>>> European Brokers Upgrades & Downgrades - 1st of May 2015

>>> Up
*ADMIRAL GROUP RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*ESURE RAISED TO OVERWEIGHT VS UNDERWEIGHT AT BARCLAYS

>>> Down
*BARCLAYS CUT TO SELL VS HOLD AT BERENBERG
*ADMIRAL GROUP RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS
*TOTAL CUT TO MARKETPERFORM VS OUTPERFORM AT BERNSTEIN

>>> PT Change


>>> Initiation
*AUTO TRADER RATED NEW BUY AT GOLDMAN, PT 320P
*HAVAS RATED NEW CONVICTION BUY AT GOLDMAN

>>> Call
>> Stock
*NOVOZYMES ADDED TO GOLDMAN CONVICTION BUY LIST
*WOLTERS KLUWER EXITS GOLDMAN CONVICTION BUY LIST, STAYS BUY
*WPP REMOVED FROM GOLDMAN CONVICTION BUY LIST, STAYS BUY

(BN) Monsanto Is Said to Approach Syngenta Again About a Takeover (3)

Monsanto Is Said to Approach Syngenta Again About a Takeover (3)
2015-04-30 23:02:52.76 GMT


(Updates with Bayer’s no comment in seventh paragraph.)

By Andrew Noël, Aaron Kirchfeld and Ed Hammond
(Bloomberg) -- Monsanto Co., the world’s largest seed
company, has approached Syngenta AG about a takeover, almost a
year after a previous attempt fell apart, according to people
familiar with the matter.
Monsanto has discussed its interest with Syngenta in recent
weeks, said two of the people, asking not to be identified
discussing private information. Syngenta, which has a market
value of about 29 billion Swiss Francs ($31 billion), has
concerns about a combination, which would face antitrust
hurdles, the people said, and the companies may fail to reach an
agreement, they said.
Combined with Syngenta, Monsanto would become the largest
player in the world for both seeds and crop chemicals and a
formidable competitor to Bayer AG, BASF SE and Dow Chemical Co.
Basel-based Syngenta is the world’s largest maker of crop
chemicals whereas St. Louis-based Monsanto is the largest maker
of seeds and dominates the global market for genetically
modified crops like corn and soybeans.
Monsanto jumped as much as 3.6 percent in afterhours
trading, after closing at $113.96 in New York, giving the
company a market value of $54 billion. A spokeswoman for
Monsanto declined to comment, while a representative for
Syngenta had no immediate comment when reached by phone.

Earlier Effort

The companies held preliminary talks last year with
advisers about a combination, before Syngenta’s management
decided against negotiations, people familiar with the matter
said at the time. No agreement was made after concerns were
raised about the strategic fit, antitrust issues and relocating
the company.
To address antitrust issues, Monsanto has planned for a
deal that would include a sale of portions of the combined
business, one of the people said Thursday. The U.S. company last
year reached out to potential bidders of those assets, including
Bayer, this person said.
A spokesman for Bayer said the company doesn’t comment on
rumors or speculation.

Seed Probes

Monsanto’s dominance in the seed industry was the subject
of U.S. antitrust probes at the federal and state levels a few
years ago. The U.S. Department of Justice’s antitrust division
dropped its probe into possible anti-competitive practices in
the seed industry in 2012, and a month later at least seven
states led by Iowa ended their five-year investigation without
taking action.
Opposition to genetically modified crops led BASF SE in
2012 to announce a relocation to the U.S. from Germany of the
plant-science division that develops such crops.
During the talks last year, a purchase of Syngenta was --
in part -- viewed as an opportunity for Monsanto to move its tax
location to Switzerland, where corporate tax rates are lower
than in the U.S. Such deals, known as inversions, have since
come under increased scrutiny from U.S. legislators, and it’s
not certain that any revived offer would be structured to move
Monsanto’s official address.

For Related News and Information:
Monsanto Said to Have Considered $40 Billion Syngenta Deal
Monsanto Says States Closed 5-Year Probe of Seeds and Herbicide
Top Stories:TOP<GO>

--With assistance from Jack Kaskey in Houston, Ruth David in
London and Jeffrey McCracken in New York.

To contact the reporters on this story:
Andrew Noël in London at +44-20-3525-2304 or
anoel@bloomberg.net;
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman

Asian Mid-session Update: Quiet session as Shanghai, Hong Kong, Seoul markets closed for holiday; Minor moves in fx markets


***Economic Data***
- (CN) CHINA APR MANUFACTURING PMI: 50.1 V 50.0E
- (CN) CHINA APR NON-MANUFACTURING PMI: 53.4 V 53.7 PRIOR
- (JP) JAPAN MAR REAL CASH EARNINGS Y/Y: -2.6% V -2.3% PRIOR; LABOR CASH EARNINGS Y/Y: 0.1% V 0.4%E
- (JP) JAPAN APR TOKYO CPI Y/Y: 0.7% V 0.7%E; CPI EX FRESH FOOD Y/Y: 0.4% V 0.5%E; CPI EX FOOD, ENERGY Y/Y: 0.0% V 0.2%E
- (JP) JAPAN MAR NATIONAL CPI Y/Y: 2.3% V 2.2%E; CPI EX FRESH FOOD Y/Y: 2.2% V 2.0%E; CPI EX FOOD, ENERGY Y/Y: 2.1% V 2.0%E
- (JP) JAPAN MAR JOBLESS RATE: 3.4% V 3.5%E (matches lowest reading since Aug 1997)
- (JP) JAPAN MAR OVERALL HOUSEHOLD SPENDING Y/Y: -10.6% V -11.8%E; 12TH MONTH OF DECLINE
- (JP) JAPAN APR FINAL MARKIT/JMMA MANUFACTURING PMI: 49.9 V 49.7 PRELIM
- (KR) SOUTH KOREA APR CPI M/M: 0.1% V 0.1%E; Y/Y: 0.4% V 0.4%E; CPI CORE Y/Y: 2.0% V 2.0%E
- (KR) SOUTH KOREA APR TRADE BALANCE: $8.5B V $7.2BE
- (AU) AUSTRALIA Q1 PPI Q/Q: 0.5% V 0.1% PRIOR; Y/Y: 0.7% V 1.1% PRIOR
- (AU) AUSTRALIA APR AIG PERFORMANCE OF MANUFACTURING INDEX: 48.0 V 46.3 PRIOR (5th consecutive contraction)
- (AU) AUSTRALIA APR RPDATA/RISMARK HOUSE PRICE INDEX M/M: 0.8% V 1.4% PRIOR
- (NZ) NEW ZEALAND APR QV HOUSE PRICES: 8.3% V 7.7% PRIOR

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.3%, S&P/ASX +0.3%, Kospi closed, Shanghai Composite closed, Hang Seng closed, Jun S&P500 +0.2% at 2,082

***Commodities/Fixed Income***
- Jun gold flat at $1,182/oz, Jun crude oil +0.1% at $59.69/brl, May copper +0.1% at $2.89/lb
- (US) Weekly Fed Balance Sheet Total Assets for week ending Apr 30th: $4.53T v $4.49T prior; Reserve Bank Credit: $4.44T v $4.45T prior; M1: -$5.5B v -$61.5B prior; M2: -$1.9B v -$40.5B prior
- (JP) Japan investors bought net ¥185B in foreign bonds v bought ¥434B in prior week; Foreign investors bought net ¥821B in Japan stocks v bought ¥599B in prior week
- (JP) BOJ offers to buy ¥70B in JGBs with maturity less than 1-yr, ¥375B in 1-3yr JGBs and ¥375B in 3-5yr JGBs
- (AU) Australia MoF (AOFM) sells A$700M in 3.25% bonds due 2018; Avg yield: 1.9377%; Bid-to-cover: 4.09x

***Market Focal Points/FX***
- Relatively quiet session in Asia today, as markets in China, Hong Kong, Taiwan, Singapore, and South Korea are closed for holiday. US Dollar remained weak against major currencies. EUR/USD traded above 1.12 levels, while USD/JPY not much changed around 119.60 levels. New Zealand Finance English today said RBNZ may be changing view on rates as inflation slows. This is in line with RBNZ's statement last night, saying RBNZ would cut interest rate on weaker demand, and lower inflation pressure. NZD/USD traded lower by about 25pips to as low as 0.7570 levels after those comments.

- China posted official PMI data for Apr. Manufacturing PMI was at 50.1, slightly beat consensus of 50.0, while Services PMI at 53.4, slowed from 53.7 in prior month. AUD/USD little changed after those data. China Stats Bureau said China manufacturing still faces downward pressure, and non-manufacturing growth slows. AUD/USD little changed after China data.

***Equities***
US equities / ADRs:
- SYT: Reportedly gets takeover approach from Monsanto; Syngenta said to have concerns about potential antitrust barriers to a deal - press; +13.7% afterhours
- ELLI: Reports Q1 $0.33 v $0.20e, R$54.2M v $46.6Me; +10.0% afterhours
- ATHN: Reports Q1 $0.24 (adj) v $0.13e, R$206.4M v $205Me; +6.1% afterhours
- EXPE: Reports Q1 -$0.03 v +$0.07e, R$1.37B v $1.35Be; +5.3% afterhours
- GILD: Reports Q1 $2.94 v $2.31e, R$7.59B v $6.76Be; +2.6% afterhours
- BYD: Reports Q1 $0.13 v $0.10e, R$550.6M v $549Me; +1.4% afterhours
- FLR: Reports Q1 $0.96 v $0.98e, R$4.55B v $5.31Be; +0.8% afterhours
- AIG: Reports Q1 $1.22 v $1.18e; +0.6% afterhours
- ISIS: Earns $10M milestone payment from BIIB; +0.5% afterhours
- AKS: Announces Price increase for carbon steel products; flat afterhours
- WU: Reports Q1 $0.39 v $0.38e, R$1.32B v $1.30Be; -0.4% afterhours
- V: Reports Q2 $0.63 v $0.62e, R$3.41B v $3.33Be; -1.6% afterhours
- SPWR: Reports Q1 $0.13 v $0.09e, R$430.6M v $531Me; -2.1% afterhours
- DWA: Reports Q1 -$0.25 (adj) v -$0.43e, R$166M v $174Me; -2.2% afterhours
- FSLR: Reports Q1 -$0.62 (GAAP) v -$0.18e, R$469M v $636Me; Caterpillar Expands Renewable Power Generation Offerings in Conjunction with First Solar; -3.8% afterhours
- FLS: Reports Q1 $0.58 v $0.70e, R$1.01B v $1.05Be; To cut workforce by 5%; -7.0% afterhours
- CTCT: Reports Q1 $0.22 v $0.19e, R$90.4M v $91.1Me; -9.9% afterhours
- LNKD: Reports Q1 $0.57 v $0.57e, R$638M v $638Me; -21.0% afterhours

- TSLA: Launches batteries for homes, businesses and utilities

Notable movers by sector:
- Consumer Discretionary: Japan Airlines 9201.JP -2.1% (FY14/15 results); Virgin Australia VAH.AU -0.5% (Q3 results)
- Materials: St Barbara SBM.AU +15.2% (sells asset)
- Energy: Tohoku Electric 9506.JP -1.6% (FY14/15 results)
- Technology: Seiko Epson 6724.JP +1.6% (FY14/15 results); Fujitsu 6702.JP -18.2% (FY14/15 results)

(BN) Monsanto Still Has Heart Set on Biggest Chemical Deal: Real M&A


Monsanto Still Has Heart Set on Biggest Chemical Deal: Real M&A
2015-04-30 21:40:18.935 GMT


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

By Brooke Sutherland
(Bloomberg) -- Monsanto Co. is willing to give the biggest
acquisition in the chemical industry -- and one of the more
expensive -- another shot.
The $54 billion U.S. seed company has approached Syngenta
AG about a takeover almost a year after the two broke off merger
talks, according to people familiar with the matter. With
Syngenta valued at $31 billion, a deal would be the largest ever
struck for a chemical maker, even before accounting for a
takeover premium.
The biggest deal targeting a chemical producer to date was
the combination of Hoechst and Rhone-Poulenc SA, a more than $20
billion deal that created drugmaker Aventis SA in 1999. The
largest transaction among agricultural-chemical makers was the
merger between Russian potash producers OAO Uralkali and OAO
Silvinit in 2011, valued at less than $10 billion.
Syngenta trades at about 12.5 times its earnings before
interest, taxes, depreciation and amortization in the last 12
months. Large chemical companies purchased in the last decade
have commanded a median multiple of about 9 times, so a purchase
of Syngenta would also rank as one of the industry’s more
expensive deals, according to data compiled by Bloomberg.

For Related News and Information:
Monsanto Is Said to Approach Syngenta Again About a Takeover
Novozymes Tie-Up With Monsanto Raises Prospect of Joint M&A
No Monsanto, No Problem for Syngenta on Path to Deal: Real M&A
Bloomberg Intelligence, agricultural chemicals: BI AGCHG <GO>
Real M&A columns: NI REALMNA <GO>
Top deal stories: DTOP <GO>

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
Mohammed Hadi

>>> US Close Dow-1,08% S&P-1,01% Nasdaq-1,64% Russell-2,15%

Closing Market Summary: April Ends on Cautious Note; Dollar Index Logs First Monthly Decline Since June

The major averages ended April on a lower note, but managed to escape with monthly gains. The S&P 500 lost 1.0% and narrowed its April advance to 0.9% while the Nasdaq Composite (-1.6%) underperformed today and ended the month (+0.8%) just behind the benchmark index.  

Equity indices faced selling pressure from the get-go with the largest sector—technology (-1.6%)—leading the daylong retreat. The influential group faced broad-based weakness with its top component—Apple (AAPL 125.15, -3.49)—sliding 2.7% after the Wall Street Journal reported that some watch components provided by AAC Technologies (AACAY 53.31, -2.79) may be defective. That being said, other sector members also struggled with Yelp (YELP 39.36, -11.92) cratering in reaction to its quarterly report. Shares of YELP tumbled 23.2% in reaction to disappointing earnings/revenue and cautious revenue guidance for Q2.

The tech sector contributed to the underperformance of the Nasdaq, but the index also faced significant weakness in the biotech group. The iShares Nasdaq Biotechnology ETF (IBB 333.66, -11.15) lost 3.2% and settled just above its 100-day moving average (331.05). The ETF dropped 2.8% in April while the health care sector (-1.5%) underperformed today and lost 1.4% for the month.

Elsewhere among influential groups, the industrial sector (-0.9%) ended ahead of the broader market, but that masked relative weakness among transport stocks. The Dow Jones Transportation Average lost 1.3%, ending the month lower by 1.7%. On the earnings front, freight carrier Con-way (CNW 41.10, -1.40) lost 3.3% after reporting a one-cent beat on light revenue while shipper Kirby (KEX 78.53, -3.37) dropped 4.1% after its cautious guidance overshadowed a one-cent beat.

All ten sectors finished the day in negative territory with energy (-0.4%) succumbing to the pressure during late afternoon action. The sector displayed intraday strength thanks to crude oil's 1.8% advance to $59.63/bbl. For the month, the energy sector gained 6.6% while crude oil spiked 20.8% amid a pullback in the dollar.

Fittingly, the Dollar Index (94.78, -0.43) retreated again today, which represented the seventh consecutive decline. Greenback weakness was a recurring theme in April with the Dollar Index losing 3.5% for the month after posting nine monthly gains. The euro benefitted from the pullback in the dollar with the single currency rising from 1.0731 to 1.1225 in April.

Treasuries retreated in the morning, but reclaimed all of their losses during the day. The 10-yr yield ended at 2.04%, representing the highest level since mid-March.

Today's participation was above average with month-end flows likely responsible for the difference. As a result, more than a billion shares changed hands at the NYSE floor.

Economic data included initial claims, Personal Income/Spending data, Q1 Employment Cost Index, and Chicago PMI:
  • The initial claims level declined to 262,000 for the week ending April 25 from an upwardly revised 296,000 (from 295,000) while the consensus expected a decline to 290,000 
    • According to the Department of Labor, there were no special factors that impacted the initial claims reading, which hit the lowest level since April 2000 
  • Personal income growth was virtually flat in March after increasing 0.4% in February while the consensus expected an increase of 0.2% 
    • That was the weakest personal income increase since December 2013 
    • Personal spending increased 0.4% in March after increasing an upwardly revised 0.2% (from 0.1%) in February while the consensus expected an increase of 0.5% 
  • The Employment Cost Index increased 0.7% in Q1 2015 after increasing a downwardly revised 0.5% (from 0.6%) in Q4 2014 while the consensus expected an increase of 0.6% 
    • Wages and salaries increased 0.7% in the first quarter, up from a 0.6% increase in Q4 2014 
    • Benefits spending growth held steady at 0.6% 
  • The Chicago PMI increased to 52.3 in April from 46.3 in March while the Consensus expected an increase to 50.0 
    • The increase ended two consecutive monthly contractions 
    • The Production Index increased to 52.7 in April from 49.3 in March 
Tomorrow, the ISM Index for April (consensus 51.9), March Construction Spending (expected 0.4%), and the final reading of the April Michigan Sentiment Index (consensus 96.0) will all be released at 10:00 ET.
  • Nasdaq Composite +4.3% YTD 
  • Russell 2000 +1.3% YTD 
  • S&P 500 +1.3% YTD 
  • Dow Jones Industrial Average +0.1% YTD

WSJ : right House Emerges as a Player in the New Cable Drama



Bright House Emerges as a Player in the New Cable Drama
Comcast’s failed bid for Time Warner Cable puts spotlight on Newhouse business

The collapse of Comcast Corp.’s bid to acquire Time Warner Cable Inc. has led to a spasm of talks in the cable industry over other possible deals. And there is an unlikely player at the center of the unfolding drama: the Newhouse family’s Bright House Networks LLC.

In the week since Comcast’s deal fell apart, Time Warner Cable and Charter Communications Inc. have separately been in touch with Bright House at the highest levels to discuss an acquisition of the company, people familiar with the talks say. The talks are preliminary, the people said.


Charter to Buy Bright House (March 31)
For Charter, the fourth-largest U.S. cable operator, acquiring Bright House, an operator with two million customers and steady cash flows, could be a steppingstone to go after the much larger Time Warner Cable, people familiar with Charter’s thinking said.

Such a deal would strengthen Charter’s balance sheet and increase its borrowing capacity. Charter had announced a $10.4 billion acquisition of Bright House in March, but it was contingent on the Comcast deal closing, so the two sides must renegotiate.

Charter and its largest shareholder Liberty Broadband Corp. have made no secret of their interest in Time Warner Cable. Over a year ago, Charter pursued a hostile takeover of Time Warner Cable before Comcast entered with its offer.

One reason Time Warner Cable rejected Charter’s bid last time around was its concern about the resulting debt load on the combined company. This time, Charter is interested in friendly negotiations as it lays the groundwork for a potential bid, people familiar with the company’s thinking say.

For Time Warner Cable, an acquisition of Bright House would accomplish two things: it would take away an asset that could help Charter’s deal ambitions, while making Time Warner Cable more expensive and complex to acquire. Owning Bright House would allow Time Warner Cable to make the case to Charter that its shareholders deserve a richer price, people familiar with Time Warner Cable’s thinking said.

Charter’s last offer for the company was valued in January 2014 at $132.50 a share. Time Warner Cable shares were trading around $156 in early afternoon trading Thursday, after the company reported first-quarter results. Time Warner Cable reported 205,000 net residential customer additions, a strong showing that included the first growth in video subscribers since 2009, though profit fell on higher expenses and revenue was below Wall Street estimates. Charter reports earnings on Friday.

Charter and Time Warner Cable each believe they can offer a better deal to the Newhouse family that controls Bright House. The cable business is the biggest contributor of profit to the family’s media empire. Bright House generated $3.8 billion in revenue last year, up 6% from 2013, and its “pro forma” Ebitda margin was 37%. Ebitda refers to earnings before interest, taxes, depreciation and amortization.

Part of Time Warner Cable’s likely pitch to the Newhouses would be that they would wind up the largest individual shareholder of the combined company, with more influence than they would have through a tie-up with Charter, one of the people familiar with Time Warner Cable’s thinking said. In Charter’s March deal with Bright House—the one contingent on the Comcast transaction closing—John Malone’s Liberty Broadband would have emerged with the largest voting stake of any individual shareholder at 25%. Bright House owner Advance/Newhouse would have had its voting stake capped at 23.5% for the time being.

Charter and Advance/Newhouse agreed as part of that deal that if Comcast-Time Warner Cable failed to close, there would be a 30-day “good faith” period during which they could try to renegotiate their deal, the people familiar with the matter said. Time Warner Cable can still make its own offer to Bright House during that period, which is ongoing.

Charter may tout its operating team and the vote of confidence from cable pioneer Mr. Malone as a sign that it is the better partner for the Newhouses.

Complicating Charter’s pursuit is a long-standing relationship between Time Warner Cable and the Newhouse family that dates back to the early 1990s.

As part of that relationship, Time Warner Cable for years has negotiated programming and technology deals for Bright House, in return for an annual fee. Time Warner Cable also has the right of first offer on the family’s cable systems, subject to some exceptions, and can choose to match or beat any offer Charter makes to Bright House, people familiar with the agreement said.

Time Warner Cable CEO Rob Marcus helped draft the original partnership agreement when he was a lawyer before joining Time Warner Cable. The Newhouse family agreed to sell to Charter earlier this year largely because it may have been difficult under the proposed Comcast-Time Warner Cable deal to maintain that hugely beneficial relationship.

The Newhouse family could choose not to sell Bright House, a person familiar with the matter said, and continue to watch how the takeover drama among the larger companies plays out.

(BFW) Ackman, Einhorn, Tepper to Speak at Ira Sohn Conf Monday



CORRECT:Ackman, Einhorn, Tepper to Speak at Ira Sohn Conf Monday
2015-04-30 18:44:47.447 GMT


By Joshua Fineman
(Bloomberg) -- (Corrects ticker to CP under Pershing Square
bullet.) 20th Annual Sohn Investment Conf to start at 12pm on
May 4. Next Wave Sohn starts beforehand. List of speakers below,
including their top 5 holdings.

* 12:05pm - Greenlight’s David Einhorn
* MU, AAPL, SUNE, CNX, MRVL
* MU, AAPL, SUNE, CNX, MRVL</li></ul>
* 12:20pm - Jana’s Barry Rosenstein
* WAG, HTZ, EBAY, ASH, VRX
* WAG, HTZ, EBAY, ASH, VRX</li></ul>
* 12:35pm- Corvex’s Keith Meister
* WMB, SIG, FNF, BEAV, ICE
* WMB, SIG, FNF, BEAV, ICE</li></ul>
* 1:05pm - Omega’s Leon Cooperman
* ACT, C, AIG, NAVI, SIRI
* ACT, C, AIG, NAVI, SIRI</li></ul>
* 2:10pm - Glenview’s Larry Robbins
* TMO, MON, FLEX, THC, CYH
* TMO, MON, FLEX, THC, CYH</li></ul>
* 2:40pm - Lone Pine’s Mala Gaonkar
* MA, BIDY, PCLN, VRX, FB
* MA, BIDY, PCLN, VRX, FB</li></ul>
* 3:10pm - Doubleline’s Jeffrey Gundlach
* 4:20pm - Appaloosa’s David Tepper
* GM, HCA, PCLN, WHR, UAL
* GM, HCA, PCLN, WHR, UAL</li></ul>
* 5:20pm - Pershing Square’s Bill Ackman
* AGN, APD, CP, ZTS, QSR
* AGN, APD, CP, ZTS, QSR</li></ul>


Next Wave Sohn speakers include:
* 3G Capital’s Daniel Dreyfus
* SC, FOX, TWC, SEE, MHK
* SC, FOX, TWC, SEE, MHK</li></ul>
* Bluemountain’s David Zorub
* KODK, ACT, FNF, VRNT, VLO
* KODK, ACT, FNF, VRNT, VLO</li></ul>
* WindAcre’s Snehal Amin
* NLSN, WFC, FNF, DG, BR
* NLSN, WFC, FNF, DG, BR</li></ul>
* Sarissa’s Alex Denner
* ARIA, DGX, AMGN, MRK, A
* ARIA, DGX, AMGN, MRK, A</li></ul>
* Lion Point’s Didric Cederholm


Story Link:NSN NNMUHF6JTSEA<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:
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

(BN) Omnicare Said to Draw Interest From CVS and Express Scripts


Omnicare Said to Draw Interest From CVS and Express Scripts
2015-04-30 18:11:53.182 GMT


By Ed Hammond and Jeffrey McCracken
(Bloomberg) -- Omnicare Inc., a supplier of drugs to
nursing homes, is drawing interest from potential buyers
including Express Scripts Holding Co. and CVS Health Corp.,
people with knowledge of the matter said.
Initial bids for Omnicare, which has a market value of
about $8.2 billion, are due in May, the people said, asking not
to be identified discussing private information. Omnicare is
working with Bank of America Corp. and Centerview Partners to
explore options including a possible sale, the people said.
Potential bidders also include Walgreens Boots Alliance
Inc. and McKesson Corp., the people said. For any of the
potential buyers, Omnicare would offer a way to boost earnings
and dividends, analysts have said.
Omnicare delivers drugs and helps senior-living facilities
manage their residents’ medications. Demand for such pharmacy
services is rising as patients, insurers and companies look for
ways to manage costs with drug prices on the rise, and pharmacy-
services providers are combining to gain a bigger piece of the
growing market.
There is no certainty Omnicare will reach a deal with any
of the bidders, one of the people cautioned. Representatives for
CVS, Express Scripts, McKesson and Walgreens declined to
comment.
A representative for Omnicare declined to comment, while
spokesmen for Bank of America and Centerview didn’t immediately
respond to requests for comment.
UnitedHealth Group Inc. agreed in March to buy Catamaran
Corp. for about $13 billion, including net debt. In February,
Rite Aid Corp. agreed to buy EnvisionRX from private-equity
owner TPG for about $2 billion.

Biggest Deal

Express Scripts became the biggest pharmacy-benefits
management company after purchasing Medco Health Solutions Inc.
three years ago for $34 billion including net debt, in what is
still the industry’s largest deal. CVS has the second-biggest
market share.
Executives at Express Scripts said Wednesday they delayed a
multibillion-dollar share buyback during the first quarter while
the company looked at deals, without naming a potential target.

For Related News and Information:
Express Scripts Delayed Billions in Buybacks to Evaluate Deals
Fight Over High-Cost Drugs to Intensify After Catamaran Deal
Top Stories:TOP<GO>

--With assistance from Tara Lachapelle, Zachary Tracer and
Cynthia Koons in New York.

To contact the reporters on this story:
Ed Hammond in New York at +1-212-617-1963 or
ehammond12@bloomberg.net;
Jeffrey McCracken in New York at +1-212-617-8517 or
jmccracken3@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman

(BFW) *RENAULT ONE-SHARE-ONE VOTE MOTION BLOCKED BY SHAREHOLDERS

BN 04/30 15:47 *RENAULT ONE-SHARE-ONE VOTE MOTION BLOCKED BY SHAREHOLDERS
BN 04/30 15:46 *RENAULT 1-SHARE-1-VOTE MOTION BLOCKED BY 39% OF SHAREHOLDERS
BN 04/30 15:46 *RENAULT ONE-SHARE-ONE VOTE MONTION BLOCKED BY SHAREHOLDERS
*RENAULT ONE-SHARE-ONE VOTE MOTION BLOCKED BY SHAREHOLDERS
2015-04-30 15:46:40.114 GMT

--JIM SILVER

-0- Apr/30/2015 15:46 GMT

>>> AFREN - Reports FY15 after tax loss -$1.65B v +$475M y/y, R$946M v $1.64B y

Reports FY15 after tax loss -$1.65B v +$475M y/y, R$946M v $1.64B y/y 
- Net production excluding Barda Rash of 31,819 bopd, slightly below the full year guidance range of between 32,000 - 36,000 bopd
- Lower oil prices significantly impacted the business at the start of 2015 resulting in a review of the Company's capital structure, liquidity, funding requirements and business plan
- Financial results impacted by material impairment charge of US$1.1 billion due to the fall in oil prices and curtailment of capital expenditure and US$0.9 billion in respect of the write-off of Barda Rash reserves