>>> What to look at today - 14th of April 2015

Dow-0,45% S&P-0,41% Nasdaq-0,15% Russell+0,06%
US Market closed lower, in a quite session with S&P spending the day inside a 15 point range, energy sector contributed to the early strength, but reversed to end lower by 0.8% even as crude oil settled higher by 0.5% at $51.91/bbl after testing the $53.00/bbl level. Volume were in line with recent voume at 650mil shares...US After Hours TPLM +6.9%, OZRK +1.0%, PSG +0.1%, NSC -4.9%, MDXG -3.2%, AAOI -2.5% following earnings/guidance...Altera shareholders Cadian and TIG urge company to reconsider Intel offer, ALTR +1% after hours...Japan Prime Minister Abe's advisor Hamada today said Yen is weak at 120/$, calling for 105/$ an appropriate level for the Japanese currency. Hamada reiterated Bank of Japan's monetary policy has been working well, and more consumption in Japan is expected as stocks rise. The Japanese currency has been trading weak after those comments from Hamada in the morning. During Asia session, USD/JPY dipped over 30pips to around ¥119.80 levels...Singapore released Q1 advanced GDP data, Q/Q at 1.1% better than 0.2% expected, Y/Y at 2.1% better than 1.7% expected. After the GDP figure, Singapore central bank released statement on monetary policy, keeping the slope and width of the fx policy band. Central bank also maintained 2015 headline CPI forecast

Nikkei -0.06% Hang Seng-0.96% Shanghai +0.26%

RUB $52.1914 EURCHF 1.0317 CHF 0.9782 Eur$ 1.0545 WTI $52.43 (+1%)

S&P +0.16% EuroStoxx -0.53% DAx -0.31% SMI -0.20%

Macro :
- Greek Govt Official Denies FT Report Greece Preparing Default
- MSCI Emerging Markets Index Offers 15% Upside by Yr-End: JPM
- One-Third of Global Iron Ore Supply Seen Loss-Making, HSBC Says

Keep an eye on :
- ALU FP : Nokia Said in Advanced Talks to Acquire Alcatel-Lucent Assets {http://bit.ly/1GDXTJh} --> ALU+7,67%
- PIM IM : Banco Popolare and BPM to choose merger advisors in near future -Il Sole 24 Ore
- BIM FP : BioFire Submits De Novo Application to FDA for FilmArray(R) Meningitis/Encephalitis Panel
- DTE GY : Deutsche Telekom hires BNP Paribas to help seek buyers for T-Online; Axel Springer still interested - Der Spiegel
- DBK GY : Board said to be moving away from consideration of separation of certain investment banking activities
- DTE GY : T-Mobile Czech CEO Expects Rev. Decline to End This Year: HN
- ENX FP : Euronext May Cut 100 Jobs, Mostly in Paris, Les Echos Says
- FCA IM : Elkann Sees Need for Auto Industry Consolidation
- GXI GY : Gerresheimer 1Q Rev. EU301.8m, Est. EU305.5m
- GBB FP : Bourbon Says Boat Boarded, Crew Kidnapped Off Coast of Nigeria
- HOLN VX : Nominates future board for Lafarge/Holcim, board to have 14 members - Each company would have 7 board members.
- KNIN VX : Kuehne & Nagel Cuts 2015 Seafreight Volume Forecast
- MC FP : LVMH 1Q Rev. Beats; Wines & Spirits Decline Less Than Estimates
- MS IM : EI Towers Must Clarify Rai Way Goals Before a Bid, Consob Says
- NESN VX : Nestle in Exclusive Talks to Sell Davigel to Bain Capital: Echos
- NOVOB DC : Novo Nordisk Opens Lobby Office in Washington, Borsen Says
- UG FP : *PSA PEUGEOT CEO SEES ‘ENCOURAGING SIGNS’ IN EUROPEAN CAR MKT
- PC IM : ChemChina Now Has Agreement for Purchase of Over 30% of Pirelli
- POST IM : Poste Italiane may sell Banca del Mezzogiorno to FSI - Milano Finanza daily edition
- REP SM : Repsol 1Q Refining Margin $8.7/Bbl
- SAB LN : SABMiller Executive Cmte Member Van Kralingen to Retire: Reuters
- SIK VX : Sika Sees 6-8% 2015 Sales Growth Constant FX; 1Q Sales Rise 5.1%
- SIX2 GY : Sixt Seeks at Least EU100m From 2015 IPO of Leasing Unit
- SPI LN : Cinven Sold 40.1m Spire Shrs at 340p/Shr to Raise GBP136.4m
- STCBV FH : Stockmann to Cut as Many as 420 Jobs in Support Functions
- TEC FP : Awarded contract from Dana Petroleum
- THR BB : ThromboGenics, VIB to Develop Pediatric Brain Tumor Treatment
- YOOX IM : Bravofly Says CFO to Leave, Be Replaced by YOOX’s Guidotti May 1
- VIE FP : Awarded contract related to South Korean nuclear plant - The contract is supply water and waste water treatment services.
- VOW3 GY : VW Supervisory Board May Meet This Week, Handelsblatt Says

>>> Banco Popolare and BPM to choose merger advisors in near future

Banco Popolare and BPM to choose merger advisors in near future -Il Sole 24 Ore

Banco Popolare and Banca Popolare di Milano (BPM), the listed Italian banks, are close to choosing advisors for potential merger properties, Italian language daily Il Sole 24 Ore reported. The unsourced report said that BPM is likely to choose Mediobanca while UBS could advise Banco Popolare.

The report said that another listed cooperative bank BPER could choose an advisor from Mediobanca, Citi and JPMorgan, all of which advised on BPER's EUR 750m capital increase last year.

As previously reported, Banco Popolare CEO Pier Francesco Saviotti has indicated that a merger with BPM is a possibility.

Banco Popolare has a market cap of EUR 5.2bn, BPM EUR 4.23bn and BPER EUR 3.86bn.

Source Il Sole 24 Ore

>>> Nestle in exclusive talks with Brake for sale of Davigel - LEs Echos

Nestle in exclusive talks with Brake for sale of Davigel 

Listed Swiss food giant Nestle, is understood to have entered into exclusive negotiations with UK foodservice distributor Brake, for the sale of Davigel, its frozen food unit, Les Echos reported. Brake, owned by private equity house Bain Capital, pipped the other remaining contender investment fund HIG, to snatch the target for an estimated offered price of EUR 200m, the French-language daily cited several sources as saying.

Not only did Brake offer more than HIG, but it also did not request the vendor credit proposed by Nestle, which amounted to 10%-15% of the total value of the deal, according to the report. Brake is also believed to have agreed to the job guarantees requested by Nestle. The report cited insiders at Davigel as saying that there are several redundancies with Brake, especially for the delivery and headquarters operations.

Davigel operates three production sites in France with 3,100 employees and generates annual revenues of EUR 700m, compared with the sales of EUR 650m for Brake France.

Les Echos

>>> Halliburton drill bits divestiture could attract global industrial companies

DEAL REPORTER


Halliburton drill bits divestiture could attract global industrial companies

• PE firms, oilfield strategics will also be in fray
• Rare opportunity for large-scale oilfield technology assets surfaces from DoJ review


When Halliburton (NYSE: HAL) puts several business lines up for sale later this spring, its drill bit unit will likely attract bids from international industrial concerns as well as the expected private equity-backed enterprises and large oilfield services strategics, said two industry bankers and a private equity investor. Halliburton should see fierce competition for all its planned divestitures because few healthy oilfield services businesses are coming to market, they said.

The company announced on 7 April that it would divest three segments as a result of an antitrust review on its pending USD 34.6bn merger with Baker Hughes (NYSE: BHI). It said it would separately market its fixed cutter and roller cone drill bits, its directional drilling business, and its logging-while-drilling/measuring-while-drilling (LWD/MWD) business.

An an analyst said the Halliburton drill bit unit could be valued at USD 1.5bn.

Industrial attention

The Halliburton unit is sizeable enough for a business looking to make a new incursion into energy services to instantly establish itself in the space. Those companies are more likely to have an eye on the long-term growth prospects of such a move, and could bid aggressively as a result, they said.

Industrials companies that manufacture components and equipment, especially those that already serve other areas of oil and gas or mining, would have a natural fit with drill bits, said the first and second banker. Even if they do not already make drill bits, some of their expertise would transfer over and they could potentially see synergies -- although the third banker acknowledged it would be something of a risk if drill bits were a completely new venture for them.

The sources all noted that it would be impossible to predict every name that could get involved the auction process, which has not yet begun.

General Electric’s (NYSE: GE) subsidiary GE Energy lists directional drilling among a number of oilfield services products on its website, but the industry analyst said GE's oil and gas platform does not yet operate in the drill bits category.

Among industrial companies in adjacent fields, German industrial conglomerate Siemens (FRA: SIE), known for its automation, building, and power generation technologies, could decide to make the jump into drill bits, said the first and second bankers. It is involved in a USD 6.4bn bid for Dresser-Rand, which provides oil and gas production and power generation equipment including valves, compressors, turbines, and engines. However, the second banker added that the ongoing deal might preclude Siemens’ involvement in a new auction process.

Sandvik (STO: SAND), a Swedish industrials company, acquired Carrollton, Texas-based Varel International Energy Services for USD 740m last year, noted the second banker. It is in prime position to add on to Varel’s drillbit business, they said. At the time of the acquisition, Sandvik announced that Varel would “become a platform for Sandvik to expand into the upstream oil and gas industry.” Since that acquisition, it has made two divestitures, stating that it would focus more on the energy sector.

Dover Corporation (NYSE: DOV) could take a look at adding drill bits to its energy segment, which provides equipment such as bearings, artificial lift, and pumps to oil and gas customers, said the first banker. Dover recently announced it would sell its Sargent Aerospace and Defense business to RBC Bearings for USD 500m, and if that deal closes as planned in the second quarter, it would have more liquidity for buys, the banker noted. The company reported USD 681m in cash on its most recent balance sheet and an undrawn USD 1bn credit facility. Dover touted strong revenue growth in its Drilling and Production segment during its January earnings call; CEO Robert Livingston said that while energy M&A in the near term would be “a bit uncomfortable”, he added that by the second quarter he expected the company to be able to “make a decision or two”.

ABB (VTX: ABBN), a Swiss industrials company, has an oil and gas segment providing equipment and machinery to onshore and offshore oil and gas, and could be another bidder, said the industry source.

Strategic bidders

A number of strategic oilfield services businesses with acquisitive histories will likely also show interest in Halliburton’s first round of divestiture opportunities.

National Oilwell Varco (NYSE: NOV) has historically grown by acquisition and has a line of drilling and intervention tools including drilling motors and drill bits, said the second industry banker. He said he would expect NOV to be in the race, especially since it has about USD 700m in US cash, USD 2.4bn available on its revolving line of credit, and USD 2.9bn in overseas cash that it can borrow against.

NOV and Superior Energy Services (NYSE: SPN) have both been vocal this year about acquiring drill bits and directional drilling operations.

On its 4Q14 earnings call, Superior Energy CEO David Dunlop said the company’s 2010 acquisition of Baker Hughes’ stimulation and sand control business for USD 55m was also a Department of Justice-mandated noncore Baker Hughes asset sale “that put [Superior] in the completions business”.

Superior Energy spokesperson Paul Vincent said the Baker Hughes/Halliburton merger “will forever change the oilfield services market” amongst the top strategic participants, of which Superior is included. “Any strategic on the planet should be interested in these assets,” Vincent said, but he declined to comment on whether Superior would be interested in participating in an active process for Halliburton drill bits or other assets subject to the DoJ review.

GE Energy could take a run at the drill bits business or any of the other mandated divestitures, said the second banker and the analyst. GE recently announced that it would restructure to focus more on its industrial businesses; it plans to sell most of its finance unit, GE Capital, and it has announced a deal to sell most of its real estate, and it will return some of the capital to shareholders. A bid on any of Halliburton's businesses would solidify its position in the industrial and energy services and take it into a new energy subsector, the sources said.

Schlumberger's (NYSE: SLB) size in the drill bit space rule it out as a buyer, the sources said.

PE pursuit

At the same time, private equity will be in hot pursuit of a business like this, said all of the sources. Just like the strategics, they will see it as a prime platform for future growth -- a product line that Halliburton would not have sold if regulators had not forced the sale. PE firms have a lot of capital to put to work in oilfield services, they noted.

TPG Capital, KKR, Energy Capital Partners, Macquarie Infrastructure, Intervale Capital and First Reserve would also take a look.

Halliburton, GE, Dover, NOV and Sandvik representatives did not return phone messages seeking comment. Siemens and ABB declined to comment.

>>> Altera shareholders Cadian and TIG urge company to reconsider Intel offer

Altera shareholders Cadian and TIG urge company to reconsider Intel offer 

Several of Altera's (NASDAQ:ALTR) largest shareholders have written letters to the company urging it to resume negotiations with Intel (NASDAQ:INTC), according to a newswire report which cited people with knowledge of the situation.

Bloomberg, citing the sources, reported that Cadian Capital Management, which owns 2.8% of Altera, and TIG Advisors, which owns 1.5%, are among the shareholders that sent private letters to that effect. Other shareholders have sent letters, the people said.

Negotiations between Altera and Intel ended last week when Altera rejected Intel's takeover bid of approximately USD 54 per share, sources told the newswire on 9 April.

>>> Deutsche Telekom hires BNP Paribas to help seek buyers for T-Online; Axel Sp

Deutsche Telekom hires BNP Paribas to help seek buyers for T-Online; Axel Springer still interested 

Deutsche Telekom, the listed German telephony company, has hired the bank BNP Paribas to assist in seeking buyers for its internet portal T-Online, Der Spiegel reported. The report, without identifying sources, said that a 30-page sale prospectus has been sent to almost 10 potential investors.

The report said that last December, it became known that informal talks had been held, with the German publishing company Axel Springer among the supposed interested parties.

Deutsche Telekom intends to reach a decision on a sale by early summer, according to the report.

According to the report, Deutsche Telekom is said to have very strict ideas about how the T-Online brand should be protected in the future. Axel Springer is believed to be still interested, the report said.

Der Spiegel

(BFW) MSCI Emerging Markets Index Offers 15% Upside by Yr-End: JPM


BFW 04/14 03:42 *MSCI EM INDEX YR-END TARGET RAISED 15% TO 1,200 AT JPMORGAN
MSCI Emerging Markets Index Offers 15% Upside by Yr-End: JPM
2015-04-14 04:15:41.715 GMT


By Jan Dahinten
(Bloomberg) -- Raises end-2015 index target to 1,200 vs
1,100 as price momentum combined with bearish positioning
provides powerful technical support, JPMorgan strategists led by
Adrian Mowat write in note.
* EM top 10 stocks: Samsung Electronics, Fubon Financial,
Steinhoff, Ping An Insurance, ICICI Bank, Grasim, Ayala
Land, Indocement, TSMC, Naspers
* Cites continued reform in India, Indonesia
* More dovish Fed provides relief to weaker emerging markets
FX, notably real, ruble, Turkish lira
* Overweight India, Indonesia, Philippines, Korea, Taiwan,
Turkey, South Africa
* Underweight: Brazil, Chile, Russia, CE3, Malaysia, UAE,
Qatar
* Risks incl. weak demand in EM, notably China
* NOTE: MXEF Index +9% YTD vs 4% gain in MSCI World Index, 10%
rise in MSCI Asia ex-Japan Index


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

To contact the reporter on this story:
Jan Dahinten in Singapore at +65-6212-1164 or
jdahinten@bloomberg.net
To contact the editors responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net

>>> Asian update

Asian Mid-session Update: Singapore Central Bank kept fx policy stance; AUD/USD higher on NAB business confidence figure


***Economic Data***
- (NZ) NEW ZEALAND Q1 NZIER BUSINESS OPINION SURVEY: 23 V 24 PRIOR
- (NZ) New Zealand REINZ Mar House Price Index: 4,340.9 v 4,069.7 prior; House Sales Y/Y: 20.3% v 12.6% prior
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 109.8 v 109.7 prior
- (AU) AUSTRALIA MAR NAB BUSINESS CONFIDENCE: 3 V 0 PRIOR; CONDITIONS: 6 V 2 PRIOR
- (SG) SINGAPORE Q1 ADVANCED GDP Q/Q: 1.1% V 0.2%E; Y/Y: 2.1% V 1.7%E
- (ID) Indonesia Mar Motorcycle Sales: 546.2K v 556.1K prior
- (UK) UK MAR BRC SALES LFL Y/Y: 3.2% V 0.5%E (highest since Apr 2014)

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 -0.1%, S&P/ASX -0.1%, Kospi +0.1%, Shanghai Composite +1.0%, Hang Seng -0.5%, Jun S&P500 +0.1% at 2,089

***Commodities/Fixed Income***
- Jun gold +0.1% at $1,200/oz, May crude oil +0.9% at $52.40/brl, May copper +0.2% at $2.72/lb
- (AU) Australia MoF (AOFM) sells A$200M in 1% indexed bonds due 2018; Avg yield: -0.0763% (first time below zero yield for inflation-linked bonds); Bid-to-cover: 4.62x
- (CN) PBoC to inject CNY10B in 7-day reverse repos (14th consecutive injection); Offer yield at 3.35% v 3.45% prior on Apr 8th (5th yield cut this year)
- JGB: (JP) Japan MoF sells ¥2.29B in 0.1% (0.1% prior) 5-yr bonds; Avg yield: 0.0810% v 0.122% prior; Bid-to-cover: 3.38x v 3.64x prior

***Market Focal Points/FX***
- Japan Prime Minister Abe's advisor Hamada today said Yen is weak at 120/$, calling for 105/$ an appropriate level for the Japanese currency. Hamada reiterated Bank of Japan's monetary policy has been working well, and more consumption in Japan is expected as stocks rise. The Japanese currency has been trading weak after those comments from Hamada in the morning. During Asia session, USD/JPY dipped over 30pips to around ¥119.80 levels.

- Australia posted better than expected NAB business confidence index for March. NAB economist forecasts another rate cut in coming months, most likely in May, but saying rate cut could be delayed if the recovery in non-mining becomes more entrenched. AUD/USD traded higher by over 20pips above 0.76 levels after NAB business confidence data.

- Singapore released Q1 advanced GDP data, Q/Q at 1.1% better than 0.2% expected, Y/Y at 2.1% better than 1.7% expected. After the GDP figure, Singapore central bank released statement on monetary policy, keeping the slope and width of the fx policy band. Central bank also maintained 2015 headline CPI forecast at -0.5% to +0.5%, core inflation at 0.5-1.5%. Singapore's reiteration of policy at a modest and gradual appreciation of SGD sent the Singapore currency stronger. USD/SGD traded lower by over 100pips to about 1.36 levels after the statement.

***Equities***
US equities / ADRs:
- ALTR: Some shareholders said to be pushing the company to sell itself to Intel - financial press; +1.2% afterhours
- AAOI: Guides Q1 lower to R $30-30.3M v $35.7Me ($35-36.5M prior); Cites supply constraints; -2.5% afterhours
- PBY: Reports Q4 -$0.50 (incl items)* v +$0.03e, R$502.4M v $505Me; -3.1% afterhours
- NSC: Guides Q1 $1.00 v $1.31e, R$2.6B v $2.73Be; cites weather and service recovery costs; -5.5% afterhours

Notable movers by sector:
- Consumer Discretionary: AP Eagers APE.AU +11.6% (H1 guidance); Mobile Embrace MBE.AU +12.5% (9-month results); Hainan Airlines 600221.CN +10.1% (plans private placement; to acquire Tianjin Airlines)
- Consumer staples: Arcs Co Ltd 9948.JP -1.0% (FY14/15 results)
- Financials: Ping An Insurance 2318.HK -1.7% (Q1 gross premium)
- Materials: MACA MLD.AU -1.2% (cuts FY15 guidance)
- Industrials: Obayashi Corp 1802.JP +1.7% (raises FY14/15 guidance)
- Technology: Tencent Holdings 700.HK -4.8% (CEO sells shares)

>>> After Hours Summary: TPLM +6.9%, OZRK +1.0%, PSG +0.1%, NSC -4.

After Hours Summary: TPLM +6.9%, OZRK +1.0%, PSG +0.1%, NSC -4.9%, MDXG -3.2%, AAOI -2.5% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: TPLM +6.9%, OZRK +1.0%, PSG +0.1%

Companies trading higher in after hours in reaction to news: GWPH +2.4% (confirmed the American Academy of Neurology released new Epidiolex data; more detailed poster presentation scheduled at AAN Annual Meeting on April 22), Z +2.3% (to host conference call on April 14, 2015 to discuss Trulia integration progress and 2015 pro forma outlook), ALTR +1.0% (Bloomberg reporting that shareholders Canadian Capital Management and TIG Advisors are pressing co to pursue a sale to Intel), GM +0.4% (confirmed increase in quarterly dividend by 20% to $0.36 from $0.30 per share)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: NSC -4.9%, MDXG -3.2%, AAOI -2.5%

Companies trading lower in after hours in reaction to news: HZNP -2.6% (announced a proposed public offering of 12 mln ordinary shares), AVP -0.1% (co postponed its investor day to Fall 2015) 

(BN) New Nokia Equipped to Make a Deal With Alcatel-Lucent: Real M&A


New Nokia Equipped to Make a Deal With Alcatel-Lucent: Real M&A
2015-04-13 22:31:52.709 GMT


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

By Tara Lachapelle and Adam Ewing
(Bloomberg) -- As Nokia Oyj reemerges as a contender in the
telecommunications industry, it’s never been in a better
position to acquire all or part of Alcatel-Lucent SA.
Nokia has transformed itself from a fumbling mobile-phone
maker into a slimmer company focused on wireless networking. The
stock has tripled in two years amid the comeback. Now, it’s in
advanced negotiations to buy Alcatel-Lucent’s wireless assets,
though a full takeover has also been examined, people familiar
with the matter said.
If it wanted to buy the whole company, Nokia’s stock is
almost 40 percent more valuable than Alcatel-Lucent’s. That
makes a cash-and-stock bid feasible and accretive to earnings,
according to data compiled by Bloomberg. And its coffers are
growing: The Finnish company sold its devices unit to Microsoft
Corp. last year for about $7.5 billion, and it’s said to be
exploring a sale of the $2 billion maps business next.
Whether Nokia goes after the whole company or just the
wireless assets of its $11.5 billion French rival, it will need
to make a persuasive offer. They’ve held talks in the past that
didn’t go anywhere.
“Nokia thinks it’s worth X, and Alcatel thinks it’s worth
Y,” Mike Walkley, an analyst for Canaccord Genuity Group Inc.,
said in a phone interview, adding that he sees a deal for the
wireless assets as most likely. “Nokia has a strong balance
sheet, but they’re going to stick to their guns. It’s going to
come down to, do they close the gap on the valuation?”

Mobile Customers

Nokia may announce an agreement to buy the wireless assets
as early as this week, people familiar with the matter said,
asking not to be identified because the discussions are private.
The unit had 2014 revenue of 4.7 billion euros ($5 billion).
Representatives for Nokia and Alcatel-Lucent declined to
comment on the talks.
Acquiring Alcatel-Lucent’s wireless assets would give Nokia
networks that serve some 1.3 billion mobile subscribers in China
and contracts with the two biggest U.S. carriers -- Verizon
Communications Inc. and AT&T Inc. But Alcatel-Lucent’s core
networking-equipment segment, which includes its IP routing
business, would expand Nokia’s portfolio at a time when
efficiently transferring the booming amount of data from
services such as Netflix is crucial.
Together, Verizon and AT&T account for 25 percent of
Alcatel-Lucent’s revenue, whereas Nokia’s top customers are in
Asia and Europe -- China Mobile Ltd., SoftBank Corp. and
Telefonica SA, according to data compiled by Bloomberg.

Combined Company

A combination of Nokia and all of Alcatel-Lucent would
create the world’s second-largest manufacturer of network
equipment, smaller than Swedish market leader Ericsson AB but
ahead of China’s Huawei Technologies Co.
Nokia shares closed on Monday in Europe with a 36 percent
valuation premium to Alcatel-Lucent, based on earnings before
interest, taxes, depreciation and amortization. That gives it
plenty of firepower to make a cash-and-stock bid. Nokia’s
American depositary receipts later surged as much as 3.9 percent
in New York, while Alcatel-Lucent’s ADRs rallied as much as 11
percent.
If Nokia were to pay a hypothetical 30 percent premium,
with half in cash and half in stock, the deal would increase
next year’s earnings, according to data compiled by Bloomberg.

For Related News and Information:
Nokia Said in Advanced Talks to Acquire Alcatel-Lucent Assets
Nokia Said to Weigh Sale of Maps Unit to Focus on Networks
Nokia Record Cash Makes Alcatel Wireless Unit a Target: Real M&A
Real M&A columns: NI REALMNA <GO>
Top deal stories: DTOP <GO>
Merger accretion calculator: MRGC <GO>
BI, data networking equipment dashboard: BI NETW <GO>

--With assistance from Francois de Beaupuy and Marie Mawad in
Paris and Jeffrey McCracken in New York.

To contact the reporters on this story:
Tara Lachapelle in New York at +1-212-617-8911 or
tlachapelle@bloomberg.net;
Adam Ewing in Stockholm at +46-8-610-0706 or
aewing5@bloomberg.net
To contact the editors responsible for this story:
Beth Williams at +1-212-617-2307 or
bewilliams@bloomberg.net;
Kenneth Wong at +49-30-70010-6215 or
kwong11@bloomberg.net
Elizabeth Wollman