- 29-Jul-2016 10:08:42 - UBS, PASSERA RESCUE PLAN FOR BANCA MONTE DEI PASCHI ENVISAGES CASH CALL FOR 2.5-3 BLN EUROS - SOURCE CLOSE TO SITUATION
- 29-Jul-2016 10:08:42 - UBS-BACKED RESCUE PLAN FOR MONTE DEI PASCHI ALSO INCLUDES VOLUNTARY PARTIAL CONVERSION OF SUBORDINATED BONDS INTO EQUITY - SOURCE
- 29-Jul-2016 10:08:42 - UBS-BACKED RESCUE PROPOSAL FOR MONTE DEI PASCHI ALSO MENTIONS INTEREST FROM U.S. PRIVATE EQUITY FUNDS WITHOUT GIVING NAMES - SOURCE
- 29-Jul-2016 10:08:42 - UBS-BACKED RESCUE PLAN FOR MONTE DEI PASCHI INVOLVES SALE OF BAD LOANS TO ATLANTE RESCUE FUND- SOURCE
- 29-Jul-2016 10:08:42 - PASSERA IS CURRENTLY PRESENTING UBS-BACKED RESCUE PLAN TO MONTE DEI PASCHI BOARD - SOURCE
>>> Asset Class Flows
* Equities: $5.4bn outflows (note divergence between $3.0bn ETF inflows & $8.4bn mutual fund outflows)
* Bonds: chunky $7.9bn inflows (inflows in 15 of past 17 weeks)
* Precious metals: largest outflows since Dec’15 ($0.5bn) (first outflows in 9 weeks)
>>> Equity Flows
* Europe: $4.2bn outflows (25 straight weeks of outflows)
* EM: modest $0.4bn inflows (4 straight weeks)
* Japan: $0.7bn outflows (2 straight weeks)
* US: small $0.4bn outflows
* By sector: 4 straight weeks of inflows to REITs ($0.1bn); largest outflows from healthcare in 4 weeks ($0.4bn)
>>> Fixed Income Flows
* $3.4bn inflows to EM debt funds ($14bn inflows past 4 weeks =largest on record)
* $0.7bn inflows to HY bond funds (4 straight weeks)
* $3.2bn inflows to IG bond funds (inflows in 20 of past 21 weeks)
* 45 straight weeks of inflows to Munis ($0.7bn)
* 7 straight weeks of inflows to TIPS ($0.3bn)
* $0.6bn outflows from Govt/Treasury funds (outflows in 4 of past 5 weeks)
DNO ASA: DNO launches offer to acquire Gulf Keystone
Oslo, 29 July 2016 - DNO ASA, the Norwegian oil and gas operator, today unveiled a proposal to acquire for USD 300 million all of the enlarged share capital in Gulf Keystone Petroleum Ltd following the latter's contemplated financial restructuring announced earlier this month.
The terms of the DNO proposal, which would comprise cash and shares, reflect a 20 percent premium to the share price of USD 0.0109 at which, on 14 July 2016, Gulf Keystone issued shares representing 5.6 percent of its share capital, and also reflect a 20 percent premium to the price at which Gulf Keystone intends to issue further shares in its restructuring. In addition, for the Gulf Keystone guaranteed noteholders the DNO terms reflect 111 percent of par value compared to 99 percent under the contemplated restructuring, and for the convertible bondholders the DNO terms reflect 18 percent of par value compared to 15 percent under the contemplated restructuring.
By offering USD 120 million in cash (approximately 40 percent of the consideration), DNO would provide an early exit for those noteholders and bondholders who may be unable or unwilling to hold equity for an extended period. The additional offer of 170 million DNO shares (approximately 13.6 percent of the post transaction DNO share capital) would provide Gulf Keystone investors with continued exposure to the Shaikan field in addition to DNO's wider portfolio of assets, significantly larger market capitalization, more robust cash flow, stronger balance sheet and proven operating and management capabilities.
DNO has been active in the Kurdistan region of Iraq since 2004 and ranks number one among the international oil companies in oil production (50 percent), oil exports (60 percent) and proven oil reserves (50 percent). DNO holds a 55 percent stake in and operates the Tawke oil field at a current production level of around 120,000 barrels of oil per day (bopd) of 27 degree API crude. Gulf Keystone holds a 58 percent stake in and operates the Shaikan oil field at a current level of around 40,000 bopd of 17 degree API crude. Production from Shaikan is transported daily by road tanker to DNO's unloading and storage hub at Fish Khabur for onward pipeline transport to export markets.
"Combining these two companies will create further scale and unlock operational synergies that will reinforce DNO's already formidable presence in Kurdistan," said Bijan Mossavar-Rahmani, DNO's Executive Chairman. "We understand Shaikan's challenges and opportunities and we are well positioned to focus financial, technical, commercial and logistical support to maintain and then grow production at this field to the benefit of both Kurdistan and our investors," he added.
Gulf Keystone, a Bermuda incorporated and London listed company, has called a special general meeting for 5 August 2016 to consider its contemplated financial restructuring. DNO has written to the board of directors of Gulf Keystone to present its proposal and to facilitate immediate engagement with Gulf Keystone's investors ahead of the meeting to ensure sufficient time for these investors to carefully consider the enhanced terms proposed by DNO.
DNO has retained Pareto Securities AS as financial adviser and Freshfields Bruckhaus Deringer LLP, Advokatfirmaet Thommessen AS and Conyers Dill & Pearman Limited as legal counsel in connection with the transaction.
For information relating to DNO's proposed offer, please see the attached announcement.
*DNO DNO OFFER TO BUY GULF KEYSTONE
*DNO OFFER TO BUY GULF KEYSTONE FOR $300 MLN
DNO ASA: DNO launches offer to acquire Gulf Keystone
Dow -0.09% S&P +0.16% Nasdaq +0.30% Russell -0.14%
US Market closed once again almost flat, Tech Outoerformed on FB & announce of M&A (N / ORCL) but GOOG & AMZN are the 2 big names that reported after the closed and keep mkt on stand by mood. financial (+0.2%) and technology (+0.2%) sectors helped lead the afternoon reversal. Six sectors ended above the flat line, with the consumer staples sector (+0.5%) logging the biggest advance. The telecom services (-0.7%), energy (-0.2%), materials (-0.1%), and health care (-0.04%) sectors ended in negative territory. Volume were in line with average at 853mil shares. US After Hours DECK +4%, GOOG +4%, AMZN +2% on earnings/guidance... HIG -11%, FTNT -10%, EXPE -6.5%, WDC -6%, WYNN -6% on earnings/guidance, OTA / casino names lower. Asian equity markets are lower as Bank of Japan has effectively kicked the can down the road on deciding to implement further large-scale stimulus, allowing the govt to do more heavy lifting with its fiscal plan instead. Against expectations of deeper cut in negative rates to -0.15% from -0.10% and a large minority view of expansion of annual monetary base beyond the current ¥80T, the BOJ merely boosted its ETF buying program to ¥6T from ¥3.3T and doubled the size of USD lending program to $24B. Inaction at this meeting - one that coincided with an update on BOJ's forecasts for GDP and CPI as well as more soft economic data in household spending and nationwide CPI - underscores the reluctance that Gov Kuroda has shown ever since that initial foray into negative rates back in January. It mattered little that the progress of Abenomics has slowed, JPY has strengthened, and that politically the Abe cabinet has been bolstered by the recently achieved super majority in the upper house of Parliament and thus a perceived mandate to do more on economy.
Nikkei +0.12% Hang Seng -0.88% CSI -0.27% Shanghai -0.28%
Eur$ 1.1075 CNH 6.6579 CNY 6.6523 JPY 103.66 GBP 1.3177 CHF 0.9796 RUB$ 66.6863 WTI$41.02 (-0.29%)
S&P -0.08% EuroStoxx +0.47% Dax +0.43% SMI +0.01%
Macro :
- SNB’s Stock Holdings in FX Reserves Were Steady at 20% in 2Q
- Fredriksen’s Deep Sea Supply to Take Part in Consolidation: FA
Keep an eye on :
- ABI BB : AB InBev 2Q Normalized Ebitda, Organic Sales Miss Estimates, Cuts 2016 Brazil Sales Outlook, Cuts Capex View --> AB InBev Had Another Weak Quarter on Undemanding Comps: Exane
- ANA SM : Acciona 1H Net EU596.2m vs EU103m
- ADP FP : ADP 1H Op. Income Falls 14%, Lowers Forecast for 2016 Net
- AIR FP : Cebu Air Signs Purchase Order With Airbus for 2 A330-300 Planes
- MT NA : Arcelor Sees Better 2H Market Conditions Vs Last Year
- AREVA FP : Areva 1H Net Loss Narrows, Co. Raises FY Cash Flow Forecast
- AREVA FP : EDF Is Considering Purchasing Control of New Areva Company
- ATL IM : Atlantia-Led Group Wins Bid for 60% of Nice Airport, France Says
- AZN LN : AstraZeneca Rises on Novartis M&A Speculation, Mirabaud Says
- BBVA SM : BBVA Names KPMG Auditor of Consolidated Group for Next 3 Years
- BEKB BB : Bekaert 1H Adj. Ebit Tops Ests; Sees Full-Year Margin Above 7%
- BMPS IM : Monte Paschi Confirms Receipt of Letters From Passera, UBS
- BMPS IM : Passera, UBS Plan for Paschi Includes EU2.5b-EU3b Cap Hike: Sole
- BMPS IM : UniCredit, MS, Intesa Said to Opt Out of Paschi Cash Call: Rtrs
- CABK SM : CaixaBank 2Q Net Beats Estimate; CET1 Fully-Loaded 11.5%
- CO FP : Casino Confirms 2016 French Trading Profit Target
- CFAO FP : CFAO 1H Net EU36.9m, Down 14% From EU43.1m Y/y
- CGG FP : CGG 2Q Net Loss Smaller vs Est.; Sees Mid Term Market Tightening
- CFN PL : Cofina 1H Net EU2.34m vs EU2.3m Y/y
- DUFN VX : Dufry 1H Ebitda Beats Ests., Sees Improving Results in 2H
- EDF FP : EDP Says to Keep Publishing Quarterly Financial Information
- EDF FP : EDF, Caisse, CNP Assurances in Talks for RTE Development Pact
- EDP PL : EDP 1H Net Income EU472m vs Est. EU478.6m
- EGL PL : Mota-Engil Wins Colombia Projects, Order Book Increases EU280m
- ELIOR FP : Elior Confirms Fy Targets; 9-Month Sales Rise 3.3%
- ENGI FP : Engie 1H Ebitda Misses, Recurring Net in Line; Confirms Targets
- ENI IM : Eni 2Q Adj. Net Loss From Continuing Operations; Div. In Line
- EI FP : Essilor Cuts 2016 Like-for-Like Sales Growth Forecast to 4.5%
- ETL FP : Eutelsat FY Revenue Matches Est.; Reiterates Financial Forecast
- FER SM : Ferrovial 1H Net Falls 29% to EU189 Milion
- FNAC FP : Fnac 2Q France Rev. Rose, 1H Current Operating Loss Narrowed
- GALP PL : Galp 2Q Adj. Net EU133m vs Est. EU125m
- G IM : Generali 2Q Net In Line With Estimate; Combined Ratio 92.3%
- GEO IM : Geox Says YTD LFL Sales Below Plan, Says 2016 Year of Transition
- HEI GY : HeidelbergCement 1H Results a Solid Beat, Goodbody Says
- IDR SM : Indra 1H Net EU31m vs EU436m Loss Year Earlier
- KER FP : Kering 2Q Total Comp Sales, Gucci, 1H Operating Income Beats
- MMB FP : Lagardere 1H Rev. Beats; Confirms Recurring Ebit Growth Target
- OR FP : L’Oreal 2Q LFL Sales Growth Misses Estimates
- LSE LN : Deutsche Boerse-LSE to Decide on HQ Location in 4-5 Months: SZ
- MS IM : Mediaset 2Q Profit Down; Ready for Legal Proceedings Vs Vivendi
- KN FP : Natixis 2Q Net, Rev. Beat Ests., on Track to Meet Profit Targets, Natixis Buoyant CIB Offsets Subdued Asset Management: Mediobanca
- NEM GY : Nemetschek 2Q Sales Beat Est., Net Up 85%; Confirms 2016 Outlook
- NHH SM : NH Hotel 1H Net EU9.7m Vs Loss EU17.4m Year Earlier
- NOVN VX : Novartis Ready to Look at Bigger Acquisitions, Bilanz Reports
- RXL FP : Rexel 2Q Sales In Line With Ests.; Confirms 2016 Outlook
- SAB LN : SABMiller Shareholders Said to Signal Support for AB InBev Offer
- SAF FP : Safran 1H Beats Est., Repeats Full-Yr Outlook
- SAN FP : Sanofi 2Q Business EPS In Line; Keeps 2016 Forecast
- SAN FP : Sanofi to Remain ‘Financially Disciplined’ on Medivation: CEO
- SGO FP : Saint-Gobain 1H Recurring Net Misses; Confirms FY Targets
- SDRL NO : Seadrill Gets 3 Year Contract Extensions from Saudi Aramco
- SESG FP : SES 1H Revenue Falls, Says Results in Line With Forecasts
- SOLB BB : Solvay 2Q Adj. Net EU223m; Est. EU197.6m; Reaffirms FY Outlook
- SPIE FP : Spie 1H Pretax Rises, Upgrades FY Ebita Margin Guidance Range
- SAZ GY : Stada Supervisory Board Negotiating Final Departure of CEO: FAZ
- SIKA VX : Sika Reports 24.8% Increase in 1H Net; Keeps Sales Growth Target
- SREN VX : Swiss Re 2Q Net Income Beats; Combined Ratio Rises; ROE Drops
- STL NO : Statoil Buys Petrobas’ 66% Stake in Santos license for $2.5b
- STM FP : STMicroelectronics Acquires AMS’ NFC and RFID Reader Assets
- TKTT FP : KKR Intl Flooring to Sell 3.5m Tarkett Shares at EU28.90 Each
- UBSN VX : UBS 2Q Net Income, Pretax Profit Beat; CET1 Rises ,UBS 2Q Revenue, NII, ROTE, Decline vs Year Earlier, UBS CEO Ermotti Sees ‘Very Little Visibility’ in Near Future
- UMI BB : Umicore Raises Profit Forecast to EU345m-EU365m; Est. EU344m
- VK FP : Vallourec 1H Net Loss Widens; Co. Confirms FY Targets
- DG FP : Vinci Confirms 2016 Earnings to Rise as 1H Matches Estimates
- DG FP : Vinci-Led Group Wins Bid for 60% of Lyon Airport, France Says
>>> Up
*ACEA RAISED TO BUY AT KEPLER CHEUVREUX
*ACERINOX RAISED TO ADD VS REDUCE AT ALPHAVALUE
*ANGLO AMERICAN RAISED TO BUY VS REDUCE AT ALPHAVALUE
*ANGLO AMERICAN RAISED TO ’BUY’ AT RENAISSANCE CAPITAL
*DOW CHEMICAL RAISED TO OVERWEIGHT AT JPMORGAN
*GENEL ENERGY RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*HENDERSON GROUP RAISED TO OUTPERFORM AT CREDIT SUISSE
*IMERYS RAISED TO HOLD AT HSBC
*LEGAL & GENERAL RAISED TO NEUTRAL AT MACQUARIE
*NESTE OYJ RAISED TO HOLD AT NORDEA
*PRYSMIAN RAISED TO OUTPERFORM AT MEDIOBANCA
>>> Down
*ADIDAS CUT TO SELL VS NEUTRAL AT CITI
*GEOX CUT TO HOLD AT KEPLER CHEUVREUX
*KINNEVIK CUT TO ADD VS BUY AT ALPHAVALUE
*NATIONAL GRID CUT TO SECTOR PERFORM AT RBC CAPITAL
*SECURITAS CUT TO HOLD AT NORDEA
*VANTIV CUT TO EQUALWEIGHT AT BARCLAYS
*WACKER CHEMIE CUT TO SELL VS NEUTRAL AT CITI
*WORLDLINE CUT TO REDUCE AT HSBC
>>> PT Change
>>> Initiation
*ADP RATED NEW NEUTRAL AT MEDIOBANCA; PT EU99
*BECHTLE RATED NEW BUY AT KEPLER CHEUVREUX
*EUROTUNNEL RATED NEW UNDERPERFORM AT MEDIOBANCA; PT EU8
*LUFTHANSA REINITIATED HOLD AT BANKHAUS LAMPE, PT EU10.2
>>> Call
Boscolo may sell stake to Northwood – report (translated)
Boscolo, the Italian luxury hotel group, could sell a stake to Northwood, the US-based real estate group, the Italian language daily Il Sole 24 Ore reported.
The report said that the Boscolo family would prefer to sell to Northwood as it would avoid ceding control, without citing sources. The report also said that Starwood, the US hotel group, is also interested in taking control of Boscolo.
Giorgio Boscolo, the head of the group, was cited in the report as saying that the hotel chain had drawn up a shortlist of three bidders and a choice on Boscolo's new shareholder will be made in September.
The report also said, without citing sources, that the plan would be to divide Boscolo in two parts, with one vehicle controlling hotel management. The report went on to say that the Boscolo family would have a majority stake in this vehicle.
The report said that the other part of the company would control the real estate assets, with the Boscolo family holding a minority stake.
The report noted that Boscolo is expecting EBITDA of EUR 35m in 2016 and EUR 38m in 2017.
The item added that Boscolo's debts presently stand at EUR 320m.
Il Sole 24 Ore