>>> Telecom Italia may have to divest fibre optic networks to ensure Metroweb de

Telecom Italia may have to divest fibre optic networks to ensure Metroweb deal 

Telecom Italia’s offer for a controlling stake in Metroweb, the fibre optic network serving Milan, could face antitrust obligations, Italian-language daily Milano Finanza reported without disclosing sources.

The Italian teleco has made an offer for the 53% stake in Metroweb held by F2i, the Italian infrastructure fund, according to the report.

If Telecom Italia takes over Metroweb the country's competition watchdog may make the deal conditional upon Telecom Italia selling off ibre optic networks in cities such as Milan, Genoa and Florence in order to preserve competition, the report added.

The Italian competition regulator has recently announced that it would not support takeovers in a strategic sector such as fibre optic communications if they reduced competition, the article noted.

F2i has given Metroweb an enterprise value of EUR 450m, according to a previous report.


Source Milano Finanza daily edition

NY Post : Uber tracking riders without permission: reports

Just when it seemed it couldn’t get any worse for Uber, the taxi-hail app finds itself in the middle of a spying scandal.
Reports that Uber employees have tracked riders’ whereabouts without their permission — and for seemingly no good reason — has users rethinking their relationship with the $17 billion startup.
Among those on edge are deep-pocketed Wall Streeters who are concerned about protecting their mega-billion dollar deals — and Senator Al Franken (D-Minn.)
Bankers — and the public at large — don’t want snooping Uber execs looking in on their travel habits.
But that is just what happened when Uber’s New York general manager, Josh Mohrer, allegedly tracked a BuzzFeed reporter’s whereabouts earlier this month, BuzzFeed said.
Uber is investigating the allegation, it revealed late Tuesday.
Mohrer — known for blasting critics, including drivers, on Twitter — reportedly met with a BuzzFeed reporter outside of the company’s Long Island City, Queens, offices in early November.
“There you are,” BuzzFeed said he told her. “I was tracking you.”
Uber spokesman Taylor Bennett didn’t return a request for comment but the company, in a blog post, said that it has “a strict policy prohibiting all employees at every level from accessing a rider or driver’s data,” except for “a limited set of legitimate business purposes.”
It’s not the first time that Uber has been accused of spying on riders. Entrepreneur Peter Sims said he no longer uses the app after learning that Uber shared his whereabouts with strangers at a launch party.
“I’m shocked at how lax they have been,” said Clifford Press, co-founder of hedge fund Oliver Press Partners. The alleged spying “is going to be an issue for Wall Street in general, but also law firms — everybody,” Press said.
“The idea that you’re off doing a secret deal and someone is tracking your whereabouts — it’s insane,” the founder of a NYC private equity firm told The Post.
Franken, chairman of the Senate’s subcommittee on privacy, technology and the law, blasted Uber on Wednesday via a three-page query about its privacy practices.
Uber’s battle to ease customer concerns on spying is the second scandal to smack co-founder and CEO Travis Kalanick this week.
Users have been deleting the app in droves after it emerged that a high-level executive suggested Uber — which has been the target of some harsh reviews in the media — spend $1 million to dig up dirt on reporters critical of the company.
In an odd twist, actor Ashton Kutcher, an Uber investor, took the side of the deep-pocketed company. “What’s so wrong about digging up dirt on shady journalist? he tweeted.

NY Post : Fashion buyers seen Perry Ellis picking

Forget suits — Perry Ellis has a closetful of suitors.
At least two prospective acquirers have approached the 47-year old clothing company and discussed paying $30 a share, or more — a 25-percent premium to Wednesday’s closing price, The Post has learned.
Iconix Group, a New York licensing firm whose brands include Peanuts, Sharper Image and London Fog, is one of the prospective bidders, according to sources close to the talks.
Insiders cautioned that the talks have been informal and could fall apart.
The identity of the second firm couldn’t immediately be verified.
In recent months, Sequential Brands, Authentic Brands and Sycamore Partners — the New York buyout firm that bought Jones Group in April — have kicked the tires, sources said.
“There’s no shortage of interest,” according to a source briefed on the situation. “It’s just a question of bringing the company to the table.”
Officials at Perry Ellis and Iconix, run by Chief Executive Neil Cole, didn’t respond to requests for comment. Reps for the other firms declined to comment.
Perry Ellis Chairman and Chief Executive George Feldenkreis has been considering hiring either Bank of America or Peter J. Solomon, a boutique investment bank, to advise it, insiders said.
“George already has been exploring strategic alternatives” on his own, one source said.
Feldenkreis, who founded the predecessor to Perry Ellis in 1967 upon immigrating to Miami from Cuba after fleeing Fidel Castro’s revolution, was prodded this week by two big shareholders to put the company on the block, sources said.
“We believe there is serious interest in Perry Ellis from strategic buyers,” said Chris Kiper, of Legion Partners, which together with the California State Teachers’ Retirement System owns 6.3 percent of Perry Ellis.
Shares of Perry Ellis, which has lost money in four of the past five quarters, rose 2.2 percent Wednesday to close at $23.96, giving the company a market capitalization of $357 million.

(BFW) Technip Would Propose EU8.3/Shr for CGG; Seeks Board Dialogue

Technip Would Propose EU8.3/Shr for CGG; Seeks Board Dialogue
2014-11-20 08:04:22.994 GMT


By Benjamin Dow
Nov. 20 (Bloomberg) -- Says logic behind bid involves
integration, development of CGG’s reservoir, data processing and
seismic equipment activities within Technip.
* Technip says unable to indicate at this stage whether
transaction will occur
* NOTE: Earlier, CGG said to weigh sale of co. after approach
from Technip

Link to statement:NSN NFBVICMEQTXC<GO>

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

To contact the reporter on this story:
Benjamin Dow in Moscow at +7-495-771-7735 or
bdow2@bloomberg.net
Benjamin Dow

FT : Vodafone chief admits to feeling forced to bid for TV rights

The chief executive of Vodafone warned of a “prisoner’s dilemma” as rivals’ moves to offer bundled television and broadband services put pressure on the telecoms company to buy exclusive content even though he doubts the value of doing so.
Vittorio Colao said Vodafone may be forced to bid for TV rights to keep pace with competitors in the UK and elsewhere.

BT, for example, offers TV and broadband services and could take market share from Vodafone in mobile as it bundles this in with different services.
“If someone starts bidding for content then you [might] have to yourself,” said Mr Colao at the Morgan Stanley conference in Barcelona. “Personally I have doubts that in the long run that this [exclusive content] will really create a lot of value for the platform. It tends to create lots of value for the owner.”
Vodafone plans to launch its own broadband and TV services in the UK next year, in part to counter the threat posed by BT’s impending move into the mobile market.
It has not said whether it will provide a TV service using content from other groups – as it already does in mobile partnerships with Netflix and Sky – or look to add its own exclusive content.
Vodafone has been using content offers to encourage customers to take higher priced 4G contracts and use additional data on their devices.
“Content [deals for] exclusive ownership – you have to ask yourself what is the end game,” said Mr Colao. “For a platform, you have to ask if exclusive ownership over many years is going to lead to higher cost or a real increase in value.”

This question would depend on a number of things, he added, from “how smart you can be” to regulations. He pointed to the difference between Spain, where bundled TV and telecoms offers have forced discounted prices across the market, and Germany, where similar offers have been kept at a premium.
Mr Colao said Vodafone would consider acquisitions in Italy – where the group has been linked to interest in Swisscom’s Fastweb fixed-line business and other rival groups – but only “at the right price”. The discussions between Swisscom and Vodafone have struggled in the past given differences in the valuation of the broadband provider, according to people familiar with the situation.
“It is no secret that at the right price we would be interested in getting more fixed assets,” he said. “If an opportunity arises, then we will take a look.”
Mr Colao did not rule out potential disposals of “peripheral” businesses – amid questions about whether it should sell smaller operations in Australia, Hungary and the Czech Republic – but said any deal would depend on whether there was a buyer willing to meet its price.

>>> CGG / Comment from Oddo

CGG SAID TO WEIGH SALE AFTER BID BY TECHNIP: Bberg and
Le Figaro report that TEC (advised by Credit Agricole and Deutsche Bank) and
CGG (advised by Credit Suisse) held talks, but CGG would have rejected a bid
approach by TEC as i) price was too low and ii) TEC wants CGG to sell all its
boats (talks would be ongoing acc to Bloomberg).
OUR VIEW: Very surprising on industrial standpoint: we don't see TEC accepting
to buy CGG's boats if CGG doesn't want to sell all of them. Seismic is worst
biz in Oil Services while Technip has a good track record in capital allocation
(Stone & Webster, Subsea ,upstream in US, discplined in Onshore). We don't see
Pilenko (TEC's CEO) going for such a risky deal (CGG EV @ €3.1b o/w €2bn of
debt) and he knows Seismic well (was head of Veritas when CGG bought it in
2006). Clearly, political motivation must explain big part of this move (as
mentionned by the press, quoting sources): French State owns 7% of CGG and 5%
of TEC w/ the idea to save CGG and create a National Champion. Looking at CGG 3
div: Marine (-ve value), Sercel (losing steam) & GGR, only Reservoir
Characterization could make sense (Sercel is a question mark)
==> Expect massive jump on CGG today. Note CGG's'ADR went up 25%ish vs Paris' close level
==> Technip. Clearly not good news if confirmed.

>>> What to look at today - 20th of November

US Market closed lower with Small Cap leading the move (Russell -1.10%), consumer discretionary (+0.5%), consumer staples (+0.4%), and energy (+0.6%) helped the S&P 500 to close near the flatline...industrials (-0.3%), technology (-0.6%), and health care (-0.5%) weighed on Index ...FOMC didn't bring anything new to push mkt higher, they remind that the central bank intends to remain data-dependent when deciding the appropriate timing for the first rate hike...volume were in line with average @ 720mil shares...VIX @ 13.96 +0.72%...US after hours WSM +7.4%, CRMT +7.0%, DWCH -26.0%, HI -12.1%, CRM-4.1%, GMCR -0.7% following earnings/guidance...GPRO priced 10.4m shares of Common stock @ $75/share(7.5% of mkt cap) The leading assessment of China economy in November via the HSBC flash manufacturing PMI was not particularly impressive as the index missed estimates to hit a 6-month low of 50.0 - the very threshold of expansion/contraction divide, Employment deteriorated at a faster rate, Output turned to expansion from contraction, Export orders increase slowed, while Input price decline receded...Shanghai-Hong Kong trading link uptake remained underwhelming, with only 2.4% of the Hong Kong quota taken up by mainland investors on Wednesday....Japan manufacturing PMI also slowed, though it remained in expansion for the 6th consecutive month. Markit reported Employment increasing at the same rate and input price increasing at a faster rate - potentially a respite to slowing progress on inflation. Japan trade data were also encouraging, as export growth of 9.6% hit its highest pace in 8 months and imports finally slowing, helped by 8.8% y/y decline in shipments of crude oil.

Eur$1.2539 S&P -0.12% EuroStoxx -0.03% Dax +0.13% SMI +0.07%

Macro : 
- HSBC China Nov. Flash Manufacturing PMI 50; Est 50.2
- Hatzius Says Low Inflation Could Push Fed Rate Increase to 2016
- France Still Plans to Close a Nuclear Plant, Figaro Says
- German Labor Agency Says Job Loss Risk Lowest in 15 Years: Bild

Keep an eye on :
- ATCOA SS : Atlas Copco CEO says it is looking to acquire and divest - Dagens Industri
- BBVA SM : BBVA to Issue Max. 310.5m Shares to Raise Eu152.1m, to Offer Shares at EU 8.20 to EU 8.45 Apiece
- BMW GY : BMW China Expects 2015 Auto Market to Grow at Low Double Digit, Margins Seen Narrowing in China Market, CEO Says: Reuters
- CRG IM : Banca Carige Underwriters to Guarantee Max EU650m Capital Hike
- CGG FP : CGG Said to Weigh Sale After Rebuffing Approach From Technip, closed @ 8,44 +29,5% vs europe Close 435k shares traded, 13 Times ADV.
- BN FP : Fresenius/Permira Make Joint Bid for Danone Medical Unit: DJ
- DTE GY : T-Mobile US Could Attract Suitors Again, Deutsche Telekom Says
- ENEL IM : Italy Preparing to Sell 5% Stake in Enel, Repubblica Says
- GIMB BB : GIMV Fiscal 1H Net EU48.5m vs EU21m; Plans to Maintain Dividend
- KTCG AV : Kapsch Returns to 1H Profit of EU0.9m; Revenue Rises 1%
- KPN NA : KPN Doesn’t See Dutch Mobile-Network Consolidation in Next 3 Yrs
- MAERSKB DC : Maersk Oil May Sell Angola Oil Field to Free Cash, Borsen Says
- MAIL LI : Mail.ru Expects Better 2015 Growth Than in 4Q This Yr: Hammond
- PTC PL : PT Portugal bidders Apax Partners and Bain Capital to present bid on 28 November - Jornal de Negocios
- RNO FP : Renault is interested in buying a 20% stake in the Iranian automobile company Khodro - Sabah.
- SGO FP : St Gobain Is Preparing to Sell Norandex Unit in US: Echos
- SAN FP : Sanofi, Regeneron Say Dupilumab Got FDA Breakthrough Designation
- SAN FP : Sanofi’s New Launches May Generate >EU30b Sales in First 5 Years
- STLN SW : Schmolz + Bickenbach Increases FY Ebitda Forecast
- GLE FP : SocGen Unions Call for Strike on Dec. 5 Over Pay, Echos Says
- TKA AV : Telekom Austria May Use Share Sale Cash for Acquisitions
- TKA GY : ThyssenKrupp FY Adj. Ebit +127%, Beats Estimates; Pays Dividend
- VIV FP : Activision Board Agrees to $275 Million Buyout-Claim Accord (2)
- VOD LN : Vodafone Among Cos. to Express Interest in Metroweb: Sole

>>> Renault interested in Khodro

Renault interested in Khodro -report [translated]
Story
Renault is interested in buying a 20% stake in the Iranian automobile company Khodro, according to a report in Sabah.

The report noted, based on unidentified sources, that Renault started talks to buy a 20% stake in Khodro and will have a board member if the talks are successful. Khodro is 74% owned by the Iranian industrial firm Saipa, the report noted, adding that Iran produces over 1m cars annually.


Source Sabah

>>> Brokers Upgrades & Downgrades - 20th of November 2014

>>> Up
*AKENERJI RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
*ENI RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC
*GUARANTY TRUST BANK RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*HANDELSBANKEN RAISED TO BUY VS NEUTRAL AT GOLDMAN
*SEB RAISED TO NEUTRAL VS SELL AT GOLDMAN
*SHELL RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*STATOIL RAISED TO OVERWEIGHT VS NEUTRAL AT HSBC
*SYNGENTA RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*WIRECARD RAISED TO OVERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*WOLSELEY RAISED TO BUY VS NEUTRAL AT UBS

>>> Down
*DSM CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*GN STORE NORD CUT TO EQUALWEIGHT VS OVERWEIGHT AT BARCLAYS
*LANXESS CUT TO REDUCE VS HOLD AT KEPLER CHEUVREUX
*SODEXO CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*SOLVAY CUT TO HOLD VS BUY AT KEPLER CHEUVREUX
*UNITED BANK FOR AFRICA CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*URALKALI CUT TO EQUALWEIGHT VS OVERWEIGHT AT MORGAN STANLEY

>>> PT Change
*KBC ANCORA PT RAISED TO EU37.50 FROM EU35.80 AT ING

>>> Initiation
*ASHTEAD RATED NEW NEUTRAL AT UBS, PT 1,070P
*CAPITAL & COUNTIES RATED NEW UNDERPERFORM AT CREDIT SUISSE
*DERWENT LONDON RATED NEW NEUTRAL AT CREDIT SUISSE
*GREAT PORTLAND ESTATES RATED NEW OUTPERFORM AT CREDIT SUISSE
*HALFORDS RATED NEW SELL AT BERENBERG, PT 390P
*JYSKE BANK REINSTATED NEUTRAL AT JPMORGAN, PT DKK350
*SHAFTESBURY RATED NEW NEUTRAL AT CREDIT SUISSE

>>> Call