(BFW) German Mobile Auction May Have Ended at EU5.08b in Round 179

German Mobile Auction May Have Ended at EU5.08b in Round 179
2015-06-19 09:39:52.898 GMT


By Claudia Rach
(Bloomberg) -- German federal net agency’s summaries of
bidding rounds 178 and 179 are identical, according to website.

* No change in bids between final 2 rounds seems to imply
bidding is over
* Deutsche Telekom, Vodafone and Telefonica Deutschland bid in
total as much as EU5.08b in 179th round of German spectrum
auction
* If auction is over:
*
* Vodafone bid in total EU2.1b for bands across all
spectrum
* Deutsche Telekom bid in total EU1.8b
* Telefonica Deutschland bid EU1.2b in total
* NOTE: Auction started May 27, will last until agency
receives no more bids from 3 operators; agency to publish
bidding results after each round on its website

For Related News and Information:
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To contact the reporter on this story:
Claudia Rach in Berlin at +49-30-70010-6219 or
crach1@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net

>>> Colt shareholder Fidelity leads GBP 1.7bn takeover offer

Colt shareholder Fidelity leads GBP 1.7bn takeover offer
FMR and FIL (together, "Fidelity") today announce their intention to make an all cash final offer through Lightning Investors Limited ("BidCo") (an entity jointly owned by FMR and FIL) to acquire the issued and to be issued share capital of Colt Group S.A. ("Colt" or the "Company") not currently owned by Fidelity (the "Offer").

Under the terms of the Offer, Colt Shareholders will be entitled to receive 190 pence in cash for each Colt Share held. This price will not be increased. The Offer values the entire issued and to be issued share capital of Colt at approximately GBP 1.7bn.

The Offer Price, which Fidelity believes fully and fairly values the Colt Shares and reflects the anticipated plans of Colt's management for the business and its prospects, represents a premium of approximately:
• 34.4 per cent. to the volume weighted average closing price per Colt Share of 141 pence for the twelve months ended on 18 June 2015 (being the last Business Day prior to the date of this announcement);
• 28.6 per cent. to the volume weighted average closing price per Colt Share of 148 pence for the three months ended on 18 June 2015 (being the last Business Day prior to the date of this announcement); and
• 21.3 per cent. to the Closing Price per Colt Share of 157 pence on 18 June 2015 (being the last Business Day prior to the date of this announcement).

The Offer will be conditional upon, amongst other things:
• the approval by a majority of Independent Colt Shareholders voting on a resolution to terminate the Relationship Agreement; and
• BidCo receiving acceptances (which are not, where permitted, withdrawn) in respect of Colt Shares which, when aggregated with Fidelity's existing shareholdings in Colt, represent not less than 95 per cent. in nominal value of the issued or to be issued Colt Shares (or such lesser percentage not being less than 80 per cent. as BidCo may decide of the issued share capital of Colt) and not less than 95 per cent. (or such lesser percentage not being less than 80 per cent. as BidCo may decide) of the voting rights carried by those Colt Shares.

Due to the existing shareholdings of Fidelity in Colt, the Offer does not constitute a takeover offer for the purposes of the Takeover Directive and accordingly is not a transaction regulated by the Panel or the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg.

Fidelity has stated that it is a committed and long term investor and will not sell or take any other steps to dispose of its Colt Shares to any third party prior to 31 December 2016. Although the Code does not apply to the Offer, Fidelity will treat this statement as binding on it as if it was a post-offer undertaking to which the Code applied. Fidelity will repeat this commitment in the Offer Document.

BidCo has received irrevocable undertakings to accept or procure acceptance of the Offer and to vote in favour of the Shareholders Resolutions and against any Impeding Resolution from Ruffer LLP and Standard Life Investments in respect of 70,148,176 Colt Shares representing, in aggregate, approximately 23.4 per cent. of Colt's issued share capital held by Independent Colt Shareholders; and in aggregate, approximately 7.8 per cent. of Colt's issued share capital.

If the Offer becomes, or is declared, unconditional in all respects and sufficient acceptances are received, BidCo intends to procure that Colt will make an application for the cancellation of the listing on the Official List of the Colt Shares and for the cancellation of the admission to trading on the London Stock Exchange's market for listed securities of the Colt Shares. Cancellation of the admission to trading is likely to reduce significantly the liquidity and marketability of any Colt Shares in respect of which the Offer has not been accepted at such time.

BidCo is a newly-incorporated company formed by Fidelity for the purposes of making the Offer. FMR is a privately owned American multinational financial services company focused primarily on the provision of asset management and financial services across North America. FIL is a privately owned international provider of asset management and financial services for clients across Europe, EMEA and Asia.

J.P. Morgan Cazenove acted as financial adviser to Fidelity.

(BofA-ML) The Flow Show - $10.8bil Equities Inflows

>>> Asset Class Flows
- Equities: $10.8bn inflows (largest in 3 months) (note $15bn ETF inflows vs $4bnmutual fund outflows)
- Bonds: $10.3bn outflows (largest in 2 years)
- Commodities: modest $0.3bn outflows

>>> Equity Flows
- Japan: big $3.5bn inflows (inflows in 16 out of past 17 weeks)
- EM: $2.2bn outflows (mostly via ETF’s)
- Europe: $1.8bn inflows (largest in 4 weeks)
- US: $6.0bn inflows (largest in 13 weeks)

>>> Fixed Income Flows
- First IG bond outflows ($2.1bn) in 78 weeks!
- Biggest HY bond outflows since Dec’14 ($4.0bn)
- $2.8bn outflows from govt bond funds (8 straight weeks and longest outflow streak since Oct’13)
- Surprisingly modest outflows from EM debt funds ($0.2bn)
- Chunky outflows from munis ($0.7bn) and bank loans ($0.6bn)
- Only MBS funds eke out tiny $53mn inflows this week

>>> What to look at today - the 19th of June 2015

Dow+1% S&P +0.99% Nasdaq +1.34% Russel +1.29%
US MArket closed higher, Equity indices rallied throughout the morning after the combination of yesterday's FOMC policy statement and today's economic data set the tone for interest rates to remain at their current levels for longer. Stocks extended their gains in the early afternoon once Germany's Die Zeit reported that Greece is on track to receive an extension until the end of the year without the involvement of the International Monetary Fund. However, that report was struck down promptly as German Chancellor Angela Merkel said she is only aware of the proposal that was brought forth by the creditors. Furthermore, Reuters reported European Central Bank member Benoit Coeure was asked if Greek banks will be able to open tomorrow, to which he responded, "Tomorrow, yes. Monday, I don't know." However, the ECB was quick to deny issuing this warning. The energy sector (unch) surrendered its gain ahead of the close even though crude oil added 1.1%, settling at $60.42/bbl. In other commodities, gold futures jumped 2.1% to $1202/ozt, contributing to a 1.2%
gain in the Market Vectors Gold Miners ETF (GDX 19.09, +0.23). Volume were above average @ 830mil shares...US After Hours FNSR +1.1%, LIFE +0.7%, CO +0.5%, HWAY -26.0%, SWHC -3.7%, RHT -1.5% following earnings/guidance...Asian indices are generally higher, picking up on the firm tone from Wall St where traders continued to express a bullish post-FOMC view. Shanghai Composite is once again an outsized decliner however. After a near-4% slide overnight, the index fell by as much as 3% in the afternoon session. The lows also corresponded with the 10% drop from its high, which is widely considered to be the indication of a technical correction. Overnight, local press report put some of the blame for the selloff on the large IPO pipeline this week freezing up as much as CNY7T in investment funds. After much speculation that today's BOJ decision will reveal a growing rift within the policy board, the announcement produced no such ripple.

Nikkei +0.83% Hang Seng +0.94% Shanghai -3.27%

Eur$ 1.1343 JPY 123.14 CHFEUR 0.9557 GBP 1.5873 RUB $53.4064 WTI $60.30 (-0.25%)

S&P -0.07% EuroStoxx +0.46% Dax +0.45% SMI +0.32%

Macro :
- ECB Unsure If Greek Banks Could Open Monday: Reuters
- Greek Govt Is Working for Success of Summit June 22: AFP
- BOJ Leaves Policy Unchanged, to Cut Number of Meetings: Link
- Russia Crisis May Cost EU Up to EU100b, Welt Cites Wifo Research
- Bank of Greece Said to Ask for Emergency ELA Funds: Proto Thema
- Dijsselbloem Says Greece Moving in Direction of Euro Exit

Keep an eye on :
- AIR FP : Airbus May Quit EU Drone Plan: FT
- BAYN GY : Bayer’s Dekker Warns Against Concessions to Greece, Bild Reports
- BRISA PL : Brisa Auto-Estradas Agrees to Sell 30% Stake in BCR
- DTE GY : German Mobile Spectrum Auction Reaches EU5.1b After 177th Round
- DTE GY : Deutsche Telekom to Close 181 DTTS Sites, Handelsblatt Says
- IIA AV : Billionaire Boris Mints May Boost or Sell Immofinanz Stake
- NOVN VX : Novartis Reports U.S. Introduction of Generic Copaxone
- UG FP : Peugeot Is Studying Industrial Project in Algeria: AFP
- RIO LN : Citigroup Says Rio Tinto Unlikely to Hit Iron Ore Output Target
- SCYR SM : Sacyr Asked to Sell 3%-4% Repsol Stake by Creditors: Expansion
- GLE FP : SocGen’s Bokobza Sees CAC40 at 7,000 by End-2017: Les Echos
- GLE FP : Societe Generale Buys CaixaBank’s Stake in Boursorama
- TIT IM : Telecom Italia Chairman Says All Investors Are Welcome: Ansa
- FR FP : Valeo Bought 10.5% Stake in Aledia
- VOW3 GY : VW’s MAN Said to Be in Talks to Cut as Many as 2,000 Jobs

>>> Europe : Brokers Upgrades & Downgrades -19th of June 2015

>>> Up
*ASHTEAD RAISED TO OUTPERFORM VS NEUTRAL AT EXANE
*DEUTSCHE BANK RAISED TO NEUTRAL VS UNDERPERFORM AT EXANE
*HIKMA PHARMACEUTICALS RAISED TO BUY VS NEUTRAL AT CITI
*KLOECKNER RAISED TO BUY VS NEUTRAL AT GOLDMAN
*NORDEA RAISED TO OUTPERFORM VS SECTOR PERFORM AT RBC
*POUNDLAND RAISED TO EQUALWEIGHT FROM UNDERWEIGHT AT M. STANLEY
*THYSSENKRUPP RAISED TO BUY VS NEUTRAL AT CITI

>>> Dowm
*AUTOGRILL CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*BURCKHARDT COMPRESSION CUT TO SELL FROM HOLD AT BAADER-HELVEA
*KINGFISHER CUT TO UNDERWEIGHT VS EQUAL-WEIGHT AT MORGAN STANLEY
*PZ CUSSONS CUT TO NEUTRAL VS BUY AT GOLDMAN
*SCHNEIDER ELECTRIC CUT TO MARKET PERFORM AT RAYMOND JAMES
*VOESTALPINE CUT TO SELL VS NEUTRAL AT GOLDMAN

>>> PT Change


>>> Initiation
*ELIOR RATED NEW BUY AT BERENBERG, PT EU22
*FINECOBANK REINITIATED BUY AT KEPLER CHEUVREUX, PT EU8
*TELEFONICA REINSTATED BUY AT GOLDMAN, PT EU15.10
*WINDELN.DE RATED NEW BUY AT BERENBERG, PT EU16

>>> Call
>> Stock
*RANDSTAD ADDED TO THE ING BENELUX FAVOURITES LIST