikkei +0.28% Hang Seng +0.38% CSI +0.45% Shanghai +0.42%

Eur$ 1.1148 CNH 6.6901 CNY 6.6807 JPY 103.60 GBP 1.3325 CHF 0.9804 RUB $64.7939 WTI$45.36 (+2.07%)

S&P +0.06% EuroStoxx +0.20% Dax +0.15% SMI +0.10%

Macro :
- EU Plans Legislation by Year-End on Market-Risk, Leverage Rules
- Nouy Says Banks Must Rethink Business Models for Profitability


Keep an eye on :
- ABBN VX : Cevian Still Wants to Spin Off ABB’s Power Grids Unit, TT Says
- AIR FP : Vietnam Air Signs Deal to Buy 20 Airbus Planes at $3.25b: Minh
- AIR FP : Airbus CEO Confirms 2016 Delivery, Order Targets: Les Echos
- BALSN SW : Basilea Starts Phase 1/2a Study With Oncology Drug Candidate
- BAYN GY : Bayer Sweetens Monsanto Bid Again as Takeover Talks Advance, by 2% to $127.5 per share
- EN FP : Bouygues Files Complaint Vs Orange, Free, L’Express Reports
- ACA FP : Credit Agricole CEO Asks for 5-Year Halt on Capital Rule Revamp
- DTE GY : Deutsche Telekom Reviews East European, Greek Ops: Handelsblatt
- GLPG NA : Galapagos Gets Orphan Drug Designation in EU for GLPG1690
- ING FP : Ingenico Lowers 2016 Targets on U.S. Market, Brazil
- NESN VX : Nespresso Accelerates Expansion of Coffee Boutiques Across U.K.
- SOLB BB : Solvay Starts Up a New Hydrogen Peroxide Plant in China
- SYNN VX : Chemchina Extends Public Tender Offers for Syngenta Until Nov. 8
- UCG IM : UniCredit Raised at HSBC on Better Earns Momentum, Restructuring
- VOW3 GY : Volkswagen Said to Near Deal to Take 19.9% Stake in Navistar:WSJ

>>> Europe : Brokers Upgrades & Downgrades - 6th of September 2016

>>> Up
*ASSOCIATED BRITISH FOODS RAISED TO NEUTRAL VS SELL AT GOLDMAN
*BALOISE RAISED TO MARKET PERFORM VS UNDERPERFORM AT KBW
*BANCO DAVIVIENDA RAISED TO BUY VS NEUTRAL AT CITI
*BBVA RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*ELISA RAISED TO BUY AT NORDEA
*GALP ENERGIA RAISED TO OUTPERFORM VS NEUTRAL AT CREDIT SUISSE
*GEA GROUP RAISED TO BUY VS NEUTRAL AT CITI
*GRUPO AVAL RAISED TO NEUTRAL VS SELL AT CITI
*H&M RAISED TO NEUTRAL VS SELL AT GOLDMAN
*KRONES RAISED TO HOLD VS SELL AT BERENBERG
*NATIXIS RAISED TO OVERWEIGHT AT JPMORGAN
*NEXT RAISED TO NEUTRAL VS SELL AT GOLDMAN
*PUBLICIS RAISED TO OUTPERFORM AT EXANE BNP PARIBAS
*SEB RAISED TO BUY VS NEUTRAL AT UBS
*SIEMENS RAISED TO BUY VS HOLD AT LIBERUM
*STADA RAISED TO HOLD AT JEFFERIES
*UNICREDIT RAISED TO BUY VS HOLD AT HSBC
*ZURICH INSURANCE RAISED TO HOLD VS SELL AT SOCGEN; PT CHF 240

>>> Down
*DEUTSCHE BANK CUT TO UNDERWEIGHT AT SANTANDER
*SFR GROUP CUT TO HOLD VS BUY AT DEUTSCHE BANK
*SNAM CUT TO UNDERPERFORM AT MACQUARIE
*STANDARD CHARTERED CUT TO UNDERWEIGHT FROM NEUTRAL AT BARCLAYS
*SWEDBANK CUT TO NEUTRAL VS BUY AT UBS
*SYNGENTA CUT TO MARKET PERFORM AT BERNSTEIN
*TELEFONICA DEUTSCHLAND CUT TO UNDERPERFORM FROM OUTPERFORM AT EXANE

>>> PT Change


>>> Initiation
*COM HEM RATED NEW OUTPERFORM AT EXANE; PT SEK95
*DAVITA RATED NEW NEUTRAL AT CITI; PT $71
*ELISA RATED NEW NEUTRAL AT EXANE; PT EU33
*FRESENIUS RATED NEW BUY AT CITI; PT EU78
*FRESENIUS MEDICAL CARE RATED NEW BUY AT CITI; PT EU98
*MEDICLINIC RATED NEW BUY AT UBS; PT 1,170P
*PROTAGONIST THERAPEUTICS RATED NEW OVERWEIGHT AT BARCLAYS
*STRAUMANN RATED NEW SELL AT CITI; PT CHF314
*TELENOR RATED NEW UNDERPERFORM AT EXANE; PT NOK131
*YOOX NET-A-PORTER RATED NEW BUY AT BERENBERG; PT EU38

>>> Call
>> Stock
*BUZZI UNICEM ENTERS EUROPEAN RECOMMENDED PORTFOLIO AT BERNSTEIN
*MUNICH RE ADDED TO EUROPEAN RECOMMENDED PORTFOLIO AT BERNSTEIN
*PUBLICIS ADDED TO EUROPEAN RECOMMENDED PORTFOLIO AT BERNSTEIN
>> Sector
*EUROPEAN INSURANCE SECTOR RAISED FROM UNDERWEIGHT TO NEUTRAL AT BERNSTEIN

>>> JP Morgan analyst: PBOC may cut rates by 25bps as early as October

JP Morgan analyst: PBOC may cut rates by 25bps as early as October 
- Sees government having slight bias toward easing in H2 if growth surprises on downside
- Expects PBOC to maintain expansionary fiscal policy
- Tapering effect of policy, easing in real-estate investment, attempts to cut overcapacity, and lack of incentive for private investment could lead to slowdownin growth in 3Q and 4Q