TheChek News Flow

ML
SAB MILLER - Extension on merger to November 4th, as per spec yday.......RSTR

ROCKET - HelloFresh planning IPO, c. 20% of Rocket's NAV.................+10%

ENQUEST - confirm first oil at Alma/Galia in north sea, relief.........+5-10%

BT - UK's CMA gives provisional approval for BT's bid for EE..............+4%

ENI - Sells 12.5% stake in SPM to Italy's FSI, SPM to repay debt........+3-4%

SAIPEM - ENI sells 12.5% of co to FSI, rights issue announced for Q1 '16..+3%

HEINEKEN - Organic growth +7.5% v +4% cons, FX the -ve but reit guidance+2-3%

DSV - Sales a miss bnubt profit beats and co raises FY guidance...........+2%

UCB - Sales 3% ahead of cons, CNV franchise all ahead of expectations...+1-2%

DAILY MAIL - proposed sale of 38.7% equity stake in Local World Holdings+1-2%

BATS - Revenue Growth +4.2% vs Cons +3.1%, volumes better than est......+1-2%

K.WILSON - purchasing 9 offices let to the Italian govt for €186m.........+1%

TELENOR - EBITDA a 4.5% beat adj for subsids that have reported, solid....+1%

IHG - WSJ says Chinese bidders want Starwood hotels, HOT/HLT report today.+1%

PETRA DIAMONDS - Production run rating at 25% of our FY16E estimate.......+1%

MEDIOBANCA - Q3 revs and NII in line, net income beat on lower provisions.+1%

NEXT - Brand sales +7.3% v +6% cons, retail solid & directory much better.+1%

GAMESA - Wins a contract to supply 78 MW in New York......................+1%

BWIN - Total Revs -8% in the 9 months to Sept 30, deal on track.........+0.5%

EDP RENOVAVEIS - Numbers look in line with ests, little to move dial......u/c

RED ELECTRICA - Numbers look in line with ests, little to move dial.......u/c

SKANSKA - All in line with recent warning on US business..................u/c

TELIASONERA - Sees many bidders for Eurasia assets, DI reports............u/c

SOFTWARE AG - Confirms Q3 results post warning mid Oct, FCF +16% YoY......u/c

LINDE - Overall in line, FY guidance re-iterated, should be enough........u/c

DIALOG - Q3 revs, EBIT and EPS in line with pre-announcement, as is guide.u/c

GRAINGER - small regional PRS acquisition, £10.4m, 6.7% yield.............u/c

SNAM - Q3 EBITDA in line with ests at EUR 647m, sees demand in line w/ 14.u/c

STOREBRAND - Headline miss driven by marketrs, solvency also weak.........-1%

NUMERICABLE - Revs in line with capex 5.5% below est, guidance in line....-1%

MORRISONS - We DOWNGRADE to Neutral, PO to 190p from 235p...............-1-2%

ALTICE - Revs a 1.5% miss and EBITDA 0.5% light, poor rel to sector.....-1-2%

NN GROUP - Spec court no longer to rule on a woekerpolis case for NN....-1-2%

GEA - Orders -11.9% v -8% cons, EBIT 6% light, at lows and shorts rising..-2%

STATOIL - Q3 EBIT 5% light, net a big miss on impairment, $1bn capex cuts.-3%

LLOYDS - 9m underlying PBT 3% weaker than est due to lower other income...-3%

ULE/COB/SNR - -ve read from MGGT warning, none have reported yet..........-3%

MEGGITT - Expects FY15 profit meaningfully below cons, Q3 -1% organic.-10-15%

CS

Alten M/P No's inline, confirms tgt for org rev growth improvement

Altice -2% Q3 revenues inline, prime focus is op plans and US biz

Antofagasta -4% Production miss. Downgrade guidance.

BATS +1-2% Volumes and pricing strong

Barclays M/P Appointment of James E Staley as Group CEO

BT +2-3% Bid for EE likely to win regulatory approval

BWIN Party +2-3% Q3 revenues +9%, first time positive since Q2 2012

C&C M/P H1 sales 4% miss, Op profit 3% beat, Scotland/Ireland

Cobham -3-5% Read across from Meggitt profit warning

DSV +1-2% Q3 op profit 4% ahead of CS, op profit guidance higher

GEA Group -2-3% Q3 sales 3% miss, EBITDA inline, EBIT 2% miss

Healthcare +0.5% Strong in the US last night post earnings PFE,BMY,MRK

Heineken +1-2% Q3 sales beat analyst estimates due to weather

IHG +2% Chinese firms were seeking approval to buy Starwood (WSJ)

Leoni +1% CS upgrade to OUTPERFORM (Op execution offers upside)

Lloyds -2-3% Underlying profit light, CET1 at 13.7% vs 13.9%

Linde -1% Q3 op profit/cash flow slightly weaker, outlook unchanged

Marine Har M/P Q3 EBIT inline, revenues 5% beat

Mediobanca +0.5% Q1 revs inline, net income 5% beat

Meggitt -15%+ Profit warning, outlook meaningfully below consensus

Miners M/P Copper -0.55%, Brent +0.25%, Iron Ore -2.00%, China -1.14%

Next +1-2% Q3 Total Next Brand Sales rise 7.3% est 6.4%

Nexity M/P 9m revenues inline, confirms FY outlook

Numericable -1% 3Q revs inline, EBITDA 1% light, FY EBITDA slightly ahead

Red Elec M/P Q3 EBITDA and net inline, fully regulated util

Rocket Int +5-7% Announces plans for IPO of Fresh Food unit

Royal Dutch +1% $2bn writedown on Carmon Creek, showing Capital discipline

SEB SA +3-5% Q3 sales inline, raises 2015 objectives

Senior -2-3% Read across from Meggitt profit warning

Snam M/P Q3 EBITDA inline with Bloomberg cons, fully regulated util

Software M/P No's inline with pre-release on Oct 13th, confirms Q3

Stan Life +1% Flows solid helped by UK retail, AUM flat QoQ

Statoil -2-3% 3Q15: miss, better capex profile but the market was there

UCB +3-4% 9m revs 1% beat, raises FY forecasts

Unibail -1% No's inline, reiterates EPS target, disposals weaker

Telenor -1-2% Q3 sales NOK 31.8bln est NOK 31.6bln, lowers FY guidance

Ultra Elecs -2-3% Read across from Meggitt profit warning

MF

*GEA-Sales 1.11b(1.15),Ebit 122.6m(125),Ebitda 144m(142.9),Ord 4.52b..-1% *SKANSKA-Rev 37.3b(42.3),PT 774m(839),Good opps in all mkts...........-2%

*SEB-Q3 Sales 1.3b(1.128),Organic Grth 7%(6),Ebita 115m(105m).........+1% *MEDIOBANCA-Rev 507.1m(507.4),LLP 115.4m(123.3),NI 244.3m(232.6)......+1% *ENI-Sells 12.5% stake in Saipem to FSI(price 7.4-8.83),w/e spec......+0.5% *UCB-9m Rev 2.864b(2.84),Raises FY Pft f/c for Core APS/Ebitda........+1% *M/HARVEST-Rev 6.9b(6.6),Ebitda 1.04b(1.02),Ebit 720m(735)............+2% *STATOIL-NI 3.7b(5.1),Pft 16.7b(17.9),Divi 22c(22),Capex $16.5b.......-2% *TELENOR-Rev 31.8b(31.6),Ebitda 11.8b(11.4),Ebit 6.6b(7.1)............+1% *DSV-Rev 12.5b(13.2),PT 773m(748),OP 851m(820),FY GP/OP raised........+1% *LINDE-Rev 4.52b(4.56),Ebit 508m(547.7),OP 1.03b(1.05),NI 281m(317)...-2.5% *ELMOS-Cuts guidance,Sales 54.6m(55.77),Ebit 7.1m(6.1),Net 4.7m(4.6)..-10% *RED ELECTRICA-Net 139.96m(137),Ebitda 348.2m(346),Elections 20/12....+1% *SNAM-Rev 911m(891),Ebitda 674m(674),NI 276m(271),Co expects grth.....+1% *SOFTWARE-Confirms Prelims/updated FY15 guidance,NI 44.8m,Ebit 66.8m..-0.5% *HEINEKEN-Rev 5.51b(5.32),Org Beer grth 5.4%(2.6),Rev Grth 7.5%(3.9)..+3% *ABERTIS-Rev 3.32m(3.34),Ebitda 2.12b(2.16),Net 1.79b(1.85),SI 12%....-2%

Investec
UK
* ANTO another cut to FY production guidance, down to 635kt (from 665k)......-3%
* BATS 9m rev growth 4.2% Vs 3.1%, sees Q4 moderate, been strong into......-0.5%
* BT CMA provisionally approves EE purchase..................................+1%
* BWIN.PARTY trading update, confident o'look, sees completion early '16.....+1%
* DAILY MAIL-Proposed sale of LWH stake to Trinity Mirror for £73m........+1/2%
* ENQUEST-Pumps first oil from Alma/Galia Well.In line......................unch
* GLAXO numbers due today at midday
* LLOYDS 8% miss Vs cons, key weakness is in "Other Income", disappointing...-2%
* MEGGITT warns - says Q3 trading below expectations......................-7%/8%
* NEXT Q3 ims, directory weaker +6.2% v 11% est, sees FY broadly in line.....-1%
* PETRA slightly more +ve thna expected PETRA update.........................+3%
* REDEFINE FY #'s in line. Focus on consolidating recent acq's.............unch
* SHELL $2bn write down as shelves Carmon creek (Canada oil sands)...........-1%
* SAB MILLER/ABI INBEV request deadline extension, granted til 4th Nov.......+2%
* STANDARD LIFE Q3 +2% to £301.9bn, net inflows of £2.4bn, in line..........unch
* TELECITY Q3 trading update, fy guidance unch, confirms deal timings.......unch
* TRINITY MIRROR-Acquires remaining stake in LWH.Placing 22.4m shs @ 158p

INVESTEC EURO
* ABINBEV-confirms 1 week extension to SABMILLER bid deadline...............+1%
* ALTICE-Q3 ebitda and rev broadly in line, Portugal savings ahead of plan..+2%
* DSV-Q3 rev 5.5% miss but ptp 3% ahead, raises FY profit outlook...........+1%
* HEINEKEN-Q3 beat mostly one offs, stops buyback after recent aqns.........+1%
* LINDE-Q3 rev & op profit in line, confirms f/casts. Comment to follow.....-1%
* MEDIOBANCA-Q1 net 5% ahead, rev in line, net boosted by Pirelli sale......+1%
* NOVARTIS-to pay $390m to settle US kickback lawsuit.......................U/C
* NUMERICABLE-Q3 in line, sees FY ebitda at least €3.85bn vs cons €3.73bn...+2%
* ROCKET INTERNET-plans HelloFresh unit ipo.................................+5%
* SAIPEM-capital raise/refinancing/ENI sell down all as expected/rumoured....??
* SKANSKA-Q3 rev 12% miss, ptp 8% miss. Seeing good opportunities???........-3%
* SNAM-Q3 rev 2% ahead, ebitda in line, Italy gas demand flat YoY...........U/C
* SOFTWARE-Q3 numbers and guidance pre-announced, nothing new...............U/C
* STATOIL-Q3 ebit 5% ahead,net hit by tax,lowers capex, we see small d/g....-2%
* TELENOR-Q3 sales/ebitda small ahead. FY rev and margin guidance low end...-3%
* UCB-9m rev in line, sees FY rev top end, ebitda €800m vs €710-740m prev...+2%
* UNIBAIL-9m rev +2.1% YoY, keeps f/casts, strong ahead of results..........-1%

Renault-Nissan is the story of a saved which then saves his rescuer ... http://bit.ly/1MhHHuW

In sixteen years, the balance of the alliance between the two groups went through all states.

Sixteen and a half years. Age doubts. The Renault-Nissan alliance is undergoing a real crisis of growth - its Japanese, Brazilian or French fairy clearly not knowing what fate book him, or rather how to achieve their ends. In defense of the latter, since the signing in Tokyo of an agreement between the governance of Boulogne-Billancourt and keiretsu Yokohama, balance of it has gone through all the states.

Back in 1999. Nissan, drained by years of fighting with his cousin Toyota, drowning in debt - $ 200 billion francs. At the other end of the world, Louis Schweitzer, CEO of Renault, sniffs the opportunity of the century. Get hold of a bigger piece than he, very present in Asia and the United States (Renault gaps then), for a modest price. In March 1999, the deal is done: Renault Nissan takes 37% of the capital to 33 billion francs.

The new coupler sees Carlos Ghosn arrive quickly. The number 2 Renault Nissan became director of operations and receives the mission to refloat the Japanese group - with steel wool if necessary. Backed by his "commando", a score of Renault, the "cost-killer" makes sparks, which earned him a quasi-imperial will in Japan. In 2002, he was inducted CEO of Nissan. A few months later, Renault rose to 44.3% of the Japanese capital, while the latter recovers 15% of the French group, as expected. Then Carlos Ghosn gets behind the wheel of Renault, in addition to that of Nissan in 2005.

Balance in question

With their common driver, an exception in the "big business", Renault and Nissan are working extra hard. The alliance, which already allowed to make joint purchases, is expanding. Common directions, research, industrial architecture, production sites. Wide synergies that save the duo up to 2.8 billion euros in 2013 - and strengthen operational links.

In fact, if Nissan was saved by Renault in the early laps of the alliance, Japan has since largely returned the favor. The billions of dividends and soaring Nissan market recovery helped the Diamondbacks surmonterla crisis of 2008. Enough to give ammunition to proponents of a rebalancing of the alliance, Carlos Ghosn in mind. If Renault and Nissan each have two seats on the board of the other, the Japanese enjoys no right to vote at Renault. Thing claimed decade by Carlos Ghosn. But something consistently denied by successive governments, all concerned about the future of one of the emblems of French industry. In case of total merger, Renault would not be the one who controls the other ... The rescuer and the rescued have reversed their roles. Normal: throughout its history, Renault Nissan has earned more than a few quarters.

Renault-Nissan : c’est l’histoire d’un sauvé qui sauve ensuite son sauveteur... http://bit.ly/1MhHHuW

Seize ans et demi. L’âge des doutes. L’alliance Renault-Nissan vit aujourd’hui une vraie crise de croissance – ses fées japonaises, brésiliennes ou françaises ne sachant manifestement pas quel destin lui réserver, ou plutôt comment parvenir à leurs fins. A la décharge de ces dernières, depuis la signature à Tokyo de l’accord entre la régie de Boulogne-Billancourt et le keiretsu de Yokohama, l’équilibre de celui-ci est passé par tous les états.

Retour en 1999. Nissan, essoré par des années de combat avec son cousin Toyota, croule sous les dettes – 200 milliards de francs. A l’autre bout du monde, Louis Schweitzer, le PDG de Renault, flaire l’occasion du siècle. Mettre la main sur un morceau plus gros que lui, très présent en Asie et aux Etats-Unis (les lacunes du Renault d’alors), pour un prix modeste. En mars 1999, l’affaire est conclue : Renault prend 37 % du capital de Nissan pour 33 milliards de francs.

Le nouvel attelage voit rapidement arriver Carlos Ghosn. Le numéro 2 de Renault devient directeur des opérations de Nissan et reçoit pour mission de remettre à flot le groupe japonais – à la paille de fer si besoin. Epaulé par son « commando », une vingtaine de Renault, le « cost-killer » fait des étincelles, ce qui lui vaut une aura quasi-impériale au Japon. En 2002, il est intronisé PDG de Nissan. Quelques mois plus tard, Renault monte à 44,3 % du capital du japonais, tandis que ce dernier récupère 15 % du groupe français, comme prévu. Puis Carlos Ghosn obtient le volant de Renault, en sus de celui de Nissan, en 2005.

Equilibre en question

Avec leur pilote commun, une exception dans le « big business », Renault et Nissan mettent les bouchées doubles. L’alliance, qui permettait déjà de faire les achats en commun, s’étoffe. Directions communes, programmes de recherche, architecture industrielle, sites de production. De larges synergies qui font économiser au duo jusqu’à 2,8 milliards d’euros en 2013 – et qui renforcent les liens opérationnels.

De fait, si Nissan a pu être sauvé par Renault aux premiers tours de roues de l’alliance, le japonais a depuis largement rendu la pareille. Les milliards de dividendes versés et la flambée de la valorisation boursière de Nissan ont permis au losange de surmonterla crise de 2008. Assez pour donner des arguments aux tenants d’un rééquilibrage de l’alliance, Carlos Ghosn en tête. Si Renault et Nissan disposent chacun de deux places au conseil de l’autre, le japonais ne bénéficie d’aucun droit de vote chez Renault. Chose réclamée depuis dix ans par Carlos Ghosn. Mais chose refusée avec constance par les gouvernements successifs, tous inquiets de l’avenir de l'un des emblèmes de l’industrie française. En cas de fusion totale, Renault ne serait pas celui qui contrôle l’autre... Le sauveteur et le sauvé ont inversé leurs rôles. Normal : dans toute son histoire, Renault n’a valu plus que Nissan que quelques trimestres.

Dow-0.24% S&P-0.25% Nasdaq-0.9% Russell-1.22% VIX 15.43 +0.92%

Nikkei+0.67% Hang Seng -0.55% Shanghai -1.3%

Eur$ 1.1038 CNY 6.3574 JPY 120.41 GBP 1.5310 EURCHF 1.0890 BRL 3.8886 RUB$ 64.96 WTI $43.23 (+0.07%)

S&P +0.12% EuroStoxx+0.06% Dax-0.05% SMI+0.09%

Macro :

- Coeure Says Downside CPI Risks May Warrant More Steps

- UBS Analyst Who Called Emerging-Market Rout Sees Rebound Fading

- China Stocks in Hong Kong Drop Most in a Month on Profit Concern

Keep an eye on :

- ABI BB : AB InBev Said to Hire Lazard, Barclays on Asset Sales: FT

- AC FP : Accor Gets Saudi Hotel Contract, Europe1 Radio Says

- ATC NA : Altice 3Q Ebitda Climbs; Says Portugal Savings Ahead of Plan

- AMUPATE FP : Amundi 3Q Profit, Revenue Declines Amid Weak Performance Fees

- AREVA FP : Areva’s India Nuclear Plans Await More Clarity on Liability Laws

- ATE FP : Alten 9M Rev. EU1.14B vs EU1.02B, See 2H Better Than 1H

- BARC LN : Barclays Said to Name Richard Evans Head of Equities in EMEA: DJ

- BAR BB : Barco Top Investor Van de Wiele Buys Additional EU4.38m of Stock

- CSGN VX : Credit Suisse’s Thiam Gets Higher Base Salary Than Dougan: FUW

- DEEZER IPO : Deezer Postpones IPO Project Due to Market Conditions

- EDP PL : EDP Renovaveis 9-Month Net Income Rises 88% Y/y to EU100m

- GAM SM : Gamesa Wins Contract to Supply 78 MW in New York

- GEA GY : GEA 3Q Sales, Op. Ebit Miss Ests.; Confirms 2015 Outlook

- HSBA LN : HSBC to Sell Trust and Investment Ops in Bermuda to Butterfield

- INW IM : Inwit Confirms Forecast for Year

- KPN NA : KPN CEO Blok Buys 4,630 Company Shares for EU3.45 Apiece: AFM

- LAT1V FH : Lassila & Tikanoja 3Q Sales, EPS Miss Ests.; Keeps FY Guidance

- LIN GY : Linde 3Q Revenue In Line With Estimates, Confirms 2015 Forecasts

- MC FP : LVMH to Hire 3,000 People a Year in France, Echos Says

- MHG NO : Marine Harvest 3Q Operational Ebit Misses Est.

- MB IM : Mediobanca 1Q Net Rises on Pirelli Stake Sale; Beats Estimate

- NXI FP : Nexity Confirms FY Outlook, French Housing Mkt Projections Valid

- NUM FP : Numericable-SFR 3Q Rev. Declines, Adj. Ebitda Climbs

- ORA FP : Publicis, Orange Intend to Create Venture Capital Fund

- PHIA NA : Philips Sale Draws U.S. Review as Chinese Expand Into Chips

- PUB FP : Publicis, Orange Intend to Create Venture Capital Fund

- REE SM : Red Electrica 3Q Ebitda, Net Beat Estimates

- RNO FP : Renault-Nissan Ghosn Says Alliance Needs to Be Strengthened, Ghosn Says Parties Will Come to Solution Acceptable to All

- SAB LN : SABMiller Said to Seek More Time for AB InBev to Finalize Offer

- SKAB SS : Skanska 3Q Pretax Profit Misses Estimates

- SRG IM : Snam 3Q Ebitda in Line With Ests., Total Revenue Beats

- SOW GY : Software AG Confirms 3Q Results, 2015 Outlook; 3Q FCF Up 16%

- SPM IM : Saipem Confirms 2015 Guidance, 3Q Net Slightly Below Estimate

- SPM IM : Italy’s FSI to Buy 12.5% of Saipem From Eni

- SPM IM : Saipem Gets Preliminary ‘BBB-’ Rating by S&P; Outlook Stable, Saipem Debt, Cap. Increase Plan Could Total EU8b: Ansa

- STL NO : Statoil 3Q Adj. Net Income Misses Est.; Cuts Capex Guiding

- STCBV FH : Stockmann 3Q Pretax Loss Wider Than Est.; Outlook Maintained

- STB NO : Storebrand 3Q Net Premium Income Rises, Net Income Falls

- TALK LN : TalkTalk Says Customers’ Money Safe in Bank Accounts After Hack

- TIT IM : TIM/Oi potential merger dependent on update in Brazil's fixed telephone regulatory framework, Telecom Italia says - Folha de Sao Paulo

- TEL NO : Telenor 3Q Adj. Ebitda Tops Ests., Resolves Div.; Lowers Outlook

- TLSN SS : TeliaSonera Sees Many Potential Bidders in Eurasia Sale: DI

- UCB BB : UCB 9M Rev. EU2.864b; Est. EU2.84b; Raises FY Profit Forecast

- UL FP : Unibail-Rodamco Maintains FY Net Forecast, Turnover Rises

- UNA NA : Unilever Indonesia Drops as Maybank Says Earnings Below Estimate

- UPM1V FH : UPM could see its EUR 1.3bn useful for potential target - Kauppalehti

- VOE AV : Voestalpine CEO Says CO2 Permits to Cost More Than EU200m: RP

- VONN SW : Vontobel 9-Month NNM CHF7.3b; Sees 2015 Result Exceeding 2014

- VOW3 GY : Volkswagen Diesel Sales Not Slowing So Far: Sueddeutsche Zeitung

*AIXTRON RAISED TO HOLD VS REDUCE AT KEPLER CHEUVREUX

- Folha de Sao Paulo