>>> K&S Comments on Potash bid

*K+S CFO: NO REASSURANCE FROM POTASH CORP. NOT TO BREAK CO. UP
*K+S CFO SAYS PRICE IS MAIN OBJECTION TO POTASH CORP BID
*K+S WILL REVIEW ANY NEW POTASH CORP PROPOSAL `WITH UTMOST CARE'
*K+S SAYS POTASH LABOR COMMITMENTS WOULDN'T BE ENFORCABLE
*K+S SAYS POTASH CORP. OFFER GUARANTEES HAVE `NO RELIABILITY'

(KeplerCheuvreux) Which European companies are most exposed to a yuan devaluatio

Which European companies are most exposed to a yuan devaluation?
China appears to have embarked on a strategy of currency devaluation in an effort to stabilise its economy. While the yuan has generally been weakening since it hit a high against the dollar in January 2014, the speed
of decline in the last two days has taken the market by surprise. European companies with sales in China will likely see a negative impact on earnings translated into home currencies, while Chinese travel and overseas spending may be hurt by a weaker yuan.


--> Luxury, autos and capital goods
We see ongoing volatility and pressure on the stocks most exposed to China while the rapid devaluation of the yuan continues. The European companies with the most exposure to China are typically in the luxury goods, autos and capital goods spaces: 
Swatch Group (20%), Richemont (15%) and Prada (15%) in luxury; Peugeot (25%), Volkswagen (20%) and BMW (20%) in autos; and Kone (35%) and Schneider Electric (14%) in industrials are among the most exposed blue chips in Europe. In terms of small and mid cap stocks, Aixtron (60%), AMS (45%), U-blox (32%), DKSH (30%) and Dürr (30%) have the most exposure.

>>> What to look at today - 13th of August 2015

Dow unch. S&P+0.10% Nasdaq+0.15% Russell-0.18% VIX 13.61 (-0.73%) Golds 1,125.23 WTI $43.34
US Market closed slightly higher despite weakness a the opening. another devaluation of Yuan weighted on market, PboC fixed the yuan 1.6% lower and then stepped in to support the currency late in the session. Equity selling pressure persisted until the end of the European session with major equity indices across the old continent losing between 1.4% and 3.4%. Germany's Bild reported that the German government views the third Greek bailout package as insufficient. This was a noteworthy shift, considering just yesterday the market had believed the bailout agreement was all but complete. The eurogroup will attempt to extinguish the latest fire during a Friday meeting in Brussels. after europe close, U.S. indices rallied steadily off their lows with the S&P 500 swiftly returning above its 200d MA,f inancial sector (-0.9%) finished well behind the broader market amid growing expectations the Fed may be inclined to delay its first rate hike past September due to the recent actions undertaken by the PBoC. energy sector (+1.9%) led the rebound while crude oil endured a volatile session, but settled higher by 0.3% at $43.23/bbl and continued climbing during electronic trading. Technology was largely responsible of rally. AAPL was down -5.5% yest. & another 3.5% at the open to close up 1.5%. Volume were above average with 910mil shares...US After Hours PGN +21.1%, GBSN +14.6%, CSCO +3.9%, SZMK -8.8%, XNET -6.8%, MIDD -5.4% following earnings/guidance...Sentiment in Asia Pacific is tracking the reversal on Wall St with marginal gains, as the panic from Chinese currency devaluation and the fears of a more pronounced currency war in the far east are in retreat. CNY Continue to trade lower, Offshore CNH rate spiked up to 6.50 from 6.47 on the fix, but then fell back below 6.44. US equity futures fell nearly 10pts to 2,076 but then recovered to 2,088. US 10-year yields rose 3bps to 2.17%. PBoC held a press conference : "adjustment is almost complete" and that the speculation on devaluation running as steep as 10% were "nonsense", currency shift would be a positive for international confidence in Yuan as it allows a more market-driven determination for exchange rate value, Lenovo was down sharply after Q1 results despite beating on profit and growing revenue. Investors noted 8% decline in consumer PC shipments and a 5% cut in the workforce...Lenovo (992) -8%, Cathay Pacific -4.65%, Chugai +5.37%, Brilliance +3.64%, Tencent +5.56%, PetroChina+2.47% CNOOC +1.62%

Nikkei +0.99% Hang Seng +0.40% Shanghai +0.05%

Eur$ 1.1139 JPY 124.42 GBP 1.5623 CNY $6.4126 EURCHF 1.0890 RUB $64.27 WTI $43.45(+0.32%) Gold 1,122

S&P +0.20% EuroStoxx +1.52% Dax +1.31% SMI +1.43%

Macro :
- PBOC Yi Says Central Bank Will Step in When Market ’Distorted’
- PBOC to Step in When Market Behaves Like ‘Sheep’
- Gold Makes a Comeback as Yuan Devaluation Fuels Flight to Safety
- French Govt Advised to Revamp Drug Reimbursement Rates: Echos
- Fed’s Dudley Hopeful of Near-Term Hike
- PBOC Gives Verbal Support to Yuan, to Act When Swings Excessive
- London’s Worsening Housing Shortage Keeps Pressure on Prices

Keep an eye on :
- Luxury Sector in Asia : Hengdeli(3389) +3.55, Emperor Watch(887) +1.82%, Prada(1913) +0.28%
- AALB NA : Aalberts 1H Rev., Profit Increase; Sees Further Growth in 2015
- ABG/P SM : Abengoa to Make First Assets Sales in Sept., Cinco Dias Says
- AB1 GY : Air Berlin 2Q Net Loss EU37.5m vs EU8.6m Profit Y/y
- AGN NA : Aegon 2Q Net Rises; ROE Declines; Dividend In Line
- BMW GY : Brilliance (1114) +3.8% in HK
- DWNI GY : Deutsche Wohnen 1H Group Profit Rises, Raises FFO I Forecast
- DIC GY : DIC Asset 2Q Net Income EU3.53m vs EU2.36m; Sticks to Outlook
- GLEN LN : Glencore Proposes A$2b Refinancing Plan for Wiggins Island: AFR
- GN DC : GN Store Nord 2Q Rev. Misses Estimate; Cuts 2015 Group Forecasts
- HHFA GY : Hamburger Hafen 1H Ebit Up 1.5% Y/y; Confirms FY Ebit Forecast
- SDF GY : K+S 2Q Ebit I EU179.2m, Est. EU175.6m; Specifies 2015 Outlook ,K+S Will Review Any New Potash Corp Proposal ‘With Utmost Care’
- LSG NO : Leroey Seafood 2Q Revenue NK3.32B vs Est. NK3.3B
- MBTN SW : Meyer Burger 1H Ebitda Loss CHF32.7m; Confirms FY Targets
- MLP GY : MLP 2Q Total Revenue Rises; Ebit Unchanged; Pretax Drops
- NESN VX : Indian Govt Forced Nestle to Burn >35,000 Tons of Maggi Noodles
- NESN VX : Nestle 1H Organic Sales Beat Ests., Confirms 2015 Outlook ,Says 1H Sales Accelerated in Developed Markets {NSN NT09RS6VDKHS<Go>}
- RFRG NA : Refresco Gerber 2Q Rev. In Line With Ests., Confirms Outlook
- ROG VX : Chugai (4519) +5.37% in HK
- ROG VX : Roche Ends Collaboration With Wilex’s Heidelberg Pharma
- ROG VX : Roche Buys GeneWEAVE for $190m Upfront, Up to $235m Milestones
- RWE GY : RWE 1H Adj. Net, Ebitda Miss; Cuts U.K. Supply Business Yr View
- SZG GR : Salzgitter Says 1H Earnings Rise, Confirms Full Year Forecast
- AM3D GY : SLM Solutions 1H Adj. Ebitda Loss EU440k; Confirms FY Targets
- S92 GY : SMA Solar 1H Ebitda Improves Y/y to EU21.3M; Confirms FY Targets
- SPM IM : Saipem Says Prosecutor Seeks Documents on Petrobras Contract
- SSE LN : SSE Extends Aldbrough U.K. Gas Store Outage by 2 Days to Friday
- SAX GY : Stroeer 1H Operational Ebitda Up 36% Y/y; Boosts 2016 Forecast, Stroeer Buys Interactive Media, Internet Portal T-Online.de
- TKA GY : ThyssenKrupp Seeks to Lower Steel Shipment Delays: Handelsblatt
- TNTE NA : FedEx Unconcerned by EU Probe Into TNT Deal, WSJ Says
- TUI1 GY : TUI 3Q Underlying Group Ebita EU194.2m vs EU163.7m
- UTDI GY : United Internet 1H Sales Up 27.2% to EU1.8b
- VEI NO : Veidekke Combined Order Backlog Rises to NOK23.4B End 2Q
- TIM GY : Zeal Network Triples 1H Ebit; Confirms 2015 Forecast

>>> Europe : Brokers Upgrades & Downgrades - 13th of August 2015

>>> Up
*ASHMORE RAISED TO BUY VS NEUTRAL AT CITI
*BASHNEFT RAISED TO BUY AT GOLDMAN
*CENTAMIN EGYPT RAISED TO BUY VS NEUTRAL AT CITI
*GAZPROM NEFT RAISED TO BUY AT GOLDMAN
*ROSNEFT RAISED TO BUY AT GOLDMAN
*SURGUTNEFTEGAZ PREFS RAISED TO NEUTRAL VS SELL AT GOLDMAN
*TECAN RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*WORLD DUTY FREE RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN

>>> Down
*G4S CUT TO SELL VS NEUTRAL AT GOLDMAN
*GIVAUDAN CUT TO NEUTRAL VS BUY AT UBS
*HANDELSBANKEN CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*HISPANIA CUT TO NEUTRAL VS BUY AT UBS
*JUPITER FUND CUT TO NEUTRAL VS BUY AT CITI
*LADBROKES CUT TO UNDERPERFORM VS HOLD AT JEFFERIES
*SECURITAS CUT TO SELL VS NEUTRAL AT GOLDMAN
*ST. JAMES’S PLACE CUT TO NEUTRAL VS BUY AT CITI
*STOCKMANN RAISED TO BUY FROM ACCUMULATE AT HANDELSBANKEN
*UBS CUT TO SELL VS HOLD AT BANKHAUS LAMPE

>>> PT Change


>>> Initiation


>>> Call

>>> Asian Update

Asian Mid-session Update: China devaluation panic subsides along with diminishing delta in Yuan fixing


***Economic Data***
- (KR) SOUTH KOREA CENTRAL BANK (BOK) LEAVES 7-DAY REPO RATE AT 1.50% (AS EXPECTED)
- (CN) China July Foreign Direct Investment (FDI) Y/Y: +5.2% v 0.7% prior
- (AU) AUSTRALIA AUG CONSUMER INFLATION EXPECTATION: 3.7% v 3.4% PRIOR; 6-month high
- (JP) JAPAN JUNE MACHINE ORDERS M/M: -7.9% (biggest decline since May 2014) V -4.8%E; Y/Y: 16.6% V 17.6%E; Cabinet office maintained assessment: Machine orders recovering
- (NZ) New Zealand REINZ JUL House Sales Y/Y: 37.8% v 29.2% prior; Median price y/y: +11.8% v +5.4% y/y prior
- (NZ) NEW ZEALAND JULY FOOD PRICES M/M: 0.6% V +0.5% PRIOR; 3rd straight increase
- (NZ) NEW ZEALAND JULY BUSINESS MANUFACTURING PMI: 53.5 V 55.1 PRIOR
- (UK) UK JULY RICS HOUSE PRICE BALANCE: 44% V 42%E; 1-year high

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +0.4%, S&P/ASX +0.6%, Kospi +0.4%, Shanghai Composite +0.4%, Hang Seng +0.3%, Sept S&P500 flat at 2,086

***Commodities/Fixed Income***
- Dec gold -0.2% at $1,121/oz, Sept crude oil flat at $43.29/brl, Sept copper -0.5% at $2.34/lb
- USD/CNY: *PBOC SETS YUAN AT 6.4010 V 6.3306 PRIOR SETTING; implies 1.1% devaluation after yesterday's 1.6% move; weakest setting since Aug 2011
- GLD: SPDR Gold Trust ETF daily holdings rise 4.2 tonnes to 671.9 tonnes; First rise since July 13th
- SLV: iShares Silver Trust ETF daily holdings fall to 10,107 tonnes from 10,146 tonnes
- (CN) PBoC to inject CNY40B in 7-day reverse repos (15th consecutive injection); Injects net CNY5B this week v drained CNY5B prior

***Market Focal Points/FX***
- Sentiment in Asia Pacific is tracking the reversal on Wall St with marginal gains, as the panic from Chinese currency devaluation and the fears of a more pronounced currency war in the far east are in retreat. The PBoC fix, which acquired immense significance over the past 3 trading sessions, once again set the Yuan notably lower. However the depreciation slowed to 1.1% from 1.6% yesterday and the 1.9% initial devaluation move two days ago, leading to speculation that the PBoC's further adjustment will be even more benign. Offshore CNH rate spiked up to 6.50 from 6.47 on the fix, but then fell back below 6.44. US equity futures fell nearly 10pts to 2,076 but then recovered to 2,088. US 10-year yields rose 3bps to 2.17%, while the closely correlated to CNY devaluation trend AUD and NZD currencies reversed their thrusts lower to unchanged levels around 0.7380 and 0.6610 respectively.

- PBoC held a press conference to explain its policy moves and was also generally successful in restoring calm. Most telling commentary was from PBoC Dep Gov Yi Gang, who said the "adjustment is almost complete" and that the speculation on devaluation running as steep as 10% were "nonsense". Instead, Yi said the currency shift would be a positive for international confidence in Yuan as it allows a more market-driven determination for exchange rate value. Earlier, Chinese press op/ed also remarked that devaluation should not be perceived as a currency war, while an official with Chinese Academy of Social Science said revaluation serves to correct "reference rate was far from actual market conditions."

- Bank of Korea policy decision was the first regional central bank review of conditions since the China move. As widely expected, the BOK held rates steady at 1.50% in a unanimous decision, but acknowledged devaluation posing a risk to global growth. Otherwise, the BOK was more positive, noting economy is showing recovery and domestic demand experiencing a modest improvement. KRW, which also recovered lost ground from overnight lows of 1,190 to trade at 1,170, was little changed post BOK statement.

- In earnings, Lenovo was down sharply after Q1 results despite beating on profit and growing revenue. Investors noted 8% decline in consumer PC shipments and a 5% cut in the workforce. In Australia, Telstra and Whitehaven were notable decliners on FY results, falling 1.8% and 3.9% respectively. Stateside, Cisco results marked the tail end of the US earnings season, beating on both top and bottom lines while sending shares up over 4% afterhours.

***Equities***
US equities / ADRs:
- RNDY: Reports Q2 -$0.03 v -$0.04e, R$998.3M v $989Me; +9.1% afterhours
- NWSA: Reports Q4 $0.07 v $0.05e, R$2.14B v $2.19Be; begins strategic review of Digital Education segment; +4.8% afterhours
- CSCO: Reports Q4 $0.59 v $0.56e, R$12.8B v $12.7Be; +4.1% afterhours
- NTES: Reports Q2 $1.74 v $1.62e, R$779.5M v $692Me; -3.5% afterhours

Notable movers by sector:
- Consumer discretionary: Li Ning Co Ltd 2331.HK +4.4% (H1 result); Sun Art Retail Group 6808.HK -4.5% (H1 result); Fairfax Media Ltd FXJ.AU +6.4% (FY15 result); Goodman Group GMG.AU -0.2% (FY15 result); Tabcorp TAH.AU -1.0% (FY15 result)
- Consumer staples: Henan Shuanghui Investment & Development Co 000895.CN -1.7% (H1 result); Beijing Yanjing Brewery Co Ltd 000729.CN -1.7% (H1 result)
- Financials: China Everbright International 257.HK -1.8% (H1 result); Hong Kong Exchanges & Clearing Limited 388.HK -0.6% (H1 result); China Overseas Land 688.HK +1.1% (July result); China Life Insurance 2628.HK +1.7% (YTD premium income); China Pacific Insurance Group 2601.HK +1.2% (YTD premium income); Mirvac Group MGR.AU -0.5% (FY15 result)
- Industrials: Tianjin Port Development Holdings 600717.CN -3.8%, CMST Development Co Ltd 600787.CN -2.4% (Tianjin blast)
- Technology: Lenovo 992.HK -5.0% (Q1 result, job cuts); Tencent Holdings 700.HK +4.5% (Q2 result); TCL Corp 1070.HK -1.3% (H1 result); FIH Mobile Ltd 2038.HK -2.5% (H1 result); TCL Communication Technology 2618.HK +4.9% (H1 result)
- Materials: Baoji Titanium Industry Co Ltd 600456.CN +0.4% (H1 result); Whitehaven Coal WHC.AU -3.9% (FY15 result)
-Energy: GCL New Energy Holdings 451.HK +1.7% (H1 guidance); Korea Gas 036460.KR -5.6% (Q2 result)
- Healthcare: Tibet Rhodiola Pharmaceutical Holding Co 600211.CN -3.9% (H1 result)

>>> After Hours Summary: PGN +21.1%, GBSN +14.6%, CSCO +3.9%,

After Hours Summary: PGN +21.1%, GBSN +14.6%, CSCO +3.9%, SZMK -8.8%, XNET -6.8%, MIDD -5.4% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: PGN +21.1%, GBSN +14.6%, RNDY +9.1%, SEDG +7.7%, BGG +7.3%, CLCD +6.5%, SVA +4.8%, KINS +4.3%, NWSA +4.1%, CSCO +3.9%, DARA +3.4%, TDOC +1.7%, SGNL +0.5%, BSM +0.2%, CACI +0.1%, IMDZ +0.1%

Companies trading higher in after hours in reaction to news: FGEN +6.1% (announced that Nephrology Dialysis Transplantation has published 'encouraging' Phase 2a safety and efficacy data for roxadustat for the treatment of anemia associated with chronic kidney disease), SUNE +3.1% (signed a definitive agreement with Dominion (D) to establish a joint venture for Four Brothers, a 420 megawatt (MW) DC, or 320 megawatt AC, solar project in Utah), MN +1.1% (reports July, 2015 prelim AUM of $41.7 billion, down from $43.1 billion in prior month), 

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: SZMK -8.8%, XNET -6.8%, MIDD -5.4%, CPA -3.1%, NRX -2.9%, JUNO -0.4%, NTRA -0.4%, GKOS -0.3%

Companies trading lower in after hours in reaction to news: BGMD -12.2% (announced a public offering of Series A and Series B units), OKS -2.8% (announced that it has agreed to sell ~21.5 mln of its common units representing limited partner interests at a price of $30.17 per unit to ONEOK (OKE)), FANG -2.7% (launched a 2 mln share public offering of common stock), LDRH -2.7% (announced a public offering of common stock; size and terms not disclosed), AQXP -2.0% (10% owner Johnson & Johnson disclosed sale of ~1.51 mln shares), SHAK -1.5% (priced 4 mln share secondary offering of common stock at $60 per share), POST -1.4% (priced offering of 5.85 mln shares of common stock at $60 per share)

(BUS) SoftBank Group Acquires Additional Shares in Sprint


BFW 08/12 23:36 SoftBank Buys 22.9m Sprint Shrs, Boosts Stake to 80%
BN 08/12 23:28 *SOFTBANK DOESN'T SEE BUYS PUSHING SPRINT OWNERSHIP TO, OVER 85%
BN 08/12 23:26 *SOFTBANK GROUP: SHARE OF OUTSTANDING SPRINT STOCK ABOUT 80%
BN 08/12 23:26 *SOFTBANK GROUP: GALAXY INVESTMENT PAID AVG $3.80/SHR
BN 08/12 23:26 *SOFTBANK GROUP: GALAXY INVESTMENT BOUGHT 22.9M SPRINT SHARES
BN 08/12 23:25 *SOFTBANK GROUP BUYS ADDED SHRS IN SPRINT
SoftBank Group Acquires Additional Shares in Sprint
2015-08-12 23:25:00.151 GMT

SoftBank Group Acquires Additional Shares in Sprint

Business Wire

TOKYO -- August 12, 2015

SoftBank Group Corp. (TOKYO:9984, “SBG”) today said it has made filings with
the United States Securities and Exchange Commission (SEC) through its wholly
owned U.S. subsidiary disclosing that it has acquired additional shares in
Sprint Corporation (NYSE:S, “Sprint”).

As discussed by Masayoshi Son, Chairman & CEO of SBG and Chairman of Sprint,
on Sprint’s August 4, 2015 earnings call and SBG’s August 6, 2015 earnings
briefing, SBG is enthusiastic about Sprint's prospects. The SoftBank Group and
Sprint teams have been working closely together on Sprint’s network strategy
to enhance Sprint’s competitiveness and reduce its capital expenditures and
operating costs. SBG is also supporting the development of leasing programs to
accelerate the path to positive cash flow generation.

In light of these and other turnaround initiatives, SBG believes that Sprint
shares are fundamentally undervalued. SBG has therefore implemented a program
of open market purchases of Sprint's publicly traded shares. Such purchases
will be made by SBG’s wholly owned subsidiary, Galaxy Investment Holdings,
Inc. (“Galaxy”). As per our Form 4 SEC filing on August 12, 2015 (EDT), Galaxy
has purchased 22,873,301 shares at a weighted average price of $3.80, bringing
SBG’s share of outstanding shares of Sprint common stock to approximately
80.0%. Any future purchases by Galaxy will be on an opportunistic basis.

SBG’s purchases are intended to be compliant with the Rule 10b-18 safe harbor
provision of the Securities Exchange Act of 1934, as amended. SBG does not
contemplate that its ownership of Sprint outstanding common stock will
increase to 85% or more as a result of this program.

About SoftBank Group Corp.

SoftBank Group Corp. (TOKYO:9984), through its subsidiaries and associates,
offers a comprehensive range of advanced telecommunications and Internet
services around the world. With Sprint joining in July 2013, the SoftBank
Group became a leading carrier that now has over 100 million subscribers. As a
global technology player, SoftBank aspires to drive the Information Revolution
with its group of disruptive entrepreneurs. SoftBank is also encouraging the
adoption of clean and safe energy through its business activities. To learn
more, please visit http://www.softbank.jp/en/corp/

Forward-Looking Statements

This release was prepared based on information available and views held at the
time of its preparation and speaks only as of the date hereof. Such
information is subject to change and may become out-of-date. Information in
this release may also contain forward-looking statements which are by their
nature subject to various risks and uncertainties that may cause actual
results and future developments to differ materially from those expressed or
implied by such statements.

View source version on businesswire.com:
http://www.businesswire.com/news/home/20150812006391/en/

Contact:

Media:
Japan
SoftBank Group Corp. Corporate Communications
+81.3.6889.2300
sbpr@softbank.co.jp
or
U.S.
Sard Verbinnen & Co
Paul Kranhold/Megan Bouchier
+1.415.618.8750

-0- Aug/12/2015 23:25 GMT

>>> Africa Oil seeks CAD 1bn Kenya farm-in before YE15, company sale for CAD 2bn

Deal Reporter


Africa Oil seeks CAD 1bn Kenya farm-in before YE15, company sale for CAD 2bn-plus within 18 months - CEO

Canada-listed Africa Oil Corp [TSX:AOI] is looking to farm out 50% of its core Kenyan block portfolio before the end of the year, CEO Keith Hill told this news service.

An investor would need to bring a total consideration of CAD 1bn (USD 769.2m) to the table, of which Africa Oil would net CAD 350m (USD 269.2m) with the remainder carried toward further development costs, he said.

Hill identified Blocks 10BB, 13T and 10BA as Africa Oil's key assets for sale, all of which it shares a 50% interest in with Tullow Oil [LON:TLW]. A farm-down would result in a reduction of Africa Oil’s stake to 25%.

A data room has been open for some time and has already been accessed by around a dozen interested parties, he said. JPMorgan has been mandated to conduct the dual sales process, he added.

A likely investor would be an international oil company or national sector peer, he said. The upside to such a deal would involve further exploration potential, he added.

The stronger cash and market position may lead to Africa Oil acquiring distressed assets and/or companies, he said.

The company would not look to sell its 41% ownership of Africa Energy Corporation, Hill added.

Company sale update

Africa Oil is continuing to seek a sale of the entire company, Hill said, and would look for bids worth around CAD 2bn-CAD 2.5bn (USD 1.5bn-USD 1.9bn) net to its shareholders, Hill said.

The company closed a CAD 121.6m (USD 100m) private placing in May 2015, with the capital earmarked for asset development, Hill said.

The equity was acquired by Stampede Natural Resources, an entity owned by a fund advised by Helios Investment Partners, and it now owns 12.37% of the issued and outstanding common shares of Africa Oil.

Other major shareholders include the Lundin Group, Standard Life Investments, Nordea Investment Management and Janus Capital Management, Hill said.

A farm-down of its key assets would not alter the company’s overall valuation, Hill said, as it would have the cash consideration from the deal plus the value of the development carry included in its ultimate price.

Africa Oil wants to see market stability before any sale and it is willing to wait up to a year or 18 months before accepting offers, Hill said.

A likely buyer would be a national oil company from China, Japan, South Korea or India, he said. A Chinese buyer looking to secure supply would make a lot of sense, he added.

The company is looking to reach 1bn barrels of 2C reserves before a sale, Hill said, and is currently at around 800m but will have a more accurate idea after a reassessment in 4Q15.

Africa Oil’s assets are cash flow positive at USD 20 per barrel, he said. Such a large, proven asset is ideal for a national oil company, he added.

A positioning decision made today on the crude oil pipeline linking Uganda to the Indian Ocean in Kenya will add value to Africa Oil’s assets as it reduces the risk of them becoming stranded resources, he said.

The company was looking to perform similar transactions to conclude in early 2015, this news service reported Hill as saying in 2013.

Africa Oil would very likely have done a deal by now if oil prices had not unexpectedly crashed, Hill said.

Africa Oil has assets in Kenya and Ethiopia as well as a 41% equity interest in Africa Energy Corp. The company is listed on the Toronto Stock Exchange and on Nasdaq Stockholm and has a market capitalisation of CAD 829.2m at the time of writing.

>>> US Close Dow unch. S&P+0.10% Nasdaq+0.15% Russell-0.18%

Closing Market Summary: Stocks Recover Opening Losses While Yuan Remains Active

The stock market ended the Wednesday session on a slightly higher note despite showing considerable weakness at the start of the trading day. The S&P 500 added 0.1% while the Nasdaq Composite (+0.2%) settled just ahead.

Equity indices faced selling pressure at the start after the overnight session featured another move to devalue China's yuan. Specifically, the People's Bank of China fixed the yuan 1.6% lower and then stepped in to support the currency late in the session. Following the intervention, the USD/CNY pair ended higher by 1.0% at 6.3870 while the continued tinkering with the exchange rate by the PBoC fueled a continuation of Tuesday's risk-off move across global markets.

The selling pressure persisted until the end of the European session with major equity indices across the old continent losing between 1.4% and 3.4%. Regional markets notched their session lows not long before the close, after Germany's Bild reported that the German government views the third Greek bailout package as insufficient. This was a noteworthy shift, considering just yesterday the market had believed the bailout agreement was all but complete. The eurogroup will attempt to extinguish the latest fire during a Friday meeting in Brussels.

Once equity markets in Europe closed, U.S. indices rallied steadily off their lows with the S&P 500 swiftly returning above its 200-day moving average (2,075). Thanks to the intraday recovery, seven sectors registered gains while three groups finished in the red, but above their early lows.

Most notably, the financial sector (-0.9%) finished well behind the broader market amid growing expectations the Fed may be inclined to delay its first rate hike past September due to the recent actions undertaken by the People's Bank of China. Sector heavyweights like Bank of America (BAC 17.52, -0.27), Citigroup (C 56.91, -0.73), and JPMorgan Chase (JPM 67.24, -0.99) narrowed their losses by the close, but still surrendered between 1.3% and 1.5%.

Another clue that suggested the market may be shifting its rate-hike expectations was the weakness in the Dollar Index (96.24, -0.99), which fell 1.0%, returning to levels last seen in mid-July. On a related note, Treasuries surged overnight, but retreated throughout the day, ending with slight gains. As a result, the benchmark 10-yr yield slipped one basis point to 2.13% after testing the 2.05% level in early morning action.

Outside of financials, consumer discretionary (-0.4%) and telecom services (-0.5%) ended in the red with retailers pressuring the discretionary sector, evidenced by a 0.5% slide in SPDR S&P Retail ETF (XRT 96.35, -0.51). On the earnings front, Fossil (FOSL 60.67, -1.44) lost 2.3% after missing revenue estimates and guiding fiscal-year 2015 earnings below analyst expectations.

On the upside, the energy sector (+1.9%) led the rebound while crude oil endured a volatile session, but settled higher by 0.3% at $43.23/bbl and continued climbing during electronic trading.

Elsewhere among cyclical sectors, technology (+0.5%) was largely responsible for the intraday rebound as the sector rallied behind Apple (AAPL 115.24, +1.75). The largest stock by market cap plunged 5.5% yesterday and opened lower by 3.5% today, but climbed to settle with a gain of 1.5%. In other tech names, there was plenty of strength among high-beta chipmakers with the PHLX Semiconductor Index climbing 0.6%. Cree (CREE 26.59, +1.39) was among the leaders, spiking 5.5% despite missing earnings estimates and reporting revenue in-line with its warning from June.

Similar to chipmakers, the high-beta biotech group outperformed during afternoon action, which contributed to the rebound. The iShares Nasdaq Biotechnology ETF (IBB 370.16, +2.99) climbed 0.8% while the broader health care sector tacked on 0.1%.

Today's session invited the strongest trading volume of the week with more than 910 million shares changing hands at the NYSE floor.

On the economic front, the June Job Openings and Labor Turnover Survey showed a decrease in openings to 5.249 million from 5.357 million while the Treasury Budget statement for June showed a deficit of $149.20 billion (consensus -$149.00 billion).

Tomorrow, weekly Initial Claims (consensus 271K), July Retail Sales (consensus 0.5%), and July Import/Export Prices will be reported at 8:30 ET while the June Business Inventories report (expected 0.3%) will be released at 10:00 ET.
  • Nasdaq Composite +6.1% YTD 
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  • Russell 2000 +0.3% YTD 
  • Dow Jones Industrial Average -2.4% YTD

(Wansquare) The Kooples: fashion, more than ever coveted by the private

LBO France is selling 20% ​​stake in The Kooples since 2011. Private equity funds are scrambling for a sector that has made the success of strong brands such as Maje Sandro but also known duds.

Barely a month after finalizing the acquisition of the IKKS brand, LBO France is preparing to part with one of its active beacon of fashion, The Kooples, and mandated the California investment bank Sage, sector specialist to support him in the process. The fund led by Robert Daussun had taken a 20% share in this basic house dedicated to couples in 2011, a valuation of 250 million euros and then accompanied her
development, in France and abroad. Revenues rose 120 million euros in 2011 to about 220 million euros in the current fiscal year, which closes at the end of August, for an EBITDA of 38 million euros.

This is due to an active program of store openings in France and abroad. While the fashion house that was present when entering the United Kingdom LBO France, it has since opened shops in 30 countries and put its energy today on the United States. After getting a place in the big stores like Macy's and Bloomingdale's, she opened five outlets in clean, between East and West coast, since the beginning of the year and plans to open 35 new within four years. A strategy that diverges local partnerships usually used by groups prêtàporter to break into new territories.

If it has not yet reached critical mass, the brand has become known for its advertising campaigns featuring modern couples reminds runaway success of Sandro Maje. After only two and a half years in the portfolio, L Capital (LVMH galaxy funds) and Florac (holding the Dreyfus family) had sold the company to KKR for 650 million euros, or 11 times its EBITDA, in spring 2013. At this level of multiple, The Kooples could be valued over EUR 400 million.

The contenders were bound for the asset, which certainly requires significant cash flows for international development and its second brand, The Kooples Sport. LBO France has decided to activate a sale after receiving expressions of interest from two funds Permira, which recorded a net return of 1.2 billion euros through the sale of its share in Hugo Boss and Valentino, and lost the bidding for a stake in Roberto Cavalli. And General Atlantic, a US fund also shareholder of Airbnb and Uber. A sign that does not lie on the reputation that the brand has already gained in a short time in the land of Uncle Sam. In addition, L Capital, which has taken root in bash earlier this year, also showed his activism in the sector in France. Before him, Zadig & Voltaire had sold 30% of its capital to another US fund TA Associates in 2012.

But if success stories exist, they must not forget that the sector can save serious setbacks when flagship brands are losing popularity. That's what happened to Gerard Darel, bought by fund Advent for 300 million euros in 2008, which had enjoyed success with his bag 24 hours but failed to renew itself since, and was placed in receivership. In 2008, it was Morgan, owned by Apax Partners, which had to be placed in judicial proceedings because of the crisis. The context today is very different for The
Kooples, which can count on the manna of the US market, certainly very competitive, to meet its target of generating 350 million euros in 2018, of which 100 million Atlantic.