(JPM) Syngenta - Further thoughts on Syngenta as an acquisition target

Syngenta (SYNN VX, UW – SF395.80, PT SF240.00) (Ben Scarlett)
Further thoughts on Syngenta as an acquisition target
In this note, we follow up on our earlier comments (link) regarding Syngenta as a potential
take-over target, and address some of the common questions posed to us by investors
following Monsanto’s bid. As a general comment, we expect discussions to persist and
the question is whether or not Monsanto elects to put the offer to Syngenta’s
shareholders, or indeed raises the offer. In our view, a deal appears achievable, with antitrust
restrictions likely to represent the greatest challenge, based on the presumption
Syngenta’s Board at some point accepts a bid. Finding a suitor for Syngenta’s Seeds
business – for which at least a partial disposal is likely to be required to fulfill anti-trust
requirements – is unlikely to pose a problem. However, there may prove to be greater
difficulties in meeting requirements with regards to disposals/sales of herbicide assets,
where a Monsanto-Syngenta combination would otherwise have a substantial market
share in North America and Latam, and in the non-selective markets globally. Overall, we
estimate 15-20% of Syngenta’s sales could be subject to anti-trust considerations. We
estimate potential synergies will likely be in the $600-700m region, but note this figure

>>> Mediobanca confirms plans to sell stakes in Telecom Italia and other compani

Mediobanca confirms plans to sell stakes in Telecom Italia and other companies (translated)

Mediobanca, the listed Italian investment bank, has confirmed plans to sell its 1.16% stake in Telecom Italia, Italian language daily Il Sole 24 Ore reported.

Mediobanca CEO Alberto Nagel said the sale of the stake in TI and a 4.1% stake in listed Italian tyre maker Pirelli is slated for 3Q15.

Nagel also said that Mediobanca would reduce its stake in listed Italian insurer Generali from 13% to 10%, most likely in 1Q16, the report added. He further noted the shares could be used to make a buy in asset management, the article added.

Nagel also confirmed that Mediobanca planned to sell its 6% stake in listed Italian media group RCS but the timing of the sale would depend on the value of RCS' shares.

The report also cited Nagel as welcoming the entry of Vivendi into TI as “great news,” as Vivendi would act as a stable shareholder.

Telecom Italia has a market cap of EUR 19.46bn.


The original article appeared in print; Page 21
Il Sole 24 Ore

--> List of Medionaca Holding (According to bbg)
Generali G IM : 12.46% ~3.83bil
Pirelli PC IM : 3.95% ~ 325mil
RCS Mediagroup RCS IM 9.93% ~69mil
Italmobiliare IM IM 8.14% ~60mil
Nice NICE IM 3.19% 13mil
Piquadro PQ IM 6.33% ~5.8mil

(UBS) Syngenta - Monsanto likely to raise offer – Upgrade to Buy

Rejected CHF 449/share offer likely to be sweetened (with Monsanto equity)
We upgrade to Buy. From an analysis of historically achieved merger savings in the crop protection and seeds industry (peak savings in year 3 post deal of between 5-9% of combined sales ex antitrust divestments) we estimate a maximum bid premium of $19.53bn, or CHF 202/sh. Our base case share price scenario of CHF 475 would imply
that 70% of savings end with Syngenta shareholders. Monsanto could pay a strategic price above CHF 535/sh, based on our analysis. Next to financial/valuation headroom, industry logic dictates Mon's agenda we think: low crop prices, addition of chemistry to the tech toolbox, lack of white knights, a 'reboot' of the integrated offer.

EPS accretion/dilution from a Monsanto perspective yields the same conclusion
Constructing pro forma accounts for Monsanto leads us to conclude that the deal in its currently proposed (but rejected) form (ie CHF 449/share, 45% in cash) would accrete 12% to Monsanto's earnings. Assuming a raised offer via issuance of more equity, but no earnings accretion (ie another way of looking at a 'strategic M&A premium), we
compute a best case scenario offer price (from Syngenta's perspective) of CHF 540, broadly in line with the upside scenario computed via the savings route.

Antitrust manageable, white knights unlikely (timing), pressure on the top 6
We had (incorrectly) assumed that industry consolidation would start once the situation at Dow Chemical clears up. Dow and Du Pont are busy with asset deconsolidation and face activist pressure. A BASF/Syn combo would face significant antitrust in chemicals, no savings potential in Seeds and financing hurdles (BASF has never issued equity in its corporate history), although a potential end of the BASF/Mon collaboration in output traits would likely leave BASF isolated. Bayer's balance sheet is stretched (Merck OTC) but it is a potential bidder for assets that competition authorities mandate for disposals (UBSe c$3bn sales: non-selective herbicides, US corn seed, global soy, and vegetable seeds). If successful, the Mon/Syn combo will lead to mounting consolidation pressure.

Valuation: UBSe base case assumes Monsanto pays away 70% of $2bn savings
Having used a standalone DCF and multiples before, we set PT using the undisturbed share price plus NPV deal savings. Our base case of CHF475 implies that 70% of estimated savings are paid away to Syn shareholders. In our upside case of CHF535 shareholders receive 100% of deal savings (ie Monsanto paying a 'strategic' multiple).

(BFW) Afren Decides Not to Make Interest Payment on 2019 Bonds

Afren Decides Not to Make Interest Payment on 2019 Bonds
2015-05-11 06:19:47.39 GMT


By Benjamin Dow
(Bloomberg) -- Upon expiration of 30-day grace period,
board decides not to make $12.8m interest payment to preserve
cash until full restructuring has been completed.
* Statement

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

To contact the reporter on this story:
Benjamin Dow in Moscow at +7-495-771-7735 or
bdow2@bloomberg.net
Benjamin Dow

>>> What to look at today - 11th of May 2015

Nikkei225 and Shanghai Composite are leading the charge in the far east to open up the new trading week. The former - Nikkei225 - is benefiting from weaker Yen amid overall risk-on mode after the Wall St rally on Friday, even though the non-farm payrolls data were largely in line. Shanghai Composite meanwhile has added to a 2%+ rebound on Friday with another 1.1% rise after the weekend move by the PBoC to cut key rates for the 2nd time this year. The easing - a 25bp cut in deposit and lending rates to 2.25% and 5.10% respectively - was widely telegraphed by analysts following last week's downbeat trade numbers, though PBoC also noted it will continued to "promote real interest rates back towards reasonable levels" in response to the economy facing downward pressure. Meanwhile, economists with ANZ and Nomura anticipate further key rates moves by the PBoC amid powerful headwinds to the economy. Also out of China over the weekend and just ahead of the central bank easing, April CPI inflation rose by a decimal to a 4-month high of 1.5% but still missed expectations. YTD CPI of 1.3% was also underwhelming, as it remains well below the official 2015 target of 3.0%. Food CPI was once again much higher at 2.7% vs 0.9% for non-food, although Stats Bureau researcher said the "supply of meat and fresh vegetables has been stable, so there are no expectations of a sharp jump in food prices in the near term." EUR/USD is consolidating some of its recent gains, falling about 80pips below $1.1140. Greece remained in the headlines ahead of Monday meeting with European creditors, as PM Tsipras called for "clear confirmation of the progress that has been made" in expressing optimism that a breakthru at today's talks can be achieved. Earlier, Dep Foreign Min Tsakalotos (debt negotiation team) also said "the deal is very close and will be reached in the coming period."

Nikkei +1.22% Hang Seng +0.63% Shnaghai +2.14%

Eur$ 1.1146 RUB $51.2855 EURCHF 1.0415 CHF 0.9339 GBP 1.5418 WTI $59.31 (-0.13%)

S&P -0.01% EuroStoxx +0.06% Dax +0.05% SMI +0.12%


Macro :
- China Cuts 1-Year Interest Rates by 0.25 Percentage Point
- China Adds Stimulus With Third Interest-Rate Cut in Six Months
- Greece Cuts 2015 Growth Forecast, Reuters Reports
- Iran Can Raise Oil Exports by 500,000 Bpd Once Sanctions Lifted
- China April Consumer Prices Rise 1.5% Y/Y; Est. 1.6% Gain
- Greek Deal With Creditors to Unlock 7 Projects: Kathimerini
- German Fin Min Schaeuble: concerned about potential for surprise default in Greece; Germany will do everything to keep Greece in the eurozone 
- Norway Christian Democrats to Seek More Oil Fund Exclusions
- Merkel Pressed to Give Up on Greece as Germans Urge Strong Euro

Keep an eye on :
- ABBN VX : ABB CEO Tells SRF He Plans No Big Restructurings, Wants to Build
- AH NA : Ahold, Delahize Decline to Comment on Merger Talks Report
- AIR FP : Airbus A400M Crash, First Ever, Leaves 4 Dead, 2 Injured
- AIR FP : Airbus Says Test Flights of A400M Aircraft to Proceed: Reuters
- AF FP : Air France-KLM: Says April Passenger Traffic Flat
- AREVA FP : Areva-EDF Solution to Be Found Before Summer, Echos Says
- ATL IM : Atlantia 1Q Ebitda Misses; Italy Traffic +0.9%
- BARC LN : U.K. Banks May Get GBP4b Windfall From Visa Deal, Sky Reports
- BMPS IM : Monte Paschi Sees Possible Merger With Cooperative Banks: Sole
- BMW GY : BMW CEO Faces Investor Opposition to Chairmanship Move: FAS
- BP/ LN : US appeals court finds the company can appeal damages awards from oil spill in the Gulf of Mexico (Deepwater Horizon) - financial press - Court finds existing rules of settlement that gave the claims fund administrator full discretion on paying claims violated BP's rights by not providing it with acceptable methods to for it to appeal decisions.
- CA FP : Carrefour Brazil shareholder Diniz negotiating BRL 1bn raise from Qatari fund to boost stake 
- DPW GY : Deutsche Post Faces Strikes After Wage Talks Collapse: Ver.di
- GIL GY : DMG Mori Seiki AG to Be Renamed DMG Mori AG, CEO Says at AGM
- ERF FP : Eurofins Says It Can Easily Achieve 2015 Targets
- EXO IM : Exor Said to Weigh PartnerRe Bid Raise at Tues. Meeting: Reuters
- EXO IM : Exor Agrees to Sell Cushman & Wakefield to DTZ For $2b
- EXO IM : Exor may weight M&A alternative to Partnerre by 2015 - Repubblica
- FIS1V FH : Fiskars Buys WWRD Group of Companies for $437m
- GEA GY : GEA Group 1Q Ebitda Rises, Profit Drops; Raises Forecast
- MB IM : Mediobanca confirms plans to sell stakes in Telecom Italia and other companies - Il Sole 24 ore
- MEO GY : Metro plans to enter new markets; acquisitions possible -http://bit.ly/1K0OXz5
- ONTEX BB : Ontex 1Q Adj. Ebitda Rises 5.7% to EU52m; Targets Wider Margin
- PFV GY : Pfeiffer Vacuum may make large acquisitions- http://bit.ly/1ElK8JV
- QSC GY : QSC 1Q Rev. Falls 4%; Says Had Good Start to Yr, Keeps Forecast
- ROG VX : Roche to Present Pivotal Data in Lung, Blood Cancers at ASCO
- ROG VX : Roche Wins FDA Approval for Cobas KRAS Mutation Test
- SGO FP : Saint-Gobain Remains Open for Talks With Sika Board, CEO Says
- SCYR SM : Blackstone, Merlin Among Bidders for Sacyr’s Testa: Expansion
- SIE GY : EU Regulators Said Set to Unconditionally Clear SI/DRC: Reuters http://reut.rs/1Qwp9Ma
- SYNN VX : Syngenta trading higher in NYC on report of Shareholders backing a $50b deal
- SYNN VX : Monsanto to Pursue Syngenta Takeover After Bid Rejected: Reuters
- SYNN VX : Monsanto l ikely to sweeten Syngneta offer after rejection - UBS
- TLX GY : Talanx 1Q Net Rises 16% to EU251m; Sticks to Outlook
- TEVA IT : Mylan chairman tells investors he would consider buying Teva http://reut.rs/1H5lW1F
- UBER IPO : Uber Fund-Raising Points to $50 Billion Valuation - NYT
- V US : Said to be in early stage talks to buy Visa Europe for as much as $20B
- VASTN NA : Vastned Confirms 2015 Guidance for Direct Result/Share
- VOW3 GY : Skoda Auto Doesn’t See Quick Recovery of Russian Market: Wojnar
- WDF IM : World Duty Free sale faces demand for regulatory investigation after Benettons choose Dufry over higher Chinese bid - FT http://on.ft.com/1HbQeTa

>>> Europe : Brokers Upgrades & Downgrades - 11th of May 2015

>>> Up 
*ABERTIS RAISED TO OUTPERFORM AT RBC CAPITAL
*AZIMUT RAISED TO NEUTRAL VS UNDERPERFORM AT MAINFIRST
*BODYCOTE RAISED TO BUY VS NEUTRAL AT CITI
*JERONIMO MARTINS RAISED TO HOLD VS SELL AT BERENBERG
*ROCKET INTERNET RAISED TO BUY VS NEUTRAL AT UBS

>>> Down
*ABERDEEN ASSET CUT TO HOLD VS BUY AT SOCGEN
*ANTOFAGASTA CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC

>>> PT Change


>>> Initiation
*ALTICE RATED NEW OUTPERFORM AT RBC, PT EU115
*QUINTAIN ESTATES RATED NEW BUY AT LIBERUM, PT 135P

>>> Call

FT : Call for probe into Benetton duty-free sale


Italian regulators have been urged to investigate the auction that led to the Benetton family agreeing to sell World Duty Free group for €3.6bn to a Swiss buyer, amid allegations that the family holding ignored a substantially higher offer from a Chinese bidder.
The Benettons hold a 50.1 per cent stake in WDF through Edizione, the family holding company, allowing it to overrule minority shareholders.

In March, the holding company said it had agreed to sell the international airport retailer to Dufry, a Swiss rival, for €10.25 a share, rejecting offers from two other bidders.
The deal, if completed, would create the world’s biggest travel retail group, with duty-free stores in hubs such as London Heathrow, New York’s John F Kennedy airport, Madrid, Barcelona, Moscow and São Paulo.
According to documents seen by the Financial Times, one of the bidders — the Chinese Boyu group — offered to take over the company at a price of €12.30 a share, a premium of 20 per cent over the winning bid.
That discrepancy is at the centre of a formal complaint sent by a Spanish minority shareholder to Consob, the Italian stock market regulator.
The complaint urges Consob to open a “full investigation on this matter as it is obvious there was a better offer in the market”.
Speaking after the deal was announced, Gianmario Tondato da Ruos, the chairman of WDF, acknowledged that the company had received higher bids.
“The problem was that they were all conditional,” he told the Moodie Report.
But a representative of Boyu, which operates the duty-free shops at Beijing and Shanghai airports, denied there was a difference in conditionality. “The conditions presented in our offer were not different at all from those given in the winning offer.”
A spokesman for Italy’s stock market regulator Consob said that it had received the emailed complaint from the Spanish minority investor.
The spokesman added that Consob was undertaking the normal process of investigation of the offer on WDF as the regulator would in any takeover situation.
Italy has become a major target for Chinese investors and outranked the US and the UK as the main destination for Chinese outbound investment over the past 12 months by value following a €7bn deal struck in March for ChemChina to take over Italian tyres group Pirelli.
The slew of successful deals by Chinese investors in Italy, where asset prices have fallen during a three-year recession and a new government has pursued a more open investment policy, have underlined rapidly improving Chinese outbound dealmaking skills over the past two years, say bankers, although they admit some anomalies.
NIT Holding, a Hong Kong-based group, issued a statement last year saying it was ready to put €10bn into Italy’s third-largest bank Monte dei Paschi di Siena, putting a rocket under the lender’s shares.
Monte Paschi subsequently issued a statement the terms of the offer were so vague and imprecise that it could not be taken seriously by the board.

(LeTemps.ch) Saint-Gobain cherche à rétablir le dialogue avec Sika Willy Boder

Saint-Gobain cherche à rétablir le dialogue avec Sika
Willy Boder

Pierre-André de Chalendar lâche du lest dans une lettre ouverte

Un nouvel épisode intervient dans le feuilleton ouvert début décembre 2014 par la vente discrète d’un paquet d’actions du groupe chimique suisse Sika au géant français Saint-Gobain par la famille propriétaire Burkard.

Pas moins de six procédures judiciaires sont en cours ou en voie d’être ouvertes pour défendre ou combattre cette transaction qui permet à Saint-Gobain, spécialisé dans les matériaux de construction et la chimie associée au bâtiment, de prendre une majorité de contrôle de Sika en détenant 16,1% du capital.

Incertitude néfaste

Ce conflit, dont l’issue reste toujours incertaine, inquiète les analystes financiers, s’il devait perdurer, en raison de l’incertitude qu’il fait peser sur l’avenir de Sika, dont les 16 000 employés peuvent se sentir déstabilisés. Face à la détermination du conseil d’administration de Sika, présidé par Paul Hälg, de s’opposer à la transaction, avec un fort appui des actionnaires majoritaires en nombre d’actions mais minoritaires en nombre de voix, le patron de Saint-Gobain, Pierre-André de Chalendar, tente de faire pencher la balance de son côté.

Dans une lettre ouverte adressée aux actionnaires, aux employés et aux clients de Sika, Pierre-André de Chalendar rappelle les promesses déjà faites, à savoir le maintien du siège de Sika en Suisse et la préservation au maximum de la culture d’entreprise et de l’autonomie du groupe suisse, qui devrait être intégré dans Saint-Gobain en tant que filiale.

Cette lettre ouverte, publiée dans deux journaux dominicaux alémaniques, est écrite sur un mode nettement plus conciliant que les déclarations précédentes provenant du groupe français, dix fois plus important en chiffre d’affaires annuel que Sika, qui a affiché l’an dernier des ventes pour 5,57 milliards de francs, en hausse de 8,3%.

Réseau à l’étranger préservé

Pierre-André de Chalendar a toujours affirmé, sans être pris au sérieux par la direction et le conseil d’administration de Sika, qu’une autonomie maximale du groupe suisse serait assurée. Dans sa lettre ouverte, le patron de Saint-Gobain fait un pas de plus dans cette direction. Après avoir répété les promesses de maintien de la cotation et du siège social en Suisse, il lâche du lest sur le réseau des succursales à l’étranger.

Dans son plan initial, Saint-Gobain entendait remanier totalement le réseau en confiant les activités commerciales du nouveau groupe soit à Sika, soit à Saint-Gobain, selon l’importance des affaires dans tel ou tel pays. Les deux entreprises étant fortement concurrentes dans le domaine du mortier, cette intention a soulevé une vive opposition de la part des dirigeants de Sika. Or, Pierre-André de Chalendar lâche pour la première fois du lest sur ce point en promettant que les succursales de Sika à l’étranger pourront être conduites sans changement comparé à la situation actuelle.

Reste à savoir si cela sera suffisant pour amener à la table de négociations les dirigeants de Sika, renforcés par le fort soutien des actionnaires le 14 avril lors de l’assemblée générale. Sur le plan juridique, la décision de la Cour de cassation du Tribunal cantonal de Zoug sur le blocage des propositions de changement de majorité décidé par les actionnaires est la plus attendue.

(BFW) German Stocks Attract Investor Interest After April Slump


German Stocks Attract Investor Interest After April Slump
2015-05-10 23:03:16.92 GMT


By Roxana Zega and John Simpson
(Bloomberg) -- German stocks, rejected by investors in
April, are luring them back this month as buyers added most in a
year -- more than EU570m -- to the biggest exchange-traded fund
tracking the equities last week.
* Benchmark DAX Index had its biggest jump in 2 mos. on
Friday, options data show traders betting on further gains
* Most-owned contract is calling for a 2.5% advance by June
* While DAX’s biggest monthly loss since July has seen
valuations sinking to lowest level this yr relative to
Europe’s equities, decline is opportunity to invest in
German cos., according to Didier Duret of ABN Amro Bank
* Economists have increased nation’s growth forecast each mo.
this year, raising appeal of its shares
* “Valuations were discounted by the correction, so it is a
good thing,” said Duret. “Germany remains the engine of
growth in Europe. If you act on fundamentals, you should
buy”

Link to Story: NSN NO5CBB6KLVR4<GO>

For Related News and Information:
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To contact the reporter on this story:
John Simpson in Toronto at +1-416-203-5726 or
jsimpson12@bloomberg.net
To contact the editor responsible for this story:
Andrea Snyder at +1-202-624-1831 or
asnyder5@bloomberg.net

>>> Asian Update

Asian Mid-session Update: PBoC pulls the rate cut trigger again after soft trade and underwhelming CPI data

***Economic Data***
- (CN) PBOC CUTS 1-YEAR BENCHMARK RATES BY 25 BPS, EFFECTIVE MAY 11
- (CN) CHINA APR CPI Y/Y: 1.5% V 1.6%E; 4-month high
- (CN) CHINA APR PPI Y/Y: -4.6% V -4.5%E; (38th straight month of decline)
- (AU) AUSTRALIA APR NAB BUSINESS CONFIDENCE: 3 V 3 PRIOR; CONDITIONS: 4 V 6 PRIOR
- (NZ) NEW ZEALAND APR TOTAL CARD SPENDING M/M: -1.1% V +1.2% PRIOR; RETAIL SPENDING M/M: -0.7% V +0.5%E (1st decline in 9 months)

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +1.3%, S&P/ASX +0.2%, Kospi +0.9%, Shanghai Composite +1.1%, Hang Seng +0.7%, Jun S&P500 flat at 2,108

***Commodities/Fixed Income***
- Jun gold flat at $1,184/oz, Jun crude oil -0.1% at $59.33/brl, May copper -0.7% at $2.91/lb
- (JP) BOJ offers to buy ¥375B in 1-3yr JGBs, ¥375B in 3-5yr JGBs, ¥240B in 10-25yr JGBs, and ¥140B in JGBs with maturity over 25-yr
- GLD: SPDR Gold Trust ETF daily holdings fall 10.8 tonnes to 728.3 tonnes; lowest since Jan 16th - update

***Market Focal Points/FX***
- Nikkei225 and Shanghai Composite are leading the charge in the far east to open up the new trading week. The former - Nikkei225 - is benefiting from weaker Yen amid overall risk-on mode after the Wall St rally on Friday, even though the non-farm payrolls data were largely in line and the initial USD/JPY reaction was to the downside. In early Monday trade, USD/JPY is up about 20pips above 119.90. Shanghai Composite meanwhile has added to a 2%+ rebound on Friday with another 1.1% rise after the weekend move by the PBoC to cut key rates for the 2nd time this year. The easing - a 25bp cut in deposit and lending rates to 2.25% and 5.10% respectively - was widely telegraphed by analysts following last week's downbeat trade numbers, though PBoC also noted it will continued to "promote real interest rates back towards reasonable levels" in response to the economy facing downward pressure. Meanwhile, economists with ANZ and Nomura anticipate further key rates moves by the PBoC amid powerful headwinds to the economy.

- Also out of China over the weekend and just ahead of the central bank easing, April CPI inflation rose by a decimal to a 4-month high of 1.5% but still missed expectations. YTD CPI of 1.3% was also underwhelming, as it remains well below the official 2015 target of 3.0%. Food CPI was once again much higher at 2.7% vs 0.9% for non-food, although Stats Bureau researcher said the "supply of meat and fresh vegetables has been stable, so there are no expectations of a sharp jump in food prices in the near term."

- In other USD majors, the greenback was particularly firm against NZD in early going. NZD/USD fell about 100pips below $0.74, as both ANZ and First NZ Capital forecast RBNZ cutting cash rates by 50bps this year. ANZ pointed to "high NZD, dairy income squeeze, inevitability of a prudential response toward housing and continued low core inflation reads" in calling for lower OCR. AUD/USD also fell by about 50pips in early going below 0.7880 as traders await Australia's annual budget that will be unveiled late on Tuesday. PM Abbott said it will not be especially dramatic but rather "measured, responsible and fair".

- EUR/USD is consolidating some of its recent gains, falling about 80pips below $1.1140. Greece remained in the headlines ahead of Monday meeting with European creditors, as PM Tsipras called for "clear confirmation of the progress that has been made" in expressing optimism that a breakthru at today's talks can be achieved. Earlier, Dep Foreign Min Tsakalotos (debt negotiation team) also said "the deal is very close and will be reached in the coming period."

***Equities***
US equities / ADRs:
- BIDU: Three director-level employees are under internal investigation for possible corruption - Chinese press
- CHTR: Said to be in early talks with banks to arrange $25-30B in debt financing to pursue a friendly merger with TWC - financial press
- SYT: Monsanto has not given up proposed takeover bid - financial press
- ZU: Alibaba raises its stake to 9.3%; Not aiming to acquire the company - press

Notable movers by sector:
- Consumer discretionary: Skyworth Digital 751.HK +0.6% (April results)
- Financials: Evergrande Real Estate Group 3333.HK -2.4% (April results); Agile Property 3383. HK +3.4% (April results); Dalian Wanda Commercial Properties 3699.HK +1.6% (April results); Poly Real Estate Group 600048.CN +1.8% (April results); China Vanke 000002.CN +1.3%, Industrial and Commercial Bank of China 1398.HK +0.3%, Bank of China 3988.HK +0.8%, China Construction Bank 939.HK +1.0% (PBoC cuts interest rate by 25bps over the weekend)
- Industrials: Incitec Pivot IPL.AU -3.1% (H1 results)
- Technology: Sharp Corp 6753.JP -24.0% (speculation on capital structure); Toshiba Corporation 6502.JP -16.6% (withdraw FY14/15 guidance)
- Materials: PanAust PNA.AU +6.9% (recommends GRAM increased offer)