(BFW) Actelion’s Selexipag Cut Morbidity Risk 40% vs Placebo


ONE 03/15 19:30 Actelion Pharmaceuticals Ltd: Selexipag (Uptravi) long-term outcome data in pulmonary arterial hypertension presented at Americ
BN 03/15 19:37 *ACTELION SAYS DRUG SIGNIFICANTLY INCREASED 6-MIN. WALK DISTANCE
BN 03/15 19:32 *ACTELION'S SELEXIPAG IMPROVED LONG-TERM OUTCOMES
BN 03/15 19:31 *ACTELION SELEXIPAG SIG. CUT MORBIDITY RISK 40% VS PLACEBO
Actelion’s Selexipag Cut Morbidity Risk 40% vs Placebo
2015-03-15 19:51:04.209 GMT


By Dan Hart
(Bloomberg) -- Selexipag improved L-T outcomes in patients
w/pulmonary arterial hypertension, drugmaker says in statement.
Co. presented data at American College of Cardiology meeting in
San Diego.
* Drug “significantly reduced” risk of morbidity/mortality
event (p<0.0001), company said
* Actelion says drug led to “significant increase” in six-
minute walk distance at wk 26 w/12 meters in entire patient
population (p=0.0027), and 34 meters for PAH-treatment-naive
patients (p=0.0002)
* Proportion of patients discontinuing treatment because of
adverse events was 14% on selexipag and 7% on placebo

Link to Statement:Link
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(BFW) Sika Says All Board Members Will Stand for Re-Election at AGM


Sika Says All Board Members Will Stand for Re-Election at AGM
2015-03-15 20:47:27.30 GMT


By Jan-Henrik Förster
(Bloomberg) -- Sika AG confirms April 14 as date of annual
general meeting, co. says in statement.
* Due to Schenker-Winkler opposition board members Haelg,
Ribar, Sauter, van Dijk, Suter, Tobler would only serve on
board if all re-elected, Haelg confirmed as chairman
* NOTE: SWH proposes to oust Haelg, Ribar, Sauter
* NOTE: SWH proposes to oust Haelg, Ribar, Sauter</li></ul>
* SWH proposes Roesle as chairman
* Sika recommends holders reject proposal, hasn’t
industrial, management experience required to lead Sika
* Sika recommends holders reject proposal, hasn’t
industrial, management experience required to lead Sika</li></ul>
* Shareholder group led by Ethos proposes to delete opting-out
clause
* Board recommends proposal to be approved
* Board recommends proposal to be approved</li></ul>
* Group including Bill and Melinda Gates Foundation Trust
proposes special audit to investigate whether non-public
information was handed to Saint Gobain in run-up to deal
* NOTE March 12: Burkards Defend Clause That Would Hand Sika
to Saint-Gobain
* NOTE Feb. 9: Sika’s Burkard Family Appeals to Takeover Panel
to Push Deal

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(BFW) Valeo Sees >Eu20b Sales by 2020


BN 03/15 21:22 *VALEO SEES OPER MARGIN AS % SALES 8%-9% BY 2020
BN 03/15 21:21 *VALEO SEES >EU20B SALES BY 2020
Valeo Sees >Eu20b Sales by 2020
2015-03-15 21:23:31.844 GMT


By Robin Stringer
(Bloomberg) -- Co. also sees oper margin 8%-9% by 2020, and
free cash flow/Ebitda ratio >30%, according to an e-mailed
statement.

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WSJ : Fed Will Bark Before It Bites


Fed Will Bark Before It Bites
Markets aren’t ready for the Federal Reserve to tighten policy, but it may be trying to change that

A small rise in interest rates by the Federal Reserve should have little effect on the economy. But that is only if markets don’t get in the way.

Investors on Wednesday will be carefully parsing the statement the Fed releases following its two-day meeting and Chairwoman Janet Yellen’s postmeeting news conference for any hints on when the central bank might start raising rates. This is something economists are sharply divided over, with nearly half the respondents to The Wall Street Journal’s latest forecasting poll looking for a “liftoff” in the second quarter (read: at the June meeting), and the remainder expecting it to come in the third quarter or later.

Whenever the Fed starts tightening, the trajectory of rates likely won’t be steep. Rather, with inflation still below its 2% target, rate increases will be incremental, with the central bank pausing if the economy seems to soften. That is because the aim isn’t to cool an overheating economy, but to put into motion a yearslong process of getting overnight rates from near zero to the 3.75% that the Fed sees as normal.

Yet investors have been unusually sensitive to changing views of when liftoff will likely occur. The strong February employment report, which strengthened the case for a June rate increase, sent stocks down sharply. Last week’s weak retail sales report, which pushed the needle toward the Fed’s September meeting, saw stocks rise.

The problem might be investors put little faith in the Fed’s ability to hold back on ratcheting up rates once started. But given low inflation, another culprit seems more likely: valuations.

Even after their recent pullback, stocks look expensive. The S&P 500 is at about 17 times expected earnings, a decade high that compares with a year-earlier forward price/earnings multiple of 15.

Similarly, long-term Treasury yields are far lower than they were a year ago. The term premium on the 10-year note, or the extra compensation investors demand to hold it over cash, has fallen sharply this year into negative territory, bringing it to some of its lowest levels in over 50 years.

Such high prices make markets more sensitive to little things going wrong, like the Fed tightening sooner than investors are prepared for. And they seem unprepared.

The shadow funds rate ended February at minus-1.97%. This is a measure maintained by the Federal Reserve Bank of Atlanta based on where yields on Treasurys suggest overnight rates would be, if they could go below zero. That leaves it with a wide gap to fill by the time the Fed raises rates. And filling that could take substantial movement in Treasury yields.

The situation presents the Fed with a problem: It doesn’t want its first rate move to cause a severe market reaction that puts the economy at risk. Yet it doesn’t want to delay acting just because that might knock pricey assets lower. Optimally, it would like investors to gradually steel themselves for the first increase so that when it does actually come it doesn’t cause problems.

One way to accomplish this might be to keep the possibility of a June tightening open as long as possible, pushing markets to start adjusting, only to pivot to a later increase. If the Fed sounds hawkish after its meeting this week, bear this in mind.

WSJ : Activists in Commodities Should Beware of Cliffs


Activists in Commodities Should Beware of Cliffs
Even a rational plan to shake up a miner or a big oil company can run into the reality of slumping commodity prices

Activists have gotten bolder in terms of targets, with even a giant like Apple fair game these days.


But taking on China? That is what Casablanca Capital did, albeit indirectly. In January 2014, the fund said that it had taken a 5.2% stake in iron-ore miner Cliffs Natural Resources. At the time, Cliffs shares traded at about $19, and Casablanca had paid about $25 a share for its stake. But it said that, under its plan, they could be valued at $53.

On Friday, the stock closed at less than $5. Casablanca actually won its proxy fight last year and installed a host of directors and a new chief executive, Lourenco Goncalves. Yet its plan to split Cliffs looks beside the point given a roughly 50% decline in iron-ore prices the past year.


That is largely because of chief buyer China’s slowing growth. Rather than relying solely on self-help, Mr. Goncalves urged big, rival miners last week to curb output to help rebalance the iron-ore market, which would help Cliffs sell international assets. His call likely won’t be heeded.

Even the U.S. business, around which Casablanca wants Cliffs to focus, faces issues as steel plants contend with weak demand and surging imports from, you guessed it, China. Moreover, Cliffs said last week that many bondholders are holding out against a proposed debt exchange.

Casablanca’s case is a harsh one, but it isn’t completely alone. A year before its own campaign, Elliott Management began pressing for change at Hess. Elliott got much of what it wanted; the stock rose as high as $104 from less than $50. Hess is undoubtedly a stronger company now, yet the stock is back below $70. The reason? Oil also has slumped. When it comes to going after commodities producers, even when you win the argument, the world won’t always listen.

Credit Suisse Has No Plan to Raise Capital This Year: SZ

+------------------------------------------------------------------------------+

Credit Suisse Has No Plan to Raise Capital This Year: SZ 2015-03-15 13:49:13.932 GMT

By Roxana Zega (Bloomberg) -- Raising capital would only be needed in case of specific projects and no such projects are planned now, Chairman Urs Rohner says in Sonntagszeitung interview. * Says Credit Suisse tax-evasion fine in May had no role in Brady Dougan’s stepping down * Says Dougan laid foundation for growth phase * Says “very satisfied” with business strategy in asset management and investment banking

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--With assistance from Jeffrey Vögeli in Zurich.

To contact the reporter on this story: Roxana Zega in Zurich at +41-44-224-4120 or rzega@bloomberg.net To contact the editor responsible for this story: Cecile Vannucci at +44-20-3525-7032 or cvannucci1@bloomberg.net

RTR - Surprise Asian consortium interested in Philips lighti

Surprise Asian consortium interested in Philips lighting: sources

FRANKFURT (Reuters) - A surprise Asian consortium has emerged in the auction for Philips' (PHG.AS) lighting components business worth roughly 2.5 billion euros ($2.6 billion), two sources familiar with the matter said.

Chinese LED startup Lattice Power, working with investors GSR Ventures and Singapore state fund Temasek [TEM.UL], has expressed interest in the business, a move that could potentially foil the chances of rival bids from buyout groups, they said.

"They have put in a last-minute bid," one of the sources said, adding that it is expected to have been competitive as it would otherwise would have no chance at this stage of the auction.

"It looks like the Chinese are there. But it is unclear if their chances are very big," another source said.

Philips' adviser Morgan Stanley (MS.N) aims to enter exclusive talks with one of the bidders early next week, wrapping up a process which started a year ago when the Dutch electronics group combined its so-called Lumileds and car lights divisions into a standalone company.

A consortium of private equity firms CVC [CVC.UL] and KKR (KKR.N) this month tabled a bid seen as leading, with runner-up Bain Capital having had the chance the hike its own offer, sources familiar had said.

Spokespeople for Philips, CVC, KKR and Bain Capital declined to comment, while representatives for Lattice, GSR, Temasek and Morgan Stanley were not available for immediate comment.

Lattice Power, a small company which last year secured $80 million in funding by Asia Pacific Resources Development Investment, already has some connection to Philips, as it made James Haworth, a former Philips executive, the head of its U.S. operations.

Philips, which started making light bulbs 123 years ago, has vowed to focus on higher-margin activities under pressure from Chinese makers of light-emitting diodes (LEDs).

In 2014, Philips' Lumileds/Automotive business posted earnings before interest, tax and amortization (EBITA) of 172 million euros on sales of 1.42 billion.

Peers such as Hella (HLE.DE), Cree (CREE.O) and Acuity (AYI.N) trade in a range of 6.6 to 13.4 times expected earnings before interest, taxes, depreciation, and amortization.

(BFW) Italy to Raise GDP Growth Forecast for Year to 0.8%: Sole


Italy to Raise GDP Growth Forecast for Year to 0.8%: Sole
2015-03-15 08:22:17.787 GMT


By Lorenzo Totaro
(Bloomberg) -- Italian government also sees deficit-to-GDP
at 2.6% in 2015, Il Sole 24 Ore says, citing new projections
that the Treasury may include in the economic and financial
document to be submitted to Parliament and European Commission
by April 10.
* NOTE: Last year govt said it saw Italy’s GDP at 0.5% in
2015, European Commission on Feb. 5 forecast Italian economy
to expand 0.6% this year Link
* NOTE: March 14, Padoan Sees Euro Nearing Natural Level as
Italy Poised to Grow Link


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Lorenzo Totaro

(BFW) Varoufakis Proposes EIB Bonds to Drive EU Growth as QE Will Fail


Varoufakis Proposes EIB Bonds to Drive EU Growth as QE Will Fail
2015-03-14 11:17:15.13 GMT


By Jenny Paris
(Bloomberg) -- ECB’s QE will prove unsuccessful in
stimulating an investment-led recovery in Europe as it will lead
to inflated asset prices and excess demand that isn’t met by
supply, Greek Finance Minister Yanis Varoufakis tells an
economic symposium in Cernobbio Italy.
* QE could prove both unsustainable and incapable of boosting
private credit growth and investment in productive
activities
* Proposes instead the creation of EIB bonds that will finance
European growth with ECB standing by to purchase these bonds
* “Imagine an alternative plan to QE where the EIB will take
its marching orders to lead an investment-led recovery for
Europe,” Varoufakis says; “I’d like to call that the
Merkel plan”
* It would solve operational problems of ECB because it would
buy only one, triple-A rated European paper, and avoids
problems faced with QE elsewhere of inflating asset prices
and failing to drive investments
* QE is bound to prove worse in a fragmented and fragmenting
euro zone
* Crisis getting worse, not better in my estimation; it’s a
challenge no Keynesian stimulus can meet
* Need to escape prison of false dilemmas, choices between
stabilty and growth, between austerity and stimulus
* “Risk is a toxic democratic deficit from which only
populists, nationalists, federalists, and indeed in my
country, nazis profit from”



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(BFW) ECB’s Visco Says Euro Decline `Stronger Than We Had Expected’


ECB’s Visco Says Euro Decline `Stronger Than We Had Expected’
2015-03-14 13:07:03.252 GMT


By Alessandro Speciale
(Bloomberg) -- ECB QE risks include “overshooting” as
“it is beyond doubt that the strength of the exchange rate
decline is larger than we had expected,” Bank of Italy’s
Governor Ignazio Visco says at Ambrosetti Forum in Cernobbio,
Italy.
* Euro decline possibly not only connected to QE
* Same also valid for bonds
* Limiting risk-sharing in ECB QE was “an error in the
perspective of the European Union but was justified with the
absence of a fiscal union and so there were risks on that
side”
* “I think this can only lead toward an improvement of the
European institution”
* Credit cost to fall on QE but “not in an extraordinary
way”
* Says QE will lead to aggregate demand growth of 1 percentage
point, according to Bank of Italy study
* Buying govt bonds is “most obvious instrument to create
money today”
* Before QE, “we had surely observed recently a grave risk of
price stagnation and decline, what we can define a deflation
risk”
* “There is no such thing as good deflation”
* QE reduces macroeconomic uncertainty, “improves the context
for structural reforms”
* “We cannot have interest rates at zero forever or for an
ultra-extended period, thus we need to try to return as fast
as possible on a path of inflation toward 2 percent”
* At same even in Cernobbio, Italy Finance Minister Pier Carlo
Padoan says “macroeconomic window of opportunity” is
“larger than thought a few weeks ago”
* Padoan says growth could be short-lived if govt doesn’t use
opportunity to increase medium-term growth prospects
* Padoan says favorable macro conditions mustn’t be seen as
“justifying weaker incentive to do reforms”


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