(BFW) Bouygues Says Leaving Stock Market Wouldn’t Be a Viable Option


Bouygues Says Leaving Stock Market Wouldn’t Be a Viable Option
2015-05-23 09:49:03.267 GMT


By Marie Mawad
(Bloomberg) -- Bouygues CEO Martin Bouygues says he weighed
selling his company’s telecommunications unit and decided
against it.
* Bouygues cited in French weekly Investir
* “Taking the company off the stock market would be costly
and put the group in a tense financial situation,” Bouygues
says


Link to Company News:EN FP <Equity> CN <GO>

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To contact the reporter on this story:
Marie Mawad in Paris at +33-1-5530-6290 or
mmawad1@bloomberg.net
To contact the editors responsible for this story:
Kenneth Wong at +49-30-70010-6215 or
kwong11@bloomberg.net
Randall Hackley, Rachel Graham

(BFW) Draghi Says No Moment Better Than Now for Structural Reforms


BFW 05/23 14:04 Fed’s Fischer Says Prefers Active Infrastructure Program in U.S.
BFW 05/23 13:59 Kuroda Says Monetary Policy Can Help in Reform Implementation
BFW 05/23 14:14 *DRAGHI SAYS EFFECT OF LOW RATES ON SAVERS VERY SIGNIFICANT
BFW 05/23 14:13 *FISCHER SAYS HAVE TO RECOGNIZE THAT ZERO RATES AFFECT PEOPLE
BFW 05/23 14:10 *DRAGHI SAYS DON'T WANT TO BE INTRUSIVE IN PROPOSING REFORMS
BFW 05/23 14:10 *DRAGHI SAYS NO MOMENT BETTER THAN NOW FOR STRUCTURAL REFORMS
BFW 05/23 14:09 *DRAGHI: STRUCTURAL COMPONENT OF LOW GROWTH BIGGER THAN IN U.S.
BN 05/23 14:03 *ECB'S DRAGHI SPEAKS AT PANEL DISCUSSION IN SINTRA, PORTUGAL
BFW 05/23 14:02 *DRAGHI SAYS CAN MAKE CASE FOR GROWTH-FRIENDLY FISCAL EXPANSION
BN 05/23 14:01 *FED'S FISCHER SPEAKS AT PANEL DISCUSSION IN SINTRA, PORTUGAL
BFW 05/23 14:01 *FISCHER SAYS PREFERS ACTIVE INFRASTRUCTURE PROGRAM IN U.S.
BFW 05/23 13:54 *KURODA SAYS MONETARY POLICY CAN HELP IN REFORM IMPLEMENTATION
BFW 05/23 13:51 *KURODA SAYS STRUCTURAL REFORMS, CHANGES `QUITE IMPORTANT'
BN 05/23 13:46 *BOJ'S KURODA COMMENTS IN PANEL DISCUSSION IN SINTRA, PORTUGAL
BFW 05/23 13:46 *KURODA: UNEMPLOYMENT USEFUL GUIDE IN PURSUIT OF PRICE STABILITY
Draghi Says No Moment Better Than Now for Structural Reforms
2015-05-23 14:17:52.809 GMT


By Alessandro Speciale
(Bloomberg) -- Central bankers don’t “want to be
intrusive, don’t want to tell governments what to do,” theirs
is “very much a policy appeal to action,” European Central
Bank President Mario Draghi says.
* Structural component of low growth bigger in euro area than
in U.S.
* Draghi comments in panel discussion in Sintra, Portugal
* Can make the case for growth-friendly fiscal expansion,
Draghi says
* Effect of low rates on savers very significant

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Alessandro Speciale in Frankfurt at +49-69-9204-1201 or
aspeciale@bloomberg.net

To contact the editor responsible for this story:
Scott Lanman at +1-202-654-4379 or
slanman@bloomberg.net

(BFW) EDF Offers EU2b for Areva Reactors, Les Echos Reports


EDF Offers EU2b for Areva Reactors, Les Echos Reports
2015-05-22 19:51:29.914 GMT


By James Kraus
(Bloomberg) -- Offers “slightly” >EU2b for Areva NP
reactors, Les Echos reports, citing unidentified people close to
the matter.
* Valuation based on a multiple of 7.5 times Ebitda taking
into account restructurings implemented
* Offer is indicative and subject to due diligence, will be
adjusted for a firm offer
* Amount offered corresponds to ~1/3 Areva’s estimated
financing needs
* Offer includes engineering activities, reactor design
* NOTE: Earlier, Areva Needs a New Strategy to Overcome
Nuclear Power Losses

For Related News and Information:
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To contact the reporter on this story:
James Kraus in Geneva at +41-22-317-9232 or
jkraus2@bloomberg.net
To contact the editor responsible for this story:
Mariajose Vera at +49-89-244478-803 or
mvera1@bloomberg.net

>>> Weekly Market Update: Global Central Banks Still Got the Markets' Back

Weekly Market Update: Global Central Banks Still Got the Markets' Back


Assured by an apparent stabilization in global interest rates, market participants sent global equities higher this week on central bank largess and any scrap of perceived good news to hit the tape. In Europe, indices saw a marked upturn despite the emerging sense that Greece was headed for default, while the Shanghai Composite notched seven-year highs on a 7% gain for the week. After emerging from recession in Q4, Japan's Q1 GDP report was even better, growing by its highest rate in a year on an annualized basis at +2.4%. China data remained soft, but the implicit promise of more PBoC support no matter what kept stocks boisterous. US May data was tepid, and the FOMC minutes gave a strong feeling that the Fed would not be raising rates before September. Fed Chair Yellen's Friday afternoon speech did little to alter that notion. There was mixed economic data in Europe, but comments by ECB's Coeure that the ECB would front-load its QE purchases because of the seasonal lack of liquidity in the summer helped gird markets. The US 10-year yield is held near its 200 day moving average just above 2.2% and the Greenback found some buyers. The DJIA and S&P500 saw fresh all-time highs before some very modest selling late in the week, while the Nasdaq approached recent all-time highs. For the week, the DJIA ended down 0.2%, the S&P500 gained 0.2% and the Nasdaq rose 0.8%.

Weak May US economic data points further contributed to the feeling that the Fed would have a very hard time raising rates any time soon. The headline Markit May manufacturing PMI reading was softer for a second consecutive month, dropping to its lowest level since January 2014. Overseas markets continue to be a source of trouble: exports have fallen for two months and manufacturers warned the strong dollar was a big drag on their competitiveness in external markets. Meanwhile the May Philly Fed outlook dropped to 6.7 from 7.5 in April (which had been a four-month high). The NAHB survey of homebuilder confidence slipped lower in May, dropping to 54 from 56 in April, and missed expectations. Following the data, it was hard not to read deeply into this line from the FOMC minutes: "Many participants thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range had been satisfied." Yellen followed the minutes up by reiterating monetary policy would remain data dependent, and emphasized that though the economy continues to progress down the path towards rate normalization this year, the threshold for inflation/wages has not been met yet.

April US housing data reflects the choppy, fits-and-starts nature of the recovery so far. Housing starts rose in April to their highest level since November of 2007. Starts jumped more than 20% sequentially to 1.135 million, for the biggest m/m gain in 25 years. Starts for single-family homes hit their highest level since January 2008. April existing home sales declined slightly from March's very strong showing, due to a lack of supply more than anything else.

Another week and another summit has passed without a deal between Greece and its European creditors. Stale rhetoric was heard from both sides about "progress being made" and "concessions being discussed." Greece warned it needed a deal by June in order to make a series of large payments. More tellingly, there were reports that the IMF was not interested in being a party to the Greece situation after June, while late in the week German Finance Minister Wlfgang Schaeuble would not rule out Greek default as a possible outcome and mentioned (at a private event) that Greece may need a parallel currency alongside the euro if the country's talks with creditors fail. The Euro fell below the support level of 1.1060 in Fridays session. The Coeure comments on QE helped spark a general resurgence in the Greenback early on, while consternation surrounding Greece and Friday's hotter than expected core US CPI weighed on the Euro further.

Airline stocks stalled in a big way this week as the downsides of lower fuel prices emerged. Southwest hiked its capacity growth rate for 2015 to +8% from +7%, citing higher profitability due in part to cheap fuel lowering costs. After years of keeping capacity on a short leash, investors saw the move as the beginning of a competitive scramble by the airlines, and shares of the US majors were down ~12% a piece on the week, and below 200-day moving averages. The correction in airlines stocks helped push the Dow Jones Transports to new multi-month lows. Some analysts warned about the negative implications of the move, while others argued falling oil prices trumped "Dow Theory" in this case.

Whether quarterly results were good or bad, shares of big chain retailers lost ground this week. Walmart lost 4% on the week after the firm missed revenue expectations in its first-quarter report. Best Buy saw momentary gains after EPS topped expectations, but revenue and earnings were down considerably on a y/y basis (thanks to the firm winding down its Canada operations). The home improvement names had contrasting first-quarter results - Home Depot beat expectations across the board, Loews did the opposite - but shares of both lost ground on the week. Apparel names TJX and American Eagle racked up good gains on solid quarterly results, including very good comp growth. The Gap gapped lower as comps remained negative.

Six global banks - Bank of America, Citicorp, JPMorgan, Barclays, UBS and Royal Bank of Scotland - agreed to pay $5.8 billion and five of them agreed to plead guilty to charges tied to a FX market rigging investigation. UBS was granted immunity for its cooperation in the investigation. Separately, the Federal Reserve imposed fines of more than $1.6 billion on the five banks for "unsafe and unsound practices."

On the M&A front, CVS Health reached a deal to acquire pharmacy services provider Omnicare for about $12.7 billion, or $98 per share in cash plus $2.3 billion of Omnicare's debt. Omnicare is the largest provider of pharmaceutical services in nursing homes in the US. Time Warner Cable was back in the headlines as French cable giant Altice was reported to be holding talks to acquire the company. Altice's CEO later said at a conference that there were interesting opportunities for consolidation in the US, expect to be "right in the middle" of US cable consolidation. On Friday Salesforce.com popped again after CNBC's confirmed talks between MSFT and CRM progressed recently but the two companies' CEOs were unable to agree on price.

Shanghai Composite marched to a fresh 7-year high above 4,650, ending the week on a high note with an over 8% gain. The early look at May performance has done little to deter the PBoC from maintaining its increasingly more proactive easing path, as HSBC preliminary manufacturing PMI remained in contraction for the 3rd straight month. 49.1 print was below 49.3 expected, and the closely-watched component of new export orders also switched to contraction from expansion. In turn, the equity rally continues to be infused with explosion in retail trading activity, as the latest data showed China total margin debt hit a fresh record high of CNY2.01T, up nearly 5% in just a week.

Nikkei225 was also up moderately, racking up a 2.7% to finish above 20,250 after testing its own multi-year high above 20,300. Q1 GDP expanded for the 2nd consecutive quarter, this time at a more impressive pace of 2.4% on the year - a year high. The most impressive gains were made in the residential investment component, while private consumption continued its steady rise. As speculated after the release of the GDP data, the Bank of Japan took note of both of these trends in its latest monetary policy statement and raised the assessment of housing and consumption. Although the BOJ saw no progress on inflation with expectation of flat prices remaining, the improvement in other areas also allowed policymakers to lift their overall assessment for the first time in nearly 2 years.

>>> US Close Dow-0.29% S&P-0.22% Nasdaq-0.03% Russell-0.36%


Closing Market Summary: Stocks End Quiet Week on Flat Note

The stock market endured a range-bound Friday, which was a fitting end to a quiet week. The S&P 500 settled lower by 0.2% after spending the day in a six-point range while the Nasdaq Composite (unch) outperformed slightly. For the week, the S&P 500 added 0.2% while the Nasdaq gained 0.8%.

Equity indices began the day with slim losses after the Core CPI for April (+0.3%; consensus 0.2%) showed the largest monthly increase since January 2013. The hotter than expected reading invited speculation that an uptick in inflation could provide ammunition for an argument favoring a rate hike in the near term, which kept a lid on equities today.

Furthermore, Fed Chair Janet Yellen spoke at the Greater Providence Chamber of Commerce and reiterated that the central bank is ready to begin raising rates later this year. Once again, Ms. Yellen stated that in order to begin normalizing policy, the Fed needs to see continued improvements in labor market conditions and there needs to be reasonable confidence that inflation will move back toward the 2.0% target over the medium term.

Treasuries hit their session lows after Ms. Yellen's speech crossed the wires, but they returned to their intraday levels shortly thereafter. The 10-yr note settled in the middle of its intraday range, pushing the benchmark yield higher by two basis points to 2.21%.

Nine sectors ended the day in negative territory while technology (+0.02%) avoided a lower close by a hair and contributed to the daylong outperformance of the Nasdaq Composite. Shares of Apple (AAPL 132.54, +1.15) climbed 0.9%, underpinning the move, while Hewlett-Packard (HPQ 34.76, +0.93) gained 2.8% after reporting a one-cent beat and guiding Q3 earnings below consensus. Most other large cap sector members registered losses, but high-beta chipmakers offset some of that weakness with the PHLX Semiconductor Index adding 0.2%.

Elsewhere, industrials (-0.4%) lagged throughout the day with transport stocks responsible for the weakness. As a result, the Dow Jones Transportation Average fell 0.8%, extending this week's decline to 2.3%. The underperformance among transport names overshadowed a 4.3% spike in the shares of Deere (DE 93.33, +3.87) after the company beat bottom-line estimates on light revenue.

Similar to industrials, the energy sector (-0.4%) lagged throughout the day. Crude oil kept the sector under pressure, falling 1.7% to $59.66/bbl. For the week, WTI crude lost 1.5% while the energy sector fell 0.8%.

True to recent form, today's participation was well below average with just 604 million shares changing hands at the NYSE floor, which represented the lowest total observed so far in 2015.

Economic data was limited to the Consumer Price Index:
  • The CPI index increased an in-line 0.1% in April after increasing 0.2% in March 
    • After two consecutive months of increases, energy prices again turned negative in April with total energy prices falling 1.3% after increasing 1.1% in March 
    • Food prices were flat in April after declining 0.2% in March 
    • Excluding food and energy, core CPI increased 0.3% in April after increasing 0.2% in March while the consensus expected an increase of 0.2% 
      • That was the largest monthly increase in core prices since a 0.3% gain in January 2013 
Bond and equity markets will be closed on Monday in observance of Memorial Day.

On Tuesday, April Durable Orders (consensus -0.6%) will be reported at 8:30 ET while the Case-Shiller 20-city Index for March (consensus 4.6%) and March FHFA Housing Price Index will both be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of April New Home Sales (consensus 510K) and the Consumer Confidence report for May (consensus 94.0).
  • Nasdaq Composite +7.5% YTD 
  • Russell 2000 +4.0% YTD 
  • S&P 500 +3.3% YTD 
  • Dow Jones Industrial Average +2.3% YTD 

(BN) Time Warner Cable Said in Sale Talks With Altice, Charter (1)


Time Warner Cable Said to Be in Sale Talks With Altice, Charter
2015-05-22 20:59:03.455 GMT


By Ed Hammond, Manuel Baigorri and Dinesh Nair
(Bloomberg) -- Time Warner Cable Inc. is in talks about a
potential sale to either Altice SA or Charter Communications
Inc., people with knowledge of the matter said.
Talks are expected to continue through the weekend, and an
agreement with either suitor could be reached as soon as next
week, said the people who asked not to be identified discussing
private information. The talks may fall apart and there is no
certainty a deal will be reached, the people said.
A spokesman for Time Warner Cable declined to comment, as
did spokesmen for Charter and Altice.
Altice Chairman Patrick Drahi is seeking to expand his
telecommunications empire to a U.S. cable market that is being
quickly reshaped by a series of mergers. A bid for Time Warner
Cable could come just days after Altice agreed to buy Suddenlink
Communications for $9.1 billion. Cable providers are trying to
get bigger as their traditional business of selling TV service
comes under pressure from online rivals.
Last month, Comcast Corp., the nation’s biggest cable
company, dropped its plan to buy Time Warner Cable, the No. 2,
in the face of regulatory hurdles.
Charter Communications Inc., which had made a bid for Time
Warner Cable in 2014 before Comcast appeared to trump its
proposal, may pursue the company again. Advisers to Charter
contacted Time Warner Cable about possibly renewing talks as
soon as the deal with Comcast evaporated, people familiar with
the situation said.

For Related News and Information:
Altice to Acquire Suddenlink Stake in $9.1 Billion U.S. Deal
The French Billionaire Who Wants to Rule the U.S. Cable Business
Telecom Deals Are Back as Billionaires Jostle to Expand Empires
Top Stories: TOP<GO>
Top Deal Stories: DTOP<GO>
--With assistance from Gerry Smith in New York.

To contact the reporters on this story:
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net;
Manuel Baigorri in London at +44-20-3525-4457 or
mbaigorri@bloomberg.net;
Dinesh Nair in London at +44-20-3525-3212 or
dnair5@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net;
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net
Elizabeth Wollman

(BUS) Sandell Issues Open Letter to Chairman of PartnerRe

BFW 05/22 15:08 *SANDELL: CALLS ON PARTNERRE TO ACKNOWLEDGE EXOR OFFER SUPERIOR
BN 05/22 15:07 *SANDELL: CALLS ON PARTNERRE TO ACKNOWLEDGE EXOR OFFER SUPERIOR
BN 05/22 15:07 *SANDELL ISSUES OPEN LETTER TO CHAIRMAN OF PARTNERRE
Sandell Issues Open Letter to Chairman of PartnerRe
2015-05-22 15:07:00.117 GMT

Sandell Issues Open Letter to Chairman of PartnerRe

Calls on PartnerRe to Immediately and Publicly Acknowledge that Latest EXOR
Offer from May 12 Would “Reasonably Be Likely” to Result in a Superior
Proposal

Sandell Believes Board’s Behavior Raises Questions about Its Commitment to
Fair Process

Sandell Will Not Hesitate to Exercise the Rights Available to Hold the Board
Accountable to Shareholders

Business Wire

NEW YORK -- May 22, 2015

Sandell Asset Management Corp. (“Sandell”), today issued the following public
letter to Jean-Paul Montupet, Chairman of the Board of Directors of PartnerRe
Ltd.:

22 May 2015

Mr. Jean-Paul Montupet
Chairman, Board of Directors
PartnerRe Ltd.
Wellesley House South
90 Pitts Bay Road
Pembroke HM08
Bermuda

cc: David Zwiener, Interim CEO

By Email and By Courier

Dear Mr. Montupet,

As you know, we previously wrote to you, on May 13, 2015, expressing our
concern that, with respect to the EXOR offer, certain actions of the Board of
PartnerRe Ltd. (the “Company”) did not appear to have been in the best
interests of PartnerRe shareholders. Subsequent disclosures made by the
Company have provided some assurances regarding our concerns, but the
continued refusal to designate the EXOR offer as reasonably likely to result
in a “Superior Proposal” raises significant questions about the Board’s
commitment to a fair process.

As we stated in our letter, and in our subsequent conversation with Mr.
Zweiner, in our view, there is ample evidence that the latest EXOR offer from
May 12 “would reasonably be likely to result in a Superior Proposal” under the
merger agreement with Axis. We believe that PartnerRe should immediately and
publicly acknowledge this, and follow the process outlined in Section 5.8 of
the merger agreement with Axis - a process which was specifically negotiated
by PartnerRe. Based on our understanding of the Axis merger agreement, such a
determination would not jeopardize the potential merger with Axis. Rather, the
Board would be free to negotiate with EXOR before determining, in good faith,
whether to change its recommendation, while simultaneously initiating a
process that would permit Axis to improve its offer. We fail to understand how
the Board’s decision to ignore the merger agreement’s fair and well-defined
provisions that specifically contemplate the Company’s current scenario is
consistent with the Board’s stated desire to maximize value for all
shareholders.

While we understand the importance of maintaining a cordial relationship with
Axis, we would once again like to remind the Board that its first and foremost
duty is to the Company’s shareholders, its true owners. Consistent with our
own duties to our investors, we will not hesitate to exercise the rights
available to us to hold the Board accountable. We look forward to a
constructive dialogue and can be reached at 212-603-5700 at your convenience.

Yours sincerely,

Thomas E. Sandell
Chief Executive Officer
Sandell Asset Management Corp.

About Sandell Asset Management Corp.

Sandell Asset Management Corp. is a leading private, alternative asset
management firm specializing in global corporate event-driven, multi-strategy
investing with a strong focus on equity special situations and credit
opportunities. Sandell Asset Management Corp. was founded in 1998 by Thomas E.
Sandell and has offices in New York and London, including a global staff of
investment professionals, traders and infrastructure specialists.

View source version on businesswire.com:
http://www.businesswire.com/news/home/20150522005610/en/

Contact:

Sandell Asset Management Corp.
Adam Hoffman, 212-603-5814
or
Sloane & Company
Elliot Sloane, 212-446-1860
or
Dan Zacchei, 212-446-1882

-0- May/22/2015 15:07 GMT

WSJ : Nokia Seeks Higher Bids for Mapping Unit

Nokia Seeks Higher Bids for Mapping Unit
Finnish telecoms giant says it is in no rush to sell Here despite significant interest in unit

Nokia said Friday it was in no rush to sell its mapping services, increasing pressure on a crowd of tech and automobile suitors to raise their bets for an asset seen as an essential piece of technology for the advent of self-driving cars.

Nokia Chief Executive Rajeev Suri said the unit, called Here, had attracted “significant interest” but appeared to be holding out for higher bids.

“Let’s give it more time,” the Finnish telecommunications-equipment giant’s CEO was quoted as saying in an interview with the trade magazine European Communications. “We may not end up selling it if we don’t get the right value. It has to be a good competitive deal for Nokia and our shareholders.”

Whoever gets their hands on Here could determine who drives the next revolution in the automobile industry: the traditional car makers or the newly founded technology giants. That is because digital maps are the underlying navigation technology needed to enable cars to become self-driving and Here is considered the most advanced in this area.

Here’s rivals includes TomTom NV, a Dutch company that makes navigation and mapping products, and Google Inc., which has its own Google Maps and other navigation products.

Nokia said it was conducting a strategic review of the unit on April 15, on the day when it laid out plans to buy Alcatel-Lucent SA. Since then, the Finnish company has been shopping it around to potential investors. They have tendered bids of more than $3 billion, valuing Here at a hefty premium to the $2.2 billion that Nokia recently said was the company’s fair value.

Here, which has its main offices in Berlin and Chicago, was created on the basis of Navteq, a U.S. company Nokia bought for €5.7 billion ($6.3 billion) in 2008.

Among the group of private equity, technology and auto industry investors that have placed bids for the company, two key groups have emerged.

One is a consortium backed by German car makers BMW AG, Volkswagen AG’s Audi unit, and Daimler AG. They are teamed up with the private equity investor General Atlantic, according to people familiar with the situation.

The car makers placed a bid with Nokia last week, according to two people familiar with the situation. These people said Nokia is expected to make a decision on existing bids in mid June.

Uber, a ride-sharing service company, which has teamed up with Baidu, China’s largest search company, leads another group. Uber has offered to pay about $3 billion for Here, according to people familiar with the situation.

Analysts suggest that Uber could be interested in Here’s mapping service to create fleets of robot taxis. Uber recently acquired deCarta, a location-based services company with its own mapping technology. Uber is also looking into developing an autonomous vehicle that it would use with its services.