(BFW) Sanofi Says It’s No Longer Working With Medtronic on Diabetes

--> Sanofi to work with Google now
Google Pairs With Sanofi to Move Diabetes Patients to Cloud {NSN NTY6SDSYF01X<Go>}
Sanofi Says It’s No Longer Working With Medtronic on Diabetes
2015-08-31 13:00:00.22 GMT


By Simeon Bennett
(Bloomberg) -- Sanofi will not pursue agreement with
Medtronic on diabetes signed last year, Pascale Witz, head of
Sanofi’s diabetes and cardiovascular care division, says in
phone interview.

* Memorandum of understanding to work together with Medtronic
was not “going far enough,” Witz says
* Sanofi says today it will work with Google on developing new
ditital tools to manage diabetes
* NOTE: From June 2014, Sanofi Joins Medtronic to Develop
Devices for Diabetes


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Simeon Bennett in Geneva at +41-22-317-9238 or
sbennett9@bloomberg.net
To contact the editor responsible for this story:
Chitra Somayaji at +44-20-3525-9717 or
csomayaji@bloomberg.net

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:MAGS +3.7%

M&A news: EXC +9.8% (Exelon and Pepco Holdings (POM) issue statement following PSCDC's Order, says continue to believe the merger proposal is in the public interest, and will continue working to complete the merger)

Other news: BLFS +60% (announced that its customer TiGenix recently disclosed that its lead compound Cx601 met the primary endpoint in the Phase III ADMIRE-CD trial ), RXII +21.5% (he 30-day review period following the filing of the Company's Investigational New Drug (IND) for ocular indications with the U.S. Food and Drug Administration (FDA) has passed and the IND is now active), MDCO +19.7% (positive ongoing Phase 1 clinical trial with ALN-PCSsc for the treatment of hypercholesterolemia), VTL +19.1% (presentation of additional data from its VTI-208 clinical trial), BVX +17% (FDA 510(k) Approval for New J-Plasma Pistol Grip Configurations), GDP +7.9% (suspends the quarterly dividends on some of its Convertible Preferred Stock), ICPT+5.3% (still checking), ALNY +4.5% (reports ALN-PCSsc generally well tolerated with no clinically significant drug-related adverse events to date), PSX +3.1% (Berkshire Hathaway late Friday disclosed an ~58 mln share, or ~$4.5 bln stake as of August 28th), QURE +1.7% (Point72 discloses an increased 5.0% passive stake in 13G filing)

Analyst comments: SUNE +5.8% (initiated with an Outperform at Macquarie), TWTR +3.4% (upgraded to Buy from Neutral at Sun Trust Rbsn Humphrey), JCP +2.6% (upgraded to Buy from Hold at Deutsche Bank
)

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: N/A.

Select financial related names showing weakness: NBG -3.3%, SAN -1.5%, MS -1.5%, DB -1.1%, BAC -0.9%, WFC -0.8%, C -0.6%, UBS -0.6%, CS -0.5%

Select metals/mining stocks trading lower: AUY -4.1%, AU -3.7%, MT -3.4%, GFI -2.5%, BHP -1.9%, FCX -1.4%, RIO -1.3%, ABX -0.9%.

Select oil/gas related names showing early weakness: SDRL -5.1%, STO -3%, RIG -2.8%, TOT -1.6%, RDS.A -1.5%, BP -0.8%, CVX -0.7%

Other news: BTH -100% (The Carlyle Group (CG) will acquire all of Blyth's outstanding shares of common stock in a transaction valuing Blyth at $98 million, equating to $6.00 per share), ARIA -3.2% (small pull back following Friday's run up), TSEM -2.8% (still checking), IDCC -2.4% (provides statement following the decision of the U.S. International Trade Commission in the investigation involving InterDigital and respondents Microsoft (MSFT) Mobile Oy, and Nokia (NOK)), YNDX -2% (changing its pay-per-click advertising platform), NFLX -1.5% (will remove some high profile movies from streaming service), SQNM -1.3% (files for $300 mln mixed shelf offering), BABA -0.8% (Chinese mkts weak overnight), GM -0.7% (Japan reports July 2015 auto sales down 7.6% YoY; passenger car production also fell 6.5%), YHOO -0.7% (in symp with BABA)

Analyst comments: REGN -0.9% (downgraded to Neutral at Chardan Capital Markets), SYT -0.5% (downgraded to Neutral from Buy at UBS
)

>>> Buffett’s Berkshire disclose 4,5bil stake in Phillips66

Warren Buffett’s Berkshire Hathaway Inc. disclosed a $4.5 billion stake in Phillips 66, the Houston-based oil refiner, as the billionaire investor’s company increases its bet on the energy industry.

Berkshire held almost 58 million shares after purchases this week, or more than 10 percent of the total outstanding, according to a regulatory filing - PSX

>>> CNBC Mad Money

Stocks with favorable mention: AMZN, ARRY, BABY, CPB, DLTR, EOG, FB, FIVE, GIII, GOOGL, MDT, NFLX, PAY, TJX, WPZ

Stocks with unfavorable mention: AMBA, BBBY, GRPN, JOY, MSI, SUNE

(Exane) Special Situation : A look at Specials already approached that failed

Several situations seem particularly worth-watching:
- Altice / Bouygues Tel: creation of A shares raises Altice’s deal capacity
- Severn Trent: a new CEO has arrived since 2013 approach failure
- Smith Nephew: Stryker “sees significant scope for deals" (Bloomberg,07/23)
- SABMiller: its move for Heineken may reflect concern over InBev’s appetite
- CGG: further shrinking of market cap may impose a State-supported tie-up
- Fugro: business deterioration may boost attractiveness of Boskalis proposal
• A few others are facing critical options: RSA, Liberty, T-Mobile,Starwood,…..

(BFW) Eni New Gas Field Potentially Worth $2.8b-$3.7b to Co: Santander



Eni New Gas Field Potentially Worth $2.8b-$3.7b to Co: Santander
2015-08-31 06:32:04.797 GMT


By Francesca Cinelli
(Bloomberg) -- First gas could be produced shortly after
2020 under a fast track development, is likely to be sold first
into domestic gas mkt (though could also support gas exports),
Santander says after Eni finds “super giant” gas field,
offshore Egypt.

* With Eni holding 100% stake, says co. could look to monetize
early (within a 3-4yr timeframe) a sizeable part of this
resource (possibly a 30%-40% stake)
* Calculates a 30%-40% sell-down of Zohr could offload
1.3b-1.8b boe reserves that could be worth $2.8b-$3.7b for
Eni
* This assumes an 80% recovery factor and $2.10/boe unit
NPV based on similar large gas resources in such
countries
* Says Zohr find (some 190km off the coast) could block
broader plans by Egypt to import Israeli gas (positive for
needed support of a fast track development of Zohr)
* Eni is rated hold at Grupo Santander with PT EU18.3


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Francesca Cinelli in Milan at +39-02-80644-252 or
fcinelli@bloomberg.net
To contact the editor responsible for this story:
Gaurav Panchal at +44-20-3525-0511 or
gpanchal2@bloomberg.net

(BofA-ML) European Chemicals : Cracks in the China...

Cracks in the China: deteriorating Chinese auto trends & extreme CNY scenarios

* Autos: global SAAR falls 2.1% MoM in July
The July 2015 Global SAAR (seasonally adjusted annual rate) fell -2.1% MoM to 85.4m units, now down -10% from a peak of 94.9m in January. Trends deteriorated MoM in Russia (-6.5%), China (-6.6%), Japan (-7.9%) and France (-11.3%). In Europe the trend was flattish at -0.5%. Due to lacklustre momentum in China, our autos team recently cut their 2015 sales forecast from +7.3% to +4.2% YoY. By region our Global Auto analysts forecast W.EU sales +6.0% YoY in 2015, China sales +4.2% YoY and N. America sales +5.5% YoY. In Euro chems the most exposed to autos are BASF, Umicore and JMAT.


* CNY depreciation: thinking the unthinkable
In recent days Bloomberg reports have suggested that a few Chinese government agencies are penciling in USD/CNY 7.0 and 8.0 for their respective end-2015 and end- 2016 assumptions. Current spot is 6.38. While our house view is that this would be an extreme scenario, our colleagues in FX Research examine what this would mean for other Asian currencies, concluding that the Korean Won and Taiwan Dollar do not seem to be pricing in the risk sufficiently. For European chems, concerns on end-demand go beyond direct sales exposure to China. In a sector where sales growth has been around 2% in the past few years, around 2/3 of this has been fuelled by overall Asia.

* Chemicals IFO benchmark up to 25.7 in August
The IFO chemicals benchmark index (see charts on page 10) improved to 25.7 in August vs. 22.8 in July and +36.7% YoY, significantly above the rolling 12-mth average. The improvement was largely due to an increase in sales expectations (16.7 from +14.8 in July), while the ‘Orders on hand’ index declined further to -7.4 vs -4.9 in July. However ‘expected selling prices in the next three months’ continued to decline to 8 (from +34.4 in July). Last week we flagged risks on volume acceleration in H2 (we model c.0.5% to c.2%, mainly on easier comps) with a correction in oil prices adding to China demand concerns and coming after a quarter in which, on balance, companies overproduced and saw rising inventories and better margins but disappointing cash-flows. US chemical
carloads were up 50 bps YoY last week but are tracking down -0.3% QTD.

* Givaudan: Refining growth strategy, opening up on M&A
Last week we attended Givaudan’s Investor Day where the group presented its new midterm strategy to 2020, with targets to deliver organic growth of 4-5% pa and FCF/sales of 12-17% on average over the next 5 years. M&A was more in focus, with the group seeking opportunities in active cosmetic ingredients and food & beverage integrated
solutions. While we see scope for M&A opportunities, particularly in the fragmented active cosmetic ingredients industry, Givaudan is unlikely to be the only company competing for these types of assets. Note the recent acquisition by US peer IFF of cosmetics ingredients company Lucas Meyer for 7x EV/sales. Givaudan trades on 20.4x 2015 PE, at a discount to Symrise on 22.5x despite its premium FCF yield of 5%. Within Consumer Chemicals, our top pick is Croda. This week we have Umicore’s Capital Markets Day in London on 2nd September.

(Le Figaro)Alain Weill : « Avec Patrick Drahi, nous avons de très grandes ambiti

Alain Weill : « Avec Patrick Drahi, nous avons de très grandes ambitions dans les médias »

INTERVIEW - Le PDG de NextRadioTV, futur directeur général d'Altice Media Group, est l'invité du «Buzz Média TDF-Le Figaro».

LE FIGARO. - Vous avez animé l'été avec le rachat de Numéro 23 et l'alliance capitalistique avec Altice. Pourquoi renoncer à votre indépendance?
Alain WEILL. - Je n'ai pas le sentiment d'avoir renoncé à l'indépendance de NextRadioTV. Altice, le groupe de Patrick Drahi, est un acteur puissant des télécoms. Nous allons créer un pure player indépendant des médias adossé à un groupe de télécoms. Cela nous donnera un potentiel de développement important dans un univers extrêmement concurrentiel.
Vivendi et Orange n'ont jamais réussi à démontrer la pertinence de la convergence entre médias et télécoms. Est-ce un fantasme?
Non. Ce n'était peut-être pas le bon moment ou peut-être n'avaient-ils pas le savoir-faire. Il y a des modèles à l'étranger qui fonctionnent, comme celui de John Malone, une des références de Patrick Drahi. Il a bâti le premier groupe américain de câble et a investi dans les médias, car cela permet d'augmenter le revenu par abonné dans un modèle de chaînes gratuites et ...

Not in full sorry