TheChek News Flow

Picasso Painting Sells for $179.4 Million; Sets Auction Record
2015-05-11 23:39:13.585 GMT


By Katya Kazakina
(Bloomberg) -- Pablo Picasso’s “Les Femmes d’Alger
(Version ‘‘O’’)” sold for $179.4 million, setting a record for
any artwork sold at auction.
The price for the painting, sold Monday at Christie’s in
New York, breaks the record held by Francis Bacon’s $142.4
million triptych since November 2013. The auction house had
valued the Picasso at $140 million, the highest presale target
of any work. The sale price includes commission.
Depicting a group of courtesans, the Picasso painting is
based on Eugene Delacroix’s work of a similar title. Picasso
explored the theme through a group of 15 paintings, designating
the versions from A to O.
The auction house’s special evening sale of 20th century
art called “Looking Forward to the Past” is continuing.

For Related News and Information:
Want to Avoid U.S. Taxes on $80 Million Warhol? Buy More Art
Art Degree Not Needed: New Sotheby’s CEO Offers Technology Savvy

To contact the reporter on this story:
Katya Kazakina in New York at +1-212-617-4837 or
kkazakina@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Mary Romano, Josh Friedman

Volkswagen to Break Up MAN, Frankfurter Allgemeine Zeitung Says
2015-05-11 18:00:00.4 GMT


By Richard Weiss
(Bloomberg) -- VW will move MAN’s truck and bus units,
including MAN Latin America, into newly founded Holding Truck &
Bus GmbH that will also include businesses of Scania, while
diesel engines business and Renk will be moved to VW,
Frankfurter Allgemeine Zeitung says, citing people familiar with
the plan.
* Andreas Renschler informed employees on Monday: FAZ
* MAN remains a separate legal entity listed on stock
exchange, while it will have no more operating units
* NOTE: Volkswagen Creates Truck Group to Push MAN, Scania
Cooperation

For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Richard Weiss in Frankfurt at +49-69-92041-287 or
rweiss5@bloomberg.net
To contact the editor responsible for this story:
Benedikt Kammel at +49-30-70010-6230 or
bkammel@bloomberg.net

Allianz Most Exposed to Greece Amid Roller-Coaster Bailout Talks
2015-05-11 15:56:23.486 GMT

By Bloomberg News

Allianz, parent of bond investor Pimco, is more exposed to Greece than any
other company required to disclose debt holdings as roller-coaster bailout
talks continue in Brussels, the latest filings show.

Bloomberg functions can analyze exposure to any country's debt and related
risks by tallying and cross referencing data from public filings across the
globe.

Type "Greece" in the command line and select '1004Z GA Equity' from auto
complete to load the country's ticker. Then type "aggregated debt" and select
'AGGD' or use the { 1004Z GA Equity AGGD <GO> } shortcut.

The European Central Bank holds by far the most Greek government debt, almost
33 percent. Second and fifth on the list of funds, money managers and banks
that file publicly are Pimco entities, with holdings totaling almost 1 billion
euros. 
Greek Debt Holders
To see which bonds Pimco Advisors held, click that row. Then look at which
Pimco funds how much of each bond, click on the row again. That screen reveals
the source filing and its date; most Pimco holdings are as of December. 

To find companies with direct and indirect Greek risk, type "bond search" and
select 'SRCH'. Click 'Asset Classes' in the 'Select Universe' section, check
the 'Consolidate Duplicate Bonds' box and click 'Update'. Now choose the "Ask
a question" option on the upper right and type "Greek risk" to show bonds with
Greece as the country of risk. Click 'Results' at bottom for a list that
includes sovereign, government, agency and corporate bonds from Greece.

Fixed Income Search: 'Ask a question'
Now group them by holders: Click the 'Matrix' tab atop the table and change
amber box beneath 'Rows' to 'Issuer Name' and click 'Apply' at the bottom.
Click on an issuer to see its bonds or on the 'Holders' tab to see exposed
creditors.
SRCH Results for Greek Risk by Issuer
The data are pulled from public filings, so the list doesn't include investors
not required disclose their holdings. The percentage of total debt held by the
public filers is listed to the right of '% Out' above the table: More than 22
percent.
The table shows Allianz has the most exposure after the ECB. 

For more information:
Pimco Says 30% to 40% Chance of Greek Default Priced In: { NSN
NO6ICT6TTDS6<GO> }

Greece Courts Creditors’ Blessing With ECB Funding at Stake: { NSN
NO6S5Z6KLVRF<GO> }

The Lessons for Greece’s Economy From 70 Currency Union Breakups: { NSN
NO6IW66VDKHS<GO> }

European Debt Crisis News: { EXT4 <GO> } or { TOP CRIS <GO> }

List of Creditors Exposed to Greek Risk from SRCH
To contact the editor of this { FFM<GO> } article:
Phil Kuntz, FFM News team leader: +1-212-617-5486 or  pkuntz1@bloomberg.net

To suggest ideas for Functions for the Market or provide feedback: 
ffmeditors@bloomberg.net
-0- May/11/2015 15:56 GMT

BFW 05/11 22:58 Mylan Chairman Said to Consider Perrigo Sweeteners to Make Deal

Mylan Chairman Said to Consider Perrigo Sweeteners to Make Deal
2015-05-11 22:54:00.127 GMT


By Cynthia Koons and Jeffrey McCracken
(Bloomberg) -- Mylan NV’s chairman told investors he may
sweeten the company’s cash-and-stock offer for Perrigo Co. by
adding terms to reduce the risk to its shareholders, said people
who recently met with him.
In private meetings with investors, Mylan Executive
Chairman Robert Coury was adamant that Mylan won’t be bought by
Teva Pharmaceutical Industries Ltd., which has made an
unsolicited bid for Mylan. Teva’s offer for Mylan is contingent
on Mylan dropping its bid for Perrigo.
Instead, Coury laid out other scenarios that could play
out, according to the people, who asked not to be named because
the meetings were private. In one possibility, Coury suggested a
Mylan-Perrigo combination would be an attractive future target
for Pfizer Inc., and that Pfizer could use a deal to move its
legal address abroad and lower its tax rate.
Perrigo has rejected Mylan’s most recent offer of $75 in
cash and 2.3 Mylan shares for each Perrigo share. Coury said
Mylan could add payments to Perrigo in the event a deal fell
apart, or include other sweeteners to reduce the risk to Perrigo
shareholders, said the people.
Mylan spokeswoman Nina Devlin declined to comment on the
meetings. Representatives for Teva and Perrigo didn’t
immediately respond to requests for comment, and Pfizer declined
to comment.
Mylan, a generic drugmaker, has made two unsolicited
takeover overtures for Perrigo, which generates about half of
its sales from consumer health-care products. Perrigo has
rejected those offers.
Teva, meanwhile, has made a $40.1 billion offer to buy
Mylan. Mylan has rejected that as well, calling it a bad
cultural fit that couldn’t get cleared by U.S. antitrust
regulators.

Why Not Novartis

At the meetings with investors, Coury also brought up the
idea that Mylan could eventually make a deal with Novartis AG’s
generic business Sandoz, the people said. One possibility raised
was Mylan buying Sandoz in exchange for a stock stake in Mylan,
said one of the people.
Novartis declined to comment.
Mylan’s rejections of Teva have been firm. In a public
letter on April 27, Mylan said Teva’s opening offer of $82 a
share “grossly undervalues” the company and that the Israeli
drugmaker shouldn’t even bother coming back until it’s prepared
to pay “significantly in excess of $100 per share.”
Teva responded with a letter of its own, asking Coury to
quit the “mudslinging.”


For Related News and Information:
Today’s most read health-care stories: MNI HEA <GO>
Bloomberg Intelligence Pharmaceuticals dashboard: BI PHRM <GO>
Bloomberg Intelligence Biotechnology dashboard: BI BIOT <GO>
S&P’s Pharmaceuticals Index: S5PHAR <INDEX> MRR 10 <GO>
Top health news: HTOP <GO>
Top Bloomberg news: N <GO>

To contact the reporters on this story:
Cynthia Koons in New York at +1-212-617-5253 or
ckoons@bloomberg.net;
Jeffrey McCracken in New York at +1-212-617-8517 or
jmccracken3@bloomberg.net
To contact the editors responsible for this story:
Crayton Harrison at +1-212-617-6145 or
tharrison5@bloomberg.net
Drew Armstrong

BFW 05/11 22:01 *PALL SAID NEAR DEAL TO SELL NEAR VALUATION OF $10B: WSJ

Pall Said Near Deal to Sell Near Valuation of $10b: WSJ
2015-05-11 22:04:26.769 GMT


By Theo Mullen
(Bloomberg) -- Danaher and Thermo Fisher Scientific are
said to be vying for Pall, with final bids due later this week,
WSJ said, citing people familiar.
* Price couldn’t immediately be learned and the talks may not
lead to a deal: WSJ
Story: http://on.wsj.com/1dY9ZkG
Link to Company News:{PLL US <Equity> CN <GO>}
Link to Company News:{DHR US <Equity> CN <GO>}
Link to Company News:{TMO US <Equity> CN <GO>}

For Related News and Information:
First Word scrolling panel: {FIRST<GO>}
First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story:
Theo Mullen at +1-404-507-1301 or
tmullen11@bloomberg.net

Glaxo CEO Sees ‘Stretched’ Valuations in Pharmaceutical M&A: FT
2015-05-11 19:39:20.316 GMT


By Jim Silver
(Bloomberg) -- Low interest rates cause “a discipline
reduction,” increasing “the probability of people making poor
choices,” CEO Andrew Witty says in interview, according to FT.

* “Some of these valuations look stretched,” Witty says
* Witty declines to cite specific deals as examples
* Glaxo won’t “get drawn into the idea that just because
money is cheap we can do anything”
* Story link


For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>

To contact the reporter on this story:
Jim Silver in New York at +1-212-617-7342 or
jsilver@bloomberg.net
To contact the editors responsible for this story:
Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net
Robin Stringer