(BFW) Camel Sale Not Being Considered by FTC in LO/RAI: TheDeal (Yday)

Camel Sale Not Being Considered by FTC in LO/RAI: TheDeal (Yday)
2015-04-01 13:12:07.907 GMT


By Joshua Fineman
(Bloomberg) -- Potential divestiture of Camel brand,
considered to be “dealbreaker” by some, is not an issue FTC is
considering, TheDeal.com said yday, citing unidentified person.
* Marketing program of Reynolds, known as “Every Day Low
Price” is not “sticking point” in negotiations
* Some deal watchers expect deal may be approved with sale of
Doral, behavioral remedy in regard to keeping Newport out of
EDLP program
* NOTE: Yday, Reynolds Confronting Antitrust Concerns Over
Lorillard Merger
* NOTE: March 30, 90% Probability LO/RAI Deal Approved by
FTC, Wells Fargo Says; March 27, LO/RAI Has 50/50 Chance
of Approval; Camel Sale DealBreaker: CLSA
* NOTE: March 30, 90% Probability LO/RAI Deal Approved by
FTC, Wells Fargo Says; March 27, LO/RAI Has 50/50 Chance
of Approval; Camel Sale DealBreaker: CLSA</li></ul>

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

Wansquare : Ofi AM débauche Eric Turjeman d'Amundi

Ofi AM débauche Eric Turjeman d'Amundi 

Le gérant vedette d'Amundi arrive chez Ofi avec 4 de ses proches collaborateurs. Ofi AM veut faire le forcing sur les actions et les convertibles européennes. 

La nouvelle va faire grand bruit dans le monde de la gestion collective : Ofi AM vient de débaucher une grosse équipe d’Amundi, et surtout Eric Turjeman, grand nom de la gestion actions. Déjà en pleine phase de restructuration depuis plusieurs mois, en vue de simplifier un organigramme compliqué, Ofi AM passe aujourd’hui à une nouvelle étape : celle de la montée en puissance de son pôle actions et convertibles européennes. Déjà à la tête de 60 milliards d’euros sous gestion, l’entité adossée à la Macif et la Matmut vient ainsi de muscler son organisation en vue de profiter de la reprise des marchés actions. Concrètement, elle a décidé de mettre en place une direction des gestions actions et convertibles sous la responsabilité d’Eric Turjeman qui rejoint donc Ofi AM accompagné de quatre gérants actions, tous venus aussi d’Amundi : Olivier Baduel, Corinne Martin, Béryl Bouvier Di Nota et Jean­Charles Naudin. Autre décision d’Ofi AM : la création d’un pôle gestion dynamique du risque et Ingénierie Financière sous la direction de Michaël Fay et le projet de regroupement des compétences en matière de dettes privées au sein de Zencap Asset Management. Eric Turjeman arrive donc chez Ofi avec son équipe rapprochée dans les actions, Olivier Baduel ayant la responsabilité des large cap et Béryl Bouvier Di Nota, celle des small et mid. Eric Turjeman, 51 ans, a débuté sa carrière en 1988 chez Société Générale Asset Management en tant que Gérant actions françaises puis Directeur des Gestions actions. Avant de rejoindre OFI Asset Management, il était Directeur mondial Adjoint des Gestions actions chez Amundi depuis 2010. Il est diplômé d’un DESS Finance et d’une Maîtrise de Gestion de l’Université Paris­Dauphine. Olivier Baduel, 46 ans, a débuté sa carrière en 1995 chez Amundi en tant que Gérant actions françaises puis européennes. Avant de rejoindre OFI Asset Management, il y était Responsable de l’équipe stock­picking actions Europe depuis 2005. Il est diplômé de l’Institut Supérieur de Commerce de Paris et de la SFAF. Beryl Bouvier Di Nota, 49 ans, a débuté sa carrière à la Banque Indosuez au département Consolidation. En 1994, elle rejoint Baring AM à la Direction Marketing. De 1996 à 2010, elle a exercé plusieurs fonctions au sein de Société Générale Asset Management au Marketing Institutionnel puis Responsable des gestions « Smid Cap » Europe. Avant de rejoindre OFI Asset Management, elle était Responsable des gestions « Smid Cap » Europe chez Amundi depuis 2010. Elle est titulaire d’un DEA de Sciences Economiques de l’Université Paris X et diplômée de la SFAF. Ces arrivées confirment la volonté d’Ofi AM de faire le forcing sur les actions européennes, mais aussi sur la gestion et l’optimisation du profil rendement/risque de l’allocation stratégique de la clientèle. Et c’est là où Michaël Fay, précédemment Directeur Général d’Ofi Investment Solutions, prendra la direction de ce pôle. Clément Iseli, précédemment gérant puis analyste quantitatif au sein du pôle Innovation, Méthode et Process chez Ofi Asset Management, le rejoindra en tant que gérant allocataire.

WSJ : Orange Urged to Seek European Partner for Dailymotion

Orange Urged to Seek European Partner for Dailymotion
The French government’s comments made in light of a possible deal with a Chinese investor

PARIS—The French government Wednesday urged partially state-owned telecoms operator Orange SA to explore European solutions for its video streaming unit Dailymotion before entering into the final phase of a possible transaction with a Chinese investor.

The warning issued by the office of French Economy Minister Emmanuel Macron comes weeks after the management of Orange, according to people familiar with the matter, told its board it intended to enter into exclusive talks with Hong Kong-based PCCW Ltd. over a deal to sell a 49% interest in Dailymotion.

“There can’t be exclusive talks,” Mr. Macron’s spokeswoman Barbara Frugier said. “Orange must look at all options and take into consideration what’s at stake for Europe’s digital sovereignty.”

Orange said Wednesday it continued to talk with potential investors in a quest to find a partner for Dailymotion.

“We haven’t signed any exclusivity deal, all options are open,” said a spokesman.

Dailymotion is widely seen as an example of a successful French startup. The company, founded in 2005, has managed to attract funding and expand globally, but Orange has argued for years that to catch up with Google Inc.’s YouTube, it needs to find partners.

Wednesday’s move by Mr. Macron’s office is the second time the French government has directly stepped into Orange’s plans for Dailymotion.

In 2013, then-Industry Minister Arnaud Montebourg prevented Orange from selling a majority stake in the site to U.S. Web giant Yahoo Inc. After the deal fell apart, Mr. Montebourg said the U.S. tech firm might have “devoured” a French jewel.

After Mr. Montebourg left the cabinet last year, the French government signaled it was more open to the idea of a foreigner joining with Orange in Dailymotion. France’s deputy minister for digital affairs, Axelle Lemaire, has said a new “Dailymotion affair” should be avoided by all means.

Mr. Macron’s spokeswoman said the French government wasn’t intent on banning a deal with PCCW but wished to remind Orange it should take into account efforts to create a stronger digital economy in Europe to counter the dominance of U.S. web giants.

“There is no veto,” Ms. Frugier said. “This doesn’t mean that the Chinese offer is ruled out.”

>>> GoDaddy (GDDY) Prices its 23 Million Share IPO at $20 Per Share

GoDaddy (GDDY) Prices its 23 Million Share IPO at $20 Per Share
Earlier, GoDaddy (GDDY) priced its upsized 23 million share IPO at $20.00 per share, above the expected $17.00-19.00 expected range. The deal, which was originally for 22 million shares, will raise $460 million in gross proceeds.

For some background, GDDY is a leading internet domain company with roughly 13 million customers, primarily small and medium sized businesses, entrepreneurs, and hobbyists. The company was founded back in 1997 by Bob Parsons, so GDDY actually is a fairly mature company (as illustrated in its revenue growth rates, which are solid, but not exceptional).

In addition to domain name registration, GDDY also offers web design service, hosting, and security tools to help customers build and maintain on online marketplace. In fact, these services have become a much larger portion of the business over the past several years. To put that into context, in 2014, hosting, presence, and business applications products accounted for over 49% of aggregate bookings.

But still, since its inception, GDDY's "bread and butter" has been its domain name registration business. According to its prospectus, it has about 59 million domains under management, accounting for about 21% of all current internet domain names in the world. To go along with its market-leading domain name registration business, GDDY has accumulated a portfolio of 144 patents, with much of the protected technology related to domain names and web hosting. However, there is also a focus on search engine development and IT security.

The market opportunity is very substantial for GDDY. According to the U.S. Small Business Administration, there were approximately 28 million small businesses in 2012, with many of these businesses having fewer than five employees, and with many of them having little or no technological skills. Furthermore (and this stat is surprising, in this age), as of January 2013, more than half of small business in the U.S still did not have a website.

In regards to its FY14 results, revenue grew 23% to $1.39 billion, with the increase primarily resulting from a $179.4 million increase from new and existing customers and $52.4 million in incremental revenue from businesses acquired in 4Q13. Its domain business saw a 14% jump in revenue to $763.3 million and its hosting and presence business grew by 33% to $127.2 million.

Additionally, its operating loss improved to ($61.9) million from ($131.9) million as its cost of revenue, as a percentage of revenue, decreased to 37.4% from 41.9%. Marketing and advertising also improved, coming in at 11.9% of revenue versus 12.9% a year earlier.

As for its valuation, GDDY would have a market cap of $2.7 billion, based on the mid-point of the expected price range, equating to a reasonable, if not attractive, trailing P/S of 1.94
.

>>> Monsanto misses by $0.04, misses on revs; guides FY15 EPS at low end of rang

MON -0,8% pre market

Monsanto misses by $0.04, misses on revs; guides FY15 EPS at low end of range

Reports Q2 (Feb) earnings of $2.90 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $2.94; revenues fell 10.9% year/year to $5.2 bln vs the $5.58 bln consensus.
  • In Agricultural Productivity, the decline in gross profit was primarily volume related, as the company continued to convert from non-branded to branded volumes of Roundup, which is shifting gross profit to the second half to support key application windows for over-the-top sprays.
Co issues guidance for FY15, sees EPS at low end of $5.75-6.00 range vs. $5.84 Capital IQ Consensus.
  • EPS guidance includes $0.35-0.40 FX headwind.
  • The co also is tracking to the lower end of its original free cash flow guidance of $2.0 billion to $2.2 billion.
  • The Seeds and Genomics segment gross profit growth percentage for the full year is now expected to be low-to-mid-single digits, while the company's Agricultural Productivity gross profit is still expected to be down ~10% YoY due to anticipated generic glyphosate price softening and an incremental 2-to-3% due to deteriorating currencies.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: CTSO -41.2%, UTIW -13.7%, CRS -6.4%, SNX -5.3%, RKT -5.1%, HOTR -2.9%, VUZI -1.4%, MON -0.8%, BGCP -0.6%

M&A news: MAC -5.1% (unanimously rejects revised, unsolicited proposal from Simon Property Group)

Other news: HKTV -16.4% (issues statement in response to report by Asia Television Limited regarding the possible involvement of Hong Kong Television Network Limited in ATV), AKAO -9.8% (following co's webcast yday), BCRX -7% (following peer DYAX study results), CTP -4.9% (filed to delay Form 10-K; Sylvain Dhenin to assume role of CEO immediately following the filing), CHRS -3.9% (prices 4,137,931 shares of its common stock at $29.00 per share), NBG -3.1% (cont uncertaintly in Greece), JPST -2.7% (Handy & Harman (HNH) extends tender offer for shares of JPST until April 17 due to continuing discussions with the company), BEL -2.4% (disclosed that Filip Boyen has resigned as Chief Operating Officer effective immediately), MYL -1.6% (prices 35,000,000 ordinary shares held by certain subsidiaries of Abbott Laboratories (ABT), at $58.35 per share), BURL -0.9% (Burlington Stores announces that affiliates of Bain Capital Partners, LLC and certain other stockholders intend to offer 12,490,154 shares of the Company's common stock in an underwritten public offering), CGI -0.8% (filed for $250 mln mixed securities shelf offering)

Analyst comments: ONNN -4.2% (downgraded to Sell from Neutral at Goldman), PIR -2.9% (downgraded to Underweight from Equal-Weight at Morgan Stanley), SBGL -2.5% (downgraded to Sell at Deutsche Bank), AAL -2.4% (downgraded to Hold from Buy at Deutsche Bank), UAL -2.3% (downgraded to Hold from Buy at Deutsche Bank), KORS -2.2% (downgraded to Neutral from Overweight at Piper Jaffray), DAL -2% (downgraded to Hold from Buy at Deutsche Bank), AMCX -1.6% (downgraded to Hold from Buy at Evercore ISI), UHS -1.5% (downgraded to Underperform from Neutral at Sterne Agee), MCC -1.5% (downgraded to Neutral at UBS), VALE -0.9% (downgraded to Underperform at Santander)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: IKGH +20.5%, SLTD +7.2%, FSI +3.9%, RIBT +0.5%, RGSE +0.4%

Select EU notables showing strength: CS +2.7%, BCS +2.4%, NVO +1.9%, SNY +1.8%, DB +1.7%, NVS +1.6%, GSK +1.3%, SAN +1.2%, SAP +1%

Select oil/gas related names showing strength: PBR +2%, STO +1.4%, RDS.A +1.2%, TOT +0.9%

Other news: VLTC +117.8% (Carl Icahn disclosed 52.3% active stake in 13D filing), DYAX +46.2% (announces positive results from Phase 1b Clinical Trial of DX-2930 ), INS +9.4% (signed a Stock Purchase Agreement to sell its ChemFree Corporation subsidiary to CRC Industries, Inc for ~$21.6 mln), SRPT +9.2% (appoints Edward Kaye, M.D., as Interim CEO; company on track with clinical and regulatory plans for investigational duchenne muscular dystrophy drugs), ONVO +9% (presents data on in vitro three-dimensional kidney tissue), NBIX +8% (Neurocrine Biosci and Mitsubishi Tanabe Pharma announce agreement to develop and commercialize VMAT2 inhibitor NBI-98854 for movement disorders in Japan and other select Asian markets), SHLD +6.3% (Sears Hldg and General Growth Properties (GGP) have entered into a real estate JV), CYRN +5.6% (following Mitsubishi / Siemen deal), MDCO +3.6% (announces Angiomax patent litigation settlement with Sun Pharmaceuticals), CBK +3.2% (5.2% holder Macellum delivers letter to the CBK mgmt; urges upgrade of board and exploring potential sale to maximize shareholder value), GBSN +2.8% (cont strength), CHK +2.4% (Chesapeake Energy Chairman disclosed purchase of 1 mln shares, worth total of $13.979 mln ), RUBI +2.1% (reached a definitive agreement to acquire privately held Chango Inc for ~$122 mln; Reaffirms Confidence in Q1 2015 Financial Outlook), PMFG +2.1% (announced agreement to sell its ALCO products and Boss-Hatten heat exchanger brands to Koch Heat Transfer; financial details not disclosed), RCPT +1.9% (completed enrollment in the RADIANCE Phase 3 trial of ozanimod in patients with Relapsing Multiple Sclerosis)

Analyst comments: ESPR +3.7% (initiated with a Buy at UBS), TRVN +2.9% (initiated with a Outperform at Wedbush), SPLS +2.2% (upgraded to Overweight from Sector Weight at Keybanc Capital Mkts), LYG +2.1% (upgraded to Hold from Underperform at Jefferies), PHG +1.7% (added to Conviction Buy List at Goldman), TWTR +1.4% (initiated with a Buy at Jefferies), AMT +1.4% (upgraded to Strong Buy from Outperform at Raymond James; esumed with a Overweight at JP Morgan), HPQ +1% (upgraded to Buy from Hold at Jefferies), ZU +1% (initiated with an Outperform at OPCO)

>>> US Early premarket gappers

Early premarket gappers
Gapping up: VLTC +97%, DYAX +47.1%, ONCY +20%, INS +9.4%, CYRN +7.6%, SRPT +6.6%, ESPR +6.3%, SHLD +3.3%, PMFG +2.1%, LYG +2.1%, ANF +2.1%, CHK +2%, CS +2%, BCS +1.8%, PHG +1.7%, SNY +1.6%, YNDX +1.5%, PBR +1.5%, NVS +1.4%, STO +1.4%, BUD +1.4%, SAN +1.3%, SPLS +1.3%, SAP +1.3%, NVO +1.3%, DB+1.2%, GSK +1.2%, HPQ +1.2%, TWTR +1.1%, RUBI +1%, RDS.A +0.9%, SNE +0.8%

Gapping down: HKTV -15.4%, UTIW -15.4%, CTP -4.9%, CHRS -3.2%, NBG -3.1%, BEL -2.4%, KORS -2%, DAL -2%, BHP -1.7%, UAL -1.7%, SHPG -1.5%, MYL -1.3%, BURL -1%, MAC -1%, CGI -0.8%

>>> True or Not (Fool's day today) Yanis Varoufakis: “Greece Will Adopt the Bitc

Yanis Varoufakis: “Greece Will Adopt the Bitcoin If Eurogroup Doesn’t Give Us a Deal” - See more at: http://greece.greekreporter.com/2015/04/01/yanis-varoufakis-greece-will-adopt-the-bitcoin-if-eurogroup-doesnt-give-us-a-deal/#sthash.qFEPwVdJ.dpuf

While Greece’s lenders are pushing the Greek government to accept their terms in order to allocate funds so the country will not go bankrupt, Greek Finance Minister Yanis Varoufakis seems to have another ace up his sleeve. The second top thinker in the world according to prospect magazine surprised even his closest aids at a secret meeting when he said “We ‘ve had enough, we ‘ll run on Bitcoin.”

Sources very closed to Greece’s minister of finance told Greek Reporter that today Yanis Varoufakis held a top secret meeting with high-ranking finance ministry officials to prepare them in case negotiations at the upcoming Eurogroup fail. The anonymous source noted that everybody in the room was staring at each other when Varoufakis – also a prominent blogger – said “We ‘ll go to Bitcoin, we will be ahead of all the world economies and although it may be painful in the beginning, Greece’s economy will thrive in the long term.”

The Greek Finance Minister went on to explain what is the cryptocurrency and how it will be implemented into Greeks’ day to day life by using a special mini computerized card with a chip. All citizens will carry the card as an electronic wallet. The card will be distributed for free to all Greek citizens via the local tax offices but it will also be available for purchase at the country’s entry points for 45 euros, or 0,20 Bitcoin each. The sale of the card to tourists is expected to be another form of revenue for cash-strapped Greece.

“This is the smartest move to beat corruption and tax evasion, all transactions will be recorded to the Greek Ministry of Finance new secure and dedicated Bitcoin servers and we ‘ll be able to track transanctions at any given moment,” said Varoufakis defending his decision.

Many officials objected saying that Greece doesn’t have the knowhow to start such a global movement but the Greek Finance Minister said that he does what the Ancient Greeks would do in his position – and that is: be the future!

“As Greeks we are innovators, look at our history,” exclaimed Varoufakis who added “The first computer was used in Greece, the mechanism of Antikythira, nobody knew what we were starting then.”

“The future starts in Greece and we will be the first country to use the currency of the future, a currency that doesn’t allow third parties to tell us what to do or how to live, this is the Greek thing to do,” said the Greek minister.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part while it can be used for transactions worldwide.

Earlier in the day German Finance Minister Wolfgang Schaeuble had made statements putting down once again Greece’s negotiation efforts and this might have been the reason his Greek counterpart held this important meeting today.

“This is the way to be ahead, they want us to back up and they say we don’t have a clue on what we do, but this is the solution for Greece’s future,” said Varoufakis according to the same high-ranking finance ministry official who was present at the meeting.

Alexis Tsipras, the country’s prime minister who is younger but not as digitally advanced as Varoufakis, was reluctant in the beginning. Tsipras realized the advantages of such a move during a special session the Greek Finance minister held for the Greek Prime Minister at Maximos Mansion during the weekend. The session was also attended by other leftist government members who needed to be prepared and lead the way in using the Bitcoin when and if Greece switches.

According to a source close to the Greek Prime Minster the Finance Ministry is planning to hold free special seminars for all Greek citizens on how to use the Bitcoin. As of today a forum on the Bitcoin and its use has been set up in Greek here. It is expected that the Greek Economy will be running on Euro and Bitcoin simultaneously at least for one year until all citizens get familiar with the use of the digital currency.

The next crucial Eurogroup for Greece’s future should be held in the next two weeks.