(BUS) CommScope Agrees To Acquire TE Connectivity’s Telecom, Enterprise and Wire

BFW 01/28 11:03 Commscope to Buy TE Connectivity’s Telecom, Enterprise Ops
BN 01/28 11:05 *COMMSCOPE SEES DEAL ADDING TO EARNINGS EXCL. CHARGES, ITEMS
BN 01/28 11:04 *COMMSCOPE RECEIVED DEBT FINANCING COMMITMENTS
BN 01/28 11:03 *COMMSCOPE SEES FUND DEAL W/ CASH ,UP TO $3B INCREMENTAL DEBT
BN 01/28 11:03 *COMMSCOPE TO BUY TE'S TELECOM, OTHER UNITS FOR ABOUT $3B
BN 01/28 11:02 *COMMSCOPE TO BUY TE'S TELECOM, ENTERPRISE UNITS FOR ABOUT $3B
BFW 01/28 11:02 *COMMSCOPE TO BUY TEL’S TELECOM, ENTERPRISE/WIRELESS OPS FOR $3B
BN 01/28 11:01 *COMMSCOPE SEES DEAL ADDING TO EARNINGS EXCESS OF 20% TOADJ. EPS
BN 01/28 11:00 *COMMSCOPE TO BUY TEL'S TELECOM, ENTERPRISE & WIRELESS OPS
BN 01/28 11:00 *COMMSCOPE SAYS TRANSACTION COMMSCOPE AT $3B
BN 01/28 11:00 *COMMSCOPE SEES DEAL ADDING TO EARNINGS SIGNIFICANTLY
BN 01/28 11:00 *COMMSCOPE AGREES TO BUY TE CONNECTIVITY’S TELECOM, ENTERPRISE &
BN 01/28 11:00 *COMMSCOPE AGREES TO BUY TE CONNECTIVITY’S TELECOM, ENTERPRISE,
CommScope Agrees To Acquire TE Connectivity’s Telecom, Enterprise and Wireless Businesses
2015-01-28 11:00:00.173 GMT

CommScope Agrees To Acquire TE Connectivity’s Telecom, Enterprise and
Wireless Businesses

Combination of Highly Complementary Businesses Broadens CommScope’s Position
as a Leading Communications Infrastructure Provider

Expanded Offerings Position CommScope to Meet Growing Demand for Bandwidth

Transaction Expected to be Significantly Accretive to CommScope’s Adjusted EPS
and Exceed $150 Million in Annual Synergies Beginning in Third Year Following
Closing

Transaction Valued at $3 Billion

Business Wire

HICKORY, N.C. -- January 28, 2015

CommScope Holding Company, Inc. (NASDAQ: COMM) has agreed to acquire TE
Connectivity’s (NYSE: TEL) Telecom, Enterprise and Wireless businesses in an
all-cash transaction valued at approximately $3 billion. The transaction,
which was approved by the boards of directors of both companies, is expected
to accelerate CommScope’s strategy to drive profitable growth by entering into
attractive adjacent markets and to broaden its position as a leading
communications infrastructure provider. In addition, CommScope will have
greater geographic and business diversity following the completion of the
transaction.

The Telecom, Enterprise and Wireless businesses of TE Connectivity, a world
leader in fiber optic connectivity for wireline and wireless networks,
generated annual revenues of approximately $1.9 billion in its fiscal year
ended September 26, 2014, consisting of $1.1 billion from its Telecom
business, where it is a world leader; $627 million from Enterprise; and $164
million from Wireless. The combined company’s pro forma results for the twelve
months ended September 30, 2014 would have been approximately $5.8 billion in
net sales and $1.2 billion in pro forma adjusted EBITDA. The transaction is
expected to be in excess of 20% accretive to CommScope’s adjusted earnings per
share by the end of the first full year after closing and on a pro forma
basis, excluding purchase accounting charges, transition costs and other
special items.

“This is an important and transformative acquisition for CommScope, bringing
together complementary geographic and customer coverage, products and
technologies for the benefit of our stockholders, customers and employees,”
said Eddie Edwards, CommScope president and chief executive officer. “This
transaction has many clear strategic and financial benefits for all of our
stakeholders. It creates enhanced scale with a combined, diversified portfolio
that we believe is well-positioned to take advantage of opportunities in the
marketplace.

“We look forward to welcoming the TE Connectivity businesses to CommScope,
which will bring top talent, strong customer relationships in growing markets
and a robust pipeline of innovations. CommScope has a strong track record of
disciplined strategic acquisitions and successful integrations, and we look
forward to working with the TE Connectivity team to bring these assets
together as cohesively and expeditiously as possible.”

“CommScope is a proven industry leader, and we believe it is the right company
to lead our Telecom, Enterprise and Wireless businesses forward,” said Tom
Lynch, TE Connectivity chairman and chief executive officer. “Our dedicated
employees have been instrumental in the success of these businesses, and we
are confident in their ability to continue to deliver. We look forward to
working closely with the CommScope management team to close the transaction.”

Transaction Expected to Position CommScope for Future Growth and Value
Creation Through:

* Establishing Leading Positions Across Diverse and Growing Product Segments
and Geographies: This transaction is expected to provide CommScope with
the opportunity to expand into the adjacent wireline telecom
networks/fiber-to-the-X (FTTx) market and meet the steadily growing demand
for broadband services in developed and emerging markets. Upon completion
of the transaction, CommScope’s overall sales concentration would be more
balanced based on the 12 months ending September 30, 2014:

* Wireless—approximately 46% of sales, versus 65%;
* Enterprise—approximately 26% of sales, versus 22%; and
* Broadband Connectivity—approximately 28% of sales, versus 13%.

Furthermore, with TE Connectivity’s strong presence in the Europe, Middle
East, Africa and Asia Pacific regions, the combined company is expected to
meaningfully expand its footprint and global competitive position.

* Significantly Expanding Platform for Innovative Solutions: The transaction
is expected to substantially expand CommScope’s foundation of innovation
with the addition of approximately 7,000 patents and patent applications
worldwide from TE Connectivity. Further, TE Connectivity’s leading fiber
technology is expected to help CommScope better address a transition to
fiber deployments deeper into networks and data centers as consumers and
businesses generate increasing bandwidth requirements. With these
additional innovative solutions, CommScope expects to solve more customer
communications challenges, while providing greater opportunities to its
business partners.

* Creating Complementary Market Opportunities: The combined company is
expected to have the technology, solutions and talent to provide greater
value and a broader range of services to its customers and partners.
Additionally, TE Connectivity’s existing relationships with key industry
participants are expected to enable the combined company to meaningfully
strengthen its position across multiple markets.
* Offering Significant Synergy Opportunities and Strong Financial Profile:
CommScope expects to realize more than $150 million in annual synergies
beginning in the third year following closing, which includes more than
$50 million in the first full year. CommScope expects to drive synergies
across all areas of the company, including sales, marketing, general and
administration, operations, and research and development. The transaction
is expected to be in excess of 20% accretive by the end of the first full
year after closing and on a pro forma basis, excluding purchase accounting
charges, transition costs and other special items.
* Enhancing Employee Opportunities as Part of Larger Organization: TE
Connectivity’s Telecom, Enterprise and Wireless businesses will contribute
approximately 10,000 people and 65 facilities to CommScope. This
combination is expected to create an even stronger base of talent by
uniting two highly-skilled and diverse workforces with a strong commitment
to serving customers. As part of a stronger, larger company, CommScope and
TE Connectivity employees are expected to have the opportunity to benefit
from greater career and professional development opportunities.

Management Team, Closing and Financing

Upon completion of the transaction, Mr. Edwards, along with other members of
the CommScope executive management team, will continue to lead the company.
CommScope management will be welcoming members of the TE Connectivity
leadership team upon closing of the transaction. CommScope corporate
headquarters will remain in Hickory, North Carolina.

The transaction is expected to close by the end of 2015 subject to
consummation of contemplated financing, regulatory approvals and other
customary closing conditions.

CommScope expects to finance the transaction through the use of cash on hand
and up to $3 billion of incremental debt, and has received debt financing
commitments from J.P. Morgan Securities LLC, BofA Merrill Lynch, Deutsche Bank
and Wells Fargo. Upon completion of the transaction, CommScope’s net debt to
2014 pro forma adjusted EBITDA ratio is expected to total approximately 4.0x
to 4.5x.

Advisors

Allen & Company LLC, J.P. Morgan Securities LLC, BofA Merrill Lynch and
Deutsche Bank are serving as financial advisors to CommScope. Alston & Bird
LLP, Latham & Watkins LLP, Baker & McKenzie and Jones Day are serving as legal
advisors to CommScope.

Conference Call and Webcast

CommScope will host a conference call at 8:00 AM ET today, January 28, 2015,
to discuss the transaction. The conference call can be accessed by dialing
(866) 610-1072 (U.S./Canada) or (973) 935-2840 (International) and giving the
passcode 73069027. A replay of the call will be available from January 28,
2015 at 11:00 AM ET until 11:59 PM ET on February 11, 2015 by dialing (800)
585-8367 (U.S./Canada) or (404) 537-3406 (international) and by entering the
passcode 73069027. The webcast and accompanying presentation of the conference
call will be available on CommScope’s website (www.CommScope.com) prior to the
start of the call.

About CommScope

CommScope (NASDAQ: COMM) helps companies around the world design, build and
manage their wired and wireless networks. Our network infrastructure solutions
help customers increase bandwidth; maximize existing capacity; improve network
performance and availability; increase energy efficiency; and simplify
technology migration. You will find our solutions in the largest buildings,
venues and outdoor spaces; in data centers and buildings of all shapes, sizes
and complexity; at wireless cell sites and in cable headends; and in airports,
trains, and tunnels. Vital networks around the world run on CommScope
solutions.

Forward Looking Statements

This communication contains forward-looking statements (including within the
meaning of the Private Securities Litigation Reform Act of 1995) concerning
CommScope, the proposed acquisition by CommScope of the Telecom, Enterprise
and Wireless businesses of TE Connectivity and other matters. These statements
may discuss goals, intentions and expectations as to future plans, trends,
events, results of operations or financial condition, or otherwise, based on
current beliefs of the management of CommScope and TE Connectivity as well as
assumptions made by, and information currently available to, such management.
Forward-looking statements may be accompanied by words such as “aim,”
“anticipate,” “believe,” “plan,” “could,” “would,” “should,” “estimate,”
“expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,”
“possible,” “potential,” “predict,” “project” or similar words, phrases or
expressions. These forward-looking statements are subject to various risks and
uncertainties, many of which are outside the control of CommScope and TE
Connectivity. Therefore, you should not place undue reliance on such
statements. Factors that could cause actual results to differ materially from
those in the forward-looking statements include failure to obtain applicable
regulatory approvals in a timely manner, on terms acceptable to CommScope or
TE Connectivity or at all; failure to satisfy other closing conditions to the
proposed transactions; the risk that CommScope will be required to pay the
reverse break-up fee under the Stock and Asset Purchase Agreement; the risk
that the TE Connectivity businesses will not be integrated successfully into
CommScope or that CommScope will not realize estimated cost savings, synergies
and growth or that such benefits may take longer to realize than expected;
failure by CommScope to realize anticipated benefits of the acquisition; risks
relating to unanticipated costs of integration; risks from relying on TE
Connectivity for various critical transaction services for an extended period;
reductions in customer spending and/or a slowdown in customer payments;
failure to manage potential conflicts of interest between or among customers;
unanticipated changes relating to competitive factors in the
telecommunications industry; ability to hire and retain key personnel; the
potential impact of announcement or consummation of the proposed acquisition
on relationships with third parties, including customers, employees and
competitors; ability to attract new customers and retain existing customers in
the manner anticipated; changes in legislation or governmental regulations
affecting the CommScope and the TE Connectivity businesses to be acquired;
international, national or local economic, social or political conditions that
could adversely affect CommScope, the TE Connectivity businesses to be
acquired or their customers; conditions in the credit markets that could
impact the costs associated with financing the acquisition; risks associated
with assumptions made in connection with the critical accounting estimates,
including segment presentation, and legal proceedings of CommScope and/or the
TE Connectivity businesses to be acquired; and the international operations of
CommScope and/or the TE Connectivity businesses to be acquired, which are
subject to the risks of currency fluctuations and foreign exchange controls.
The foregoing list of factors is not exhaustive. You should carefully consider
the foregoing factors and the other risks and uncertainties that affect the
businesses of CommScope and/or the TE Connectivity businesses to be acquired,
including those described in each of CommScope’s and TE Connectivity’s Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form
8-K and other documents filed from time to time with the Securities and
Exchange Commission. Except as required under applicable law, the parties do
not assume any obligation to update these forward-looking statements.

Contact:

Investor Contact
Phil Armstrong, CommScope
Senior Vice President, Corporate Finance
+1 828-323-4848
phil.armstrong@commscope.com
or
Media Contacts
Rick Aspan, CommScope
Vice President, Corporate Communications
+1 708-236-6568
rick.aspan@commscope.com
or
James Golden / Joe Snodgrass / Joseph Sala
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

-0- Jan/28/2015 11:00 GMT

>>> Vossloh offer from Thiele set at EUR 48.50 a share

Vossloh offer from Thiele set at EUR 48.50 a share

Vossloh, the listed German transportation technology company, is the subject of a EUR 48.50 per-share offer from the German businessman Heinz Hermann Thiele, Boersen-Zeitung reported.

The German-language daily cited an ad-hoc announcement showing that the price in the voluntary takeover offer has been set at EUR 48.50, which financial watchdog BaFin stated as the minimum required.

The price values Vossloh at EUR 646.5m, and is well below the current market price, the report said. Thiele, owner of the brakes producer Knorr-Bremse, has stated he wishes to increase his 29.9% stake only modestly through the offer, the article noted.

Boersen-Zeitung

>>> Mylan tipped as bidder for Hikma Pharma at GBP 35 per share - reports

Mylan tipped as bidder for Hikma Pharma at GBP 35 per share 

Hikma Pharmaceuticals, the Jordan-headquartered drugs group, is rumoured to be a potential takeover target for Canonsburg, Pennsylvania-based pharmaco Mylan, The Independent reported. The market report noted unattributed chatter that Mylan could make an approach worth GBP 35 (USD 53.09) per share.

Dealers cited in a Daily Mail market report suggested Amgen, the Nasdaq-listed biopharmaceutical company headquartered in Thousand Oaks, California, might be a bidder for Hikma. The dealers believe a bid would need to be worth at least GBP 40 per share to ensure success, the report said.

The family of Hikma’s Chief Executive and founder, Samih Darwazah, owns 42% of the company, the report said. It noted that Darwazah has previously stated that a sale would be out of the question until Hikma reaches a GBP 5bn market cap.

Hikma’s shares were trading at GBP 23.50 by the end of trading on 27 January, giving the London-listed company a GBP 4.65bn market capitalisation.

Independent, Daily Mail

(Les Echos) Arcep : The regulation should be good for all

How would you describe the telecom sector?
The president told me the Presidency of ARCEP for a term of six years. My horizon, so this is the project of ARCEP 2020. Today we are at the end of a cycle, that started in the 90s with the opening of telecom competition. It allowed the industrialization of this market and set up regulatory tools that consumers can enjoy a truly competitive sector. France now has four major operators, with strong integration, both in the fixed and mobile, offering quality supply at competitive prices. The investment conditions in the sector are there. But all is not over. It should also remove some misunderstandings to project into a new dynamic, new challenges, this new horizon of 2020. For this, I set three requirements, as a kind of motto: competitiveness, accessibility, neutrality.
 
 
What does that mean?
Competitiveness, this means that we must stop opposing competition concern, legitimate, good health of operators. Regulation is a supply-side policy. It must be good for industry players and consumers. France needs of a competitive telecoms sector, operators deploying networks throughout the territory as far as possible, and at acceptable prices. Competition remains the main driver of this competitiveness, it is an engine, an incentive. We do not try to have several operators to look pretty, but to ensure the dynamics of a vital sector! Accessibility must be at the heart of this dynamic. These telecoms infrastructure is essential to the functioning of the economy and the digital society. It must, as such, recognize the expectations of all citizens, territories and their elected representatives. And it is healthy that they exercise vigilance, both to the regulator and operators. This is not a trivial burden on the shoulders of operators: for they are expected to offer digital for all and, as such, it may be some empathy with them.

Net neutrality is one of your priority projects?
Yes I Am. Internet is not a network like the others. It has become a key platform for citizens, businesses, the economy, and this will be increasingly on the horizon of 2020. We must accept that there are special rules on the Internet. ARCEP, the regulator networks, must be the guarantor of these rules, especially when it comes interconnections that are at the heart of its powers. The web giants have nothing in common with the negotiating capacity of the smaller players. This is dangerous; we must act ... To guarantee the neutrality of the Internet is also a precaution for the future. There is much talk of the video, which certainly plays an important role today, but nobody knows what will look like tomorrow's Internet. We see the birth and development every day new uses (Internet of Things, cloud, etc.). In short, let the game open.

What can the ARCEP against the giants of the web?
Guardian of the long-term, ARCEP must be in anticipation, thinking to adapt now the rules in relation to the increasing role of the Internet GAFA operation. Europe must take up the issue, both at the level of regulators at more political level of the Commission or Parliament. Today, the regulation has reached an exceptional degree of sophistication for telecom operators in Europe. In front of the net giants impose without any control their own rules through "policies" sometimes very formative for the digital economy. This is not acceptable. My personal opinion is that regulating the net giants has become indispensable. I note that the Government is aware, and it carries this message in Brussels. ARCEP can and should be a force of proposal on these topics.

The market for connected devices is expected to expand strongly. ARCEP she has the care?
The regulator must obviously be on the connected objects. Today, we think spontaneously smartphones or tablets, but in 2020, are well connected objects that will be the majority: home automation, smart cities, connected cars, innovative textiles, etc. From the perspective of the networks, the ability to transmit all objects on all connected signals is a challenge. ARCEP has to make to the reflections of its expertise and Eve, while the part of a broader issue, that of sovereignty. I wish our prospective work focuses primarily on this subject, which is a vital matter where dialogue, exchange and cooperation with all of the digital ecosystem and institutions are needed.

Another challenge corporate digital transformation, what role can play ARCEP?
Today, cultural industries, hotels, taxis ... all sectors of the economy are upset by digital. This does not stop. We are concerned about these issues because the first digital presence in businesses, is that telecom operators. Turn to 2020, is a change of perspective on telecoms in companies. It is envisaged in the first place through the prism of the operators, but look at it through the eyes of businesses themselves. That is to say, better understand their expectations and better calibrate the answers that the regulator can make.

You often say that ARCEP should be at the heart of digital Republic. But is this not contradict its independence?
On the contrary! ARCEP should be a regulator in the heart of the digital issues, a technical-economic regulator in the service of the entire digital. We can not think of telecoms as isolated, especially in 2020. Parliament, Government, local authorities, the Competition Authority, CSA, national frequency agency, CNIL: it is with all these stakeholders digital Republic ARCEP has to work. Whenever possible and useful, I hope that we put in place agreements with other actors.
Axelle Lemaire will shortly present example the Digital Agenda for our country, and ARCEP can and should contribute. This does not mean being the orders! ARCEP is an independent authority. It carries out its mission in full autonomy, with an obsession: the long term. ARCEP to move beyond individual interests and the dictatorship of the emergency. It is the role it must play in the digital Republic.

What is your view on the possible consolidation of the telecom market in France?
We do not ask a football referee to comment on the game field. Our job, ARCEP is to make the market as it is, by creating the right incentives. It is therefore necessary that the regulator has a panoramic view of the functioning of the sector. In this overall picture, there are of course issues like homelessness, sharing of networks or mobile access to high points.

More generally, what method do you use to ARCEP?
My values, these are a bit of those startups. First agility: the tone of a regulator must adapt to the market; then the collective: we are never more intelligent than when you are several; and finally, the spirit of leadership: ARCEP must know persuade and lead the various stakeholders. While respecting. I will refrain from passing judgment on the strategy of a particular operator. These are indeed great actors, often driven by great entrepreneurs who have succeeded extraordinary things in the last twenty years. This is also the strength of the French operators. The market is them, not us! Therefore, iI must also be aware of the game of actors, without necessarily being a hostage. The controller must be able to read in the soul of the operators. Finally, we must accept that the look policy is focused on the telecom and regulation. Access to telecommunication networks, fixed and mobile, is one of the first concerns of French in certain jurisdictions, before kindergartens or safety: never forget, and account for our actions

(Les Echos) Arcep : Sébastien Soriano : « La régulation doit être bonne pour tou

Comment qualifieriez-vous le secteur des télécoms ?
Le président de la République m’a confié la présidence de l’ARCEP pour un mandat de six ans. Mon horizon, c’est donc le projet de l’ARCEP pour 2020. Aujourd’hui, nous sommes à la fin d’un cycle, celui débuté dans les années 90 avec l’ouverture des télécoms à la concurrence. Il a permis l’industrialisation de ce marché et mis en place les outils de régulation pour que les consommateurs puissent profiter d’un secteur véritablement concurrentiel. La France compte maintenant quatre grands opérateurs, avec une intégration forte, à la fois dans le fixe et dans le mobile, qui proposent des offres de qualité, à des prix compétitifs. Les conditions de l’investissement dans le secteur sont là. Mais tout n’est pas terminé. Il faut encore lever certains malentendus pour se projeter vers une nouvelle dynamique, de nouveaux enjeux, ce nouvel horizon de 2020. Pour cela, je me fixe trois exigences, comme une sorte de devise : compétitivité, accessibilité, neutralité.
Qu’est-ce que cela veut dire ?
La compétitivité, cela veut dire qu’il faut arrêter d’opposer la concurrence au souci, légitime, de la bonne santé des opérateurs. La régulation est une politique de l’offre. Elle doit être bonne pour les acteurs du secteur comme pour les consommateurs. La France a besoin d’un secteur des télécoms compétitif, d’opérateurs qui déploient des réseaux sur tout le territoire le plus loin possible, et à des prix acceptables. La concurrence reste le principal levier de cette compétitivité, elle est un moteur, une incitation. On ne cherche pas à avoir plusieurs opérateurs pour faire joli, mais bien pour garantir la dynamique d’un secteur vital ! L’accessibilité doit aussi être au cœur de cette dynamique. Ces infrastructures télécoms sont essentielles au fonctionnement de l’économie et de la société numérique. Il faut, à ce titre, reconnaître les attentes de l’ensemble des citoyens, des territoires et de leurs élus. Et il est sain qu’ils exercent une vigilance, aussi bien auprès du régulateur que des opérateurs. Ce n’est pas une charge anodine qui pèse sur les épaules des opérateurs : on attend d’eux qu’ils offrent le numérique pour tous, et, à ce titre, on peut être dans une certaine empathie avec eux.

La neutralité du Net sera l’un de vos chantiers prioritaires ?
Oui. Internet n’est pas un réseau comme les autres. C’est devenu une plate-forme essentielle pour les citoyens, les entreprises, l’économie, et cela le sera de manière croissante à l’horizon de 2020. Il faut accepter qu’il y ait des règles particulières sur Internet. L’ARCEP, le régulateur des réseaux, doit être garant de ces règles, notamment lorsqu’il s’agit des interconnexions, qui sont au cœur de ses compétences. Les géants du web ont une capacité de négociation sans commune mesure avec celle des plus petits acteurs. C’est dangereux ; il faut agir... Garantir la neutralité sur Internet, c’est aussi une précaution pour l’avenir. On parle beaucoup de la vidéo, qui occupe certes une place importante aujourd’hui, mais personne ne sait à quoi ressemblera l’Internet de demain. Nous voyons naître et se développer tous les jours de nouveaux usages (internet des objets, cloud, etc.). En somme, laissons le jeu ouvert.

Que peut faire l’ARCEP face aux géants du web ?
Gardienne du long terme, l’ARCEP doit être dans l’anticipation, réfléchir à adapter dès à présent les règles par rapport au rôle croissant des GAFA dans le fonctionnement d’internet. L’Europe doit se saisir du sujet, aussi bien au niveau des régulateurs qu’au niveau plus politique de la Commission ou du Parlement. Aujourd’hui, la régulation a atteint un degré de sophistication exceptionnel pour les opérateurs télécoms au niveau européen. En face, des géants du net imposent sans aucun contrôle leurs propres règles, à travers des « policies » parfois très structurantes pour l’économie numérique. Cela n’est pas acceptable. Mon opinion personnelle est que la régulation des géants du net est devenue indispensable. J’observe que le gouvernement en est conscient, et il porte ce message à Bruxelles. L’ARCEP peut et doit être une force de proposition sur ces sujets.

Le marché des objets connectés est amené à se développer fortement. L’ARCEP compte-elle s’y intéresser ?
Le régulateur doit évidemment être présent sur les objets connectés. Aujourd’hui, on pense spontanément smartphones ou tablettes, mais en 2020, ce sont bien les objets connectés qui seront majoritaires : domotique, villes intelligentes, voitures connectées, textiles innovants, etc. Du point de vue des réseaux, la capacité à transmettre tous les signaux sur tous les objets connectés est un véritable défi. L’ARCEP doit apporter à la réflexion sa capacité d’expertise et de veille, tout en l’inscrivant dans un enjeu plus large, celui de la souveraineté des Etats. Je souhaite que nos travaux de prospective portent au premier chef sur ce sujet, qui est un sujet vital où le dialogue, l’échange et la coopération avec l’ensemble de l’écosystème numérique et des institutions sont nécessaires.

Un autre défi concerne la transformation numérique des entreprises, quel rôle peut jouer l’ARCEP ?
Aujourd’hui, les industries culturelles, l’hôtellerie, les taxis… tous les secteurs de l’économie sont bouleversés par le numérique. Cela ne s’arrêtera pas. Nous sommes concernés par ces sujets car la première présence numérique dans les entreprises, c’est celle des opérateurs télécoms. Se tourner vers 2020, c’est changer de perspective sur les télécoms dans les entreprises. On les envisage en premier lieu par le prisme des opérateurs, mais il faut regarder cela avec les yeux des entreprises elles-mêmes. C’est-à-dire mieux comprendre leurs attentes, et mieux calibrer les réponses que le régulateur peut y apporter.

Vous dites souvent que l’ARCEP doit être au cœur de la République numérique. Mais n’est-ce pas en contradiction avec son indépendance ?
Au contraire ! L’ARCEP doit être un régulateur au cœur des enjeux numériques, un régulateur technico-économique au service de l’ensemble du numérique. On ne peut pas penser les télécoms comme isolés, surtout à l’horizon 2020. Parlement, gouvernement, collectivités locales, Autorité de la concurrence, CSA, Agence nationale des fréquences, CNIL : c’est avec toutes ces parties prenantes de la République numérique que l’ARCEP doit travailler. A chaque fois que cela sera possible et utile, je souhaite que l’on mette en place des conventions avec les autres acteurs.
Axelle Lemaire va par exemple présenter prochainement la stratégie numérique pour notre pays, et l’ARCEP peut et doit y contribuer. Cela ne veut pas dire être aux ordres ! L’ARCEP est une autorité indépendante. Elle exerce ses missions dans une pleine autonomie, avec une obsession : le long terme. L’ARCEP sait dépasser les intérêts particuliers et la dictature de l’urgence. C’est le rôle qu’elle doit jouer, au sein de la République numérique.

Quel regard portez-vous sur une possible consolidation du marché des télécoms en France ?
On ne demande pas à un arbitre de foot de commenter le jeu sur le terrain. Notre job, à l’ARCEP, c’est de faire fonctionner le marché tel qu’il est, en créant les bonnes incitations. Il est pour cela nécessaire que le régulateur ait une vision panoramique du fonctionnement du secteur. Dans cette photographie globale, on trouve bien sûr des questions comme l’itinérance, la mutualisation des réseaux ou encore l’accès aux points hauts mobiles.

Plus globalement, quelle méthode comptez-vous employer à l’ARCEP ?
Mes valeurs, ce sont un peu celles des start-up. D’abord l’agilité : le ton d’un régulateur doit s’adapter au marché ; ensuite, le collectif : on n’est jamais plus intelligent que lorsqu’on est à plusieurs ; et enfin, l’esprit de leadership : l’ARCEP doit savoir convaincre et entraîner les différents acteurs du secteur. Tout en les respectant. Je me garderai bien de porter un jugement sur la stratégie de tel ou tel opérateur. Ce sont en effet de grands acteurs, souvent pilotés par de grands entrepreneurs, qui ont réussi des choses extraordinaires ces vingt dernières années. C’est ce qui fait aussi la force des opérateurs français. Le marché, c’est eux, pas nous ! De ce fait, iI faut aussi être conscient du jeu d’acteurs, sans pour autant en être l’otage. Le régulateur doit savoir lire dans l’âme des opérateurs. Enfin, nous devons accepter que le regard du politique se porte sur les télécoms et la régulation. L’accès aux réseaux télécoms, fixes et mobiles, fait partie des toutes premières préoccupations des Français dans certains territoires, avant même les crèches ou la sécurité : il ne faut jamais l’oublier, et rendre compte de notre action

Les Echos :Gel motorway tolls: dealers will attack the government's decision

In a statement, they announced Tuesday have "started without waiting for litigation" against the rate freeze toll highways announced by Matignon.

The replica will not take long. In a statement released early Tuesday afternoon, the Association of French motorway companies (ASFA), representing dealers, responded to the freezing of toll rates announced by the government two hours earlier by announcing that "it belongs (these companies) to preserve their rights, to start without waiting for litigation."
Matignon has indeed decided this morning and announced that the motorway tolls, which were increased on 1 February of 0.57% on average at the end of the concession contracts, would be frozen "pending the outcome of [] work "of the parliamentary working group he formed to explore" the two possible scenarios ", ie a renegotiation or termination of the concession contracts. A progress report must be made "by the end of February."
 
Furious dealers
Information obviously good news for users. "This is a very strong political symbol that calls for a complete overhaul of the system," said to "Les Echos" Pierre Chasseray, General Delegate 40 million motorists, who revealed the information this morning.
The association has long campaigned for a freeze or even lower motorway tolls. He said it would add a criterion on the number of cars using motorways. "Over there, motorists should pay less, it seems logical to me," said Pierre Chasseray.
Dealers themselves are furious and do know. The motorway companies' learn through the press, in defiance of financial reporting rules imposed by the AMF, "the decision by the state, says their statement. A decision "which undermines sustainable signing of the State for contracts of public-private partnership and introduces uncertainty for companies and their shareholders, in their relations with international markets that finance the investments they realize for behalf of the State. "Says the text, which concludes:" Companies say they want priority (...) the negotiation. Insofar as it has unfortunately not led to a time of decision to freeze rates, it is up to them to preserve their rights, to start without waiting for litigation. »
tough negotiations
Since the Competition Authority denounced for years a report "rent" motorway, the government and the motorway companies are engaged in intense negotiations to revise the terms of the contracts. The motorway concession would not be opposed to a freeze on tolls, provided they can moderate the expected increases in the contract and that this announcement fits into the context of an overall agreement on relations between the State and motorway companies. Reportedly, until it seemed that we do is not very far from such an agreement, even if the parliamentary socialists are lobbying the government to terminate the contracts altogether

Les Echos : Gel des péages autoroutiers : les concessionnaires vont attaquer la

Dans un communiqué, ils ont annoncé ce mardi avoir « entamé sans attendre  une procédure contentieuse » contre le gel des tarifs des péages des autoroutes annoncé par Matignon.

La réplique n’aura pas tardé. Dans un communiqué publié ce mardi en début d’après-midi, l’Association des sociétés françaises d’autoroutes (ASFA), qui représente les concessionnaires, a répondu au gel des tarifs des péages annoncé par le gouvernement deux heures plus tôt en annonçant qu’ « il appartient (à ces sociétés), pour préserver leurs droits, d’entamer sans attendre une procédure contentieuse ».
Matignon a en effet tranché ce matin, et annoncé que les tarifs des péages autoroutiers, qui devaient augmenter au 1er février de 0,57 % en moyenne au terme des contrats de concession, seraient gelés « dans l’attente de l’aboutissement [des] travaux» du groupe de travail parlementaire qu’il a constitué pour explorer « les deux scénarios envisageables », à savoir une renégociation ou une résiliation des contrats de concession. Un point d’étape doit être effectué « d’ici à fin février ».
Les concessionnaires furieux
L’information a évidemment de quoi réjouir les utilisateurs. « C’est un symbole politique extrêmement fort qui appelle à une remise à plat complète du système », a commenté pour « Les Echos » Pierre Chasseray, le délégué général de 40 millions d’automobilistes, qui avait révélé l’information ce matin.
L’association milite depuis longtemps pour un gel voire une baisse des tarifs des péages autoroutiers. Il faudrait selon lui y ajouter un critère sur le nombre d’automobiles empruntant les autoroutes. « Plus il y en a, moins les automobilistes devraient payer, cela me semble logique », ajoute Pierre Chasseray.
Les concessionnaires, eux, sont furieux et le font savoir. Les sociétés d’autoroutes « apprennent par la presse, au mépris des règles de communication financière imposées par l’AMF », la décision prise par l’Etat, indique leur communiqué. Une décision « qui décrédibilise de façon durable la signature de l’État pour les contrats de partenariat public-privé et introduit une incertitude pour les entreprises et leurs actionnaires, dans leurs relations avec les marchés internationaux qui financent les investissements qu’elles réalisent pour le compte de l’État. », poursuit le texte, qui conclut : « Les sociétés indiquent qu’elles souhaitent privilégier (...) la voie de la négociation. Dans la mesure où celle-ci n’a malheureusement pas abouti à l’heure de la décision de gel des tarifs, il leur appartient, pour préserver leurs droits, d’entamer sans attendre une procédure contentieuse. »
Négociations serrées
Depuis que l’Autorité de la concurrence a dénoncé d ans un rapport la « rente » autoroutière , le gouvernement et les sociétés d’autoroutes sont engagées dans des négociations serrées visant à revoir les termes des contrats. Les concessionnaires autoroutiers ne seraient pas hostiles à un gel des péages, mais à condition qu’ils puissent lisser dans le temps les hausses prévues par contrat et que cette annonce s’inscrive dans le cadre d’un accord global sur les relations entre l’Etat et les sociétés d’autoroutes. Selon nos informations , il semblait jusqu’alors que l’on n’en soit pas très loin d’un tel accord, même si les parlementaires socialistes font pression sur le gouvernement pour résilier purement et simplement ces contrats

>>> What to look at today - 28th of January 2015

Dow-1,65% S&P-1,34% Nasdaq-1,89% Russell-0,51% VIX 17.22 +10.95%
US MArket Closed Lower, closing below its 50d MA. Earnings warnings on USD Strenght weighted on sentiment CAT-7.18%, DD-1.25% MSFT-9.25% PG-3.45% PFE-0.61% GOOGL -2.8% INTC -4.5% AAPL-3.5%...Durable Orders was also disap. Small cap did better again yesterday...consumer staples (-1.2%) finished in-line with the S&P 500 while health care (-0.8%), telecom services (-1.1%), and utilities (+0.2%) outperformed, the energy sector (-0.2%) spent the day ahead of the broader market with crude oil lending support. The energy component rose 2.3% to $46.21/bbl while the energy sector narrowed its weekly gain to 1.2%. Volume was below average @ 700mil shares...After Hours Summary: ABMD +29.4%, X +8.6%, YHOO +7.2%(spinoff of Alibaba stake), AAPL +5.6%(Numbers), ETH -13.1%, EZPW -7.5% following earnings/guidance...In Japan, the Cabinet Office maintained its economic assessment for the 4th consecutive month, reiterating the economy is continuing gradual recovery. PM Abe pledged to conduct reform to address a "very severe" fiscal situation...Traders are now focused on Wednesday FOMC policy decision and any changes to the "patient" catchphrase in the Fed statement.
Nikkei+0.15% Hang Seng+0.27% Shanghai-1.14%

RUB $66.94 +0.5% WTI $45.58 (-1.41%) CHF 0.9031
Eur$ 1.1372 (+0.17%) S&P +0.62% EuroStoxx+0.92% Dax+0.81% SMI+0.68%

Macro :
- Moscovici Says EU to Offer Corporate Tax Proposal in Spring 2015
- ECB QE Risks Creating Bubbles, Dombret Tells Boersen-Zeitung
- EU to Seek EU1.45B French Farm Aid Repayment, Les Echos Says

Keep an eye on :
- AERL LN: Ireland May Not Sell Aer Lingus Stake to IAG, Irish Times Says
- AF FP : KLM Won’t Transfer Treasury Surplus to Air France
- ABI BB : AB InBev CEO Carlos Brito Nets EU8.74m With Options
- BAS GY : BASF Exits Bio-Acrylic Acid Partnership w/ Cargill, Novozymes
- BNP FP : BNP Seeks Delay After Pleading Guilty in U.S. Sanctions Case
- EN FP : Bouygues Telecom Drops Plan for Compulsory Firings: La Tribune
- AM FP : Dassault Aviation 2014 Rev. EU3.68b; Est. EU4.17b
- EDF FP : French Power Output to Be Lowered in Jan. 29 Strike, CGT Says
- EZJ LN : EasyJet predicts smaller than expected pre-tax loss in first half - FT
- ENI IM : Vitol to develop $7bn oil and gas project in Ghana with ENI - FT
- FNC IM : Finmeccanica Raises 2014 Targets; Sees Profit Up 20% Through ’16
- DEC FP : JCDecaux 2014 Rev. EU2.81b vs Est. EU2.77b
- NDA SS : Nordea Proposes Raised Dividend; 4Q Net Beats Est.
- NOVN VX : Novartis Sees Price War With Amgen, Lilly for Psoriasis Drugs
- ORA FP : Orange’s Louette Says Co. Expansion Focus on Africa, Middle East
- PARRO FP : Parrot Sees 2014 Rev. About EU244m, Plans Automotive Unit Review
- ROG VX : Roche 2014 Core EPS Misses Estimates; Sees Higher Div. in CH, 4Q Sales CHF12.7b, Estimate CHF12.2b
- SOW GY : Software AG Misses 2014 BPE Target; EPS Beats Estimates
- SHP LN : U.S. Supreme Court Grants Shire Petition 
- SRCG SW : Books Covered for IPO of Swiss Telecom Firm Sunrise: Reuters
- STM FP : STMicro Sees 1Q Sales Falling ~5% as 4Q Rev. Meets Estimates
- TEL NO : Norway’s Opposition Labor Opposes Cutting Telenor Stake, DN Says
- TKA GY : ThyssenKrupp Can Realize Much Potential, Says Tischendorf in WAZ
- TRYG DC : Tryg 4Q Net Beats Ests; Stock Split Proposed

>>> Brokers Upgrades & Downgrades - 28th of January 2015

>>> Up
*ANGLO AMERICAN RAISED TO BUY VS SELL AT SOCGEN (EARLIER)
*DNO RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*DUFRY RAISED TO NEUTRAL AT CITI
*MTU AERO ENGINES RAISED TO NEUTRAL VS SELL AT UBS
*OCADO RAISED TO EQUALWEIGHT VS UNDERWEIGHT AT BARCLAYS

>>> Down
*CARILLION CUT TO HOLD VS BUY AT BERENBERG
*COM HEM CUT TO SELL VS HOLD AT BERENBERG
*CTS EVENTIM CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*IGD CUT TO HOLD VS BUY AT SOCGEN
*LUNDIN PETROLEUM CUT TO NEUTRAL VS BUY AT UBS
*PHILIPS CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*PREMIER OIL CUT TO NEUTRAL VS BUY AT UBS
*PROSIEBENSAT.1 CUT TO NEUTRAL AT CREDIT SUISSE
*SIEMENS CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*SKANSKA CUT TO SELL VS HOLD AT BERENBERG
*TULLOW OIL CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*VAKIFBANK CUT TO NEUTRAL VS BUY AT UBS
*VISCOFAN CUT TO HOLD FROM BUY AT SANTANDER
*ZACHODNI CUT TO UNDERWEIGHT VS NEUTRAL AT HSBC

>>> PT Change


>>> Initiation
*BASHNEFT REINSTATED NEUTRAL AT JPMORGAN
*BASHNEFT PREFS REINSTATED UNDERWEIGHT AT JPMORGAN

>>> Call
>> Sector
*GOLDMAN GOAL CUTS COMMODITIES TO UNDERWEIGHT ON 3-MO. BASIS
*GOLDMAN GOAL RAISES COMMODITIES TO OVERWEIGHT ON 12-MO. BASIS