(BFW) Playtech Agrees to Buy Plus500 for GBP459.6m

BN 06/01 06:16 *PLUS500'S BOARD NOW EXPECTS GROUP REVENUE FOR 2015 TO BE LOWER
BN 06/01 06:15 *PLAYTECH PTEC PROPOSED PURCHASE OF PLUS500 BY PLAYTECH
Playtech Agrees to Buy Plus500 for GBP459.6m
2015-06-01 06:18:15.804 GMT


By Gaurav Panchal
(Bloomberg) -- Under terms, Plus500 shareholders to get
400p per shr in cash.

* Deal values the entire issued ordinary share capital of
Plus500 at ~GBP459.6m
* Plus500’s Board expects group rev. for 2015 to be lower than
in 2014, with margins expected to be significantly lower due
to maintained marketing spend.
* Statement: Link
* Earlier: Cable Car Capital Remains Short Plus500, Lowers PT
to 52p Link


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>>> What to look at today - 1st of June 2015

Dow-0.63% S&P-0.63% Nasdaq-0.55% Russell-0.52%
US Market closed lower but managed to close in the Green for May. heavily-weighted sectors like consumer discretionary (-0.7%), financials (-0.9%), industrials (-1.0%), and technology (-0.8%) exerting pressure on the market. Furthermore, uninspiring economic data and the lack of tangible progress between Greece and its creditors weighed on the overall sentiment. energy (-0.1%) ending just below its flat line even as crude oil jumped 4.5% to $60.26/bb...Volumes were above average @1bil shares with end of Month flows...Intel nears agreement to Buy Altera for $54/share, 10% higher than Friday close...Asian equity indices are mixed, but last week's leaders have turned into laggards and vice versa. Shanghai Composite is leading the charge with a 2.2% rally after a steep selloff late last week, with the latest monthly PMI figures preserving expectations of continued PBoC easing. The rally is especially impressive given the elevated IPO activity in the pipeline on the mainland this week. Official manufacturing PMI was slightly higher from last month but missed expectations...Over the weekend, Greece negotiators continued to talk with European creditors but missed self-imposed Sunday deadline of reaching a deal. Greek cabinet officials remain optimistic. Econ Min said a deal is expected in a few days and that Greece is not in danger of missing the IMF payment scheduled for June 5th. Greek Interior Min also signalled the resistance in Athens may be waning, stating that "some parts of our program could be pushed back by six months or maybe by a year, so that there is some balance." Also of note, EU's Juncker acknowledged that Greek exit from euro zone could damage trust in the euro.

Nikkei +0.04% Hang Seng +0.94% Shanghai +3.54%

Eur$1.0958 GBP 1.5299 EURCHF 1.0332 JPY 124.13 RUB $52.3171 WTI $59.87 (-0.71%)

S&P +0.24% EuroStoxx +0.76% Dax +0.72% SMI +0.44%

Macro :
- China May Manufacturing PMI 50.2; Est. 50.3
- HSBC China May Manufacturing PMI 49.2, Matching Estimate
- Russia Imposes Entry Ban on 89 European Officials: Reuters
- EU Commission Seeks to Keep Greece as Euro Member, Katainen Says
- ECB to Likely Continue QE at Least Until Sept. 2016, S&P Says
- SSM’s Dombret Says It’s Five to Midnight for Greek Banks: Bild

Keep an eye on :
- AC FP : Accor to Change Name to Accor Hotels, Le Figaro Says
- AIR FP : Valls Says Mexico in Talks to Buy Helicopters From Airbus: AFP
- AF FP : KLM CEO Says Dutch Aviation, Govt Should Team Up: De Telegraaf
- AI FP : Air Liquide CEO Seeks Growth Through Energy Innovation: Investir
- AZN LN : AstraZeneca Combo Has Activity in PD-L1 Negative NSCLC
- AZN LN : AstraZeneca Says 81% on Lung Drug Were Progression Free at 9 Mos
- BOL FP : Bollore to Meet Italy Govt Next Week on Tel Italia: Messaggero
- CLN VX : Evonik Wants to Buy Clariant, Finanz und Wirtschaft Reports
- ANN FP : Deutsche Annington 1Q FFO I Rises 87%; Raises Outlook on Gagfah, Plans to Increase Dividend 28%: CEO Buch
- DBHN GY : Deutsche Bahn CFO Forecasts 2015 Loss Because of Strikes: Welt
- EDF FP : EDF Seeks 2.5% French Electricity Price Rise for 2015: Echos
- ETO LN : Entertainment One Considers Move to New York From LSE: Telegraph
- ECMPA NA : Eurocommercial Properties CEO Sells 90,000 Shares: AFM Filing
- GENL LN : Genel, Integrateds Fell in May as Service Cos. Continued Bounce
- GEN DC : Genmab/J&J Myeloma Therapy Leads to 3 Complete Remissions
- GRONT NA : Sweco Offers to Buy Grontmij for EU1.84/Shr in Cash Plus Shares
- HETA GY : Heta May Ask Creditors for 10%-20% Debt Reduction: Kurier
- LHA GY : Lufthansa’s Eurowings Arm to Get Austrian AOC, CEO Tells Presse
- ML FP : Michelin Unit in Talks to Buy Kwik-Fit Netherlands: Telegraaf
- MRW LN : Morrison Faces Shareholder Revolt Over Ex-CEO’s Bonus, Sky Says
- NESN VX : Nestle Says It Has Not Received India Noodle Criminal Complaint
- NOK1V FH : Apple Said Developing Its 1st In-House Mapping Database: 9to5Mac
- NOK1V FH : Nokia May Make Surprise Move, Chairman Says According to Tivi
- PLUS LN : Cable Car Capital Remains Short Plus500, Lowers PT to 52p
- ROG VX : Roche’s Gazyva More Than Doubles Time to Lymphoma Progression
- ROG VX : Roche Says Perjeta Helps People With Early Breast Cancer
- RYA LN : Ryanair Downgraded to Neutral From Buy at Goldman
- SPIE IPO :
- TGS NO : TGS Extends Charter for Further 3,000km2 Seismic Data in Barents
- TIT IM : Bollore to Meet Italy Govt Next Week on Tel Italia: Messaggero
- TOM2 NA : Apple Said Developing Its 1st In-House Mapping Database: 9to5Mac
- WPP LN : WPP CEO Faces Shareholder Protest Over GBP43M Pay Package: FT
- YOOX IM : Interview in the FT http://on.ft.com/1FVpxQF
- ZC FP : Zodiac Various insurance firms in France said to acquire approx. 4% stake for €350M - Les Echos

>>> Europe : Brokers Upgrades & Downgrades - 1st of June 2015

>>> Up
*ARKEMA RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*AXEL SPRINGER RAISED TO NEUTRAL AT GOLDMAN
*BUZZI UNICEM RAISED TO BUY AT HSBC
*HEIDELBERGCEMENT RAISED TO BUY AT HSBC
*ITALCEMENTI RAISED TO BUY AT HSBC
*MONTE PASCHI RAISED TO HOLD AT HSBC
*PSP SWISS PROPERTY RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*SYNTHOMER RAISED TO NEUTRAL VS UNDERWEIGHT AT JPMORGAN
*TELECOM ITALIA RAISED TO BUY AT JEFFERIES
*URBAN & CIVIC RAISED TO OVERWEIGHT VS NEUTRAL AT JPMORGAN

>>> Down
*AIR LIQUIDE CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*ALLIED MINDS CUT TO ADD VS BUY AT NUMIS
*AMARA MINING CUT TO MARKET PERFORM AT BMO CAPITAL
*GENERALI CUT TO NEUTRAL VS OUTPERFORM AT MAINFIRST
*HOMESERVE CUT TO NEUTRAL VS BUY AT UBS
*SHAWBROOK GROUP CUT TO NEUTRAL AT GOLDMAN
*TLG IMMOBILIEN CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*VESTAS WIND SYSTEMS CUT TO SELL VS NEUTRAL AT CITI


>>> Initiate
*ELIOR RATED NEW BUY AT NOMURA; PT EU20.75
*SERCO GROUP REINITIATED HOLD AT HSBC, PT 140P

>>> PT Change


>>> Call
>> Stock
*AGEAS ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*BAT ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*FIRSTGROUP ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*GREENE KING ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*HYDRO ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*LAMPRELL REPLACES PLEXUS IN NUMIS TOP PICKS PORTFOLIO
*LLOYDS BANKING ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*MUNICH RE EXITS JPMORGAN EUROPEAN ANALYST FOCUS LIST
*RIO TINTO EXITS JPMORGAN EUROPEAN ANALYST FOCUS LIST
*SCA ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*TALKTALK REMOVED FROM JPMORGAN EUROPEAN ANALYST FOCUS LIST
*TUI AG UK ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST
*VINCI ADDED TO JPMORGAN EUROPEAN ANALYST FOCUS LIST

(BFW) Nokia May Make Surprise Move, Chairman Says According to Tivi

Nokia May Make Surprise Move, Chairman Says According to Tivi
2015-06-01 05:37:18.442 GMT


By Kati Pohjanpalo
(Bloomberg) -- Nokia Chairman Risto Siilasmaa indicates co.
may make further surprise moves after Alcatel-Lucent
acquisition, Finnish magazine Tivi reports.

* Says “Nokia is going to look quite different, but it will
be much stronger, more resilient and more competitive” and
the co. will surprise people “with something big in the
near quarter”
* Article published May 29, cites speech given May 28


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Kasper Viita

>>> Asian Update

Asian Mid-session Update: Lukewarm twin China PMIs help Shanghai recover; Australia data justify RBA easing bias expectations


***Economic Data***
- (CN) CHINA MAY MANUFACTURING PMI: 50.2 (third consecutive expansion) V 50.3E; NON-MANUFACTURING PMI: 53.2 (3-year low) V 53.4 PRIOR
- (CN) CHINA MAY FINAL HSBC MANUFACTURING PMI: 49.2 V 49.2E (third consecutive month of contraction)
- (AU) AUSTRALIA APR BUILDING APPROVALS M/M: -4.4% (7-month low) V -1.5%E; Y/Y: 16.3% V 20.5%E
- (AU) AUSTRALIA MAY TD SECURITIES INFLATION M/M: 0.3% V 0.3% PRIOR; Y/Y: 1.4% V 1.4% PRIOR
- (AU) AUSTRALIA Q1 COMPANY OPERATING PROFIT Q/Q: 0.2% V 0.0%E; INVENTORIES Q/Q: 0.4% V 0.1%E
- (AU) AUSTRALIA MAY RPDATA/RISMARK HOUSE PRICE INDEX M/M: -0.9% V +0.8% PRIOR; first decline in 6 months
- (AU) AUSTRALIA MAY AIG MANUFACTURING INDEX: 52.3 V 48 PRIOR (first expansion in 6 months)
- (JP) JAPAN Q1 CAPITAL SPENDING Y/Y: +7.3% (1-year high) V -0.2%E; CAPITAL SPENDING EX-SOFTWARE Y/Y: 8.1% (7-year high) V 2.0%E
- (JP) JAPAN MAY FINAL MARKIT/JMMA MANUFACTURING PMI: 50.9 V 50.9 PRELIM
- (KR) SOUTH KOREA MAY TRADE BALANCE: $6.3B V $6.2BE
- (KR) SOUTH KOREA MAY HSBC MANUFACTURING PMI: 47.8 V 48.8 PRIOR (3rd consecutive contraction)

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.3%, S&P/ASX -1.4%, Kospi -0.8%, Shanghai Composite +2.2%, Hang Seng +0.7%, Jun S&P500 +0.2% at 2,109

***Commodities/Fixed Income***
- Aug gold +0.1% at $1,190/oz, Jul crude oil -0.8% at $59.80/brl, Jul copper +0.3% at $2.74/lb
- According to a senior Gulf OPEC delegate, OPEC will maintain its output target at the upcoming June 5th meeting - financial press
- USD/CNY: PBoC sets yuan mid point at 6.1207 v 6.1202 prior setting; weakest Yuan setting since Apr 28th
- (JP) BOJ offers to buy ¥70B in JGBs with maturity less than 1-yr, ¥240B in 10-25yr JGBs, and ¥140B in JGBs with maturity over 25-yr

***Market Focal Points/FX***
- Asian equity indices are mixed, but last week's leaders have turned into laggards and vice versa. Shanghai Composite is leading the charge with a 2.2% rally after a steep selloff late last week, with the latest monthly PMI figures preserving expectations of continued PBoC easing. The rally is especially impressive given the elevated IPO activity in the pipeline on the mainland this week. Official manufacturing PMI was slightly higher from last month but missed expectations. Key components of New Export Orders and Employment also recovered slightly but remained in contraction at 48.9 and 48.2 respectively. Official non-manufacturing PMI was still in expansion but at the lowest level since early 2012, underscoring the challenges of the change in focus in China economy. HSBC final manufacturing PMI matched consensus but remained in contraction, as resident economist said: "solid fall in new export work contributed to fewer new orders, which in turn led to the first contraction of output in 2015 so far.... Furthermore, sustained job cuts, ongoing destocking activities and reduced purchasing activity all suggest that the sector may remain in contractionary territory as we head into mid-year." Also of note in China, a former official with PBoC warned about the near term risk of a sharp rise in bad loans, but a researcher with CASS speculated the bull market will be sustained.

- Ahead of tomorrow's RBA policy decision, today's economic figures justified widely held expectations for the easing bias to resurface. Building approvals and housing data were all lower, diminishing the criticism of more easing potentially fanning the property market. Note that earlier, Australia Treasurer said Sydney are Melbourne are "unequivocally" in a property market bubble. AUD/USD started off with modest selling, falling some 20pips to 0.7635 as Moody's warned that Australia's latest slowdown in CAPEX signals growth concerns. The pair hit its lows of 0.7625 after building approvals showed their biggest sequential decline in 7 months. China PMI figures produced virtually no change in the Aussie currency.

- Over the weekend, Greece negotiators continued to talk with European creditors but missed self-imposed Sunday deadline of reaching a deal. Greek cabinet officials remain optimistic. Econ Min said a deal is expected in a few days and that Greece is not in danger of missing the IMF payment scheduled for June 5th. Greek Interior Min also signalled the resistance in Athens may be waning, stating that "some parts of our program could be pushed back by six months or maybe by a year, so that there is some balance." Also of note, EU's Juncker acknowledged that Greek exit from euro zone could damage trust in the euro. EUR/USD remained under pressure from the start of the session, falling about 60 pips to $1.0930.

***Equities***
US equities / ADRs:
- ALTR: Follow-up: Agreement with Intel to acquire Altera at about $54/shr or $17B could be announced as soon as Monday - financial press

Notable movers by sector:
- Consumer discretionary: Ports Design 589.HK +10.2% (dispose stake in Port Asia); NagaCorp Ltd 3918.HK +3.7% (profit guide)
- Financials: HTSC 6886.HK +4.4% (IPO debut); SooChow Securities Co 601555.CN -3.3% (private placement)
- Industrials: UGL Ltd UGL.AU +7.3% (FY15 guidance); Honda Motor Co 7267.JP -0.5% (may lower Japan production target); Sumitomo Rubber Industries 5110.JP +0.6% (speculation of Goodyear partnership breakup)
- Technology: Jiangsu Zhongtian Technology Co 600522.CN +10.0% (awarded military contract)
- Materials: China National Materials Company 1893.HK +5.4% (Sinoma unit private offering); Zhaojin Mining Industry 1818.HK -1.9% (to acquire mining stake); Rising Nonferrous Metals Share Co 600259.CN +4.0% (private placement); Fortescue Metals Group FMG.AU -2.1% (says no need for equity investment from China)
- Utilities: Shenergy Co Ltd 600642.CN +10.0% (two nuclear companies' merger)
- Healthcare: Prana Biotechnology Ltd PBT.AU +11.1% (approves orphan designation); Hualan Biological Engineering Inc 002007.CN +7.1%, Yunnan Baiyao Group Co 000538.CN +3.0% (China to lift drug pricing control)

(BFW) Fredriksen Says Too Early for Deals in Rig Market, DN Reportsq

BFW 06/01 04:41 *FREDRIKSEN SAYS TOO EARLY FOR DEALS IN RIG MARKET, DN REPORTS
Fredriksen Says Too Early for Deals in Rig Market, DN Reports
2015-06-01 04:48:10.741 GMT


By Jonas Bergman
(Bloomberg) -- Hardly any business for rigs right now, oil
must get back to $80, John Fredriksen says in interview, Dagens
Naeringsliv reports.

* Says there will be possibilities to buy “distress assets”
* Says will continue to build Seadrill, readying co. for
further growth
* Says can provide capital if necessary, but most important to
ensure co. is in best possible shape with healthy financing
* Says decision to cut dividend was right, Seadrill needs to
concentrate on cost cuts, paying down debt

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Les Echos : Six insurers entering Zodiac Aerospace capital

Strategy Fund shareholdings between up to 350 million in the aerospace group.
And three. After about two years without announcing anything, the Strategic Fund investments (FSP) created in 2012 by four leading French life insurers - CNP Assurances, Predica (Crédit Agricole), BNP Paribas Cardif and Sogécap (Société Générale) - just taking his third in a major French company, namely Zodiac Aerospace. The operation, which must be announced Monday morning, amounts to € 350 million, slightly less than 4% of the capital of the world leader in equipment and aeronautical systems. "In 2012, when there were a lot of reflections underway on the life insurance and the role of insurers in financing the French economy in preparation for Solvency II, it seemed important to us to give more visibility to what we were doing and at the same time, consolidate our resources, "says Jérôme Grivet, the current president of the fund.
"The entry of FSP share capital of Zodiac Aerospace confirms the stability of our core shareholders and our value creation strategy over time," says in a statement Zarrouati Olivier, CEO of Zodiac Aerospace.
Managed by Edmond de Rothschild Asset Management, the FSP had in 2013 a little over 5% of the capital of small electrical SEB group and 6% of Arkema chemist. Respectively for 160 million euros and 335 million euros. The purpose of these investments was to last at least five years to enter the boards and support over time the companies concerned. The FSP has participated in the capital increase organized by the Arkema Group last year and now holds 6.5% of the latter.
Two new shareholders
In parallel, the FSP welcomed two new shareholders, Natixis Assurances and Groupama who have already participated in the entrance in the capital of Zodiac (investments in SEB and Arkema are reserved for top four insurers). The financial challenge for insurers is twofold: the first is to direct some of the longest of French savings, held in life insurance contracts that the insurers market, towards investments in shares they deem " consistent with their long-term liabilities ". The second is more related to an accounting item Solvency II: schematically an investment in shares requires an insurer to retain 39% of its equity participation. But recognizing a strategic investment status long term, as that given by the FSP, capital asset may be limited to 22%. What mitigate the effects of Solvency II on investments in shares of French insurers

Les Echos : Six assureurs entrent au capital de Zodiac Aerospace

Le Fonds stratégique de participations entre à hauteur de 350 millions dans le groupe d'aéronautique.
Et de trois. Après environ deux ans sans avoir rien annoncé, le Fonds stratégique de participations (FSP) créé en 2012 par quatre des principaux assureurs-vie français - CNP Assurances, Prédica (Crédit Agricole), BNP Paribas Cardif et Sogécap (Société Générale) - vient de prendre sa troisième participation dans une grande entreprise française, en l'occurrence Zodiac Aerospace. L'opération, qui doit être annoncée ce lundi matin, se monte à 350 millions d'euros, soit un peu moins de 4 % du capital du leader mondial des équipements et des systèmes aéronautiques. « En 2012, alors qu'il y avait beaucoup de réflexions en cours sur l'assurance-vie et le rôle des assureurs dans le financement de l'économie française en préparation de la directive Solvabilité II, il nous a semblé important de donner plus de visibilité à ce que nous faisions et, en même temps, de regrouper nos moyens », rappelle Jérôme Grivet, l'actuel président du fonds.
« L'entrée du FSP au capital de Zodiac Aerospace conforte la stabilité de notre actionnariat de référence et notre stratégie de création de valeur sur la durée », commente dans un communiqué Olivier Zarrouati, président du directoire de Zodiac Aerospace.
Géré par Edmond de Rothschild Asset Management, le FSP avait pris en 2013 un peu plus de 5 % du capital du groupe de petit électroménager SEB et 6 % du chimiste Arkema. Respectivement pour 160 millions d'euros et 335 millions d'euros. La vocation de ces participations était de durer au moins cinq ans, d'entrer aux conseils d'administration et d'accompagner dans la durée les entreprises concernées. Le FSP a ainsi participé à l'augmentation de capital organisée par le groupe Arkema l'année dernière et détient désormais 6,5 % de ce dernier.
Deux nouveaux actionnaires
En parallèle, le FSP a accueilli deux nouveaux actionnaires, Groupama et Natixis Assurances qui ont d'ores et déjà participé à l'entrée dans le capital de Zodiac (les participations dans SEB et Arkéma restant réservées aux quatre premiers assureurs). L'enjeu financier pour les assureurs est double : le premier est d'orienter une partie de l'épargne longue des Français, détenue dans les contrats d'assurance-vie que ces assureurs commercialisent, vers des investissements en actions qu'ils estiment « compatibles avec leurs passifs de longue durée ». Le second est davantage lié à un élément comptable de Solvabilité II : de façon schématique, un investissement en actions oblige un assureur à conserver 39 % de sa participation en fonds propres. Mais en reconnaissant un statut d'investissement stratégique de long terme, comme celui donné par le FSP, l'immobilisation en capital peut se limiter à 22 %. De quoi atténuer les effets de Solvabilité II sur les investissements en actions des assureurs français

>>> Telecom Italia shareholder Bollore could increase stake

Telecom Italia shareholder Bollore could increase stake 

Vincent Bollore, first shareholder of French media company Vivendi, could further increase stake in listed Italian telecommunication company Telecom Italia, Italian language daily Il Messaggero noted, quoting unnamed sources.

Bollore has planned a trip to Rome over the next few days where he will meet politicians and representatives from different financial institutions, the article noted. Bollore, who has 8.3% of TI voting rights, could further increase his stake to either 10%-12% or 15%-16%.

Bollore is thought to be looking for an Italian entrepreneur to make an alliance, the item reported. This entrepreneur could take a 2%-3% stake in Telecom Italia. Meanwhile, Bollore is likely to ask after the summer break a seat at Telecom Italia's board, the report added.

The original article appeared in print; Page 17

Il Messaggero

(BFW) Evonik Wants to Buy Clariant, Finanz und Wirtschaft Reports

Evonik Wants to Buy Clariant, Finanz und Wirtschaft Reports
2015-05-31 20:28:20.425 GMT


By Hugo Miller
(Bloomberg) -- Evonik Industries interested in acquisition
to bulk up in nutrient and care chemicals, Finanz und Wirtschaft
reports, citing two sources it didn’t name.

* Dutch company DSM also takeover target for Evonik
* Clariant CEO Hariolf Kottmann quoted by the paper as saying
“we don’t want to be taken over and that’s known within the
industry”
* An email to Evonik’s press office after hours wasn’t
immediately returned, nor was a call to Clariant’s press
line after hours.

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