RTRS - Peugeot CEO will consider merger only after turnaround

MILAN, March 31 (Reuters) - French car maker PSA Peugeot Citroen PEUP.PA will only be ready for a possible merger after it has completed its recovery plan, CEO Carlos Tavares told Italian daily Corriere della Sera.
"(Fiat Chrysler FCHA.MI boss) Sergio Marchionne is welcome every time he wants to speak to us but for us it's a little bit early now," Tavares said in an interview published on Tuesday.
"We need to finish our cure and recover our good health."
Media reports recently suggested Fiat Chrysler was talking to Peugeot and Volkswagen

(BFW) Conwert Worth at Least EU13.50/Shr, Proschofsky, Hohlbein Say

Conwert Worth at Least EU13.50/Shr, Proschofsky, Hohlbein Say
2015-03-31 06:21:00.112 GMT


By Alexander Weber
(Bloomberg) -- Alexander Proschofsky and Peter Hohlbein,
who were candidates for Conwert’s administrative board at last
year’s AGM, comment on Deutsche Wohnen’s offer in statement.
* Deutsche Wohnen’s EU11.50/shr offer “definitely too low”
* Conwert worth at least EU13.50/shr on a standalone basis
* Won’t recommend offer to shareholders
* “There is really no reason why the share price should not
either match or exceed the prices of peer group companies”
if the current work program, other measures are carried out
* NOTE: Proschofsky last year said he holds ~1.5% of Conwert
* NOTE: Conwert Declines to Reject Deutsche Wohnen Bid It
Calls Too Low


For Related News and Information:
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To contact the reporter on this story:
Alexander Weber in Vienna at +43-1-513-2660-13 or
aweber45@bloomberg.net
To contact the editor responsible for this story:
Mariajose Vera at +49-89-244478-803 or
mvera1@bloomberg.net

>>> Evry interested in growth via acquisitions, eyeing Volvo IT

Evry interested in growth via acquisitions, eyeing Volvo IT

Evry, the Norwegian IT company, is interested in Volvo IT, according to Dagens Industri.

The Swedish business daily cited Evry's new CEO, Bjorn Ivroth, who said that the Norwegian company wished to take the role as market leader in the Nordic region and especially wishes to grow in Sweden where the company is currently the fourth largest player.

Ivroth said that Evry wishes to grow organically but also via smaller and larger acquisitions. He was unsure about Evry's spending capacity as yet but pointed out that the company's new PE owner Apax can help if the right opportunity comes along.

Ivroth also commented that Evry is very interested in the Swedish truck manufacturer Volvo's IT operations if they come up for sale, either the entire unit or parts of it.

The item noted that Apax offered NOK 4.3bn (EUR 496m) for Evry in December and the international PE firm has recently made a mandatory offer for the last remaining shares. The paper wrote that Evry reported 2014 sales of NOK 13bn (EUR 1.5bn).

Source Dagens Industri

>>> Veneto Banca attracts renewed interest from BPER

Veneto Banca attracts renewed interest from BPER 

Veneto Banca, the unlisted Italian cooperative bank, has attracted the attention of larger listed peer BPER, Il Messaggero reported. BPER is interested in expanding its presence in north-east Italy, the unsourced Italian- language daily reported.

BPER's hand could be strengthened by the fact that certain circles in Veneto Banca are against a merger with the most likely candidate Banca Popolare di Vicenza because it could lead to the closure of 20% of Veneto's branches in four of the provinces in which it operates, the report added.

Some in Veneto Banca would look favourably for a merger with Banco Popolare, the report further added.

Veneto Banca posted a EUR 968m loss in 2014, the report concluded.

Source Il Messaggero

>>> Wanda Commercial Properties seeks billion-dollar property acquisitions in Fr

Deal Reporter

Wanda Commercial Properties seeks billion-dollar property acquisitions in France and Germany, CFO says


Wanda Commercial Properties [HKG:3699], the property division of China-based conglomerate Dalian Wanda Group, is seeking to acquire two residential property developers in France and Germany, each with assets valued at between USD 800m and USD 1bn, Geffrey Liu, CFO of Wanda Group said.

Assets owned by the targets could include hotels, apartments and other investment properties. The company plans to make two acquisitions per year starting from 2015, Liu said. The company will focus on international cities in Europe and the US with effective and transparent legal systems as well as the availability of professional advisory services in its search for targets.

The goal is also in line with the company’s strategy of having overseas sales account for 20% of the total sales in 2020, he noted.

Wanda Commercial is China’s largest developer, owner and operator of commercial properties, as well as the largest owner and operator of luxury hotels by market capitalization.

Dalian Wanda Group announced last January it is investing USD 1bn in a prime property development close to Sydney Harbour, its second major deal in Australia after a USD 900m investment in a joint venture project on the Gold Coast to develop a luxury hotel and service apartments. Over the past two years, the group has also invested USD 2bn in London and Madrid hotels and properties.

According to the company’s press release, Dalian Wanda Commercial Properties and its subsidiaries clocked a revenue of CNY 107.871bn (up by 24.31% as compared with 2013) and a core profit (net of fair value gains of investment properties) of CNY 14.824bn in 2014, representing an increase of 14.04% compared to 2013. In 2014, the group realized earnings per share of CNY 6.51.

>>> What to look at today - 31st of March 2015

Dow +1.49% S&P +1.22% Nasdaq +1.15% Russell +1.40%
US Market closed higher helped by news China indicating China has loosened its lending requirements for purchases of second homes. In addition, Friday's dovish remarks from Fed Chair Janet Yellen, who said the Fed will move cautiously when raising rates, provided another measure of support. cyclical sectors had the best showing, but countercyclical groups held their own. Health care and telecom services ended at the bottom of the leaderboard, but both groups still gained close to 1.0% apiece...few new M&A deals announced were also a good support for the market...energy sector (+2.1%) ended in the lead even as crude oil spent the bulk of the day in negative territory. The energy component tested the $47.75/bbl level before settling lower by 0.5% at $48.65/bbl. WTI crude will enter tomorrow's session down 11.5% for the first quarter versus a 2.7% decline for the energy sector...volume were light with 660mil shares...US After Hours CLDN +3.7%, BAMM +3.6%, AUPH +2.9%, GV -22.8%, SMTX -5.5%, ARGS -2.8% following earnings/guidance... China property names are outperforming the broader market following an overnight announcement by the PBoC to ease mortgage policy rules. Sector names already staged broad gains in yesterday's session after local press reported the PBoC would cut second homes down-payment ratio to 50% from 70%. Instead, the PBoC went even further, lowering that floor to 40% to help the housing market recover after the latest property price data showed a record y/y rate of decline. China International Capital Corp (CICC) estimated the volume of new home sales as a result of the policy change could be boosted by as much as 5%. Separately in China, PBoC's regular open market operations saw an injection of CNY25B via 7-day reverse repos sold at 3.55%, unchanged from last rate of the prior week...Outside Asia, Greek PM Tsipras continued to straddle both sides of the fence between his left-wing constituency and the increasingly more impatient EU lenders. Appealing to the former, Tsipras reiterated Athens will not accept recessionary policies and austerity measures in his speech to Parliament. Tsipras added the negotiations have limits, and that the latest airports leasing deal still needs to be reviewed. In the US, Fed Vice Chair Fischer took some questions after an Atlanta address focused on financial regulations, noting the Fed did not design policy to boost USD and also reiterating a rate liftoff will likely happen this year.

Nikkei -0.51% Hang Seng +0.50% Shanghai +0.48%

RUB $56.9570 WTI $47.94 (-1.52%) EURCHF 1.0458 CHF 0.9698

EUR$ 1.0783 S&P -0.24% EuroStoxx -0.35% Dax -0.30% SMI -0.20%


Macro :
- Tsipras Says Greek Airports Concession Deal Needs to Be Reviewed

Keep an eye on :
- AIR FP : Airbus Decided Not to Deploy ‘Auto Avoid’ Technology: WSJ
- ANTO LN : Teck Resources Says It’s Not in Talks With Antofagasta
- ARYN VX : Aryzta in Exclusive Talks to Buy 49% Picard Stake for EU446.6m
- BWO GY : Buwog Raises Forecast
- GIL GY : DMG Mori Seiki Starts Addl Tender Period for Mori Seiki AG: Link
- FGR FP : Eiffage Gets EU120 Million Contract From RTE and Terna Rete
- EVE SW : Evolva Sees 2015 Revenue Rising at Least 30%
- GKP LN : Gulf Keystone Petroleum to Sell 85.9m New Shrs @ 32p/sh.
- HSBA LN : HSBC Slow to Make Fixed Sought by U.S., Monitor Said to Report
- ICAD FP : Icade Governance Criticized by French State Auditor: Les Echos
- KPN NA : Credit Suisse Adds KPN, Novavax to M&A 15 List
- LHA GY : Lufthansa Insurers Set Aside $300m for Crash: Handelsblatt
- MAERSKB DC : Maersk Eyes Buying North Sea Oil Fields, Chairman Tells Borsen
- NOVN VX : Novartis’s Jadenu Approved by FDA
- ORP FP : Orpea 2014 Net EU136m Vs EU117m
- PHIA NA : Philips Sells Lumileds, Automotive to Oak, GSR-Led Group
- CFR VX : Richemont to Merge Net-A-Porter With Yoox in All-Share Deal
- RSTA GY : Rib Software Sees 2015 Total Sales EU85m-EU95m
- SAS SS : SAS CEO Asks Pilots to Work Flexible Schedules: Berlingske
- SEBA SS : SEB to Start Charging Large Corporate Clients for Deposits: DI
- SLIGR NA : APG Asset Management’s Stake in Sligro Rises to 5.1%: Filing
- UL NA : Unibail, CCIR to Sell 50% of Comexposium to Charterhouse

>>> Brokers Upgrades & Downgrades - 31st of March 2015

>>> Up
*RAIFFEISEN RAISED TO OVERWEIGHT AT JPMORGAN

>>> Down
*BMW CUT TO EQUAL-WEIGHT FROM OVERWEIGHT AT MORGAN STANLEY
*BURBERRY CUT TO SECTOR PERFORM AT RBC CAPITAL
*UCB CUT TO HOLD VS BUY AT BERENBERG
*VOSSLOH CUT TO HOLD VS BUY AT BERENBERG

>>> PT Change


>>> Initiation
*ELIS RATED NEW BUY AT SOCGEN, PT EU19.8
*MARSTON’S RATED NEW HOLD AT GOODBODY, PT 155P

>>> Call

(BFW) Richemont to Merge Net-A-Porter With Yoox in All-Share Deal

Richemont to Merge Net-A-Porter With Yoox in All-Share Deal
2015-03-31 05:43:49.692 GMT


By Grant Clark
(Bloomberg) -- Deal conditional on approval of Yoox
shareholders; meeting expected in June: Richemont.
* Richemont says Yoox CEO Federico Marchetti will be CEO
* Upon completion co. expected to seek to raise up to EU200m
to fund growth opportunities
* Co. to be renamed Yoox Net-A-Porter Group
* Richemont to receive 50% of share capital
* Richemont’s voting rights will be limited to 25%
* Richemont sees EU317m non-cash one-off accounting gain in
FY16
* Richemont sees deal ex-gain to be ‘broadly’ earnings neutral
* Statement here
* Earlier: Yoox Revives Talks With Richemont on Net-a-Porter

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

To contact the reporter on this story:
Grant Clark in Singapore at +65-6212-1101 or
gclark@bloomberg.net
Grant Clark

>>> Asian Update

Asian Mid-session Update: Shanghai Composite sets new 7-year highs on latest property sector measures


***Economic Data***
- (JP) JAPAN FEB LOANS & DISCOUNTS CORP Y/Y: 3.2% V 2.9% RIOR
- (AU) AUSTRALIA FEB HIA NEW HOME SALES M/M: 1.1% V 1.8% PRIOR; 2nd straight increase
- (AU) AUSTRALIA FEB PRIVATE SECTOR CREDIT M/M: 0.5% V 0.5%E; Y/Y: 6.2% V 6.3%E
- (AU) Australia ANZ Roy Morgan Weekly Consumer Confidence Index: 112.3 v 111.4 prior
- (NZ) NEW ZEALAND MAR ANZ ACTIVITY OUTLOOK: 42.2 V 40.9 PRIOR; BUSINESS CONFIDENCE: 35.8 (7-month high) V 34.4 PRIOR
- (NZ) New Zealand Feb M3 Money Supply Y/Y: 6.6% v 6.2% Prior
- (NZ) NEW ZEALAND FEB BUILDING PERMITS M/M: -6.3% V -4.6% PRIOR (3rd straight decline)
- (SG) Singapore Feb M1 Money Supply Y/Y: 3.1% v 0.1% prior; M2 Money Supply Y/Y: 3.3% v 2.6% prior
- (KR) SOUTH KOREA FEB INDUSTRIAL PRODUCTION M/M: 2.6% (4-year high) V 0.7%E; Y/Y: -4.7% V -2.5%E
- (KR) SOUTH KOREA FEB CYCLICAL LEADING INDEX CHANGE: 0.6% V 1.0% PRIOR
- (UK) MAR GFK CONSUMER CONFIDENCE: 4 V 2E (highest since June 2002)

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 flat, S&P/ASX +1.2%, Kospi +0.2%, Shanghai Composite +0.8%, Hang Seng +0.4%, Jun S&P500 -0.1% at 2,073

***Commodities/Fixed Income***
- Jun gold flat at $1,185/oz, May crude oil -1.2% at $48.13/brl, May copper flat at $2.78/lb
- (CN) PBoC to inject CNY25B in 7-day reverse repos (10th consecutive injection); Offer yield at 3.55%, unchanged from prior

***Market Focal Points/FX***
- China property names are outperforming the broader market following an overnight announcement by the PBoC to ease mortgage policy rules. Sector names already staged broad gains in yesterday's session after local press reported the PBoC would cut second homes down-payment ratio to 50% from 70%. Instead, the PBoC went even further, lowering that floor to 40% to help the housing market recover after the latest property price data showed a record y/y rate of decline. China International Capital Corp (CICC) estimated the volume of new home sales as a result of the policy change could be boosted by as much as 5%. Separately in China, PBoC's regular open market operations saw an injection of CNY25B via 7-day reverse repos sold at 3.55%, unchanged from last rate of the prior week.

- Australia's S&P/ASX rebounded following yesterday's selloff, tracking strong performance in the basic materials sector during the US session. Helping sentiment, markets are building positions on expectation of RBA cutting rates once again in its decision next week. Fixed income likelihood of a cut is now above 70%, and analysts with Barclays and Westpac indicated they are now in the easing camp. CBA pointed to the latest private sector credit figures in justifying expectations of another hold before the likely cut in May. Latest HIA new home sales data may also argue for a hold, with the volume of sales exceeding the peak of April 2014. HIA economist said the "signal from both HIA new home sales and ABS building approvals is for further upward momentum to multi-unit dwelling construction in 2015, but a consolidation in detached house building at volumes above the long term average." AUD underperformed among the USD majors, falling over 30pips from the highs below $0.7630 vs USD. NZD/USD rose 20pips to $0.7510 following a 7-month high in ANZ business confidence but pared those gains on renewed USD-bullish flows later in the session.

- Outside Asia, Greek PM Tsipras continued to straddle both sides of the fence between his left-wing constituency and the increasingly more impatient EU lenders. Appealing to the former, Tsipras reiterated Athens will not accept recessionary policies and austerity measures in his speech to Parliament. Tsipras added the negotiations have limits, and that the latest airports leasing deal still needs to be reviewed. In the US, Fed Vice Chair Fischer took some questions after an Atlanta address focused on financial regulations, noting the Fed did not design policy to boost USD and also reiterating a rate liftoff will likely happen this year.

***Equities***
US equities / ADRs:
- DRYS: Announces Agreements to Sell Its Tanker Fleet for $245M; +4.9% afterhours
- TCK: Responds to Market Rumors; not in discussions with Antofagasta; -6.8% afterhours

Notable movers by sector:
- Consumer Discretionary: Qingdao Haier 600690.CN +6.4% (FY14 results); Midea Group 000333.CN +6.3% (FY14 results); Shimamura 8227.JP -4.8% (FY14/15 results); G8 Education GEM.AU -6.2% (delays partial settlement of acquisition)
- Financials: China Vanke 2202.HK +1.8%, Poly Real Estate 600048.CN] +1.9%, China Merchants Properties 000024.CN +3.2% (PBoC eases mortgage policy); Evergrande Real Estate Group 3333.HK +4.1% (FY14 results)
- Materials: Alacer Gold Corp AQG.AU +5.5% (production update); Metcash MTS.AU +2.2% (said to divest unit)
- Industrials: China Railway Group 390.HK +3.2% (FY14 results); China Railway Construction 1186.HK +1.5% (FY14 results); China Rongsheng Heavy Industries 1101.HK -2.9% (FY14 results)
- Technology: FujiFilm Holdings 4901.JP +2.7% (to acquire Cellular Dynamics)
- Healthcare: Blackmores Limited BKL.AU +10.2% (Q3 guidance)
- Utilities: Huadian Power International 1071.HK +4.3% (FY14 results)

>>> US After Hours : CLDN +3.7%, BAMM +3.6%, AUPH +2.9%, GV -22

After Hours Summary: CLDN +3.7%, BAMM +3.6%, AUPH +2.9%, GV -22.8%, SMTX -5.5%, ARGS -2.8% following earnings/guidance

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings: CLDN +3.7%, BAMM +3.6%, AUPH +2.9%, MVG +0.6%

Companies trading higher in after hours in reaction to news: OXGN +9.0% (Frigate Ventures disclosed 8.4% passive stake in 13G filing), PQ +6.3% (provided update on borrowing base re-determination: $220 mln borrowing base has been revised to $190 mln), AKAO
+2.5% (to host webcast/teleconference providing an update on plazomicin tomorrow March 31 at 4:30pm ET),
DRYS +1.9% (announced agreement to sell Suezmax tanker fleet for an en-bloc sales price of $245 mln), TSLA +1.3% (seeing reports that co has seen strong growth in China sales)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings: GV -22.8%, SMTX -5.5%, ARGS -2.8%, ATOS -0.5%, MDLY -0.2%

Companies trading lower in after hours in reaction to news: EGY -15.0% (announced that the post-salt Kindele-1 well was drilled to a total vertical depth of ~1,829 meters; Mucanzo sand formation in the Pinda Group section currently in the process of being plugged and abandoned), SNTA -9.9% (commenced an underwritten public offering of shares of its common stock; size not disclosed), TCK -7.4% (co announced it is not in discussions with Antofagasta (ANFGY) in relation to any form of transaction, and there are no other corporate developments that justify any significant movement in its share price), INSM -4.2% (announced public offering of 10 mln shares of common stock), RPTP -2.3% (commenced an underwritten public offering of $75 mln of shares of its common stock), AXTA -1.2% (commenced a secondary offering of 35 mln common shares by certain affiliates of The Carlyle Group)