>>> Tesla buys Grand Rapids auto supplier --> auto comp. is the key...watch Vale

The acquisition of Grand Rapids-based Riviera Tool marks Tesla's first presence in Michigan.

Tesla Motors is acquiring a Grand Rapids-based auto supplier, giving the Silicon Valley technology company a manufacturing presence in Michigan, the Free Press has learned.

Tesla reached a deal to acquire Riviera Tool, marking the first acquisition for the burgeoning electric-vehicle and battery manufacturer, said a person familiar with the matter.

Riviera, which makes stamping parts that are shipped to Tesla's assembly plant in Fremont, Calif., has about 100 employees. Tesla is expected to retain those workers and eventually rename the operation Tesla Tool & Die, said the source who is not authorized to speak publicly about the transaction.

The automaker is also expected to continue doing business with other stamping parts suppliers.

"Tesla's aggressive volume goal for 2015 has the automaker working overtime to secure sufficient production capacity," said Karl Brauer, senior analyst at Kelley Blue Book. "Purchasing a Michigan-based tool and die company illustrates Tesla's need for a capable and dedicated manufacturing partner. It could represent the first of many such acquisitions we'll see in the months ahead."

The investment in Michigan gives Tesla a manufacturing footprint in the home state of the Detroit Three automakers: General Motors, Ford and Fiat Chrysler Automobiles. The company expects to continue adding jobs at Riviera, which is currently located near the Gerald Ford International Airport.

Tesla views the deal as crucial to improving the efficiency of its manufacturing processes. The company is facing immense pressure to expand production of its Model S luxury electric sedan and is expected to begin production of the all-new Model X luxury electric crossover in the third quarter.

Straining under demand for more parts, Tesla CEO Elon Musk has acknowledged that the logistics of ramping up production for a global product have involved more hurdles than he expected.

Terms of the acquisition were not immediately available.

The deal comes several months after Michigan Gov. Rick Snyder signed into law a bill that ensured Tesla cannot sell its vehicles directly to consumers through stores in the state. The nearest Tesla store is located in Chicago.

At a news conference in January at the Automotive News World Congress event in Detroit, Musk told reporters that he wouldn't rule out building a plant in Michigan in the future.

"It's not out of the question. Maybe Michigan shouldn't stop us from selling cars here. That would be a nice gesture," he said to laughter.

(BN) China Stock Alarms Get Louder as Morgan Stanley Ends Bullish Bet


China Stock Alarms Get Louder as Morgan Stanley Ends Bullish Bet
2015-05-07 02:19:29.985 GMT


By Kana Nishizawa
(Bloomberg) -- Add Morgan Stanley and BNP Paribas
Investment Partners to the list of forecasters sounding an alarm
about China’s stock market.
Jonathan Garner, the chief Asia and emerging market
strategist at Morgan Stanley, downgraded Chinese stocks for the
first time in more than seven years on Thursday, citing the
weakest corporate profits since 2009. BNP Paribas has sold some
Chinese shares listed in Hong Kong on concern about ballooning
mainland margin debt and the growing mismatch between equity
prices and a deteriorating economy.
The Hang Seng China Enterprises Index of mainland companies
traded in Hong Kong surged to a seven-year high last month amid
record turnover in the city, before the advance stalled for the
past two weeks. UBS Group AG expects regulators to step in to
curb mainland gains, while asset managers from Macquarie
Investment Management to Baron Capital Inc. have voiced concern
that the rally has gone too far, too fast.
“When a market goes crazy like this, no other topic
becomes interesting,” Arthur Kwong, the head of Asia Pacific
equities at BNP, which oversees about $573 billion globally,
said in an interview on April 29. “That’s a big negative signal
-- it’s as if nothing else is important. That makes me
paranoid.”
China’s economy grew last quarter at the slowest pace since
2009 and reports from manufacturing to industrial output and
exports missed estimates. Stock investors have largely taken bad
news as good, with the Shanghai Composite Index up 70 percent
through Wednesday since the central bank cut interest rates on
Nov. 21 on optimism that policy makers will put a floor under
the slowdown.

Catch-up Rally

Mainland companies traded in Hong Kong trailed the rally
until March, when China’s securities regulator said more fund
managers could buy equities listed in the city. The Hang Seng
China Enterprises Index soared 18 percent since then and
turnover through the Shanghai-Hong Kong bourse link jumped. A
similar Shenzhen cross-border trading program is expected this
year.
Kwong says investors are too obsessed with the impact of
money flows through the connect, and the stock frenzy reminds
him of the market peak in 2007.
“Now it’s very unfashionable to talk about being careful,
it’s quite old fashioned,” he said. “Fundamentally we are
worse, but the market excitement is similar. This is something
that worries me.”

2007 Peak

The H-share gauge surged to an all-time high in October
2007, then plunged 76 percent within a year. Before mid-2008,
Chinese manufacturing was expanding, industrial output was
increasing at almost triple the current pace, and gross domestic
product growth was above 10 percent. The stock index today is 46
percent away from its 2007 peak. It slipped 0.7 percent at 9:59
a.m. local time, while the Shanghai Composite extended its
three-day decline to 6.8 percent.
For Garner, the downgrade to equalweight from overweight
for shares in the MSCI China Index was spurred by rising
valuations and deteriorating earnings. The gauge’s price-to-book
ratio is now the highest since March 2012 and return on equity,
a gauge of profitability, has shrunk to the lowest since the
global recession six years ago, the Hong Kong-based strategist
wrote in a report.
“China is no longer going to outperform other emerging
markets,” Garner said in a phone interview Thursday. “We’d
like to recommend taking some profits.”

Margin Debt

Chinese investors are borrowing record amounts to plow into
equities. The outstanding balance of margin debt on the Shanghai
exchange climbed to an all-time high of 1.24 trillion yuan ($200
billion) on Tuesday, while the number of Chinese stock accounts
containing funds increased to a record 63.7 million in the week
ended May 1.
Bulls say they’re making the right call. The market can
only be considered in a bubble if it doubles, and China remains
attractive relative to other emerging and Asian markets based on
valuations, Citigroup Inc. analysts led by Markus Rosgen wrote
in a note last month.
BNP’s Kwong says he’s now “a bit underweight” on China
relative to the benchmarks he tracks. He recently sold some
infrastructure and heavy machinery shares and shifted into
insurers, which have lagged the rally, declining to name
specific companies. The MSCI China Industrials Index surged 28
percent since March 27, compared with an average 16 percent rise
by the nation’s top three insurers.
Kwong has added shares from Southeast Asia, which have
better prospects for a rally, he said. Still, there are pockets
of China’s market with attractive companies even if the overall
outlook isn’t promising, he said.
“Even though we are skeptical about the market, the recent
rally is something you must submit to,” said Kwong. “When the
market is going up and you’re saying something rational, people
wouldn’t want to listen. But based on fundamentals, I need to
remind people and be responsible.”

For Related News and Information:
Rule No. 1 in China’s Bull-Market Rally: Don’t Look at Earnings
As China Stocks Outrun the 2007 Bubble, UBS Braces for Clampdown
Top Stories:TOP<GO>
Most-read emerging-market news: MNI EM 1W <GO>
Developing economy market moves: EMMV <GO>

--With assistance from Kyoungwha Kim in Hong Kong.

To contact the reporter on this story:
Kana Nishizawa in Hong Kong at +852-2977-4627 or
knishizawa5@bloomberg.net
To contact the editors responsible for this story:
Sarah McDonald at +61-2-9777-8684 or
smcdonald23@bloomberg.net;
Michael Patterson at +852-2977-4820 or
mpatterson10@bloomberg.net
Chris Nagi

(BN) Gross’s ‘Short of a Lifetime’ Sours as Bund Slump Surprises (1)


Gross’s ‘Short of a Lifetime’ Sours as Bund Slump Surprises (1)
2015-05-07 02:10:53.844 GMT


(Updates with comments on volatility from Gross in fourth
paragraph.)

By Miles Weiss
(Bloomberg) -- Bill Gross should have listened to Bill
Gross.
Just before the selloff in German government bonds, the
manager of the Janus Global Unconstrained Bond Fund said the
debt was the “short of a lifetime.” Yet instead of betting
all-out against German bunds, Gross wagered they would trade in
a narrow range for the time being, fund holdings posted on the
website of Denver-based Janus Capital Group Inc. show.
The trade may have hurt Gross when bunds slumped more than
he had anticipated. Janus Global Unconstrained has fallen 2.6
percent since Gross advised shorting the 10-year German bund on
April 21. The losses erased the fund’s earlier gains, leaving it
down 0.04 percent for the year.
“When you sell volatility, you are basically selling
insurance,” Gross said in an April interview. And “when you
sell volatility and you get volatility, then it’s not a good
thing.”
In the interview, Gross compared his strategy to selling
insurance, saying investors were now willing to pay fatter
premiums to protect their holdings against future bond market
turbulence. This strategy positioned Janus Global Unconstrained
to boost returns with these premiums as long as volatility
remained low, but also exposed the fund to losses should markets
become more turbulent.

Bond Selloff

The holdings disclosed on the Janus website are as of March
31, and Gross may have changed them since. Erin Freeman, a
spokeswoman for Denver-based Janus, declined to comment on the
fund.
In an online commentary for the first quarter, Janus said
volatility sales, in the form of writing options contracts, were
“a major driver” of positive returns.
The downside to this strategy began to crop up the very day
that Gross proposed investors short 10-year bunds, when a
selloff in European bonds started to gather momentum. Yields on
the 10-year German government bonds, which had fallen to a
record low of 0.049 percent on April 17, surged, reaching 0.586
percent on Wednesday, the highest this year.
“The trade this year has been to be long bunds and short
the euro, said David Ader, the head of government bond strategy
at CRT Capital Group LLC. ‘‘This is a big position squeeze and
unwind.’’

11,000 Percent

Gross at the end of March had sold both put and call
options on futures contracts tied to 10-year U.S. Treasuries as
well as German bonds. Among them were puts on German bund
futures whose adjusted face value equaled about 4.6 percent of
Janus Global Unconstrained’s net assets as of March 31.
With the German bunds falling, the prices of the put
options soared. One contract that would obligate Janus Global
Unconstrained to buy futures on German bunds later this month
has jumped more than 6,000 percent since late April, and another
has surged almost 11,000 percent, according to data compiled by
Bloomberg.
Put options that Gross sold short on U.S. Treasury futures
have also jumped in price, but to a much lesser degree than
those on German bunds. One such put option on futures for 10-
year Treasuries is up more than 500 percent since April 21,
according to data compiled by Bloomberg.
Gross said in the April 29 interview with Bloomberg
Television that he hadn’t changed his positions. German 10-year
bond yields surged the most in two years that day, a jump that
surprised even Gross, who said he had expected the yields to
rise, and prices to fall, over an extended period of time.
‘‘Today wasn’t a good example for my case because prices
moved a lot,” Gross said in the interview.
“As long as they are writing checks,” Gross said,
referring to bond buying by the European Central Bank, “my best
bet, in addition to the shorting of the German bund, is to say
that things aren’t going to change much.”

For Related News and Information:
Treasuries Losses Mount as Yellen Joins Higher-Rates Chorus
Janus’s Gross Sees German 10-Year Bunds as Short of Lifetime
Top stories: TOP <GO>

--With assistance from Liz Capo McCormick, Mary Childs and Erik
Schatzker in New York.

To contact the reporter on this story:
Miles Weiss in Washington at +1-202-624-1899 or
mweiss@bloomberg.net
To contact the editors responsible for this story:
Christian Baumgaertel at +1-617-210-4624 or
cbaumgaertel@bloomberg.net
Josh Friedman

>>> US After Hours Summary: BEAT +12%, ZNGA +5.8%, TRIP +5.2%, NUS -17

After Hours Summary: BEAT +12%, ZNGA +5.8%, TRIP +5.2%, NUS -17.3%, WFM -11.3%, GMCR -11% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: BEAT +12%, QRVO +11.7%, BIOD +11.5%, EMKR +8.1%, CHGG +7.8%, ALB +7.3%, ENSG +7.2%, PAYC +6.7%, CSOD +6%, ZNGA +5.8%, TRIP +5.2%, MASI +4.5%, QTM +4.3%, ATML +4.1%, CTIC +3.5%, PSEC +3.1%, PDLI +3.1%, MELI +3%, AHS +2.9%, CLR +2.8%, BLUE +2.8%, CPE +2.7%, EPAM +2.2%, VNDA +2.2%, MYRG +2.1%, DYN +2.1%, SQNM +2%, TSLA +2%, CPA +2%, TKMR +1.9%

Companies trading higher in after hours in reaction to news: ANN +9.1% (Seeing reports that co is in potential takeover talks with Golden Gate Capital as suitor), EMKR +8.1% (announced intention to commence a dutch auction tender offer for up to ~$45 million of common stock), ANY +6.5% (reported award of two patents for Peer-to-Peer Redundant File Server System and Methods), GST +5.6% (entered into agreement to sell certain non-core assets in Oklahoma for ~$46.2 mln, with the transaction expected to close on or before June 22, 2015), QTM +4.3% (announced resignation of Jeffrey Smith from its board of directors and appointment of Robert Andersen pursuant to Starboard's replacement rights), 

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: NUS -17.3%, VRNS -15.7%, TUMI -14.5%, WFM -11.3%, NSIT -11.2%, GMCR -11%, LCI -10.5%, FRSH -9.6%, ENVA -9.6%, FLTX -8.4%, TTPH -7.5%, CSLT -6.4%, MTDR -6.3%, SMLP -4.3%, PMT -4.1%, ALDW -3.4%, CODI -2.8%, WTI -2.3%, EVTC -1.7%, SN -1.6%, EXTR -1.5%, PTLA -1.5%, MATR -1.4%, RST -1.3%, EFC -1.3%, ETP -1.1%

Companies trading lower in after hours in reaction to news: GLPW -5.7% (announced delay in Q1 earnings report) 

(BFW) *GOLDEN GATE CAPITAL SAID IN TALKS TO BUY ANN TAYLOR: REUTERS


BFW 05/06 21:14 *ANN INC MAY BE VALUED AT ~$2B IN GOLDEN GATE DEAL: REUTERS
BFW 05/06 21:13 *GOLDEN GATE CAPITAL SAID IN TALKS TO BUY ANN TAYLOR: REUTERS
Olivia Oran: $ANN spiking 15 pct as @GregRoumeliotis and I report company in late stage talks to be acquired by Golden Gate
2015-05-06 21:12:01.773 GMT

$ANN spiking 15 pct as @GregRoumeliotis and I
report company in late stage talks to be
acquired by Golden Gate reut.rs/1c74qz6
Olivia Oran @ozoran
 
Sent With: Twitter Web Client
  Click here to see the original
tweet on the Twitter web site.

Twitter profile information as of May 6, 2015

Description: Reporter at Reuters covering healthcare, consumer and retail M&A
olivia.oran@thomsonreuters.com

Tweets: 1,872  Following: 751  Followers: 3,482  Tweeting Since: 1/20/2010

-0- May/06/2015 21:12 GMT

(BN) Alexion Holders May (In Time) Love Lofty Biotech Bid: Real M&A


Alexion Holders May (In Time) Love Lofty Biotech Bid: Real M&A
2015-05-06 20:22:19.71 GMT


(For a Real M&A column news alert: {SALT REALMNA <GO>}.)

By Brooke Sutherland
(Bloomberg) -- Alexion Pharmaceuticals Inc.’s decision to
make a pricey bet on a rare-disease drugmaker may eventually pay
off for investors, even if they’re not giving it much love now.
The $31 billion maker of a treatment for rare-blood
disorders agreed to buy Synageva BioPharma Corp. for about $230
a share, or a more than 120 percent premium. Alexion’s shares
plunged as much as 11 percent as “some investors may be picking
their jaws off the floor at such a valuation,” said Christopher
Raymond, a Chicago-based analyst at Robert W. Baird & Co.
The hefty $8.4 billion price tag stands out even in a
biotechnology industry that’s drawn sky-high takeover premiums.
Only two transactions rank as more expensive: Bristol-Myers
Squibb Co.’s 2012 purchase of Inhibitex at a 126 percent
premium, and Merck & Co.’s takeover last year of Idenix
Pharmaceuticals Inc. at almost quadruple Idenix’s average
trading price in the 20 days leading up to the announcement.
“It is definitely on the upper end on the deals that we’ve
seen,” Asthika Goonewardene, an analyst at Bloomberg
Intelligence, said in a phone interview. “There are a lot of
raised eyebrows. It’s quite a lot.”
It may be worth it.
Synageva’s top drug Kanuma, for the organ-damaging
condition LAL deficiency, is on track to get approved later this
year and may ultimately generate as much as $1.5 billion in
revenue, according to analysts. Kanuma will help Alexion
diversify beyond Soliris, the company’s sole marketed product
right now. It also should complement the metabolic bone-disease
treatment Strensiq that Alexion is aiming to launch this year.

Drug Pipeline

Synageva also has more drugs in pre-clinical development --
some of which haven’t even been disclosed yet -- and a unique
protein expression platform that could eventually be used to
create even more therapies, said Raymond of Baird. The
opportunity there may eventually make the deal terms seem cheap,
said Joshua Schimmer of Piper Jaffray Cos.
This “clearly is right in Alexion’s global wheelhouse,”
Schimmer, a New York-based analyst, wrote in a report on
Wednesday. “It’s safe to assume that they did due diligence on
the market opportunity far more comprehensively than any analyst
could. The company’s core competency is in this space, and they
aren’t ones to overspend. We’re comfortable giving them the
benefit of the doubt.”
David Hallal, chief executive officer of Alexion, said
Synageva was an ideal strategic fit.
“The value of Synageva in our hands really justifies” the
premium, Hallal said Wedmesday in an interview. “I look at all
those catalysts to come, and think that if I waited it would be
a higher price.”

Deal Risk

Late-stage drugs like Synageva’s Kanuma can still fail.
Bristol-Myers ended up having to take a $1.8 billion charge and
discontinue development of Inhibitex’s hepatitis C pill for
safety reasons. That’s a risk that can come with paying a high
premium for a drug still in development.
Merck’s deal for Idenix, another developer of hepatitis
treatments, closed in August.
A knockout bid for Synageva may have been necessary for
Alexion to fend off other bidders. AbbVie Inc. ended up paying
$21 billion for Pharmacyclics Inc. after a heated competition
with Johnson & Johnson. That was about a 55 percent premium to
Pharmacyclics’ average unaffected share price before Bloomberg
News reported it was exploring a sale.
Rare-disease medicine “is a high-margin area and a lot of
companies are looking to get in there,” Goonewardene of
Bloomberg Intelligence said. “This premium might have been what
the company may have required to get out of bed and do a deal
with Alexion.”

For Related News and Information:
AbbVie’s Bid Ups Ante as Buyers Bet on Cancer Drugs: Real M&A
Salix Gets Swept Into Pharma Frenzy as Premiums Soar: Real M&A
Clovis Deal Chatter Heats Up Again as Goldman Says Buy: Real M&A
Bloomberg Intelligence, specialty pharma: BI SPEC <GO>
Top deal news: DTOP <GO>
Real M&A columns: NI REALMNA <GO>

--With assistance from Caroline Chen in San Francisco.

To contact the reporter on this story:
Brooke Sutherland in New York at +1-212-617-0448 or
bsutherland7@bloomberg.net
To contact the editors responsible for this story:
Beth Williams at +1-212-617-2307 or
bewilliams@bloomberg.net
Elizabeth Wollman

>>> US Close Dow-0,48% S&P-0,45% Nasdaq-0,40% Russell+0,32%

Closing Market Summary: Influential Sectors Lead Stocks Lower

The stock market registered its second consecutive decline on Wednesday with the S&P 500 (-0.5%) bouncing off its 100-day moving average (2,070).

Equity indices began the day with slim gains, but the Dow, Nasdaq, and S&P 500 quickly returned below their 50-day moving averages and continued lower throughout the day. Adding to the pressure were comments from Fed Chair Janet Yellen who reminded investors that equity valuations are "generally quite high" and that raising the fed funds rate is likely to be followed by a spike in Treasury yields.

Today's opening spike notwithstanding, the session was largely a repeat of yesterday's slide; however, the Nasdaq, which underperformed on Tuesday, retreated alongside the broader market today. The key indices cut their losses in half during the final hour, but nine sectors settled in the red with the countercyclical telecom services space (-1.2%) ending behind its peers.

More notably, the largest sector by weight—technology (-0.8%)—was the second-weakest performer with large cap names fueling the weakness. Shares of Microsoft (MSFT 46.28, -1.32) tumbled 2.8% while the likes of Apple (AAPL 125.01, -0.79), Google (GOOGL 535.08, -7.96), Oracle (ORCL 43.26, -0.66), and Intel (INTC 32.22, -0.42) lost between 0.6% and 1.5%. It is worth noting that unlike Intel, some other chipmakers outperformed with the PHLX Semiconductor Index shedding just 0.1%.

Elsewhere, biotechnology represented another high-beta group that fared a bit better than the broader market. The iShares Nasdaq Biotechnology ETF (IBB 340.72, +2.72) added 0.8%, but that was a small victory considering the ETF was up more than 1.7% at the start. That being said, the relative strength of biotechnology could not stop the health care sector (-0.5%) from ending among the laggards.

Similar to health care, two other countercyclical sectors—telecom services (-1.2%) and utilities (-
0.6%)—underperformed
throughout the day while the consumer staples sector (+0.2%) spent the day near its flat line.


Moving back to the cyclical side, only the materials sector (unch) finished near its flat line while the remaining growth-sensitive groups logged losses. For instance, the energy sector (-0.3%) spent the first half in the green, but slumped during the afternoon amid a pullback in oil. WTI crude was up more than 3.5% in the early going, but narrowed its gain to 0.8% at $60.93/bbl by the close.

Crude oil retreated even though today's storage report showed an inventory draw while an increase was expected. In addition, the energy component struggled even as the Dollar Index (94.13, -0.94) fell 1.0% to levels last seen in February.

Treasuries retreated through the morning and hovered near their lows during afternoon action. The benchmark 10-yr yield rose four basis points to 2.23%.

Today's participation was ahead of recent averages with more than 800 million shares changing hands at the NYSE floor.

Economic data included ADP Employment, Productivity/Unit Labor Cost data, and MBA Mortgage Index:
  • The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 169K in April while the consensus expected a reading of 189K 
    • The March reading was revised down to 175,000 from 189,000 
  • Nonfarm business productivity declined 1.9% in Q1 2015 after declining an upwardly revised 2.1% (from -2.2%) in Q4 2014 while the consensus expected a decline of 1.8% 
    • This was the first time nonfarm business productivity declined for two consecutive quarters since Q2 and Q3 of 2006. Even during the Great Recession, productivity managed to inch ahead on an upward trend 
    • Unit labor costs increased 5.0% in Q1 2015 after increasing 4.2% in Q4 2014 
      • That was the biggest increase in unit labor costs since an 11.5% increase in Q1 2014 
  • The weekly MBA Mortgage Index fell 4.6% to follow last week's 2.3% decline 
Tomorrow, the April Challenger Job Cuts report will be released at 7:30 ET while weekly Initial Claims (consensus 280K) will be reported at 8:30 ET. The day's data will be topped off with the 15:00 ET release of the Consumer Credit report for March (consensus $16.00 billion).
  • Nasdaq Composite +3.9% YTD 
  • Russell 2000 +1.3% YTD 
  • S&P 500 +1.0% YTD 
  • Dow Jones Industrial Average +0.1% YTD

(BFW) Lorillard/Reynolds Deal May Be Approved ‘Any Day Now,’ PaRR Says


Lorillard/Reynolds Deal May Be Approved ‘Any Day Now,’ PaRR Says
2015-05-06 19:24:44.782 GMT


By Joshua Fineman
(Bloomberg) -- Lorillard, Reynolds deal on schedule to
close by end of June, Policy & Regulatory Report (PaRR) said,
citing former govt lawyer, person familiar.
* Former govt attorney tells PaRR “no cause for concern;”
sees approval “any day now”
* FTC Commissioner Julie Brill may oppose the deal, though
shouldn’t delay clearance
* NOTE: April 27, FTC Expected to Approve Lorillard-Reynolds
Deal: New York Post


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

To contact the reporter on this story:
Joshua Fineman in New York at +1-212-617-8953 or
jfineman@bloomberg.net
To contact the editors responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net
Joshua Fineman

(BFW) BNP Paribas Selling 22m Shrs in Klepierre Bookbuild, Terms Show


BFW 05/06 15:49 *BNP PARIBAS SELLING 22M SHRS, OR 7%, IN KLEPIERRE, TERMS SHOW
BNP Paribas Selling 22m Shrs in Klepierre Bookbuild, Terms Show
2015-05-06 15:57:31.12 GMT


By Francesca Cinelli
(Bloomberg) -- Shares equivalent to 7% stake, according to
term sheet obtained by Bloomberg.
* Shares offered at between EU39.40 and EU40.20, as much as 5%
discount to today’s close
* Simon Property to buy 2% stake at price of bookbuild;
currently has 18.3%, according to Bloomberg data
* Lockup 90 days
* Exane BNP Paribas sole global coordinator and sole
bookrunner

Link to Company News:{291187Z FP <Equity> CN <GO>}
Link to Company News:{BNP FP <Equity> CN <GO>}
Link to Company News:{LI FP <Equity> CN <GO>}
Link to Company News:{SPG US <Equity> CN <GO>}

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

To contact the reporter on this story:
Francesca Cinelli in Milan at +39-02-80644-252 or
fcinelli@bloomberg.net

To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net