(BN) Trian Said to Prepare New DuPont Strategy Paper Amid Proxy Fight

Trian Said to Prepare New DuPont Strategy Paper Amid Proxy Fight
2015-02-10 21:37:53.360 GMT


By Jack Kaskey
(Bloomberg) -- Trian Fund Management LP, the activist
investor advocating a breakup of DuPont Co., is preparing to
publish a new strategy paper after failing to reach an agreement
over demands for four board seats.
The new so-called white paper will be published as soon as
this week, according to a person familiar with Trian’s thinking,
who asked not to be identified because the plans aren’t yet
public.
Trian began a proxy battle in January. Its previous white
paper, published in September and no longer posted on its
website, detailed its argument for splitting off DuPont units
with more stable earnings from those that are more cyclical.
DuPont said last week the latest talks with Trian failed to
yield an accord on board seats. Wilmington, Delaware-based
Dupont also said it appointed two new independent directors. The
company’s board choices were popular with investors, increasing
pressure on Trian to bolster its case, said Jim Sheehan, an
Atlanta-based analyst at Suntrust Robinson Humphrey Inc.
It would make sense for Trian “to add more firepower to
their argument” with a revised paper, Sheehan, who rates DuPont
a hold, said by phone Tuesday.
A Trian spokeswoman didn’t immediately return a call
seeking comment.
A DuPont spokesman declined to comment on Trian’s paper.
Investors in DuPont will get to vote on all the company’s
directors at its annual meeting in April.

For Related News and Information:
DuPont News: DD US <Equity> CN <GO>
Bloomberg Intelligence Basic and Diversified Chemicals: BI BDCH
<GO>
Bloomberg Intelligence Agricultural Chemicals: BI AGCH <GO>

--With assistance from Beth Jinks in San Francisco.

To contact the reporter on this story:
Jack Kaskey in Houston at +1-713-547-8404 or
jkaskey@bloomberg.net
To contact the editors responsible for this story:
Simon Casey at +1-212-617-3143 or
scasey4@bloomberg.net
Steven Frank

(BUS) Halliburton and Baker Hughes Receive Expected Requests for Additional Info

BN 02/10 21:32 *HALLIBURTON, BHI GET SECOND REQUESTS FOR ADDED INFORMATION
BN 02/10 21:31 *HALLIBURTON, BHI WORKING COOPERATIVELY WITH DOJ
BN 02/10 21:31 *HALLIBURTON SAYS EFFECT OF SECOND REQUESTS EXTENDS PERIOD
BN 02/10 21:30 *HALLIBURTON,BAKER HUGHES: REQUESTS ARE STANDARD PART OF REVIEW
BN 02/10 21:30 *HALLIBURTON, BAKER HUGHES GET EXPECTED REQUESTS FOR ADDED
Halliburton and Baker Hughes Receive Expected Requests for Additional Information from DOJ
2015-02-10 21:30:00.150 GMT

Halliburton and Baker Hughes Receive Expected Requests for Additional
Information from DOJ

Business Wire

HOUSTON -- February 10, 2015

Halliburton Company (NYSE: HAL) and Baker Hughes Incorporated (NYSE: BHI)
today announced that, as expected, the companies have each received a request
for additional information (“second requests”) from the United States
Department of Justice (“DOJ”) in connection with Halliburton’s pending
acquisition of Baker Hughes. The second requests were issued under the
notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act
of 1976, as amended (“HSR Act”).

The second requests are a standard part of the regulatory review process by
the DOJ and were expected by Halliburton and Baker Hughes. The effect of the
second requests is to extend the waiting period imposed by the HSR Act until
30 days after Halliburton and Baker Hughes have substantially complied with
the requests, unless that period is extended voluntarily by both parties or
terminated sooner by the DOJ. Halliburton and Baker Hughes are working
cooperatively with the DOJ as it conducts its review of the transaction, which
remains subject to shareholder and other approvals, as well as customary
closing conditions.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With more than 80,000 employees,
representing 140 nationalities in over 80 countries, the company serves the
upstream oil and gas industry throughout the lifecycle of the reservoir - from
locating hydrocarbons and managing geological data, to drilling and formation
evaluation, well construction and completion, and optimizing production
through the life of the field. Visit the company’s website at
www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn,
Oilpro, and YouTube.

About Baker Hughes

Baker Hughes is a leading supplier of oilfield services, products, technology
and systems to the worldwide oil and natural gas industry. The company's
61,000-plus employees today work in more than 80 countries helping customers
find, evaluate, drill, produce, transport and process hydrocarbon resources.
For more information about Baker Hughes, visit: www.bakerhughes.com.

Additional Information

This communication does not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities or a solicitation of
any vote or approval. This communication relates to a proposed business
combination between Halliburton and Baker Hughes. In connection with this
proposed business combination, on February 6, 2015, Halliburton filed with the
SEC an amendment to the registration statement on Form S-4 that was originally
filed on December 19, 2014, containing a preliminary joint proxy
statement/prospectus of Halliburton and Baker Hughes and other documents
related to the proposed transaction. The registration statement has not yet
become effective. After the registration statement is declared effective by
the SEC, Halliburton and Baker Hughes will each file with the SEC a definitive
proxy statement/prospectus, and each of Halliburton and Baker Hughes will file
other documents with respect to the proposed acquisition of Baker Hughes and a
definitive proxy statement/prospectus will be mailed to stockholders of
Halliburton and Baker Hughes. INVESTORS AND SECURITY HOLDERS OF HALLIBURTON
AND BAKER HUGHES ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND
OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Investors and security holders may obtain free copies of these
documents (if and when available) and other documents filed with the SEC by
Halliburton and/or Baker Hughes through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by Halliburton
will be available free of charge on Halliburton’s internet website at
http://www.halliburton.com or by contacting Halliburton’s Investor Relations
Department by email at investors@Halliburton.com or by phone at
+1-281-871-2688. Copies of the documents filed with the SEC by Baker Hughes
will be available free of charge on Baker Hughes’ internet website at
http://www.bakerhughes.com or by contacting Baker Hughes’ Investor Relations
Department by email at trey.clark@bakerhughes.com or
alondra.oteyza@bakerhughes.com or by phone at +1-713-439-8039 or
+1-713-439-8822.

Participants in Solicitation

Halliburton, Baker Hughes, their respective directors and certain of their
respective executive officers may be considered participants in the
solicitation of proxies in connection with the proposed transaction.
Information about the directors and executive officers of Halliburton is set
forth in its Annual Report on Form 10-K for the year ended December 31, 2013,
which was filed with the SEC on February 7, 2014, its proxy statement for its
2014 annual meeting of stockholders, which was filed with the SEC on April 8,
2014, its Quarterly Report on Form 10-Q for the quarter ended September 30,
2014, which was filed with the SEC on October 24, 2014, and its Current
Reports on Form 8-K filed with the SEC on July 21, 2014 and December 9, 2014.
Information about the directors and executive officers of Baker Hughes is set
forth in its Annual Report on Form 10-K for the year ended December 31, 2013,
which was filed with the SEC on February 12, 2014, its proxy statement for its
2014 annual meeting of stockholders, which was filed with the SEC on March 5,
2014, its Quarterly Report on Form 10-Q for the quarter ended September 30,
2014, which was filed with the SEC on October 21, 2014, and its Current
Reports on Form 8-K filed with the SEC on June 10, 2014, September 10, 2014
and December 10, 2014. These documents can be obtained free of charge from the
sources indicated above. Additional information regarding the participants in
the proxy solicitations and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in the
definitive proxy statement/prospectus and other relevant materials to be filed
with the SEC when they become available.

Contact:

For Halliburton
Investors:
Kelly Youngblood, 281-871-2688
Halliburton, Investor Relations
Investors@Halliburton.com
or
Media:
Emily Mir, 281-871-2601
Halliburton, Public Relations
PR@Halliburton.com
or
For Baker Hughes
Investors:
Trey Clark, 713-439-8039
Baker Hughes, Investor Relations
trey.clark@bakerhughes.com
or
Alondra Oteyza, 713-439-8822
Baker Hughes, Investor Relations
alondra.oteyza@bakerhughes.com
or
Media:
Melanie Kania, 713-439-8303
Baker Hughes, Media Relations

-0- Feb/10/2015 21:30 GMT

>>> US Close Dow+0,79% S&P+1,07% Nasdaq+1,30% Russell+0,60% VIX -7% (17,24)

Closing Market Summary: Market Snaps Two-Day Skid

The major averages snapped their two-day losing streak with a Tuesday rally that allowed the S&P 500 (+1.1%) to settle at its best level of the year. The benchmark index finished ahead of the Dow (+0.8%) and Russell 2000 (+0.6%), but behind the Nasdaq Composite (+1.3%).

Market participants were greeted this morning with Greece-related headlines, which should have been expected considering the EU finance ministers meeting will take place tomorrow. The rumor mill was active from the early morning, starting with a Bloomberg report indicating the European Commission will propose a six-month extension for Greece. The report cited unnamed sources and was met with a swift denial from the European Commission spokeswoman, who said there is no formal proposal on the table at this time, but talks are "intensive." German Finance Minister Wolfgang Schaeuble also offered a denial, simply calling the report "wrong."

Lost in the whirlwind was the fact that the Bloomberg report took place not long after Greek Defense Minister Panos Kammenos entertained the possibility of looking for financial support elsewhere, naming the United States, Russia, and China as potential options.

The stock market rallied happily following the initial report and held its ground through the subsequent denials. The S&P 500 spent the bulk of the early afternoon in a narrow range, but powered to a fresh high ahead of the close. It is worth noting that market breadth did not turn positive until the final 90 minutes, meaning the number of advancers equaled that of decliners even as the market sported a solid gain at midday.

Nine of ten sectors registered gains with yesterday's laggards leading the way. To that effect, three of four countercyclical sectors finished ahead of the broader market with health care (+1.6%) and utilities (+2.1%) ending in the lead.

The health care space received support from biotechnology, evidenced by a 1.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 318.26, +4.85). The high-beta biotech group gave a boost to the Nasdaq, and the tech-heavy index received another measure of support from chipmaker names. Qualcomm (QCOM 70.26, +3.15) raised its guidance after settling an anti-trust investigation in China for $975 million while Micron (MU 31.09, +2.74) announced an amendment to one of its supply agreements. The two names posted respective gains of 4.7% and 9.7% while the PHLX Semiconductor Index spiked 3.4%. As for the technology sector, the top-weighted group advanced 1.6%.

Elsewhere among cyclical sectors, the consumer discretionary space (+1.2%) settled ahead of the market while the other four groups underperformed.

Notably, the industrial sector (+0.6%) could not keep up with the market even as transport stocks displayed strength (Dow Jones Transportation Average +0.9%). Machinery stocks kept the sector among the laggards following cooler-than-expected inflation data from China. Dow component Caterpillar (CAT 83.90, -0.77) lost 0.9% while Joy Global (JOY 43.84, -0.94) fell 2.1%.

On the downside, the energy sector (-0.2%) spent the day in negative territory, but erased the bulk of its loss ahead of the close. The sector had to contend with a 5.5% plunge in crude oil ($50.06/bbl) while Halliburton (HAL 42.60, -0.91) lost 2.1% after Houston Business Journal reported the company will reduce its workforce by 6.5%-8.0%.

Treasuries spent some time on either side of their flat lines before locking in slim losses with the 10-yr yield higher by a basis point at 1.99%.

Participation was below average for the second consecutive day with roughly 770 million shares changing hands at the NYSE floor.

Economic data was limited to Wholesale Inventories and JOLTS:
  • Wholesale inventories increased 0.1% in December following an unrevised 0.8% increase in November while the consensus expected an increase of 0.2% 
    • The BEA estimated that wholesale inventories increased 0.6% in the advance Q4 2014 GDP report, which will likely result in negative revisions for fourth quarter GDP 
    • Durable goods inventories increased 0.2% in December after increasing 0.9% in November 
    • Petroleum inventories declined 6.2%, causing a 0.1% downtick in nondurable goods inventories 
  • The Job Openings and Labor Turnover Survey showed that openings increased to 5.028 million from 4.847 million in December 
Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the Treasury Deficit for January (consensus $19.00 billion) will be reported at 14:00 ET.
  • Nasdaq Composite +1.1% YTD 
  • S&P 500 +0.5% YTD 
  • Dow Jones Industrial Average +0.3% YTD 
  • Russell 2000 UNCH YTD

(BFW) Finnish Govt Selling $1.1b of TeliaSonera Shares

Finnish Govt Selling $1.1b of TeliaSonera Shares
2015-02-10 16:39:24.764 GMT


By Sam Chambers
(Bloomberg) -- Solidium to sell 175m TeliaSonera shrs,
equivalent to more than half of its 7.8% stake in the co.
* Solidium has agreed not to dispose of any further Telia shrs
for a period of 90 days
* Joint bookrunners: Morgan Stanley, Carnegie, Citi, Nordea
* Solidium to use proceeds to prepare for repayment of a
maturing EU600m exchangeable bond, to finance equity
investments and to improve financial flexibility
* Expects to announce outcome of offering on Feb. 11
* Statement
* NOTE: Solidium is a limited company wholly owned by the
State of Finland


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

To contact the reporter on this story:
Sam Chambers in London at +44-20-3525-2021 or
schambers7@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-3525-2645 or
jludden@bloomberg.net

BGR : A top secret new Apple project may have just been uncovered


Not too long ago, Tim Cook hinted that Apple is working on some amazing products that will be unveiled in the future, revealing the company is also developing some products that have yet to be mentioned in rumors in the press. Recently, however, various reports have taken stabs at what the company might be working on, and Business Insider may have now shed some light on one of them.

In recent days, unnamed sources claimed the company might be developing its own online search product. Beyond that, however, rumors have also suggested that it’s developing either a Google Street view competitor or even a car of its own.

Business Insider has learned from various sources that Apple indeed may be working on some type of car. One Apple employee said the company is working on an “exciting” car product, replying to speculation that Apple might be making its own self-driving car.

Apparently, employees aren’t just jumping ship from Apple to Tesla, but the other way around also. “Apple’s latest project is too exciting to pass up,” the Apple employee said. “I think it will change the landscape and give Tesla a run for its money.”

It’s not clear what the product is at this time though. But it looks like at least 50 former Tesla employees are currently working at Apple. Most of them specialize in mechanics, manufacturing and robotics, the publication says.

Comparatively, Tesla snatched some 150 people from Apple in the recent past. Currently, Apple is trying to recruit even more Tesla personnel with large signing bonuses and “huge” salary hikes.

The publication also reveals that a current Apple board member, who will step down from the board next month, said last year that Steve Jobs was interested in cars.

“Steve Jobs, if he had lived, was gonna design an iCar,” J. Crew Group CEO and Apple board member Mickey Drexler told Paul Goldberger. “I think cars have an extraordinary opportunity for cool design.”

Drexler said that he criticized the first Tesla model during an Apple board meeting for being ugly, at which point Jobs told him he didn’t get it. Tesla was beautifully designed on the inside, and Jobs said that the company built an entire platform.

>>> 888 : Confirms receipt of bid from William Hill (prior speculation indicated

Confirms receipt of bid from William Hill (prior speculation indicated 210p/shr) 
- Board of the Company confirms that it received an approach regarding a possible offer for the Company by William Hill PLC. There can be no certainty, however, that any firm offer will be made nor as to the terms on which any firm offer might be forthcoming.
- The Company's shareholders will be kept informed of relevant developments and a further announcement will be made as appropriate, but in any event by no later than 28 days from the date of this announcement.

>>> ECB's Weidmann: Greece needs to make a real effort to get back on track, sho

ECB's Weidmann: Greece needs to make a real effort to get back on track, should be in everybody's interest to stick with existing agreements 
- Eurozone cannot under any circumstances be seen as being involved in monetary financing of member-state governments
- Now eurozone is less exposed to financial stability risks than a few years ago, banks have less exposure to Greece, there is less risk of contagion
- ECB QE bond buying is unknown territory, carries particular ris