WWD : Tod’s Partners With Net-a-porter for E-Commerce Ready-to-Wear Launch

LONDON — Net-a-porter.com has set its latest online retail exclusive, with the e-commerce site to carry Tod’s ready-to-wear collections exclusively online for two seasons.

Tod’s women’s fall collection will launch on Net-a-porter.com July 29, while the men’s line will launch on Mr Porter.com Sept. 8. Prior to the Net-a-porter partnership, Tod’s had sold its ready-to-wear collections exclusively in its own brick-and-mortar stores.

RELATED STORY: Tod’s RTW Fall 2015 >>

Net-a-porter.com’s partnership with Tod’s is the latest in a slew of online exclusives for the site.

In April, Net-a-porter launched Chanel’s Coco Crush fine jewelry line, marking Chanel’s first e-commerce project. A collaboration with Tom Ford followed, with the designer launching his women’s ready-to-wear on the site earlier this month, with Ford’s men’s designs to bow on Mr Porter in September. And last week, Net-a-porter launched an exclusive limited-edition capsule collection by Dolce & Gabbana, called Portofino.

Alongside an edit of Tod’s ready-to-wear collections, Net-a-porter and Mr Porter will carry a selection of footwear, bags, leather goods, luggage and accessories. Mr Porter has carried those Tod’s categories since fall 2012, and Net-a-porter since spring 2014.

“Since launching Tod’s accessories last year on Net-a-porter.com we have seen an overwhelming response from our global customers who love the refined, understated style that distinguishes the Tod’s brand,” said Sarah Rutson, vice president of global buying at Net-a-porter. “I am confident the response to the ready-to-wear will be equally as positive.”

Claudio Castiglioni, global general manager at Tod’s Group, added that Net-a-porter and Mr Porter’s “focus on quality, detail and…impeccable service…[are] very much in keeping with the Tod’s philosophy.”

“Net-a-porter and Mr Porter have a very particular eye toward quality and an excellent merchandise selection combined with a 360-degree approach to the market — they anticipate and develop new ways of shopping, [which] is exciting,” he said.

WWD : Buccellati CEO Gianluca Brozzetti Maps Out Expansion

MILAN — A formidable team is working with the Buccellati family to develop and globally expand the historical Italian jewelry brand. Following the arrival of Francesco Trapani as executive vice chairman of majority shareholder Clessidra SGR in April of last year, Gianluca Brozzetti joined Buccellati as its new chief executive officer in September. After a longstanding role as ceo of Bulgari, Trapani was most recently chairman of LVMH Moët Hennessy Louis Vuitton’s watches and jewelry division, while Brozzetti, previously ceo of the Roberto Cavalli group, has held senior roles at Asprey, Bulgari, Gucci Group and Louis Vuitton.

In a first interview at Buccellati’s offices in Via Montenapoleone above the brand’s boutique on the luxury shopping street, Brozzetti said the company is “well-organized” and poised for growth, “in the respect of its history, DNA and prestige. We are looking for a business dimension more appropriate and in line with its name and prestige.” The affable executive noted that Buccellati relies on a strong brand awareness, and that the company was a pioneer in its expansion outside Italy. Founder Mario Buccellati opened his first store in Milan in 1919, and as early as 1951 decided to expand and venture in the U.S., opening a boutique on 51st Street, followed by a second unit in 1952 on Fifth Avenue. The company entered Hong Kong in 1965 and Japan in 1970. “Buccellati was part of the first wave of Italian brands entering the U.S., with Gucci and Salvatore Ferragamo,” noted Brozzetti. The U.S. remains Buccellati’s main market as a single region, he said, representing 40 percent of sales and counting five stores on Madison Avenue, Beverly Hills, Bal Harbor, Fla., Aspen, Colo., and Chicago. The brand is also available at select department stores such as Bergdorf Goodman and Neiman Marcus.

Buccellati’s core business is jewelry — such as the Eternelle ring, where gold is exquisitely handcrafted like lace, decorated with engravings and precious stones, or the most recent Renaissance-inspired Opera line, targeting a younger audience — but the brand also offers silverware and watches.

Brozzetti underscored the current “cohesion” between Clessidra and the several Buccellati heirs, all sharing the goal to further develop the brand, after years of family divergences. To wit, in 2011, the Mario Buccellati and Gianmaria Buccellati companies were reunited — a first step toward the acceleration of the expansion of the brand, followed by the sale to Milan-based private equity Clessidra in an operation valued at 80 million euros, or $89 million at current exchange. Brozzetti, flanked by Maria Cristina Buccellati, worldwide communications director, touted this current union of intent and vision, leveraging “a clean, untarnished brand,” discipline and organization. The family continues to be a strong foothold as Andrea Buccellati, son of the late Gianmaria and grandson of the founder, remains president and creative director of the company, and is supported by his daughter Lucrezia on the design front. The products are made in Milan and Como.

A priority now is the renovation of the 30 Buccellati stores around the world, which also includes shops-in-shop and corners, modeled after the new blueprint of the Madison Avenue unit, unveiled in March. As reported, elements include traditional panels in damask fabric and the classic golden glass showcases, combined with contemporary design, including a dark oak wood floor set in a classic Versailles pattern, vertically striped walls in smoked molten glass alternated with strips of brushed oak and new “superminimal” display cases on which classic Buccellati golden bronze capitals are mounted. By 2017, all stores are slated to be renovated, said Brozzetti, adding that the plan is to double this retail network in three to five years. “We are still absent in a number of locations and have limited presence in the Middle East and Asia, which is a weakness but also offers growth potential at the same time,” he remarked.

Brozzetti declined to provide company revenues. He conceded this was a “moment of great growth, more than double-digit,” and that Buccellati has increased its market share. “Jewelry is an attractive category and luxury holds in the long term,” he said, remarking on a stronger momentum for jewelry compared with watches now. “Perhaps because jewelry is more intimate,” he reasoned.

The brand is also available at 120 multibrand stores. In June, a new corner opened at Galeries Lafayette in Paris.

In Paris earlier this month, Buccellati celebrated its new Opera collection and its ambassador Elisa Sednaoui, who fronts the brand’s advertising campaign, which started rolling out this month and was photographed by Peter Lindbergh in Milan. “We want to highlight the brand’s strong connection with Milan, paying tribute to it,” said Brozzetti. The name of the city now appears with the moniker, followed by the date of the brand’s foundation, on the new packaging and labeling. Sednaoui “is a timeless beauty, elegant, chic, with a nonostentatious sensuality,” remarked Brozzetti. This is what the company calls the first lifestyle campaign in 40 years. The last of this kind was lensed by Helmut Newton, observed the executive.

Asked about a possible initial public offering of Buccellati, Brozzetti said it was “premature” to discuss an exit. “We have a long-term view.” Clessidra this spring took control of the Roberto Cavalli firm and has a minority stake in Harmont & Blaine.

(PRN) Mylan Comments on Teva's Agreement to Acquire Allergan's Generic Drug Unit

BN 07/27 10:42 *MYLAN SAYS STRATEGIC FOCUS REMAINS UNCHANGED
BN 07/27 10:42 *MYLAN COMMENTS ON TEVA'S PACT TO BUY ALLERGAN'S GENERIC DRUG
Mylan Comments on Teva's Agreement to Acquire Allergan's Generic Drug Unit
2015-07-27 10:42:05.756 GMT

Mylan Comments on Teva's Agreement to Acquire Allergan's Generic Drug Unit

PR Newswire

HERTFORDSHIRE, England and PITTSBURGH, July 27, 2015

HERTFORDSHIRE, England and PITTSBURGH, July 27, 2015 /PRNewswire/ -- Mylan
N.V. (NASDAQ: MYL) today issued the following statement regarding Teva's (NYSE
and TASE: TEVA) announcement of its entry into an agreement to acquire
Allergan's Generic Drug Unit and its withdrawal of its unsolicited expression
of interest to acquire Mylan.

Mylan Executive Chairman Robert J. Coury stated: "We congratulate Teva on
their agreement to acquire Allergan's generics business and welcome their
continued, and potentially enhanced, commitment to the generics industry. As
Teva continues to move forward with their strategy, Mylan's strategic focus
remains unchanged.

"Mylan's Board and leadership team remains steadfast in its commitment to our
mission, vision and strategy to provide access to quality medicine to the
world's 7 billion people and deliver value and sustainable growth for our
shareholders and other stakeholders. Our offer to acquire Perrigo continues to
be the next natural step in this strategy. Combining Mylan and Perrigo will
create a unique infrastructure that is able to maximize on evolving industry
dynamics and capitalize on key trends. Further, the complementary cultures and
strategies of these two businesses will enable us to redefine how healthcare
is delivered and position our company for the future.

"We look forward to the next step in the process to make our combination with
Perrigo a reality – the vote by Mylan shareholders to support this transaction
– which we expect to occur in the next several weeks."

ABOUT MYLAN    
Mylan is a global pharmaceutical company committed to setting new standards in
healthcare. Working together around the world to provide 7 billion people
access to high quality medicine, we innovate to satisfy unmet needs; make
reliability and service excellence a habit; do what's right, not what's easy;
and impact the future through passionate global leadership. We offer a growing
portfolio of around 1,400 generic pharmaceuticals and several brand
medications. In addition, we offer a wide range of antiretroviral therapies,
upon which nearly 50% of HIV/AIDS patients in developing countries depend. We
also operate one of the largest active pharmaceutical ingredient manufacturers
and currently market products in about 145 countries and territories. Our
workforce of approximately 30,000 people is dedicated to creating better
health for a better world, one person at a time. Learn more at mylan.com.

RESPONSIBILITY STATEMENT 
The directors of Mylan N.V. ("Mylan") accept responsibility for the
information contained in this communication. To the best of the knowledge and
belief of the directors (who have taken all reasonable care to ensure that
such is the case) the information contained in this communication is in
accordance with the facts and does not omit anything likely to affect the
import of such information.

DEALING DISCLOSURE REQUIREMENTS  
Under the provisions of Rule 8.3 of the Irish Takeover Panel Act, 1997,
Takeover Rules 2013 (the "Rules"), if any person is, or becomes, 'interested'
(directly or indirectly) in, 1% or more of any class of 'relevant securities'
of Perrigo Company plc ("Perrigo") or Mylan, all 'dealings' in any 'relevant
securities' of Perrigo or Mylan (including by means of an option in respect
of, or a derivative referenced to, any such 'relevant securities') must be
publicly disclosed by not later than 3:30 pm (New York time) on the 'business'
day following the date of the relevant transaction. This requirement will
continue until the date on which the 'offer period' ends. If two or more
persons co-operate on the basis of any agreement, either express or tacit,
either oral or written, to acquire an 'interest' in 'relevant securities' of
Perrigo or Mylan, they will be deemed to be a single person for the purpose of
Rule 8.3 of the Rules.

Under the provisions of Rule 8.1 of the Rules, all 'dealings' in 'relevant
securities' of Perrigo by Mylan or 'relevant securities' of Mylan by Perrigo,
or by any party acting in concert with either of them, must also be disclosed
by no later than 12 noon (New York time) on the 'business' day following the
date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, can be found on the Irish Takeover
Panel's (the "Panel") website at www.irishtakeoverpanel.ie.

Interests in securities arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option
in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Rules, which can also be found on
the Panel's website. If you are in any doubt as to whether or not you are
required to disclose a dealing under Rule 8, please consult the Panel's
website at www.irishtakeoverpanel.ie or contact the Panel on telephone number
+353 1 678 9020 or fax number +353 1 678 9289.

Goldman Sachs, which is authorized by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential Regulation
Authority in the United Kingdom, is acting for Mylan and no one else in
connection with the proposed acquisition of Perrigo by Mylan (the "Perrigo
Proposal") and will not be responsible to anyone other than Mylan for
providing the protections afforded to clients of Goldman Sachs, or for giving
advice in connection with the Perrigo Proposal or any matter referred to
herein.

Goldman Sachs does not accept any responsibility whatsoever for the contents
of this communication or for any statement made or purported to be made by
them or on their behalf in connection with the offer. Goldman Sachs
accordingly disclaims all and any liability whether arising in tort, contract
or otherwise which it might otherwise have in respect of this communication or
any such statement.

ADDITIONAL INFORMATION  
In connection with the Perrigo Proposal, Mylan has filed certain materials
with the Securities and Exchange Commission (the "SEC"), including, among
other materials, a Registration Statement on Form S-4 (that includes an offer
to exchange/prospectus) on May 5, 2015 (which Registration Statement was
amended on June 19, 2015 and July 16, 2015 and has not yet been declared
effective, the "Registration Statement") and a preliminary proxy statement on
Schedule 14A on May 5, 2015 (which preliminary proxy statement was amended on
June 19, 2015, July 16, 2015 and July 24, 2015, the "Preliminary Proxy
Statement"). In connection with the Perrigo Proposal, Mylan intends to file
with the SEC a Tender Offer Statement on Schedule TO and certain other
materials. This communication is not intended to be, and is not, a substitute
for such filings or for any other document that Mylan may file with the SEC in
connection with the Perrigo Proposal. INVESTORS AND SECURITYHOLDERS OF MYLAN
AND PERRIGO ARE URGED TO READ THE DOCUMENTS FILED WITH THE SEC CAREFULLY AND
IN THEIR ENTIRETY (IF AND WHEN THEY BECOME AVAILABLE) BEFORE MAKING AN
INVESTMENT DECISION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
MYLAN, PERRIGO AND THE PERRIGO PROPOSAL. Such documents will be available free
of charge through the website maintained by the SEC at www.sec.gov or by
directing a request to Mylan at 724-514-1813 or investor.relations@mylan.com.
Any materials filed by Mylan with the SEC that are required to be mailed to
shareholders of Perrigo and/or Mylan will also be mailed to such shareholders.
This communication has been prepared in accordance with U.S. securities law,
Irish law and the Rules.

A copy of this communication will be available free of charge at the following
website:  perrigotransaction.mylan.com.  Such website is neither endorsed, nor
sponsored, nor affiliated with Perrigo or any of its affiliates.  PERRIGO® is
a registered trademark of L. Perrigo Company.

PARTICIPANTS IN SOLICITATION  
This communication is not a solicitation of a proxy from any investor or
shareholder. However, Mylan and certain of its directors, executive officers
and other members of its management and employees may be deemed to be
participants in the solicitation of proxies in connection with the Perrigo
Proposal under the rules of the SEC. Information regarding Mylan's directors
and executive officers may be found in Mylan Inc.'s Annual Report on Form 10-K
for the fiscal year ended December 31, 2014, which was filed with the SEC on
March 2, 2015, amended on April 30, 2015 and updated by Mylan's Current Report
on Form 8-K filed on June 11, 2015, as well as in the Registration Statement
and the Preliminary Proxy Statement.  These documents can be obtained free of
charge from the sources indicated above. Additional information regarding the
interests of these participants, which may, in some cases, be different than
those of Mylan's shareholders generally, will also be included in the
materials that Mylan intends to file with the SEC when they become available.

NON-SOLICITATION  
This communication is not intended to, and does not, constitute or form part
of (1) any offer or invitation to purchase or otherwise acquire, subscribe
for, tender, exchange, sell or otherwise dispose of any securities, (2) the
solicitation of an offer or invitation to purchase or otherwise acquire,
subscribe for, sell or otherwise dispose of any securities or (3) the
solicitation of any vote or approval in any jurisdiction pursuant to this
communication or otherwise, nor will there be any acquisition or disposition
of the securities referred to in this communication in any jurisdiction in
contravention of applicable law or regulation. No offer of securities shall be
made except by means of a prospectus meeting the requirements of Section 10 of
the Securities Act of 1933, as amended.

FURTHER INFORMATION  
The distribution of this communication in certain jurisdictions may be
restricted or affected by the laws of such jurisdictions. Accordingly, copies
of this communication are not being, and must not be, mailed or otherwise
forwarded, distributed or sent in, into, or from any such jurisdiction.
Therefore, persons who receive this communication (including, without
limitation, nominees, trustees and custodians) and are subject to the laws of
any such jurisdiction will need to inform themselves about, and observe, any
applicable restrictions or requirements. Any failure to do so may constitute a
violation of the securities laws of any such jurisdiction. To the fullest
extent permitted by applicable law, Mylan disclaims any responsibility or
liability for the violations of any such restrictions by any person.

FORWARD-LOOKING STATEMENTS  
This communication contains "forward-looking statements." Such forward-looking
statements may include, without limitation, statements about the Perrigo
Proposal, Mylan's acquisition (the "EPD Transaction") of Mylan Inc. and Abbott
Laboratories' non-U.S. developed markets specialty and branded generics
business (the "EPD Business"), the benefits and synergies of the Perrigo
Proposal or EPD Transaction, future opportunities for Mylan, Perrigo, or the
combined company and products, and any other statements regarding Mylan's,
Perrigo's, or the combined company's future operations, anticipated business
levels, future earnings, planned activities, anticipated growth, market
opportunities, strategies, competition, and other expectations and targets for
future periods. These may often be identified by the use of words such as
"will," "may," "could," "should," "would," "project," "believe," "anticipate,"
"expect," "plan," "estimate," "forecast," "potential," "intend," "continue,"
"target" and variations of these words or comparable words. Because
forward-looking statements inherently involve risks and uncertainties, actual
future results may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause or contribute to such
differences include, but are not limited to: uncertainties related to the
Perrigo Proposal, including as to the timing of the offer and compulsory
acquisition, whether Perrigo will cooperate with Mylan and whether Mylan will
be able to consummate the offer and compulsory acquisition, whether Mylan
shareholders will provide the requisite approvals for the Perrigo Proposal,
the possibility that competing offers will be made, the possibility that the
conditions to the consummation of the offer will not be satisfied, and the
possibility that Mylan will be unable to obtain regulatory approvals for the
offer and compulsory acquisition or be required, as a condition to obtaining
regulatory approvals, to accept conditions that could reduce the anticipated
benefits of the offer and compulsory acquisition; the ability to meet
expectations regarding the accounting and tax treatments of a transaction
relating to the Perrigo Proposal and the EPD Transaction; changes in relevant
tax and other laws, including but not limited to changes in healthcare and
pharmaceutical laws and regulations in the U.S. and abroad; the integration of
Perrigo and the EPD Business being more difficult, time-consuming, or costly
than expected; operating costs, customer loss and business disruption
(including, without limitation, difficulties in maintaining relationships with
employees, customers, clients, or suppliers) being greater than expected
following the Perrigo Proposal and the EPD Transaction; the retention of
certain key employees of Perrigo and the EPD Business being difficult; the
possibility that Mylan may be unable to achieve expected synergies and
operating efficiencies in connection with the Perrigo Proposal and the EPD
Transaction within the expected time-frames or at all and to successfully
integrate Perrigo and the EPD Business; expected or targeted future financial
and operating performance and results; the capacity to bring new products to
market, including but not limited to where Mylan uses its business judgment
and decides to manufacture, market, and/or sell products, directly or through
third parties, notwithstanding the fact that allegations of patent
infringement(s) have not been finally resolved by the courts (i.e., an
"at-risk launch"); success of clinical trials and our ability to execute on
new product opportunities; the scope, timing, and outcome of any ongoing legal
proceedings and the impact of any such proceedings on financial condition,
results of operations and/or cash flows; the ability to protect intellectual
property and preserve intellectual property rights; the effect of any changes
in customer and supplier relationships and customer purchasing patterns; the
ability to attract and retain key personnel; changes in third- party
relationships; the impact of competition; changes in the economic and
financial conditions of the businesses of Mylan, Perrigo, or the combined
company; the inherent challenges, risks, and costs in identifying, acquiring,
and integrating complementary or strategic acquisitions of other companies,
products or assets and in achieving anticipated synergies; uncertainties and
matters beyond the control of management; and inherent uncertainties involved
in the estimates and judgments used in the preparation of financial
statements, and the providing of estimates of financial measures, in
accordance with accounting principles generally accepted in the United States
of America and related standards or on an adjusted basis. For more detailed
information on the risks and uncertainties associated with Mylan's business
activities, see the risks described in Mylan's Quarterly Report on Form 10-Q
for the quarter ended March 31, 2015 and our other filings with the SEC. These
risks, as well as other risks associated with Mylan, Perrigo, and the combined
company are also more fully discussed in the Registration Statement and the
Preliminary Proxy Statement. You can access Mylan's filings with the SEC
through the SEC website at www.sec.gov, and Mylan strongly encourages you to
do so. Except as required by applicable law, Mylan undertakes no obligation to
update any statements herein for revisions or changes after the date of this
communication.

NO PROFIT FORECAST / ASSET VALUATIONS  
No statement in this communication is intended to constitute a profit forecast
for any period, nor should any statements be interpreted to mean that earnings
or earnings per share will necessarily be greater or lesser than those for the
relevant preceding financial periods for Mylan or Perrigo as appropriate. No
statement in this communication constitutes an asset valuation.

SOURCES AND BASES OF INFORMATION  
The information set forth under "About Mylan" above has been extracted from
Mylan Inc.'s Annual Report (Form 10-K) for the period ended December 31, 2014
filed with the SEC on March 2, 2015, amended on April 30, 2015 and updated by
Mylan's Current Report on Form 8-K filed on June 11, 2015.

To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mylan-comments-on-tevas-agreement-to-acquire-allergans-generic-drug-unit-300118882.html

SOURCE Mylan N.V.

Website: http://www.mylan.com
Contact: Nina Devlin (Media), 724.514.1968, Kris King (Investors),
724.514.1813

-0- Jul/27/2015 10:42 GMT

(Makor) ALSTOM feedback post exp meeting PDF

ALSTOM

A year ago GE won the bid to acquire Alstom Energy (See here). The acquisition is pending EC approval and the commission is at present examining remedies as proposed by GE to clear the deal (See here and here). The EC has a provisional deadline to respond by September 11, 2015.

 

Completion of the deal could see Alstom’s share price move towards consensus fair value of Eur32 (more on this later).

 

There is 19pct potential upside to Alstom’s share price.

 

We held a meeting with an Alstom veteran and Gas Turbine (GT) expert yesterday to examine the rumoured and potential remedy package.

 

Our feedback follows PDF

 

(Telegraph - AEP) Varoufakis reveals cloak and dagger 'Plan B' for Greece, await

Varoufakis reveals cloak and dagger 'Plan B' for Greece, awaits treason charges
Former Greek finance minister Yanis Varoufakis claims he was authorised by Alexis Tsipras to look into a parallel payment system


A secret cell at the Greek finance ministry hacked into government computers and drew up elaborate plans for a system of parallel payments that could be switched from euros to the drachma at the "flick of a button" .
The revelations have caused a political storm in Greece and confirm just how close the country came to drastic measures before premier Alexis Tsipras gave in to demands from Europe's creditor powers, acknowledging that his own cabinet would not support such a dangerous confrontation.
Yanis Varoufakis, the former finance minister, told a group of investors in London that a five-man team under his control had been working for months on a contingency plan to create euro liquidity if the European Central Bank cut off emergency funding to the Greek financial system, as it in fact did after talks broke down and Syriza called a referendum.
The transcripts were leaked to the Greek newspaper Kathimerini. The telephone call took place a week after he stepped down as finance minister.
"The prime minister, before we won the election in January, had given me the green light to come up with a Plan B. And I assembled a very able team, a small team as it had to be because that had to be kept completely under wraps for obvious reasons," he said.

Mr Varoufakis recruited a technology specialist from Columbia University to help handle the logistics. Faced with a wall of obstacles, the expert broke into the software systems of the tax office - then under the control of the EU-IMF 'Troika' - in order to obtain the reserve accounts and file numbers of every taxpayer. "We decided to hack into my ministry’s own software programme," he said.
The revelations were made to a group of sovereign wealth funds, pension funds, and life insurers - many from Asia - hosted as part of a "Greek day" on July 16 by the Official Monetary and Financial Institutions Forum (OMFIF).
Mr Varoufakis told the Telegraph that the quotes were accurate but some reports in the Greek press had been twisted, making it look as if he had been plotting a return to the drachma from the start.
"The context of all this is that they want to present me as a rogue finance minister, and have me indicted for treason. It is all part of an attempt to annul the first five months of this government and put it in the dustbin of history," he said.
"It totally distorts my purpose for wanting parallel liquidity. I have always been completely against dismantling the euro because we never know what dark forces that might unleash in Europe," he said.
The goal of the computer hacking was to enable the finance ministry to make digital transfers at "the touch of a button". The payments would be 'IOUs' based on an experiment by California after the Lehman banking crisis.
A parallel banking system of this kind would allow the government to create euro liquidity and circumvent what Syriza called "financial strangulation" by the ECB.


"This was very well developed. Very soon we could have extended it, using apps on smartphones, and it could become a functioning parallel system. Of course this would be euro denominated but at the drop of a hat it could be converted to a new drachma,” he said.
Mr Varoufakis claimed the cloak and dagger methods were necessary since the Troika had taken charge of the public revenue office within the finance ministry. "It’s like the Inland Revenue in the UK being controlled by Brussels. I am sure as you are hearing these words your hair is standing on end,” he said in the leaked transcripts.
Mr Varoufakis said any request for permission would have tipped off the Troika immediately that he was planning a counter-attack. He was ready to activate the mechanism the moment he received a "green light" from the prime minister, but the permission never came.
"I always told Tsipras that it will not be plain sailing but this is the price you have to pay for liberty," he told the Telegraph.
"But when the time came he realised that it was just too difficult. I don't know when he reached that decision. I only learned explicitly on the night of the referendum, and that is why I offered to resign," he said. Mr Varoufakis wanted to seize on the momentum of a landslide victory in the vote but was overruled.
He insisted that his purpose had always been to go on the legal and financial offensive within the eurozone - placing Greece's eurozone creditors in a position where they would be acting outside EU treaty law if they forced Grexit - but nevertheless suggested Syriza did have a mandate to contemplate more radical steps if all else failed.
"I think the Greek people had authorised us to pursue energetically and vigorously that negotiation to the point of saying that if we can’t have a viable agreement, then we should consider getting out," he said in the tape.

"[German finance minister Wolfgang] Schauble believes that the eurozone is not sustainable as it is. He believes there has to be some fiscal transfers, some degree of political union. He believes that for that political union to work without federation, without the legitimacy that a properly elected federal parliament can render, can bestow upon an executive, it will have to be done in a very disciplinary way.
"And he said explicitly to me that a Grexit is going to equip him with sufficient terrorising power in order to impose upon the French that which Paris has been resisting: a degree of transfer of budget-making powers from Paris to Brussels."
Mr Varoufakis told the Telegraph that Mr Schauble had made up his mind that Greece must be ejected from the euro, and is merely biding his time, knowing that the latest bail-out plan is doomed to failure.
"Everybody knows the International Monetary Fund does not want to take part in a new programme but Schauble is insisting that it does as a condition for new loans. I have a strong suspicion that there will be no deal on August 20," he said.
He said the EU authorities may have to dip further into the European Commission's stabilisation fund (EFSM), drawing Britain deeper into the controversy since it is a contributor. By the end of the year it will be clear that tax revenues are falling badly short of targets - he said - and the Greek public ratio will be shooting up towards 210pc of GDP.
"Schauble will then say it is yet another failure. He is just stringing us along. He has not given up his plan to push Greece out of the euro," he said.

FT : Altice sets sights on NextRadioTV for share buyout


Altice, the acquisitive European telecoms group owned by Franco-Israeli billionaire Patrick Drahi, is seeking to take a stake in France’s NextRadioTV, valuing the company at about €600m.
In a statement, Altice said that it would form a new company to launch a tender offer for 100 per cent of NextRadioTV’s share capital at €37 per share — a 30.5 per cent premium compared with the average price of the past six months.

Alain Weill, the radio and TV group’s founder and principal shareholder, would contribute his 37.8 per cent stake to the new organisation during an initial phase and become its executive chairman. Mr Weill would hold a 51 per cent stake in the new company — although Altice would have a call option on his shares, which it could exercise from March 2019.
Both NextRadioTV, which owns France’s influential BFM TV business channel and the RMC radio station, and Mr Drahi’s Altice cable and telecoms group, said that NextRadioTV’s board of directors unanimously approved the deal.
The proposed acquisition is the latest move by Mr Drahi in France’s rapidly consolidating media industry and follows his creation of the Altice Media Group, which includes Libération newspaper and the French assets of Belgian group Roularta, such as L’Express, L’Expansion and 20 other titles.
For now, Altice Media Group will remain separate from Mr Drahi’s proposed new company. But that could change in the coming months, people familiar with the matter have said.
Altice said that it would finance the acquisition of NextRadioTV through a capital increase and convertible bonds.
Mr Drahi’s company, which has emerged in recent years as one of Europe’s most acquisitive telecoms groups, said on Monday that it saw media as a central pillar to its growth strategy.
“Media and content are a major growth opportunity for Altice,” said Dexter Goei, the group’s chief executive officer. “The convergence of our telecoms assets with digital distribution, channels, content development and content production are core to our long-term strategy.”
Mr Drahi said: “The development and expansion into media and content in the countries where we are present brings an additional growth driver to Altice and offers attractive synergies with our telecoms activities.”
Altice has spent more than €36bn on acquisitions in the past year and a half, snapping up French mobile operator SFR and Portugal Telecom in the process. In May, the European cable operator went transatlantic, agreeing to buy 70 per cent of US-based Suddenlink for $6.7bn and giving Mr Drahi a foothold in the US.
Altice is a holding group that draws on the experience of Mr Drahi and his team in the cable sector. Many of them, including Mr Drahi, honed their skills either as an employee or a banker to Liberty Global, the world’s biggest cable company.
Like Liberty Global, Altice relies on capital markets to fund its growth, spreading its borrowing across its various units.
The group has benefited from a low interest rate environment that has left investors starved for returns. This has made the company popular with high-yield bond investors and allowed it to fund its expansion at more reasonable costs.

>>> Teva Pharma beats by $0.14, beats on revs; raises FY15 EPS, in-line (61.84)

--> TEVA +11% in Tel Aviv

Teva Pharma beats by $0.14, beats on revs; raises FY15 EPS, in-line

Reports Q2 (Jun) earnings of $1.43 per share, $0.14 better than the Capital IQ Consensus Estimate of $1.29; revenues fell 1.5% year/year to $4.97 bln vs the $4.9 bln consensus.
  • Co raises guidance for FY15, sees EPS of $5.15-5.40 vs. $5.21 Capital IQ Consensus Estimate.up previously provided EPS range of $5.05 to $5.35, up previously provided EPS range of $5.05 to $5.35.

>>> Teva Pharma withdraws proposal to acquire Mylan (MYL)

Teva Pharma withdraws proposal to acquire Mylan (MYL)

Teva Pharmaceutical Industries (TEVA) announced that it has withdrawn its cash and stock proposal to acquire all of the outstanding ordinary shares of Mylan N.V. (MYL) and Teva does not intend to continue to pursue a transaction with Mylan at this time.
  • Teva's decision to terminate the proposal to acquire Mylan follows announcement that Teva has entered into a definitive agreement with Allergan to acquire Allergan Generics (AGN)

>>> Allergan: Teva (TEVA) to acquire Allergan Generics (AGN) for $40.5 bln

Allergan: Teva (TEVA) to acquire Allergan Generics (AGN) for $40.5 bln

Teva Pharmaceutical Industries (TEVA) announced that it has signed a definitive agreement with Allergan plc (AGN) to acquire Allergan Generics in a transaction valued at $40.5 billion.
  • Upon closing, Allergan will receive $33.75 billion in cash and shares of Teva valued today at $6.75 billion, representing an estimated under 10% ownership stake in Teva, with the number of Teva shares determined based on Teva's volume weighted average trading prices during the 15 days prior to the announcement and five days following the announcement.
  • Teva believes the acquisition will be significantly accretive to non-GAAP EPS, including expected double-digit non-GAAP EPS accretion in 2016 and more than 20% accretion in year two and year three following the close of the transaction. The transaction was unanimously approved by the Boards of Directors of Teva and Allergan and is expected to close in the first quarter of 2016.

Le Monde : « Il faut un ministère des finances de la zone euro »

Benoît Cœuré, membre du directoire de la Banque centrale européenne (BCE), tire pour Le Monde les leçons de la crise grecque. Il estime que celle-ci a révélé les failles institutionnelles de l’union monétaire et la nécessité de créer un gouvernement économique renforcé. Si la zone euro ne se réforme pas, prévient-il, elle se condamnera à une croissance anémique et aux crises à répétition.
La menace d’un « Grexit » est-elle écartée ?
Je l’espère. Pour la première fois, la question du maintien d’un Etat dans la zone euro a été posée clairement. Et ce non pas à la BCE, mais aux chefs d’Etat, de façon éminemment politique. Ils ont répondu avec l’accord du 13 juillet. Le message est clair : tous souhaitent que la Grèce reste membre de l’union monétaire.
Ils sont prêts à continuer à faire preuve d’une solidarité financière sans précédent envers Athènes, mais pas à n’importe quel prix. La Grèce doit mettre en œuvre les réformes qui assureront la croissance et la stabilité de son économie.
Faut-il alléger la dette publique hellène ?
Cela ne fait plus débat. Les dirigeants européens se sont d’ailleurs déclarés prêts à en discuter. En vérité, la question n’est pas de savoir s’il faut restructurer la dette grecque, mais de quelle manière le faire pour que ce soit véritablement utile à l’économie du pays.
D’où l’importance de conditionner cette restructuration, quelle que soit sa forme, à l’application de mesures qui contribueront à renforcer l’économie et assurer la soutenabilité des finances publiques hellènes.
Le troisième plan d’aide à Athènes réussira-t-il là où les deux précédents ont échoué ?
L’une des clés du succès réside dans la capacité du gouvernement grec à faire comprendre à ses citoyens que les mesures demandées ne sont pas une punition. Elles sont la condition indispensable au développement de leur économie comme au bon fonctionnement de l’administration.
Les réformes du programme ne visent pas à imposer un néolibéralisme effréné à Athènes. Elles visent au contraire à créer un cadre fiscal, social et juridique moderne et plus équitable, et à construire un Etat efficace, capable d’intervenir dans l’économie pour le bien commun. Une mission à laquelle l’Etat grec a souvent failli.
Le rôle de la BCE dans la crise grecque est très critiqué : certains l’accusent d’avoir d’asphyxié les banques du pays, d’autres de les avoir trop aidées. Qui a raison ?
Nous sommes la Banque centrale des dix-neuf pays de la zone euro, y compris la Grèce. C’est notre mandat et nous n’en avons jamais dérogé. Depuis la fin 2014, les liquidités injectées par l’Eurosystème dans l’économie grecque sont passées de 40 à 130 milliards d’euros. Nous avons au contraire agi en prenant soin de ne jamais nous substituer aux décisions politiques.
Que l’on se tourne vers la Banque centrale pour des questions appelant une réponse politique, et non technique, révèle une grave faille dans le fonctionnement institutionnel de la zone euro. Cette faille alimente des attentes excessives envers la BCE.
Quelle est la nature de ce dysfonctionnement ?
S’il en était besoin, le sommet du 12 juillet en a fourni l’illustration : les dix-neuf chefs d’Etat de la zone euro se sont enfermés pendant dix-sept heures pour débattre du détail des mesures attendues d’un pays pesant moins de 2 % du produit intérieur brut de la région. Le mécanisme de prise de décision au sein de l’union monétaire fonctionne mal. Il repose sur un principe intergouvernemental qui n’est plus adapté.
Chacun des dix-neuf chefs d’Etat rend compte à son opinion publique et à elle seule. Il est donc probable que les compromis trouvés ne soient jamais les plus pertinents pour la zone euro, mais soient ceux présentant le plus grand dénominateur commun entre les membres.
En outre, ils sont le résultat de négociations interminables qui alimentent l’incertitude. Les cinq mois de négociation sur la Grèce ont eu un coût économique et financier considérable. Il est urgent d’abandonner ce processus intergouvernemental pour un processus de décision partagée, fondé sur des votes et démocratiquement légitime.
Vous appelez, en somme, à une forme de gouvernement économique au sein de la zone euro, impliquant de nouveaux transferts de souveraineté. Les États membres en ont-ils vraiment envie ?
Une chose est sûre : si cette question n’est pas abordée dès aujourd’hui, l’union monétaire sera confrontée au même type de crise de manière répétée. Le génie de la sortie de la zone euro a été libéré par la crise grecque et ne rentrera pas facilement dans sa bouteille. Comment aller de l’avant ? En comprenant que remplacer le processus intergouvernemental par une décision partagée ne réduira pas la souveraineté des États membres.
Au contraire, cela redonnera de l’espace au politique en assurant une responsabilité partagée qui renforcera la confiance mutuelle. La BCE fonctionne aujourd’hui sur ce principe : le conseil des gouverneurs débat, vote s’il le faut, puis passe à autre chose. Et ça marche !
Prenez la mise en œuvre des règles budgétaires européennes, qui sont devenues complexes et opaques. S’il existait des instruments budgétaires européens discutés au sein d’un « ministère des finances » de la zone euro, sous le regard du Parlement européen, la discussion politique reprendrait tout son poids. Cela recréerait du sens aux yeux des Européens.
Que pensez-vous des propositions de François Hollande dans le JDD du 19 juillet, qui suggère la création d’une « avant-garde » resserrée à la tête de la zone euro ?
Elles vont dans le sens d’un renforcement de la gouvernance de l’union économique et monétaire et sont cohérentes avec le « rapport des cinq présidents » présenté en juin, que Mario Draghi a cosigné. La BCE a besoin d’un interlocuteur politique fort. Dans le cas contraire, la tentation de nous faire endosser des décisions politiques sera toujours présente. On l’a vu pendant la crise grecque.
Quel risque court la zone euro si elle ne prend pas cette direction ?
Celui de se condamner à une croissance faible. Les dix-neuf pays membres ont des ressources formidables en matière d’activité, d’innovation, de capital humain. Mettre en commun ces ressources, par exemple en achevant la construction du marché unique, de la libre circulation des travailleurs, du marché commun de capitaux, donnerait un coup de pouce décisif à la croissance de la zone euro.
Au contraire, renoncer au processus d’intégration instaurerait un climat d’incertitude permanente sur l’intégrité de l’union économique et monétaire, qui ne peut que nuire à l’investissement et à l’emploi.
Comment redonner du sens au projet européen ?
Son ambition initiale, qui était d’assurer la paix, d’ancrer la démocratie et de promouvoir la prospérité, a perdu de sa substance au profit d’une logique essentiellement économique et financière. La première priorité reste la croissance et l’emploi. Sans cela, les Européens pourront difficilement comprendre et accepter tout pas vers plus d’intégration. Les actions de la BCE et le plan Juncker vont dans ce sens.
Mais en même temps, l’Union européenne doit se tourner vers l’avenir et réfléchir au projet qu’elle veut offrir à ses peuples. Leur rappeler quels sont nos objectifs et valeurs partagés, ce que Pascal Lamy appelle le « narratif européen ». Ces dernières semaines, nombre d’Européens se sont interrogés : pourquoi payer pour les Grecs ?
Seul un projet politique fort, rappelant pour quelles raisons la solidarité entre pays membres est essentielle, tout en réaffirmant le principe de responsabilité de pays qui partagent une monnaie unique, peut leur apporter une réponse.
Quelles erreurs a-t-on commis dans la construction de l’euro ?
Depuis l’introduction de la monnaie unique, les divergences de compétitivité et de performances économiques se sont creusées. Elles sont en partie responsables de la crise. Et nous n’avons pas suffisamment réagi.
C’est un défaut de vigilance collective, mais aussi de solidarité, car avertir un voisin que ses déséquilibres internes risquent de le mener au pire, c’est de la solidarité.
De la même façon, les gouvernements peuvent s’inspirer des réformes qui ont fait leurs preuves dans d’autres pays : pourquoi ne pas profiter de cette richesse collective ?
Les États membres, notamment la France, sont-ils allés assez loin en matière de réformes structurelles ?
Les efforts entrepris vont dans le bon sens, mais la tâche n’est pas simple. Les pays de la zone euro sont confrontés à un double défi : préparer l’avenir en investissant notamment dans l’économie numérique, le big data et la transition écologique, tout en gérant le fardeau du passé, à savoir, les dettes publiques et privées.
Leurs marges de manœuvre sont donc étroites, et les facteurs soutenant aujourd’hui la croissance de la zone euro, les conditions de financement favorables, l’énergie bon marché et la faiblesse de l’euro, sont par nature temporaires. Pour assurer l’avenir, il est donc essentiel de mettre dès maintenant l’accent sur les mesures susceptibles d’augmenter la productivité et la participation au marché du travail.
La BCE a lancé son programme de rachat de dettes publiques et privées (le quantitative easing, ou QE en anglais) en mars. Fonctionne-t-il ?
Les premiers mois sont encourageants : contrairement à ce que certains prédisaient, nous n’avons pas eu de mal à trouver des actifs à acheter, les indicateurs d’anticipation d’inflation se sont plutôt redressés, les prêts aux entreprises non financières sont de nouveau orientés à la hausse, la trajectoire de reprise est là et nous nous attendons à ce que l’inflation revienne vers 2 %.
Mais nous ne sommes qu’au début de ces achats d’actifs, que nous avons prévu de maintenir jusqu’à septembre 2016, et en tout cas jusqu’à ce que nous observions un ajustement durable de l’évolution de l’inflation conforme à notre objectif. Il serait tout à fait prématuré de commencer à évoquer la fin de ce programme.