>>> AlcatelLucent comment from Credit Suisse

ALCATEL-LUCENT: NEUTRAL, TP €3.75 - Operating performance masked by the deal;TP cutto €3.75
Slightly lowering EBIT estimates, maintain Neutral. Post Q1 results, we leave our revenue estimates for 2015/2016 largely unchanged at €14.45bn/€14.75bn (+10%/+2% yoy), but our EBIT estimates see downward revision of 6%/2% to €1.02bn/€1.24bn due to higher opex (FX and reinvestments) partly offset by slightly higher GM. This drives EBIT margins of 7.1%/8.4% in 2015/2016 (vs. our earlier estimate of 7.5%/8.6%). Post our recent downgrade of NOK and ALU given concerns around complexity of merger, we remain Neutral on ALU.
Strong pick up in Core through the year. While start to Core Networking's performance in 2015 has been slower than expected, the company reiterated its FY target for the business (€7bn of sales with 12.5% OM). This would be driven by strong pick up in Terrestrial (Verizon contract ramp in 2H15), Routing (share gains in Core Routing) and upswing in Submarine. As such, we model €6.9bn of sales for Core in 2015 with 11.7% OMs, but believe that half of this EBIT weakness (vs. company's guidance) may be compensated by better performance in Access (mainly Wireless).
Opex going up due to FX, not entirely unexpected. Given ALU has around 60% of its opex base in USD or USD denominated currencies, we expected opex to go up yoy in 2015 despite the ongoing cost cutting program, but commentary around reinvestments in R&D and channels is new. As such, we believe opex to grow from €3.79bn in 2014 to €4.20bn in 2015 (18% appreciation in USD/EUR) but then decline by ~€200mn from that base given ongoing cost cutting plans. This leads to our estimate of €3.98bn of clean opex for 2015 (+5% yoy).
Still on track for FCF positive for full year 2015. In spite of slightly lower EBIT, we still believe ALU remains on track for being FCF positive for full year. We assume €40mn of FCF for 2015, which should improve to around €600mn in 2016 driven by lower cash restructuring and growth in EBIT.
Lowering TP to €3.75. We derive our TP for ALU using 0.55 exchange ratio for Nokia shares post the deal completion. Using our TP of €6.80 for Nokia, this gives us fair value of €3.75 for Alcatel-Lucent (vs. €4.00 previously).

>>> SABMiller shares gain on renewed chatter of GBP 50 per share bid from AB Inb

SABMiller shares gain on renewed chatter of GBP 50 per share bid from AB Inbev, Buffett and 3G 

SABMiller’s share price gained yesterday, 7 May on renewed gossip of a potential offer from Anheuser-Busch Inbev, 3G Capital and Warren Buffett, the Financial Times reported.

The newspaper’s market report section mentioned talk that the listed Belgian brewing company AB InBev could table a 5000p per share offer for its FTSE-100 rival, with backing from 3G Capital and Warren Buffett. The article did not cite a source for the rumour.

A market report in The Daily Telegraph also noted talk that a consortium comprising AB Inbev,3G Capital and Buffet were working on a 5000p per share bid approach for SABMiller. The item did not cite a source for the speculation.

The Daily Mail’s market report section mentioned gossip that AB Inbev, Buffett and 3G were in final talks with backers about an offer for SABMiller, but did not attribute the speculation to a source.

The Times’ market report section also mentioned chatter about a possible bid for SABMiller from the same group of bidders as mentioned in other newspapers, as did The Guardian’s market report. Neither item cited a source for the rumour.

SABMiller shares closed 124.5p up at 3531p in London yesterday, giving the FTSE-100 brewing company a market capitalisation of GBP 57.07bn (EUR 78.63bn).

>>> What tto look at today - 8th of May 2015

Dow+0,46% S&P+0,38% Nasdaq+0,53% Russell+0,51% VIX@ 15.13 (-0,13%)
US Market rebound closing near its 50d MA. Equity weakness coincided with selling in the Treasury market, which abated once the benchmark 10-yr yield kissed the 2.30% level. To be fair, the overnight selloff in Treasuries did not take place in a vacuum as Germany's 10-yr bund endured a sharp plunge that briefly sent its yield as high as 0.79%. German bunds were able to retrace the entire move, returning to 0.59% while U.S. Treasuries did that and then some. The 10-yr note rallied throughout the session, dropping its yield six basis points to 2.18% and back below the 200-day moving average (2.19%)...Treasury will be in Focus again today with Non Farm Payroll tio be published...Yelp+23% on WSJ article on possible sale...the energy sector (-1.1%) spent the day in negative territory as crude oil struggled amid dollar strength. WTI crude slumped 3.2% to $58.98/bbl, volumes were in line with average @ 785mil shares...US after Hours SSNI +22.6%, NPTN +21.7%, SEDG +15.4%, AMDA -31%, KEYW -21.5%, PLNR -15.2% following earnings/guidance...Overnight focus is US election even with Non Farm today in the US. GBP saw particularly outsized gains on solid performance by ruling Conservatives and disappointing polls for opposition Labour and coalition member Liberal Democrats. Just after 4am GMT, Conservative Party picked up 14 seats and lost 5, while Labour lost 43 against +12 gained and LD lost 22 seats with none gained. Pro-independence Scottish National Party (SNP) results were especially impressive, picking up 46 seats. Note that 326 seats are needed for a majority, and Conservatives will still likely need to find a governing partner. GBP/USD spiked up some 150pips on the initial exit polls in early trade and added to those gains throughout the session, testing $1.55 level late in the session - a 2-month high. EUR/GBP collapsed 150pips as well to fall below £0.7240 - a 1-week low. Shanghai and Hong Kong led regional indices to the upside, with most pronounced gains coming after disappointing China trade data that lifted expectations for additional PBoC policy easing. Trade surplus was shy of expectations, exports fell for 2nd straight month by -6.2% v +1.6% expected, and imports fell for the 6th straight month by over 16% - much worse than 12% decline forecast. Shipments to US were up 3%, but exports to EU and Japan were down double digits. China press reports that Shenzhen-Hong Kong stock connect was approved was also notable for the H-shares which have previously attracted mainland inflows on cheaper valuations. Bank of Japan meeting minutes from Apr 7th offered little new

Nikkei +0,82% Hang Seng +0,43% Shanghai +0,11%

Eur$ 1,1205 RUB $50,4247 CHFEUR 0,9672 GBP 1,5477 GBPEUR 1,3813 WTI $58,60 (-0,60%)

S&P +0,05% EuroStoxx+),04%% Dax +0,13% SMI +0,52% FTSE +1,5%

Macro
- China April Retail Auto Sales Rise 6.2% on Year, PCA Says
- China April Exports Fall 6.2% Y/y in Yuan; Est. +0.9%
- Greek Govt Asks Bank Recap Fund CEO Sakellariou to Resign: Skai
- SALT Day 2 Wrap: Bass Has Perrigo Position, Chanos Short Shell
- U.K. Equities Should React Positively to Poll Result: Jefferies


Keep an eye on :
- AGS BB : Ageas 1Q Insurance Profit Beats Ests.; Gross Inflows Rise 19%
- BELG BB : Belgacom 1Q Rev., Adj. Ebitda Beat Est.; Free Cash Flow Dwindles
- COL SM : Colonial Recurring 1Q Net EU5.8m Vs EU2.5m a Year Earlier
- EDF FP : EDF Outlook to Negative From Stable by S&P; Rating Affirmed
- EDP PL : EDP 1Q Net Income EU297m vs Est. EU282.5m
- EIT IM : EI Towers 1Q Net EU10.1m vs EU9m Y/y; Ebitda Target Confirmed
- ELE SM : Endesa 1Q Net EU435m; Est. EU318.2m
- ENEL IM : Enel 1Q Ebitda, Revenues Beats Estimates; Net Debt Rises
- FNC IM : Finmeccanica 1Q Ebita EU157M; Est EU163M; 2015 Targets Confirmed
- FORTH GA : Forthnet in Talks With Greek Banks on EU100m Convertible Bond
- 13 HK : Hutchison Whampoa sells approximately 32.98% of Hutchison 3G UK to investors including CPPIB, GIC and Abu Dhabi Investment Authority --> +2% in HK
- IT IM : Italcementi 1Q Recurring Ebitda EU95.2m Vs EU95.5m
- JUN3 GY :Jungheinrich 1Q Sales Rise 8%, Beat Ests.; Confirms 2015 Outlook
- KVAER NO : Kvaerner 1Q Ebitda NOK101m; Est. NOK103m
- MB IM : Mediobanca 3Q Net Income More Than Doubles to EU205m, Beats Est.
- NOK1V FH : Uber Said to Bid for Nokia Mapping Service Here: NYT, offered $3b for Here Unit http://nyti.ms/1H2XJsQ
- NRE1V FH : Nokian Renkaat 1Q Sales, Profit Beat Ests.; EU100.3m Tax Impact
- NOVN VX : Novartis Says Lung Cancer Drug Zykadia Gains EU Approval
- NSI NA : NSI 1Q Direct Investment Result EU13.5m vs EU12.8m
- ORI SS : Oriflame 1Q Ebitda Misses Est.; Sees Sales Decline in 2Q, Offers Owners to Exchange Shrs in Domicile Change
- PHIA NA : Philips Says Issues in Chinese Medical Mkt Are Industrywide
- PRY IM : Prysmian Strength in 1Q Likely to Continue in 2015: Barclays
- ROG VX: Roche Says Smith & Nephew CFO Brown to Be Nominated for Board
- SBMO NA : SBM 1Q Non-IFRS Rev. $601m vs $782m Y/y; Sees More Job Cuts
- SCYR SM : Sacyr Considers Selling Testa: Expansion
- SCH NO : Schibsted Offers to Buy Hemnet; Values Co. at SEK1.5b EV Basis
- SCH NO : Schibsted 1Q Opg Revenue Unexpectedly Declines; Media Rev Drops
- SYNN VX : Monsanto Said to Make Initial $45b Offer for Syngenta --> CHF450/share, 35% premium, Synn reject offer but open to talks
- TIT IM : Telecom Italia 1Q Ebitda, Sales, Net Debt Match Ests.
- UBSN VX : UBS Will Be Long-Term Winner of Structural Change: Berenberg
- US IM : UnipolSai 1Q Net Premiums EU3.68b vs EU4.16b Yr Earlier
- VWS DC : Albaek Leaves Vestas to Manage Activist Investment Fund: Borsen

>>> Europe : Brokers Upgrades & Downgrades - 8th of May 2015

>>> Up
*ALCATEL-LUCENT RAISED TO BUY VS NEUTRAL AT UBS
*ERICSSON RAISED TO BUY VS NEUTRAL AT UBS
*FRAPORT RAISED TO HOLD VS REDUCE AT HSBC
*IMPERIAL TOBACCO RAISED TO BUY VS HOLD AT BERENBERG
*NOKIA RAISED TO BUY VS NEUTRAL AT UBS
*NORSK HYDRO RAISED TO OVERWEIGHT AT MORGAN STANLEY

>>> Down
*DUFRY CUT TO SELL AT CITI
*TELENOR CUT TO HOLD VS BUY AT BERENBERG

>>> PT Change


>>> Initiation
*REFRESCO GERBER RATED NEW NEUTRAL AT JPMORGAN, PT EU14

>>> Call

>>> JPMorgan remains cautious on iron ore prices

JPMorgan remains cautious on iron ore prices 
- Reiterates Neutral rating, price target $7
- Firm maintains the view that market will remain oversupplied. Over the next six months firm expects another 96Mtpa of new capacity to be introduced from the low-cost producers, representing 8% of global supply. That is why firm believes the recent upward action in iron ore and Vale prices is still exaggerated and expects both to revert once the pressure from short covering eases
- Firm prefers Bradespar vs. Vale PNs or Vale ONs

(BFW) FTSE 100 to Outperform, Called Up 106 Points at IG Index


FTSE 100 to Outperform, Called Up 106 Points at IG Index
2015-05-08 05:32:34.153 GMT


By James Ludden
(Bloomberg) -- FTSE 100 expected to post “fairly
sizeable” gain at open as Cameron’s Conservative Party
projected to remain in government, IG Index says.
* Latest BBC projection has Conservatives with 325 seats, one
short of absolute majority
* Banks, utilities, energy make up 45% of FTSE 100, sectors
that were regarded as under pressure from prospect of
Labour-led govt
* Before election, Conservative victory was regarded at Citi
as the only positive for utilities; Centrica, SSE most
exposed
* Focus may turn to EU referendum; Conservatives are committed
to holding an “in-out” vote by end-2017
* NOTE: HSBC said April 24 that one aspect of its review
of whether to move headquarters was U.K. membership of
EU
* City Index said FTSE 100 may open up 70pts if the exit
poll was correct; Jefferies also expects a positive
reaction
* City Index said FTSE 100 may open up 70pts if the exit
poll was correct; Jefferies also expects a positive
reaction</li></ul>


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NYT : Uber Joins the Bidding for Here, Nokia’s Digital Mapping Service

Uber Joins the Bidding for Here, Nokia’s Digital Mapping Service http://nyti.ms/1H2XJsQ


Uber is best known for allowing people to book a taxi through its smartphone application. But the fast-growing company has far broader ambitions.

More and more, Uber is positioning itself as a logistics company. The goal is to deliver people and things within cities as quickly as possible — relying heavily on Google’s Maps in the process.

That dependency may soon change.

Uber has submitted a bid for Here, the main competitor to Google Maps, for as much as $3 billion, according to three people with knowledge of the offer, who spoke on the condition of anonymity. Here is owned by Nokia, the Finnish telecom giant, which announced last month that it was considering selling the business.

Continue reading the main story
RELATED COVERAGE

Auto rickshaws in New Delhi. The company is trying to improve the image of the vehicles and their drivers.New Delhi Journal: Uber Adds a Low-Tech Twist to Its Modern Business Model in IndiaAPRIL 20, 2015
An Uber app in use in Berlin. A judge on Wednesday found Uber to be in violation of Germany’s public transportation act.An Uber Service Is Banned in Germany AgainMARCH 18, 2015
Nokia Provides Free Mapping Services App for Apple UsersMARCH 12, 2015
Uber Heads in New Mapping Direction With deCarta AcquisitionMARCH 4, 2015
The bid is competing with one in the works from a consortium of German automakers, including BMW, Audi and Mercedes-Benz, according to two of those people. The automakers are teaming up with the Chinese search engine Baidu on the offer, the people said. A separate bid from an undisclosed private equity firm has also been submitted, and Nokia is expected to announce the sale of its mapping unit by the end of May.

Photo

Mapping the streets of Warwick, Britain. Nokia’s mapping business holds more than an 80 percent global market share for built-in car navigation systems, and spends hundreds of millions each year to update its maps from New York to New Delhi. Credit Rob Stothard for The New York Times
Negotiations over the sale of Nokia’s mapping business are continuing and the talks still may not lead to a deal, the people cautioned. Representatives for Uber, the German automakers and Nokia declined to comment on the deal rumors.

The multibillion-dollar battle to buy Here highlights the growing importance of digital mapping services as companies connect their products to the Internet. Other tech giants, including Facebook and Microsoft, have previously shown interest in acquiring Nokia’s mapping unit.

The world’s automakers and tech giants like Google have unveiled a series of driverless car projects that rely heavily on up-to-date road data. Companies like Amazon and FedEx use mapping information to run their global logistics operations. And tech start-ups, including Uber and Airbnb, the vacation-rental website, have incorporated digital maps into the heart of their businesses.

While Google Maps has an estimated one billion mobile users, or about 10 times the amount of Here’s smartphone users, Nokia’s division dominates in automobile mapping — a field in which both Google and Apple, which has struggled with its own mapping service, have earmarked for growth.

Nokia’s mapping business holds more than an 80 percent global market share for built-in car navigation systems, and spends hundreds of millions of dollars each year to update its maps that span from New York to New Delhi. Here, which is based in Berlin, employs about 6,000 people worldwide to maintain Nokia’s digital maps and connected-car services with almost three million daily adjustments. The unit reported yearly revenue of $1.1 billion, or less than 8 percent of Nokia’s total sales in 2014, according company records.

“It’s extraordinarily difficult to get this type of mapping data,” said Jamie Moss, an analyst at the technology research company Ovum in London. “Other than Google, Here is one of the few companies that can offer this data right now.”


The mapping tool, they say, could help with services like Uber Pool, the company’s ride-sharing initiative, which uses geospatial mapping data to pair riders with drivers. To carry out such matches speedily, the company needs significant engineering power and a rich trove of mapping data, according to people with knowledge of the project.

In addition to Google’s Maps, Uber relies on data from Apple and other companies’ mapping initiatives, as well as its own online information.

Uber, whose backers include Google’s venture capital arm, has taken steps in recent months to hedge against its heavy reliance on the search giant. This year, for example, the company unveiled the Uber Advanced Technologies Center that, in partnership with Carnegie Mellon University, is working on mapping and autonomous vehicle technology.

And in March, Uber acquired deCarta, an almost decade-old mapping software company based in San Jose, Calif., to bolster its mapping efforts. The company also has hired a number of mapping software engineers in recent months, according to two people familiar with Uber’s hiring efforts.

The company’s plans, however, may still be outflanked by the German automakers, which also view Nokia’s mapping business as central to their future.

Mercedes and other automakers already are testing so-called autonomous vehicles that rely on Here’s technology to guide cars around city streets with limited intervention from drivers. They are reluctant to become overly dependent on Google’s Maps, which offers similar services, particularly because Google is working on autonomous vehicles of its own.

As part of its bid, the German consortium wants to give others access to Nokia’s mapping service, under a licensing agreement, so that the business can maintain its global reach and remain the primary competitor to Google Maps, according to a person with knowledge of the matter.

“Mapping data is an important long-term asset for the auto industry,” said Jeremy Carlson, an analyst at IHS Automotive, in Los Angeles. “It makes sense that they would want to protect it.”

(BFW) SALT Day 2 Wrap: Bass Has Perrigo Position, Chanos Short Shell


SALT Day 2 Wrap: Bass Has Perrigo Position, Chanos Short Shell
2015-05-08 00:54:07.413 GMT


By Joshua Fineman, Kelly Bit and Simone Foxman
(Bloomberg) -- Below is recap of long, short, macro,
credit ideas given at Day 2 of the SkyBridge Alternatives
Conference (SALT) in Las Vegas. Link to Day 1 WRAP

* Hayman’s Kyle Bass: Says He’s Long Perrigo; Sees Potential
for Abbott to Make Bid for Perrigo; Doesn’t Think Mylan Will
be Successful with Perrigo Bid; Sees Oil at $60-$65 by Year-
End; Bass Says Front End Oil Curve Risks ‘Amaranth’ Movement
Link to Bloomberg story

* Kynikos’s Jim Chanos: Says He’s Short Shell, Chevron; Says
BG Plan is a “bet the co.” Deal for Shell; Says BG’s
financials don’t look good; Still Expects BG Deal to Go
Through
Link to Bloomberg story

* T. Boone Pickens: Says Oil Production Will Decline in 30-60
Days

* Halcyon’s James McGinnis: Short Ensco, Noble, Transocean;
has long position in SolarCity
Link to Bloomberg story

* Axonic’s Clayton DeGiacinto Sees 20% 2005-07 CMBS Loan
Defaults

* Bridgewater’s David McCormick: Sees Oil Below $75 at Year-
End

* Apex’s Gil Simon: Likes Netflix, Sees Shrs Topping $2,000
Link to Bloomberg story

* Omega’s Leon Cooperman: Reiterates longs Dow, Citi, Google,
Aercap, Actavis, GM, Priceline, Gulf Coast Ultra
Link to Bloomberg story

* Passport’s John Burbank: Recommends Saudi Arabia’s NCB AB
long; Passport High on China Stocks as Fortress Sees Bull
Market

* Hunter Peak’s Michael Karsch: Recommends Portugal’s NOS;
Sees 100% upside to EU12.94 in 2018

* Balyasny’s Christian Zann: Likes Tetra Technologies, Trican
Well Service

* Latigo’s David Ford: Recommends IHeartMedia Long




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>>> Asian Update

Asian Mid-session Update: GBP spikes as Labour, Lib Dems flail in UK elections; Soft China trade components lift expectations for more easing


***Economic Data***
- (CN) CHINA APR TRADE BALANCE: $34.1B V $39.6BE
- (HK) Hong Kong Apr Foreign Reserves: $343.2B v $332.2B prior

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +0.3%, S&P/ASX +0.7%, Kospi flat, Shanghai Composite +1.4%, Hang Seng +0.9%, Jun S&P500 +0.1% at 2,086

***Commodities/Fixed Income***
- Jun gold +0.1% at $1,183/oz, Jun crude oil -0.1% at $58.86/brl, May copper flat at $2.93/lb
- GLD: SPDR Gold Trust ETF daily holdings fall 2.7 tonnes to 739.1 tonnes
- (AU) Australia MoF (AOFM) sells A$1.5B in 1.75% 2020 Bonds; avg yield: 2.4114%; bid-to-cover: 2.32x
- JGB: (JP) Japan MoF sells ¥500B in 0.1% 10-year CPI-linked Bonds; Bid-to-cover ratio: 2.65x v 2.97x prior
- (US) Weekly Fed Balance Sheet Total Assets for week ending May 6th: $4.47T v $4.53T prior; Reserve Bank Credit: $4.43T v $4.44T prior; M1: -$4.7B v -$5.4B prior; M2: -$27.4B v -$1.7B prior; M1 y/y change: 8.9% v 9.1% w/w; M2 y/y change: 6.2% v 6.2% w/w

***Market Focal Points/FX***
- The trading sessions leading into the US non-farm payrolls are known for their subdued volatility, however this was hardly the case in today's Asian hours. In FX space, GBP saw particularly outsized gains on solid performance by ruling Conservatives and disappointing polls for opposition Labour and coalition member Liberal Democrats. Just after 4am GMT, Conservative Party picked up 14 seats and lost 5, while Labour lost 43 against +12 gained and LD lost 22 seats with none gained. Pro-independence Scottish National Party (SNP) results were especially impressive, picking up 46 seats. Note that 326 seats are needed for a majority, and Conservatives will still likely need to find a governing partner. GBP/USD spiked up some 150pips on the initial exit polls in early trade and added to those gains throughout the session, testing $1.55 level late in the session - a 2-month high. EUR/GBP collapsed 150pips as well to fall below £0.7240 - a 1-week low.

- Shanghai and Hong Kong led regional indices to the upside, with most pronounced gains coming after disappointing China trade data that lifted expectations for additional PBoC policy easing. Trade surplus was shy of expectations, exports fell for 2nd straight month by -6.2% v +1.6% expected, and imports fell for the 6th straight month by over 16% - much worse than 12% decline forecast. Shipments to US were up 3%, but exports to EU and Japan were down double digits. China press reports that Shenzhen-Hong Kong stock connect was approved was also notable for the H-shares which have previously attracted mainland inflows on cheaper valuations.

- Trading in Australia was also volatile, as AUD/USD fell as much as 50pips below $0.7870 on soft China trade numbers. Earlier, RBA quarterly policy statement lowered expectations for both GDP and inflation and warned that GDP would remain below trend for longer than anticipated. For 2015, GDP target was revised from 2.25-3.25% to 2.5% and for 2016 it was cut from 3.0-4.0% to 2.75-3.75%. 2015 CPI targets were little changed, but those of 2016 and 2017 H1 were all lowered by 0.25%. In Australia corporates, Macquarie posted strong FY results, beating net profit forecasts on nearly 300bps rise in ROE and raising its final dividend by 27%.

- Bank of Japan meeting minutes from Apr 7th offered little new, particularly in the wake of the more recent Apr 30th decision that saw BOJ push back its expectations of achieving 2% inflation target. Minutes did show some members showing concern that annual CPI could turn slightly negative if energy prices remain pressured. USD/JPY pair rose about 30pips, but failed to retest the key ¥120 handle.

***Equities***
US equities / ADRs:
- OUTR: Reports Q1 $2.23 v $1.67e, R$608.6M v $594Me; +5.6% afterhours
- MOH: Reports Q1 $0.71 v $0.50e, R$3.2B v $3.21Be; +3.9% afterhours
- NUAN: Reports Q2 $0.30 v $0.24e, R$475M v $482Me; Adds $500M to buyback plan (10% of market cap), +3.0% afterhours
- CBS: Reports Q1 $0.78 v $0.75e, R$3.50B v $3.50Be; +1.0% afterhours
- CERN: Reports Q1 $0.32 v $0.45e, R$996M v $1.09Be; -0.1% afterhours
- NVDA: Reports Q1 $0.33 v $0.26e, R$1.15B v $1.16Be; Raises dividend 15% to $0.0975; -2.0% afterhours
- MNST: Reports Q1 $0.62 (adj) v $0.68e, R$627M (adj) v $610Me; Planning for Long-Term Strategic Alignment with The Coca-Cola Company; -4.5% afterhours
- SFM: Reports Q1 $0.25 v $0.27e, R$857.5M v $870Me; -9.0% afterhours

Notable movers by sector:
- Consumer discretionary: Unicharm 8113.JP +1.3% (Q1 results); FAW Car CO 000800.CN -7.3% (YTD production and sales)
- Financials: Macquarie Group MQG.AU +4.9% (FY14/15 results); Suncorp Group SUN.AU +0.3% (Q3 results); Haitong Securities 6837.HK +2.7% (April results); CITIC Securities 6030.HK +4.1% (April results); Hutchison Whampoa 13.HK +1.9% (to sell stake in 3UK and O2UK); GF Securities Co 000776.CN +1.0% (April results)
- Industrials: Geely Automobile 175.HK +0.5% (April results)
- Technology: Nintendo Co 7974.JP +7.7% (FY14/15 results)

(BFW) Monsanto Said to Make Initial $45b Offer for Syngenta


BN 05/08 02:17 Monsanto Said to Make Initial $45b Offer for Syngenta
BFW 05/08 02:16 *SYNGENTA SAID TO REJECT MONSANTO'S OFFER OF ABOUT CHF450/SHARE
BFW 05/08 02:16 *MONSANTO SAID TO MAKE INITIAL $45B OFFER FOR SYNGENTA

Monsanto Said to Make Initial $45b Offer for Syngenta
2015-05-08 02:20:25.440 GMT


By Matthew Campbell and Ed Hammond
(Bloomberg) -- Monsanto made an initial offer for Syngenta
valuing its Swiss rival at about $45b, people with knowledge of
matter say.
* Monsanto offered about 450 Swiss francs per share; 35%
premium to Syngenta’s last close
* Syngenta rejected offer; though left it open for Monsanto to
make another offer or start talks
Link
Link to Company News:{MON US <Equity> CN <GO>}
Link to Company News:{SYNN VX <Equity> CN <GO>}

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