WSJ : Anthem Raises Offer for Cigna to $54 Billion

Anthem Raises Offer for Cigna to $54 Billion
Anthem going public with Cigna bid after the two sides failed to reach agreement

Anthem Inc. boosted its takeover offer for Cigna Corp. and is going public with the bid after the two sides failed to reach agreement, the latest move in a frenzy of attempted mergers among health insurers.

Anthem has offered $184 a share for Cigna in cash and stock, or $54 billion including debt, according to a person familiar with the matter. Anthem is making the offer public in an effort to put pressure on Cigna through its shareholders.

Anthem’s pursuit of Cigna comes as Cigna itself is eyeing Humana Inc., which has put itself up for sale. UnitedHealth Group Inc., meanwhile, recently made a takeover approach to Aetna Inc., which is also pursuing Humana. The five big managed-care companies are jockeying for deals that will enable them to get more efficient and better respond to changes in the health care landscape in the U.S. brought on by the Affordable Care Act and other developments.

Analysts says it is likely regulators will only allow one or two such combinations.

Anthem made a number of bids for Cigna privately in June, according to a letter Anthem Chief Executive Joseph Swedish sent to Cigna’s board Saturday that was seen by The Wall Street Journal. Among other things, the letter details disagreement the two sides have over the role Cigna CEO David Cordani would play in a combined company. He wants to be CEO, if not immediately then after a period of time, which Anthem refuses to guarantee.

The Journal had reported earlier this week that Anthem was pursuing Cigna, and had bid about $175 a share, which was rejected, and that Mr. Cordani’s potential role was a sticking point.

Anthem’s bid consists of about 31% of its own shares and the rest in cash. About 76% of the combined company would be owned by Anthem shareholders, while Cigna investors would own the rest, according to the latest proposal.

Anthem, which said it has been in negotiations with Cigna since Aug. 2014, bemoaned what it called its rival’s refusal to “reasonably negotiate.” It said the governance demands Cigna is making are excessive, given the rich premium Anthem says it is offering. Cigna is seeking a nearly 50-50 split of directors on a combined company’s board, Anthem said. Cigna also pushed for an offer price split evenly between cash and stock, according to Anthem.

A Cigna official declined to comment.

Anthem said it submitted four bids in June, the most recent, of $184 a share, on Thursday.

Cigna shares closed Friday at $155.30, giving the company a market value of $40 billion.

FT : Greece is Europe’s failed state in waiting

When, as now appears likely, Greece financially separates from Europe it will at one level be no one’s fault.
The Greek leaders will rightly explain that having imposed more austerity on themselves than any industrialised country has suffered since the Depression, they could not have done more without light at the end of tunnel in the form of a clear commitment to debt relief. European leaders will rightly explain that they adjusted their positions repeatedly to accommodate the Greeks. They will stress that their citizens would not permit Greece to play by different rules to the rest of Europe. And the IMF will rightly explain that it would have blessed any plan agreed by Greece and Europe that added up.

The trouble is that all the parties are going to get much more of what they fear from a breakdown than they would even from what they regard as an unacceptable compromise. Historians understand how the first world war was allowed to start but are still, a century later, incredulous that it happened. Financial historians may look back at the events of next week and wonder how Europe’s financial unravelling was permitted.
Make no mistake about the consequence of a breakdown. With an end to European support and consequent bank closures and credit problems, austerity in Greece will get far worse than it is today and it will probably become a failed state to the great detriment of all its people and their leadership.
When Greece fails as a state, Europe will collect far less debt than it would with an orderly debt restructuring. And a massive northern out-migration of Greeks will strain national budgets throughout Europe — not to mention the challenges that will, come as Russia achieves a presence in Greece.
The IMF is looking at by far the largest non-payment by a borrower in its history. True, there are good reasons to think enough foam has been placed on the runway to prevent financial contagion. Yet, this was asserted with respect to LTCM, subprime and the fall of Lehman.
Diplomacy fails and catastrophes happen when nations are preoccupied with their own concerns and fail to consider the political needs of their counterparts and become convinced that their counterparts will not take yes for an answer.
Here is an informed outsider’s judgment as to what needs to happen if disaster is to be averted.
The Greek prime minister Alexis Tsipras needs to do what is necessary to make reaching an agreement politically feasible for his fellow Europeans.
That means dropping ideological rhetoric about a new European approach. He must recognise that Greece’s problems are significantly of its own making and make clear that he is absolutely committed to doing what is necessary to keep Greece in the euro area. He needs to be clear that he will accept further VAT and pension reforms to achieve primary surplus targets this year and next, but that he expects a clear recognition that if Greece does its part, debt will be written off on a large scale.
German chancellor Angela Merkel and the European authorities must do what is necessary to make policy adjustments politically tenable in Greece.
That means acknowledging that the vast majority of the financial support given to Greece has gone to pay back banks rather than to support the Greek budget. They must agree on debt relief and recognise the degree of adjustment in Greek spending that has taken place: with nearly 30 per cent of government workers laid off. It also means announcing their intention to accelerate economic growth throughout Europe.
The IMF needs to recognise that this is now not about the numbers. It is about the high politics of Europe. Its job is to stand behind any deal that avoids breakdown.
The hour is late. But it’s often darkest before dawn. Let us all hope that Greece and Germany use this weekend to work back from the brink before Monday’s summit.

FT : ZeroZeroZero’, A passionate analysis of the Cocaine trade

ZeroZeroZero’, by Roberto Saviano

The ‘Gomorrah’ author has written an impassioned account of the damage done by global cocaine trade

In the summer of 2009, I was invited to take part in a public discussion on organised crime. The panel was part of the summer festival that the Italian news magazine Internazionale mounts every year in the exquisite city of Ferrara.
Not only was the city’s main theatre packed to the rafters but there were also queues to watch the proceedings in other venues around the city. As I walked on stage, the audience broke out in the most thunderous applause I have ever experienced. And the clapping and cheering went on and on.
Both modesty and the truth prevent me from claiming that I was the object of this adulation. For standing next to me was Roberto Saviano, the young Italian writer whose book, Gomorrah, detailing the misery of life with the Camorra, the notorious Neapolitan version of the Sicilian mafia, was at the time a bestseller around the world. At least I now know how it must feel to work as a backing vocalist for The Rolling Stones.

In his writing and his public appearances, Saviano gives an authentic and loud voice to the disgust felt by many millions of Italians at the exceptional influence that organised crime has wielded over Italian economic and political life, especially since the end of the second world war.
He is a worthy heir to the genuinely heroic magistrates Giovanni Falcone and Paolo Borselino, both murdered by criminals in the 1990s. These two had gone a long way to breaking the power of the mafia in Sicily and to exposing the collusion of some of the country’s most senior politicians in murder, extortion, and drug and people trafficking.
But Saviano has paid a heavy price since he stepped out of obscurity almost a decade ago. His life is not and never will be his own any more. He is shadowed wherever he goes by between five and seven armed members of the Carabinieri, the elite police squadron that has been responsible for his security since 2006. Indeed, he dedicates this latest book to his many bodyguards. To begin with, he had to sleep in a different apartment every night; his family have either been forced into witness protection or compelled to renounce him; and even abroad he needs armed protection around the clock. To this day, he cannot possibly form normal relationships as anyone close to him is transformed automatically into a proxy target for the Camorra. Unlike Salman Rushdie’s fatwa, which was negotiated away by the Iranian and British governments, the Camorra death sentence is for life.
Despite this, he has never stopped writing and broadcasting and his latest book, ZeroZeroZero, a wide-ranging study of the global cocaine industry, includes some remarkable material.
From Mexico and Colombia to Russia, Saviano dissects the groups that have built empires of blood on running coke from, through and into their territories. In Mexico, the deaths attributed to these gangs and, later on, the police and the military amount to more than 100,000 since 2007, with about three times that number internally displaced. If it were anywhere else — or if the causes of the slaughter were different — this would be recognised the world over as a humanitarian catastrophe. But the carnage in Mexico just hums along in the background.
In some countries, such as Colombia, the nastiness associated with cocaine was built on foundations of earlier political violence. But in Rio de Janeiro, for example, where there was relatively little tradition of political violence, the drug wars that broke out in the favelas of Rio resulted in one of the highest homicide rates in the world during the 1990s. Admittedly these visited different parts of the community disproportionately — well over 70 per cent of the victims were young and non-white.
In a short section on the coke economy, Saviano points out why this illegal market generates so much violence. “If you had invested €1,000 in Apple stock in the beginning of 2012, you would have €1,670 in a year. Not bad. But if you had invested €1,000 in cocaine . . . after a year you would have €182,000.” This, of course, assumes that your investment made it safely from the jungle of Colombia to the streets of London but given that, in Britain, police pick up less than 20 per cent of the coke entering the country, it’s a risk worth taking.
Since his reputation has grown, Saviano’s access to the police, to politicians and to lawyers engaged in combating organised crime has clearly improved dramatically. But his notoriety among the criminal fraternity means that he cannot get his hands as dirty in researching the underworld as he did in the past. One of the great achievements of Gomorrah was his vivid description of underworld activities in Naples, such as the huge Chinese trade in counterfeit goods passing through the port.
Saviano still makes a sterling effort to talk to people who are currently or were previously engaged in mobster activity. One of the most absorbing portraits in this book is of a former member of the Kaibiles. These made up a vile military counterinsurgency unit formed during the 1980s in Guatemala to eliminate anybody the government deemed subversive. The Kaibiles later turned their capacity for violence towards the establishment of protection rackets and drug-running operations. Saviano’s interviewee is the most degenerate of criminals, projecting a contempt for those who do not share his obsession with a macho violence that he perversely regards as an elevated human quality.
Saviano has paid a heavy price since he stepped out of obscurity. His life is not his own any more
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Saviano does not write with the analytical verve that characterises such compatriots of his as Diego Gambetta and Federico Varese, both Oxford academics. Our understanding of the economics, politics and sociology of organised crime has made huge leaps forward in the past 20 years. The power of criminal groups and their ability to assume a decisive role in society depend greatly on circumstances and policy. Where the state is ineffective in policing markets, the mob moves in. This includes licit markets — such as the restaurant business (The Godfather) or waste-disposal (The Sopranos) — as well as illicit markets such as cocaine. Indeed, Vadim Volkov, the Russian scholar, describes criminal gangs carefully as privatised law enforcement agencies.
But what Saviano lacks in academic rigour, he makes up for with an unrivalled passion in describing the damage that organised crime inflicts on society. In articulating this cri de coeur, he has developed a literary style that switches from vivid descriptions of human depravity to a philosophical consideration of the meaning of violence in the modern world. Indeed, when he revisits his work on Naples — the city where he was brought up and from which he is now excluded — his reflections soar into the realm of the poetic. But for me, most important of all is the hope Saviano gives to countless victims of criminal violence by standing up to its perpetrators, especially those from his home country.

(BFW) EU Commission’s New Plan Sees Extending Greek Aid to Sept: FAS

BN 06/20 15:47 *EU COMMISSION PLAN LINKED TO GREECE ACCEPTING CONDITIONS: FAZ
BN 06/20 15:47 *EU COMMISSION GREEK PLAN SEES GRANTING EU6 BLN ESM BRIDGE: FAZ
BN 06/20 15:47 *EU COMMISSION NEW PLAN SEES EXTENDING GREEK AID TO SEPT: FAZ
EU Commission’s New Plan Sees Extending Greek Aid to Sept: FAS
2015-06-20 16:01:16.870 GMT


By Brian Parkin
(Bloomberg) -- Greece may gain extension of current aid
program to at least Sept as well as a EU6b transfer of ESM funds
to tide it over provided the Tsipras govt agrees to EU
Commission reform proposals, the Frankfurter Allgemeine
Sonntagszeitung says citing no one.

* Greece agreement would unlock ESM fund money plus EU3.7b
outstanding in current aid package: FAS
* Commission proposal entails Greece acceding to extra EU4.5b
-- worth 2.5% of GDP -- in blend of spending cuts and VAT
rate changes: FAS
* EU1.8b -- equal to 1% of GDP -- must derive from pension
payment cuts and higher VAT receipts: FAS
* Athens proposes VAT changes worth 0.75% of GDP but balks at
pension savings in favor of seeking revenue from other taxes
and fees worth about 2% of GDP: FAS
* 3 institutions reject proposal to substitute pension reform
by tapping other revenue sources: FAS


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

To contact the editor responsible for this story:
Brian Parkin at +49-30-70010-6229 or
bparkin@bloomberg.net

NY Post : Email exposes ‘climate of fear’ at Bloomberg

Mike Bloomberg is facing a near-revolt by frustrated employees at his financial news and data giant — his biggest challenge yet since returning as the boss of the company he founded almost 34 years ago.
After retaking the reins last year, the former New York mayor has shaken up his eponymous company, bringing in top editor John Micklethwait to oversee content across all divisions and unite the notoriously fractious newsroom.
But instead of putting an end to low-level infighting at Bloomberg LP, the new regime has exposed rifts within the newsroom.
Tensions spilled into full view Thursday when a scathing, 3,222-word email from a senior reporter in Bloomberg’s Washington bureau laid bare the crisis in the newsroom.
Dawn Kopecki described a “climate of fear” at the company’s news operations, where tone-deaf editors pit reporters against one another, stifle reporting on major issues and cause staffers to trip over unnecessary hurdles placed in their way by a bloated management.
“I’ve personally been at Bloomberg News for seven years now, three of which have been in DC, and I’ve never seen morale lower,” Kopecki wrote in the email to the two senior editors of the news operation.
“I’ve never seen the organization more bloated, never seen more redundancy and unnecessary overlap on beats, among editors and across platforms,” she wrote.
Tensions are reaching the boiling point as Micklethwait has tried to put his stamp on the organization he joined six months ago.
In April, he sent two top lieutenants — Josh Tyrangiel and Marty Schenker — to “straighten out the DC bureau,” where staffers were both fearful and frustrated at being overshadowed by beefed-up political coverage out of New York, according to one insider.
The insurrectionist email came just two days after Bloomberg News, at its New York headquarters, celebrated its 25th anniversary. At the fete, the former mayor, Micklethwait and Editor Emeritus Matt Winkler gave high-flying speeches and broke out the bubbly for afternoon toasts.
Little did they know as they raised the flutes that the festering unrest was about to burst into the open.
The morale was made worse when Bloomberg brass shunted aside some of its top Washington reporters, like Annie Linskey and Jeanne Cummings, as the former mayor pressed for an expansion of a New York-based politics team.
The reporters there resented that they had to answer to two of the editors who were seen as instrumental in pushing out their colleagues.
“My very capable friend’s out and now you want me to bare my soul to you? No way,” another Bloomberg employee said, summing up the DC bureau’s frustration.
Tyrangiel, a favorite of the former mayor, is catching much of the blame for the unrest.
“People are starting to make bets on how long he’s going to last,” a Bloomberg veteran told The Post, estimating that he’d last around two years. “You can’t be so universally hated among the rank and file and last long.”

>>> Monsanto could refine offer for Syngenta

Monsanto could refine offer for Syngenta 

Monsanto, the US agri-group, could refine its offer for Swiss rival Syngenta, Basler Zeitung reported. The Swiss daily said an unnamed PR advisor has stated in the media Monsanto could refine its offer.

The Syngenta share closed this week slightly up (0.4%) which the paper said could be an indicator that an increasing number of investor believe Monsanto will be successful. During the week Pierre Landolt, Chairman of the Sandoz foundation and former Syngenta director, said he believes Monsanto will prevail in the end, the report noted.

Basler Zeitung

Barrons : Can Adidas Rebound?


Can Adidas Rebound?

Dow Jones Global Indexes | Global Stock Markets
Germany’s Adidas has struggled to find a new game plan after sharp competition reduced its share of the sportswear market, and a series of profit warnings last year caused some investors to lose faith in its previously impressive management team.


That may be changing. The stock has climbed steadily this year, recovering much of the 40% it lost when earnings stumbled in 2014. Some of those gains are attributable to Europe’s broad market upswing, but they also reflect the attempt by Adidas (ticker: ADS.Germany) to reposition its business. The shares are still 10% below their level a year ago. (Adidas’ American depositary shares trade under the symbol ADDYY.)
Kevin Kelly, chief investment officer of New York-based Recon Capital Partners, describes Adidas as a great turnaround story. He says key investors, such as activist funds, see value in it. One of them, Southeastern Asset Management, owns about 3% of the company. Last month, Adidas—the world’s No. 2 sportswear maker, behind Nike (NKE)—hired Perella Weinberg Partners to watch for hostile activity.
In March, Adidas said it would focus on a handful of big cities: Los Angeles, New York, London, Paris, Shanghai, and Tokyo. L.A. and New York are key launch pads for the company’s drive to rebuild its U.S. presence. Its North American market share has plunged to around 7% from 18% over the past nine years.
Apart from facing competition from Nike, Adidas also must deal with upstarts, such as Under Armour (UA), which has sneaked into second place in the U.S.
Some investors want CEO Herbert Hainer to resign, despite his sterling success until 2014. The pressure on him fell slightly in May, when Adidas reported first-quarter sales had jumped 28% in North America, year-over-year. Kelly attributes most of that to the cheaper euro, but observes that, even without the favorable currency boost, sales rose 7%, a figure he views as impressive. And he argues that improved consumer confidence in Europe will boost sales, as will the increasingly blurred line between fashionable athletic gear and everyday apparel. He also notes that, compared with Nike and Under Armor, Adidas has a higher dividend, lower price/earnings ratio, and similar growth. And the German company plans to spend €1.5 billion ($1.7 billion) on share buybacks by the end of 2017.


Downside risks include the stalemate over Greece’s latest bailout, and allegations of corruption at FIFA, soccer’s global governing body, with which Adidas has long-running sponsorship ties. Kelly is confident the Greek crisis will be resolved, but says the brinkmanship between Greece, the International Monetary Fund, and the European Union is likely to continue until month’s end, when failure to reach a deal would otherwise cause Athens to default on its debt. As for the FIFA scandal, he sees a limited effect because Adidas has a closer involvement with individual teams than it does with the parent organization.
Still, some analysts are skeptical. One is Berenberg’s Zuzanna Pusz, who has Adidas at Sell with a €65 price target. “In our view, changing dynamics in the global sporting goods market will make incremental market share gains even more difficult for Adidas [with the] global expansion of Under Armour and the return of Puma (PUM.Germany) as a sports performance brand,” she says. Convincing distributors in North America to shift space from Adidas’s rivals will take both time and the right products, she warns. Adidas stock closed at €68.85 Friday, down 1.8% on the week.

>>> US Close Dow-0.55% S&P-0.53% Nasdaq-0.31% Russell-0.01%

Closing Market Summary: Stocks End Week on Cautious Note With Greece in Focus

The stock market ended an upbeat week on a lower note as participants showed reluctance to step in ahead of a weekend that will be filled with uncertainty related to Greece. The S&P 500 lost 0.5% on Friday, but gained 0.7% for the week.

Despite frequent—and short-lived—rumors to the contrary, the entire week passed without a deal between Greece and its creditors. That lack of progress caused more than EUR3.00 billion in outflows from the Greek banking system this week alone, which prompted the European Central Bank to increase Greece's Emergency Liquidity Assistance by EUR1.80 billion to EUR84.90 billion.

European indices ended the Friday session near their flat lines while Germany's 10-yr bund rallied, sending its yield lower by 11 basis points to 0.75%. For the week, Germany's benchmark yield fell ten basis points. Similarly, the U.S. 10-yr note rallied today with its yield dropping seven basis points to 2.26%, which extended this week's decline to 13 basis points.

All ten sectors ended the day in negative territory with the consumer staples sector (-0.1%) losing its slim gain during the final hour. The countercyclical group displayed relative strength thanks to ConAgra (CAG 43.37, +4.25), which spiked 10.9% after Jana Partners disclosed a 7.2% active stake in the company and announced plans to seek representation on the company's board of directors.

Similar to the staples sector, consumer discretionary (-0.3%) and health care (-0.1%) ended the day with slimmer losses than the broader market. The discretionary sector displayed relative strength thanks to gains among homebuilders after KB Home (KBH 16.37, +1.41) beat earnings estimates. Shares of KBH soared 9.4% while the broader iShares Dow Jones US Home Construction ETF (ITB 27.40, +0.35) gained 1.3%. To be fair, retail stocks also fared better than the broader market with SPDR S&P Retail ETF (XRT 100.40, -0.11) ending little changed.

Elsewhere, the health care sector spent the day near its flat line, locking in a 2.0% gain since last Friday, which helped the group finish the week ahead of the remaining sectors. Biotechnology was at the forefront of the weekly move with iShares Nasdaq Biotechnology ETF (IBB 377.40, -0.48) spiking 3.7% for the week.

On the downside, the energy sector (-0.9%) trailed throughout the session with crude oil contributing to the weakness. The energy component lost 1.3%, ending the pit session at $59.64/bbl. Similar to the energy sector, financials (-1.0%) struggled throughout the session. For the week, the financial sector slipped 0.1%.

It is worth noting that earlier this week, the financial sector was among the top-performing groups of the month with the strength predicated on the expectation that interest rates will continue rising. However, Wednesday's FOMC policy statement indicated the Fed is determined to stay on its current path for the time being, which pressured the financial sector as the week drew to its close.

Also of note, the top-weighted technology sector (-0.7%) struggled throughout the day, which prevented the market from stringing together a rebound rally. Large cap sector components like Apple (AAPL 126.60, -1.28), Microsoft (MSFT 46.10, -0.62), and Oracle (ORCL 41.59, -1.15) lost between 1.0% and 2.7% while chipmakers fared a bit better with the PHLX Semiconductor Index falling 0.3%.

Today's trading volume was well above average, which was due to quadruple witching. As a result, nearly two billion shares changed hands at the NYSE floor.

Monday's data will be limited to the 10:00 ET release of the Existing Home Sales report for May (consensus 5.26 million).
  • Nasdaq Composite +8.0% YTD 
  • Russell 2000 +6.7% YTD 
  • S&P 500 +2.5% YTD 
  • Dow Jones Industrial Average +1.1% YTD 

>>> Parkway Properties seen considering sale, sector advisors say

Deal Reporter

Parkway Properties seen considering sale, sector advisors say

Parkway Properties (NYSE:PKY) is expected to pursue a sale or major divestiture in light of a stock that trades at a persistent discount to the REIT’s net asset value, three sector advisors said.

The most likely bidders would be peer office REITs such as Highwoods Properties (NYSE:HIW), Piedmont Office Realty Trust (NYSE:PDM), and Cousins Properties, several other sector advisors said.

The Orlando, Florida-based office REIT has explored potential deals in the past that have included discussions of potential mergers with at least some of those REITs, two advisors said was their understanding.

Representatives for Parkway did not respond to requests for comment.

Any of the three REITs above would likely take an interest in Parkway due to similarities in the quality and type of the companies’ real estate and significant geographic overlap, the advisors added.

Parkway may also consider divesting its Texas properties, said one of the first three sector advisors, which comprise about 30% of its portfolio by square footage, according to Parkway’s most recent 10-K.

Parkway’s major investor, TPG Capital, which owns about 20% of its stock and has several members on the board, may also be ready to see the company put up for sale, said one of the first three sector advisors.

The private equity firm enjoyed a successful run with Parkway, injecting capital in 2012 when the stock was trading at about USD 10 per share, but may wish to cash out now that Parkway has been on a steady downward slide from its 2014 high of about USD 21 per share, he explained. The stock currently trades around USD 17 per share.

The REIT, which has about 23% exposure to the Houston, has suffered a persistent discount to net asset value, partly because the collapse in oil prices last year slammed the city’s real estate market, said two of the advisors.

The performance of Parkway’s stock price may also result from a weaker-than-expected rebound in office properties, especially outside of the urban core, a different sector advisor said.

Despite headwinds from cheap oil, the company’s Houston exposure may be seen as an asset to potential acquirers wishing to bulk up on holdings in a major urban center that may be excessively discounted in the public markets, one of the sector advisors said.

At a panel during NAREIT’s annual REIT Week conference, CEO David O’Reilly described prices in many of Parkway’s other core markets as “expensive” and anticipated a slowdown in additional acquisitions.

He added that the company could benefit from selling properties but that “we don’t have that many assets to sell that aren’t core strategic assets … so if I wanted to dispose of more it I probably would have to think about exiting a city.”

O’Reilly also noted that he considers the stock “way undervalued relative to our assets” and that “everything is on the table” when considering ways to realize that value.

In the year following the injection of USD 200m in capital from TPG, Parkway purchased nearly USD 1bn in office assets and merged with private real estate firm EOLA Capital, which took over management of the REIT following the merger.

The company’s portfolio has seen about 90% turnover since the new management came in.

In September 2013, Parkway acquired Thomas Properties, a publicly traded real estate company, in a stock-for-stock transaction valued at about USD 1bn, according to Green Street Advisors, a real estate research firm.