(BFW) Sika Chairman Denies Board Tried to Delay Shareholders’ Meeting

Sika Chairman Denies Board Tried to Delay Shareholders’ Meeting
2015-01-05 15:13:23.757 GMT


By Paul Verschuur
(Bloomberg) -- Chairman Paul Haelg says board
“astonished” about Schenker-Winkler Holding’s court petition
to force EGM.
* Haelg says EGM was envisaged this month because of Christmas
holidays
* Says “there can be no question of any delay,” says
sticking to time plan
* Says court action “detrimental to constructive talks”
* Haelg comments in e-mailed statement
* NOTE: Schenker-Winkler Seeks Court Order to Convoke Sika EGM
* NOTE (Dec 10): Sika Family Seeking to Oust Board Members
Opposing Sale


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--With assistance from Jan-Henrik Förster in Zurich.

To contact the reporter on this story:
Paul Verschuur in Zurich at +41-44-224-4103 or
pverschuur@bloomberg.net
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Mariajose Vera at +49-89-244478-803 or
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REuters - Altice bonds to finance Oi deal imminent

LONDON, Jan 5 (IFR) - Altice will launch its jumbo bond deal backing the acquisition of Oi's Portuguese operations very soon if a crucial shareholder vote goes its way, according to sources close to the deal.

While the European cable company already has approval from Brazil's Oi, it still needs to win the backing of shareholders in Portugal Telecom SGPS, the holding company which owns 25.6% of Oi.

The shareholder vote is due to take place at a general meeting on January 12. The approval of the sale will require a two-thirds majority.

"If it is approved Altice have the ability to be in the market relatively quickly," said a banker close to the issue.

"The vote should go through, although Isabel dos Santos could still remain a problem even though she's dropped her offer."

Angolan billionaire businesswoman Isabel dos Santos threatened to thwart Altice's ambitions to acquire the Portuguese assets but dropped her EUR1.2bn bid for Portugal Telecom SGPS at the end of December.

Altice is known for bringing M&A bond deals to market in a very quick time frame, partially due to the pedigree of its management team.

Before joining Altice, the company's CFO Dennis Okhuijsen worked for over 15 years at Liberty Global, which is known for its speed at executing high-yield bond deals. Similarly, CEO Dexter Goei has a lot of experience in debt financing, having previously headed up Morgan Stanley's European TMT group.

Altice has to fund a EUR5.7bn-equivalent (US$6.84bn) cash consideration, the majority if not all of which will be debt, according to sources.

It is also expected to raise the bulk of the financing in the US dollar high-yield bond market due to the favourable cross-currency swap. Altice declined to comment.

Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley are the lead banks that have underwritten the debt raise, although other banks will join the process later.

Fwd:>>> EUROSTOXX vs SPX - big move on this spread again today...

SPX vs SX5E is breaking top levels , since mid dec new factor is weighting on Europe...Greek Crisis & ECB QE questions...

I still think that in that mood we should continue to see US Outperforming Europe for the next few weeks...

From: LAURENT CHEKROUN (MAKOR SECURITIES LLP) At: Dec 15 2014 16:38:39
To: LAURENT CHEKROUN (MAKOR SECURITIES LLP)
Subject: Fwd:>>> EUROSTOXX vs SPX - big move on this spread again today...
We continue to this spread trading higher with SPX outperforming the EuroStoxx...not so far from top levels...it looks like that Crude continue to weight on sentiment...
0.6621 now vs top @ 0.6689 on the 13th of November....spread is up +4.5% since the 4th of Dec.


From: LAURENT CHEKROUN (MAKOR SECURITIES LLP) At: Dec 12 2014 16:49:03
Subject: Fwd:>>> EUROSTOXX vs SPX - big move on this spread again today...
This trade is hurting a lot investors as many accounts tried to play the end of QE in the US and the begining of one in Europe...can't see till the end of the year what will stop this trade to go back to top levels as many investors/traders will cut their positions...


quick chart attached

(MS) Global Oil Services, Drilling & Equipment.



Review of 2014: Setting the Stage for the Next Upcycle

The OSX drastically underperformed the S&P500 in 2014 as oil prices fell rapidly. Large cap service and equipment names proved most defensive, but no sub-sector was left untouched. We believe that sentiment is near a trough, and see a compelling risk-reward skew across most of our coverage.

* Large cap services & equipment defensive in 2014:
Though all subsectors posted negative performance in 2014, the Big 4 and equipment names were most defensive (-12% and -16% return respectively). The offshore drillers were the worst-performing group (-51% return) on floater market overcapacity and negative offshore activity revisions throughout the year. This underperformance was followed by OCTG (-50% return) as the industry dealt with oversupply fears, although the US trade case provided some relief for pricing. See full performance comparison on p.3.

* NAm onshore outperformed through July, but sold off rapidly: 
NAm names outperformed through July on robust US onshore activity growth. We believe a hot debt market that allowed US E&Ps easy access to cash and declining unconventional well costs both caused activity to surprise vs. our initial expectations. However, this outperformance was short-lived as onshore stocks were among the hardest-hit during the October- December sell-off (Ex.3).

* Looking towards the next upcycle: 
We believe that sentiment in the group is nearing a trough, as large-cap service & equipment names are trading well below historical P/S and P/B ratios (Ex.31-32). Our top picks into the trough include companies with high FCF conversion and stable balance sheets, particularly, SLB, CLB, and SDRL. We also tactically like high-beta NAm names (HAL, land drillers) as a way to play a highly attractively valued sector on medium-term view.

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance: OIBR -5.7%

Select EU financial related names showing weakness: RBS -2.6%, SAN -2.5%, BCS -2.3%, ING -2%, HSBC -1.6%

Select metals/mining stocks trading lower: VALE -3.7%, RIO -3.3%, CLF -3.1%, BHP -2.8%, MT -2.3%, FCX -1.9%

Select oil/gas related names showing early weakness: SDRL -6.5%, PBR -5.8%, SSL -5.5%, STO -4.5%, BP -4%, TOT -3.4%, RDS.A -3.1%, XOM -1.4%

Other news: PTNR -12.4% (reports the interest rate for the Series D notes for the period commencing on December 31, 2014 and ending on March 30, 2015), CEL -12.4% (still checking), BCLI -8% (announces final analysis of Phase 2a ALS study), NBG -7.1% (related to German news reports of potential Greece exit from Euro)

Analyst comments: GRFS -2.7% (downgraded to Neutral from Overweight at JP Morgan), SNY -2.6% (downgraded to Underweight from Neutral at JP Morgan), UA -2.1% (downgraded to Hold from Buy at Jefferies), GSK -2% (downgraded to Underweight from Neutral at JP Morgan), CAT -2% (downgraded to Underweight from Neutral at JP Morgan), ALXN -1.9% (downgraded to Neutral from Buy at Nomura), FCH -1.5% (downgraded to Neutral from Buy at Goldman), PCYC -1.5% (downgraded to Neutral from Buy at Nomura), LLTC -1.5% (downgraded to Neutral from Outperform at Macquarie), SBUX -1.2% (downgraded to Neutral from Buy at Janney), BAX -1.2% (downgraded to Underweight from Equal-Weight at Morgan Stanley), BWLD -1.2% (downgraded to Neutral from Outperform at Robert W. Baird), GIS -1.1% (downgraded to Underperform from Neutral at BofA/Merrill), AOS -1% (downgraded to Market Perform from Outperform at Northland ), F -0.9% (downgraded to Neutral from Buy at Citigroup), VTR -0.8% (downgraded to Outperform at RBC Capital Mkts), WFC -0.6% (downgraded to Neutral from Outperform at Robert W. Baird), BIIB -0.5% (downgraded to Neutral from Buy at Nomura)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance: BBEP +5%, JOB +2.4%, MZOR +0.5%

Select Air carrier related names showing strength after RYAAY traffic results: HA +4.4%, JBLU +1.3%, DAL +0.9%

Select biotech/pharma names trading higher: ETRM +3.4%, MNKD +2.5%, KITE +2.1%, ACHN +0.9%, SPPI +0.7%

Other news: CNAT +39.9% (will report top-line results from three clinical trials in subjects with varying degrees of organ impairment on Thursday afternoon), CEMP +14.5% (reports positive topline Phase 3 clinical results for oral Solithromycin), CNET +8.3% (announced that the Board of directors has appointed Mr. Qiu Chang as an independent director), RDHL +5.4% (updates business outlook and anticipated key milestones for 2015), ESLT +5.1% (announced 2 new contract wins), PLX +4.8% (announces new strategy for accelerated growth), ISIS +3.9% (entered into a global collaboration with Janssen Biotech (JNJ unit) to discover and develop antisense drugs to treat autoimmune disorders of the gastrointestinal tract), PLUG +3.7% (executed a multi-year contract with SouthernLINC Wireless), CGEN +3.3% (positive initial experimental results for the first two of five in silico predicted targets for antibody drug conjugate cancer therapy disclosed in late 2013), CTC +2.9% (receives delisting notice from NYSE), LOGI +2.9% (presenting at CES tomorrow), ADXS +2.1% (submits investigational new drug application to FDA for ADXS-HER2), RYAAY +1.9% (reported Dec traffic), ADS +1.3% (approves $600 mln stock repurchase plan), SGMS +1.2% (Investor group files amended SC13D related to trading plan), AAL +1% (reached an agreement in principle regarding a tentative joint collective bargaining agreement with the Allied Pilots Association, which represents American's more than 14,000 pilots), .

Analyst comments: VUZI +10% (named top pick at Chardan), LOCO +4.1% (upgraded to Outperform from Neutral at Robert W. Baird), RDWR +2.2% (upgraded to Outperform at Oppenheimer), BSX +1.5% (upgraded to Overweight from Neutral at JP Morgan), CTSH +1.3% (upgraded to Buy from Neutral at Goldman), GPS +1.2% (upgraded to Buy from Hold at Jefferies, also named best idea for 2015), CCL +1.2% (upgraded to Outperform from Mkt Perform at Raymond James), LQ +1.1% upgraded to Buy from Neutral at Goldman), MRK +1% (upgraded to Outperform from Mkt Perform at Bernstein), FFIV +0.9% (upgraded to Outperform at Oppenheimer

(BFW) Oil Services Sentiment ‘Nearing a Trough,’ Morgan Stanley Says

This is one of the main call this year...re rationg ont he sector has been massive, last few months we saw a lot of HF, fund cuttingm their positions in this sector...$75 is a main level for Oil, we were tradding there less than 2months ago...nobody (US included) want to have oil staying o n the lows for ever...it will be an issua at one point for all countries ( producers ) ...I don't see Oil stating on tje lowas for another 6 months, I am pretty sure we'll see $45 before $75 but volatility is going to be extreme on the next 3months...a way to play that is on discounted assets...

This is one of 2015 big call for me.

I will send you this MS note shortly

Oil Services Sentiment ‘Nearing a Trough,’ Morgan Stanley Says
2015-01-05 13:25:21.870 GMT


By Arie Shapira
(Bloomberg) -- Large cap oil services and equipment stocks
trading well below historical price/sales and price/book ratios,
Morgan Stanley analyst Ole Slorer writes in note.
* Sees “compelling risk-reward skew” across most stocks
under coverage; had upgraded group to attractive on Nov. 26
* Top picks into trough: CLB, SDRL, CLB; tactically likes HAL,
land drillers
* NOTE: Dec. 23, Global Hunter downgraded 15 oil services
stocks as no crude oil price relief expected
* NOTE: Dec. 19, Citi cut oil services ests below Street avg,
said to “buy the fear”


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