>>> America's Cash Flow Negative Energy Companies Have $325 Billion In Debt Amon

America's Cash Flow Negative Energy Companies Have $325 Billion In Debt Among Them
{http://www.zerohedge.com/news/2016-01-18/these-are-cash-flow-negative-energy-companies-us-total-debt-325-billion}

With the topic of distress among U.S. oil and gas exploration and production companies becoming more important with every passing day that oil not only continues to drop, but certainly fails to rebound to levels that allow US energy companies to return to a cash flow positive state, we would like to show just how much debt is at stake.
To do that, drawing inspiration from a tweet by J Pierpont Morgan, we have conducted a quick CapIQ sort through all US energy companies - both public and private - that have at least $100 million in annual revenue, and whose EBITDA less CapEx was a negative number in the LTM period.
To be sure, this gives listed companies the benefit of not only higher EBITDA in the early quarters when the drop of oil was not as severe, but also of oil price hedges. As such as the true negative cash flow going forward assuming no rebound in the price of oil for the foreseeable future will be far worse as the benefit of the base effect dissipates with every passing quarter and as oil price hedges, which have so far cushioned the oil price blow, are unwound.
Here are the results:
  • There are roughly 80 U.S. companies that had $100mm in LTM revenue and that had negative FCF or EBITDA less CapEx.
  • The combined market cap of these 80 companies is just shy of half a trillion dollars.
  • The combined Total Enterprise Value of these 80 companies is $775 billion.
  • The combined debt of these 80 companies is $325 billion.
None of these companies are bankrupt, yet. As a reminder, putting as many of these companies out of business, and thus slashing non-OPEC oil production (as OPEC forecasted in its latest bulletin earlier today), is the primary motive behind Saudi Arabia's relentless pumping spree.

There is just one problem with the Saudi plan: even assuming all of these companies file Chapter 11, all that would happen is their debt would be wiped out, with the existing creditors getting the equity keys, and becoming the new owners of streamlined, debt-free corporations. This would means that the All In Cost Of Production would plunge as no debt payments would have to be satisfied with the free cash flow. Meanwhile, the entire existing E&P infrastructure would still be in place and ready to pump as before.
This means that after the default and debt-for-equity deluge, US shale would be able to pump even more at far lower breakeven costs, forcing Saudi Arabia to overproduce for even longer ultimately shooting itself in the foot when its reserves run out!
Of course, none of this is any comfort for those who have exposure to the pre-petition debt, which may explain why various regional Feds are suddenly so very defensive when it comes to US banks and other lenders who are on the hook when the default tsunami finally hits.

>>> The Fed Responds To Zero Hedge: Here Are Some Follow Up Questions

The Fed Responds To Zero Hedge: Here Are Some Follow Up Questions


Over the weekend, we gave the Dallas Fed a chance to respond to a Zero Hedge story corroborated by at least two independent sources, in which we reported that Federal Reserve members had met with bank lenders with distressed loan exposure to the US oil and gas sector and, after parsing through the complete bank books, had advised banks to i) not urge creditor counterparties into default, ii) urge asset sales instead, and iii) ultimately suspend mark to market in various instances.
Moments ago the Dallas Fed, whose president since September 2015 is Robert Steven Kaplan, a former Goldman Sachs career banker who after 22 years at the bank rose to the rank of vice chairman of its investment bank group - an odd background for a regional Fed president - took the time away from its holiday schedule to respond to Zero Hedge.
This is what it said.
We thank the Dallas Fad for their prompt attention to this important matter. After all, as one of our sources commented, "If revolvers are not being marked anymore, then it's basically early days of subprime when mbs payback schedules started to fall behind." Surely there is nothing that can grab the public's attention more than a rerun of the mortgage crisis, especially if confirmed by the highest institution.
As such we understand the Dallas Fed's desire to avoid a public reaction and preserve semantic neutrality by refuting "such guidance."
That said, we fully stand by our story, and now that we have engaged the Dallas Fed we would like to ask several very important follow up questions, to probe deeper into a matter that is of significant public interest as well as to clear up any potential confusion as to just what "guidance" the Fed is referring to.
  • Has the Dallas Fed, or any other members and individuals of the Federal Reserve System, met with U.S. bank and other lender management teams in recent weeks/months and if so what was the purpose of such meetings?
  • Has the Dallas Fed, or any other members and individuals of the Federal Reserve System, requested that banks and other lenders present their internal energy loan books and loan marks for Fed inspection in recent weeks/months?
  • Has the Dallas Fed, or any other members and individuals of the Federal Reserve System, discussed options facing financial lenders, and other creditors, who have distressed credit exposure including but not limited to:
    • avoiding defaults on distressed debtor counterparties?
    • encouraging asset sales for distressed debtor counterparties?
    • advising banks to avoid the proper marking of loan exposure to market?
    • advising banks to mark loan exposure to a model framework, one created either by the creditors themselves or one presented by members of the Federal Reserve network?
    • avoiding the presentation of public filings with loan exposure marked to market values of counterparty debt?
  • Was the Dallas Fed, or any other members and individuals of the Federal Reserve System, consulted before the January 15, 2016 Citigroup Q4 earnings call during which the bank refused to disclose to the public the full extent of its reserves related to its oil and gas loan exposure, as quoted from CFO John Gerspach:


    "while we are taking what we believe to be the appropriate reserves for that, I'm just not prepared to give you a specific number right now as far as the amount of reserves that we have on that particular book of business. That's just not something that we've traditionally done in the past."
  • Furthermore, if the Dallas Fed, or any other members and individuals of the Federal Reserve system, were not consulted when Citigroup made the decision to withhold such relevant information on potential energy loan losses, does the Federal Reserve System believe that Citigroup is in compliance with its public disclosure requirements by withholding such information from its shareholders and the public?
  • If the Dallas Fed does not issue "such" guidance to banks, then what precisely guidance does the Dallas Fed issue to banks?
Since the Fed is an entity tasked with serving the public, and since it took the opportunity to reply in broad terms to our previous article, we are confident that Mr. Kaplan and his subordinates will promptly address these follow up concerns.
Finally, in light of this official refutation by the Dallas Fed, we are confident that disclosing the Fed's internal meeting schedules is something the Fed will not object to, and we hereby request that Mr. Kaplan disclose all of his personal meetings with members of the U.S. and international financial system since coming to office, bo

>>> What to look at today - 19th of January 2016



From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: Jan 19 2016 08:02:20
Subject: >>> What to look at today - 19th of January 2016
US Market Closed for Martin Luther King Day.
Asian indices are in rally mode and US futures portend an upbeat return for markets from a long weekend. China economic data points whiffed across the board, boosting speculation of expanded PBoC easing in time for the extended Lunar New Year holiday early next month. Q4 GDP came in at 1.6% V 1.8%E q/q and 6.8% V 6.9%E y/y. For 2015, GDP slowed to a 25-year low of 6.9%, even though services component rose to 50.5% v 48.2% in 2014 and consumption marked 66.4% of total economy vs 51.2%. Fixed asset investment slowed to a new multi-year low, with property investment growth slowing to v +1.3% prior and new construction falling y/y by -14.0%. Industrial Output growth slowed below 6% after last month's bounce, with power generation component back in the red at -3.7% v +0.1% prior. The initial reaction to China data was pronounced risk-off, but expectations of more easing in the pipeline have trumped the fears of a deeper slowdown. China Stats Bureau head said China will step up reform on supply side even with the economy in "reasonable" range, also warning that some industrial companies would slow further in 2016. BOJ Gov Kuroda reiterated the central bank will do whatever it takes to achieve price target and that there were no issues with JGB liquidity. Econ Min Amari also reiterated cabinet position that the economy is solid and the volatility in Japan equities was due to external factors.

Nikkei +0.55% Hang Seng +1.42% Shanghai +3.12%

Eur$ 1.0872 CNH 6.6017 CNY 6.5793 JPY 117.87 GBP 1.4281 CHF 1.0076 RUB$ 78.90 WTI $29.53 (+0.37%)

S&P +0.97% EuroStoxx+1.47% Dax +1.55% SMI +1.19%

Macro :
- China’s Economy Grows 6.8% in 4Q Y/y; Est. 6.9%
- China GDP Misses Forecast for First Time Since Early 2013
- ECB’s Villeroy Says European Recovery on Track, Stimulus Working
- Merkel Said to Meet With Car Execs on E-Mobility: Handelsblatt
- Oil Price Rebound Seen After 2H; 7 Cos. Raised, 6 Cut: Canaccord

Keep an eye on :
- ABBN SW : ABB could initiate sale of Power Grids later in the year - Dagens
- ABG SM : Abengoa Bondholders to Provide at Least EU60M: El Economista
- AC FP : Starwood Capital, Fosun Said to Weigh Ascendas Hospitality Bids
- ADEN VX : Adecco has liquidity for large buys; share buy back possible if targets not found (Wtach Hays & MPI)
- AF FP : French Shared Plane Services Outlawed in Current Form, DGAC Says
- BLT LN : BHP May Cut Fiscal 2017 Capex View to $5b From $7b: Deutsche
- BMPS IM : Paschi CEO Confirms Bank’s Financial Stability After Shares Drop
- BMPS IM : Paschi, UniCredit Say ECB to Review Their Bad Loans
- BP IM : Banco Pop., Carige Say ECB to Conduct Analysis on NPLs Strategy
- ACA FP : Credit Agricole Said to Eye Capital Boost by Selling Bank Stakes
- ACA FP : Credit Agricole Restructuring Would Embed EPS Dilution Risk: KBW
- HEN3 GY : Henkel Still Plans Major Acquisitions, Bagel-Trah Tells Paper
- INW IM : Inwit admits two bidders to due diligence - Carlo Festa Blog
- EGL PL : CMVM Announces Temporary Ban on Mota-Engil Short Selling
- OCDO LN : Amazon could bid for company
- UG FP : Opel’s Zafira Exceeded Emission Limits in French Tests: Echos
- RNO FP : Opel’s Zafira Exceeded Emission Limits in French Tests: Echos
- RNO FP : To recall 15,000 Cars - Reuters
- RSA LN : Allianz and AXA rumoured to be eyeing RSA - Daily Mail
- RIO LN : Rio Tinto 4Q Iron Ore 100%-Basis Output 87.2mt; Est. 91mt, Sees Up to 24% Boost to Mined Copper Output in 2016
- SOW GY : Software 4Q Operating Earnings 92.2m Euros Vs 88.4m Euros Y/Y
- UCG IM : Paschi, UniCredit Say ECB to Review Their Bad Loans
- UQA AV : Uniqa Sees Significantly Lower 2016 Result on Spending, Outlook
- VOW3 GY : Ex-FBI Head Freeh to Assist Volkswagen: Suedddeutsche Zeitung
- VOW3 GY : VW to Adhere to Selling Diesel Cars in U.S.: RedaktionsNetzwerks

(Exane) Casino Upgrade to Neutral - Rally Still Underperform

Hands Thai’d: the Big C-ell off begins

Casino: increasingly pressured, break-up valuation increasingly relevant…
Casino's leverage is elevated, profits pressured, its IG credit-rating ‘on watch’. With c.20% equityto-
EV the situation is precarious. Yet, Casino owns strategic assets. The more profits and the
equity are pressured, the closer to crystallising a break-up we shift. With EUR56/s of ‘break-up’
SOTP and EUR46/s for ‘shrinking back to France’, value signals are emerging.

Shifting from U/P to Neutral…but plenty of risk remains. EUR39 TP (from EUR48)
There remains plenty of risk - the ‘mark-to-market SOTP’ is EUR22, CDS >500bp and EM assets
aren’t in-vogue. Yet, the more the capital markets pressure Casino, the more likely assets are sold.
Capturing readily saleable disposals - the Asian assets - we derive a EUR39 TP and upgrade our
rating to Neutral. TP and EPS cuts relate to removing French property gains and swap liabilities.

Big C disposal – just the beginning?
Selling Big C, your best asset, rarely makes sense long-term but in raising cEUR3bn it would
reduce Casino’s leverage c.1 turn. A 16% eps dilution and increased profit volatility are negatives
but leverage is what most impairs Casino’s equity. However, with leverage still 3x debt/EBITDA,
and earnings visibility very low, the announced disposal plans may not fix the balance-sheet.

Time to consider global retreat?
Casino could ‘tough it out’, but the Brazilian economy faces near and mid-term challenges.
Unwinding complex holding structures and finding buyers for electronics businesses may be
problematic. However leading grocery market positions in Brazil and Colombia have strategic value
– a LATAM exit can’t be ruled out, with Walmart the obvious buyer. Based on our attributed breakup
values, this would significantly deleverage Casino.

Rallye – reiterate U/P, EUR9 TP (from EUR20)
With more flexible funding Rallye could wear a Casino dividend cut and hang-on in expectation of
LATAM rebound. However, even in a Casino break-up, Rallye’s debt looks elevated, reiterate U/P.

>>> Ocado : Amazon rumoured to have engaged advisers for Ocado bid - report



From: LAURENT CHEKROUN (MAKOR SECURITIES LO) At: Jan 19 2016 08:38:46
Subject: >>> Amazon rumoured to have engaged advisers for Ocado bid - report
Amazon rumoured to have engaged advisers for Ocado bid 

Amazon (Nasdaq:AMZN), the Seattle, Washington-headquartered internet retailer, is rumoured to have mandated advisers to work on a takeover approach to the UK-based grocery-delivery company Ocado (LON:OCDO), The Daily Mail reported. An unidentified market source was quoted describing Ocado as a “perfect fit” for Amazon.

Amazon is keen to provide a full UK-wide grocery-delivery offering and acquiring Ocado at its current share price would be less expensive than trying to expand its own limited-range Pantry delivery service, the report noted. Ocado’s shares ended the day’s trading at 242.5p on 18 January, giving the business a market capitalisation of GBP 1.5bn (USD 2.1bn).

Neither Amazon nor Ocado wished to make any comment, the item reported.

Daily Mail

>>> Street Pre-Market Indication

ML
SOFTWARE AG - Q4 sales a 3-4% beat, FY15 EBITA margin 30% v 28.5% cons..+5-7%
OCADO - Amazon may approach Ocado according to the DailyMail..............+5%
MAN GROUP - AHL +3.6% on Friday, up 4.4% from last official valuation day.+4%
UNILEVER - Q4 org growth +4.9% v 4% est, FY EBIT in line, reassuring....+3-4%
CRED AG - Exploring sale of stakes in regional banks, worth c EUR 17bn....+3%
UBI IM - Did not receive letter from ECB re NPLs, +ve surprise............+3%
PRUDENTIAL - Solv II ratio at 190% and capital at top end, very solid.....+3%
ABB - Spec in DI co to sell Power Grid div for $12-15bn to Chinese buyers.+3%
VESTAS WIND - We add to our Europe 1 (top picks) list, PO DKK 630.........+2%
UNITED INTERNET - We INITIATE coverage with a BUY rating, PO EUR 55.......+2%
B. LAND - All lettings ahead of H1 ERV, Leadenhall 94% let, robust........+2%
RENAULT - Further emissions headlines re Espace but not new news..........+2%
CAIRN - Uneventful IMS, cash levels better than est, oil holding up.......+2%
THALES - Foreign affairs min says confident of Rafale sales to UAE, Echos.+2%
DRILLISCH - We INITIATE coverage with a Neutral rating, PO EUR 42.......+1-2%
ZALANDO - 5% cons upgrades on bottom line but sales miss will hold back.+1-2%
SKANSKA - Wins order worth c SEK 1.5bn, included in order bookings in Q1+1-2%
RIO - Q4 production fine, guidance parameters mostly met in 2015..........+1%
IG GROUP - net trading rev +8.8% but pretax lower on inflationary costs...-1%
ACCIONA - Anti-corruption court investigating bribery in public contracts.-2%
NOVOZYMES - Org growth 4% v 4.1% cons, '16 org growth 3-5% v 5.8% cons..-2-3%


JPM:
CRED AGRICOL May consider selling stakes in regional banks to improve capital+5%
LUXURY China retail sales inline +11.1% yoy. Jewellery better vs Nov +3%
PRUDENTIAL Solvency 2 ratio of 190%. Expectations were 170 - 180% +3%
RIO TINTO Weak prodn update. No mention on of more opex/capex cuts +1%
SOFTWARE AG Q4 beats 3% on revs and 7% on op. profit. Margin guidance ahead +5%
UNILEVER Good enough. Org growth beats / EPS inline. FY margin inline +3%
ZALANDO Q4 implied sales growth = slowdown v Q3. No comment on gr margin+1%


CS:
Adidas M/P CS upgrade to NEUTRAL (Valuation)
BAE Systems -1% CS downgrade to UNDERPERFORM (Due to Outperformance)
British Land +2-3% Lettings strong, occupational markets remained robust
Compass Group M/P Re-stating earnings changing their geographies slightly
Credit Ag +3-5% Seeking ways to bolster capital
Flug Wien +2-3% 2015 is a new passneger record, 2016 outlook inline
Flow Traders +1-2% ETF trading surged last week, nearly 40% above 2015 average
IG Group +1-2% H1 inline, net trading revenue inline
Industrials +1-2% Sector strong in China, weaker GDP, potential stimulus
Kinnevik +1-2% Kinnevik own 32% of Zalando
Komax +2-3% Revenues 1.5% beat, talking to people on sale of Medtech
Miners +1-2% Copper +1.95%, Brent +1.8%, Iron Ore +0.65%, China +3.03%
Novozymes -3-4% 4% revenues light, DK3.45B, est DK3.48B
Rio +1% FY15 prod/FY16 guidance inline/slightly light
RSA +2% Spec AXA and Allianz may be interested in RSA Insurance.DM
Schoeller -1-2% FY15 sales €312m vs cons €325m, 2016 to be difficult
Software +3-5% Q4 Revenues 3% beat, FY op earnings 19% beat
Stora Enso UNCH One off with a negative net impact of approximately EU250m
Total +2% CEO says company won't cut dividend
Unilever +2-3% 4Q underlying sales growth 4.9%, estimates 4%
Zalando +4-5% Sales slightly light but profits inline, stock been weak


Mainfirst:
*CREDIT AGRICOLE-May sell stakes in Regional Banks worth €17bln.....+2%
*SOFTWARE-Ebita 92.2m(90.9),Rev 257.5m(250),Ebit 80.1m(84.1)........+6%
*KOMAX-FY Orders 442.8m(380.1),Sales 370m(364.5),Medtech 4 sale.....+2%
*HENKEL-Still plans major acquisitions,strategy remains unch........U/C
*VW-To continue selling diesel cars in the US says Mueller..........+1%
*TOTAL-Annual pft will fall by more than 20%,no Divi cut............+2%
*RENAULT-Needs to adj emissions systems,Espace exceeds limits.......U/C
*UNILEVER-Sales Grth 4.9%(4),Vol Grth 1.9%(2.5),Price 2.9%(1.6).....+3%
*NOVOZYMES-Rev 3.45b(3.48),Ebit 962m(970),Ebita 1.35b(1.18).........-1%
*ZALANDO-Q4 Sales 865-872m(880),Ebit 61-78m(72),FY Rev ok...........+3%


ShoreCap:
RIO TINTO - meets Q4 production targets,iron ore shipments +11%............+0.5%
BR.LAND - strong Q3 with robust demand for space,retail footfall +2%.........+1%
JUDGES - recovering order intake sustained over H2,sees FY results inline....+3%
JOHNSTON PRESS - revs -7%,digital+12%,print-12%,sees FY EBITDA,debt inline..UNCH
SCS GROUP - strong Xmas & Jan sales,LfL+8.8%,FY profits significantly ahead.+10%
UNILEVER - 2015 sales growth 4.9%(Est4%).Margin +30bp.Tough outlook..........+1%
XLMEDIA - Sees fy revs ahead of expectations.................................+5%
IG GROUP - H1 pbt 98.6m.Divi 8.45p.CEO says H2 has started well..............+1%
MYSALE - revs +4%,profits +16%,margins +250bps,good trading continues........+2%


RBC:
AIR/RR/SAF -1% China plans to merge 40 entities working on plane engines ($22bn)
AMUNDI -2% On the read through from ACA talk given stake.
ANTO/GLEN +2% Copper +2% on Chinese hopes of stimulus and a steady currency
ARM +2% APPLE suppliers in Asia well bid, CATCHER (+5.94%)
BRITISH L. +1% Q3 Trading statement solid, retail footfall ahead despite weather
C.AGRICOLE +1% Consider selling 25% stake in regional banks (was -7% yest)
INTESA +2% Bounce after yesterday (-5%) on NPL concerns appear unfounded.
NOVOZYMES -2% Q4 EBITDA ahead, revs inline, but '17/19 growth rates low
PRUDENTIAL +2% New solvency capital ratio of 190%, new CEO announcement for UK.
RENAULT -1% Les Echoes reports emissions abode prescribed levels for Espace.
RIO TINTO +2% Production strong STILL! Slowing expansion projects growth.
SOFTWARE +6% Q2 operating margin well ahead, earnings beat - preannouncement
UNILEVER +2% Q4 sales growth ahead, pricing better, volume light - inline.
ZALANDO +2% Q4 trading update inline, importantly confirm FY - relief rally

>>> Amazon rumoured to have engaged advisers for Ocado bid - report

Amazon rumoured to have engaged advisers for Ocado bid 

Amazon (Nasdaq:AMZN), the Seattle, Washington-headquartered internet retailer, is rumoured to have mandated advisers to work on a takeover approach to the UK-based grocery-delivery company Ocado (LON:OCDO), The Daily Mail reported. An unidentified market source was quoted describing Ocado as a “perfect fit” for Amazon.

Amazon is keen to provide a full UK-wide grocery-delivery offering and acquiring Ocado at its current share price would be less expensive than trying to expand its own limited-range Pantry delivery service, the report noted. Ocado’s shares ended the day’s trading at 242.5p on 18 January, giving the business a market capitalisation of GBP 1.5bn (USD 2.1bn).

Neither Amazon nor Ocado wished to make any comment, the item reported.

Daily Mail

>>> Renault rappellera 15.000 véhicules pour des réglages-Royal - RTRS

Renault rappellera 15.000 véhicules pour des réglages-Royal - RTRS


19-JAN-2016 08:22:11

PARIS, 19 janvier (Reuters) - Renault RENA.PA s'est engagé à rappeler plus de 15.000 véhicules pour les vérifier et les régler correctement à la suite des irrégularités relevées lors des premiers tests sur les émissions polluantes, a annoncé mardi Ségolène Royal sur RTL.

Les tests effectués par l'organisme de certification UTAC à la demande du ministère de l'Ecologie ont porté pour l'instant sur 22 véhicules, sur une centaine prévue et ont révélé des dépassements de normes - mais pas de fraude du type de celle mise en place par Volkswagen VOWG_p.DE. (Full Story)

"Les choses peuvent être faites rapidement", a déclaré Ségolène Royal en précisant que pour régler correctement les systèmes de filtration d'un moteur, il faut une demi-journée.

La ministre de l'Ecologie, qui a salué "le souci de transparence de Renault", a rappelé que d'autres constructeurs

dont elle n'a pas précisé le nom -- ont également dépassé les normes lors de ces tests.
Leurs dirigeants ont également accepté de venir s'expliquer devant la commission ministérielle, comme ceux du groupe au losange lundi. (Full Story)

La ministre de l'Ecologie, qui a réaffirmé sa détermination à "protéger les français contre la pollution de l'air" a souligné que les tests menés jusqu'ici "n'étaient pas suffisants" et a préconisé des "tests en conduite réelle et quelle que soit la température extérieure", qui seraient "incontestables".

"C'est dans l'intérêt même de l'industrie automobile" de garantir les droits des consommateurs et de lutter contre la pollution de l'air, a-t-elle ajouté.

>>> ABB could initiate sale of Power Grids later in the year - Dagens Industri

ABB could initiate sale of Power Grids later in the year 

ABB, the Swiss industrial giant, could initiate the sale of its Power Grids division later this year, according to Dagens Industri. This is after ABB announced last year that it had initiated a strategic review of its Power Grids division.

The Swedish business daily reported that ABB's automation business is likely to be affected by the decreasing price of oil as well as the Chinese market slowing down. Selling Power Grids would give ABB's restructuring process more time to take effect and increase ABB's share price.

The paper wrote, without citing any named sources, that ABB's major shareholders are pushing for the review to be concluded by late summer and that a sale of Power Grids will follow. The paper reported further that Power Grids is expected to fetch USD 12-15bn.

The item noted that regulatory rules will hinder ABB's competitors Siemens and General Electric from bidding, but other possible bidders are State Grid Corporation of China (SGCC), Mitsubishi Hitachi Power Systems, Toshiba and Shanghai Electric Group.

Power Grids has a turnover of over SEK 100bn (EUR 10.7bn), the paper wrote. ABB's largest shareholders are the Swedish investment company Investor with 10.03% of the votes and capital, Swedish activist fund Cevian Capital with 5.16% and American PE firm Blackrock with 4.18%.

Dagens Industri

>>> Inwit admits two bidders to due diligence - Carlo Festa Blog

Inwit admits two bidders to due diligence 

Inwit, the listed Italian transmission tower group, has admitted two bidders to due diligence, the Italian language Carlo Festa blog reported. The unsourced report named the bidders as Spanish transmission tower group Cellnex and Italian infrastructure group F2I and sole suitor American Tower.

The report said that due diligence will last until March, when the bidders will be expected to submit binding offers for a 45% stake in Inwit. The report said that vendor Telecom Italia (TI) will then choose a party for exclusive negotiations.

The report said that TI is hoping to close a sale by mid-year.

The report said that Inwit has a market cap of EUR 2.9bn.

Carlo Festa Blog


Cellnex-F2i, Ei Towers e American Tower presenteranno le offerte vincolanti per Inwit in marzo
Sono tre i soggetti che da qui a marzo avranno a disposizione la documentazione per arrivare a formulare nel mese di marzo un’offerta vincolante per le torri di Inwit, controllata di Telecom Italia. Il tandem Cellnex-F2i, Ei Towers e Americano Tower dovranno presentare infatti in marzo le proposte finali per acquisire la quota del 45% di Inwit, la società in cui sono confluite le torri di Telecom Italia. Da qui ad allora dovranno perfezionale la loro offerta. A quel punto, all’inizio di primavera, dovrebbe essere concessa da Telecom Italia un’esclusiva a trattare per arrivare a finalizzare l’accordo entro la metà dell’anno. Inwit ha attualmente una capitalizzazione di oltre 2,9 miliardi. Telecom Italia dovrebbe restare con una quota di minoranza post-operazione. In pole position per l’acquisizione ci sarebbe proprio l’alleanza Cellnex-F2i. La spagnola Cellnex, ex Abertis, che ha già acquisito 7.300 torri di Wind e altre 300 da Atlantia con le 11.500 torri Inwit, raggiungerebbe quota 38 mila siti con sinergie stimabili in un miliardo. Al contrario il fondo infrastrutturale guidato da Renato Ravanelli punta ad entrare nel settore delle torri di trasmissione.