Fwd:>>> Thai billionaire Dhanin mulls USD 10bn Tesco Lotus buyback

--> Comment from Exane :
TESCO - sale of Thai business in the pipeline? Reuters has a story 
saying the Thai tycoon, Dhanin Chearavanont, may consider buying back the 
business he sold to Tesco 20 years ago.
[DB] Tesco - Press reports that Thai Billionaire Dhanin Chearavanot is 
considering a $10bn (£6.4bn) bid for Tesco Thailand - we value the whole of 
Asia at £9.2bn in our SOTP with Thailand implicitly in for c.£4bn - so wld be a 
huge price and >1.5x sales.
[ML] TESCO - potentially big news in press overnight, given focus on capital 
requirements - `Thai billionaire Dhanin Chearavanont has had informal talks 
with a Thai bank for a potential buyback of retail giant Tesco Lotus, according 
to Reuters. The news agency has reported that Dhanin is considering buying the 
1,737 Tesco retail stores in Thailand, now valued at US$10bn.

From: LAURENT CHEKROUN () At: Nov 19 2014 07:30:36
Subject: Fwd:>>> Thai billionaire Dhanin mulls USD 10bn Tesco Lotus buyback
Thai billionaire Dhanin mulls USD 10bn Tesco Lotus buyback 

Thai billionaire Dhanin Chearavanont is mulling a bid for Tesco Lotus, the Thai unit of UK-listed retail giant Tesco that currently is valued at approximately USD 10bn, according to a newswire report.

Reuters, citing a person who has direct knowledge of the matter, reported that the controller of retail group Charoen Pokphand Group (CP) was in informal discussions with a local bank to look into the possibility of making a bid for Tesco Lotus, whose 1,737 outlets account for almost three-fourths of the Asian network of Tesco.

Should a bid be made, it would be done through the CP Group, the person said, adding that CP is interested to acquire Tesco’s Thai unit.

Dhanin has been approached by investment banks offering advice and finance for the deal, the sources added.

Tesco had acquired a controlling stake in Lotus from Dhanin in 1998 for GBP 206m, as reported.

The British retailer, which is facing an accounting scandal, has not disclosed plans to exit any of its Asian markets, which also includes Malaysia, South Korea and India, the item noted.


Source Newswire Round-up

>>> BMPS has no potential alliance partners in view yet

BMPS has no potential alliance partners in view yet 

BMPS, the listed Italian bank, has no possible alliances in view at present, Italian-language daily Il Sole 24 Ore reported. The report cited BMPS chairman Alessandro Profumo who noted that the only thing in existence at the moment was a “process” that was being worked on intensively.

The report cited Profumo as saying that if an offer came from a foreign buyer it would be examined.

Profumo added that he did not expect any bank interested in BMPS to take a stake via the forthcoming capital increase of up to EUR 2.5bn, since any bank would either want to take 100% of BMPS or enter into a merger.


Source Il Sole 24 Ore

>>> What to look at today - 19th Of November 2014

US Market closed on the highs, Biotech pushed market on record levels...helped also by chipmakers after the announce of SunEdison / First Wind deal...SUNE +29,4%...Crude continue to trade lower -1,4% @ $74,60/bbl...Eur$ moved higher after a better ZEW...Telecom traded lower -0,2%...volume were in line with average @ 710mil shares...VIX @ 13,86 -0,93%...US After Hours DL +5.9%, LZB +5.6%, JACK +3.4%, PETM +2.3%, MTSI+0.1%, XUE -4.9%, VIPS -4.6%, SQM -0.6% following earnings/guidance....The BOJ reiterated the economy continued to recover moderately, but also pointed to weakness on production side remaining from the run-up to initial consumption tax lift. BOJ was more upbeat on Exports ending downward momentum, and also reiterated that Public investment leveled off at high level and Private consumption was resilient as a trend. The downgrade of inflation assessment is perhaps the most notable...Nikkei -0.32% ...Hang Seng -0.49%...Shanghai -0.32%

Eur$ 1.2522 S&P -0.07% EuroStox +0.13% DAX +0.12% SMI Flat

Macro :
- U.S. Auto Sales Seen Rising to 16.7m in 2015: Survey
- ECB’s Knot Says No Deflation in Euro Zone, Inflation Low
- Moscovici Says Europe Needs to Rebuild Investment: Echos

Keep an eye on :
- AKZA NA : Akzo Nobel Unit Was Target to External Fraud of Up to EU53 Mln
- AKE FP : Arkema Plans EU350m Rights Offer at EU38.50
- STS IM : Hitachi makes EUR 1.45bn offer for Ansaldo Breda and Ansaldo STS; no bid made by China CNR Corp./Insigma con.
- AZN LN : AstraZeneca Constantly Looking for M&A Opportunities, CFO Says
- BSLN VX : Basilea Sees Significant Anti-Tumor Effect From BAL101553 Drug
- BBVA SM : BBVA in Talks to Take Control of Turkey’s Garanti: Confidencial, in Talks to Buy as Much as 14.89% of Garanti From Dogus
- BES PL : Eurofin Had Role in BES Debt Scheme, Portugal Regulator: Reuters
- BNP FP : French Prosecutors Open Preliminary BNP Insider-Trading Probe
- BP/ LN : BP Must Pay $500 Million Installment to Fishermen Hurt by Spill
- EDF FP : Flamanville EPR to Start Ops in 2017; EDF Cites Areva Problems
- ENG SM : Enagas to Pay EU0.520 P/Shr Gross Dividend Against 2014 Earnings
- EVS BB : EVS becomes target for takeover (€375mil Mkt Cap) - De Tijd, De Standaard
- GFJ GY : Gagfah 9m Recurring FFO Before Sales Up 78%, Sticks to Outlook
- G IM : Generali Sees 2015 Turnaround Ahead of Schedule
- INH GY : Indus Holding 3Q Sales Rise, Confirms 2014 Targets
- MAERSKB DC : Maersk Line Exec Sees Weak Demand, Overcapacity for 2 Years: WSJ
- NUM FP : Numericable Raises ~EU4.7b from 265.6m New Shr Issue
- PTC PL : Apax, Bain Said to Plan Binding Oi Portugal Asset Bid Nov. 28
- RKET GY : United Internet does not rule out increasing stake in Rocket Internet - Boersen-Zeitung
- SALM NO : SalMar 3Q Operational Ebit Climbs as Fixed Deals Boost Earnings
- SOI FP : Soitec Narrows First-Half Net Loss, Confirms 2015-16 Target
- TIT IM : Telecom Italia makes offer for controlling stake in Metroweb
- TSCO LN : Thai billionaire Dhanin mulls USD 10bn Tesco Lotus buyback
- HO FP : Thales New CEO Decision May Be Delayed Until Christmas: Echos
- WDI GY : Wirecard 3Q Profit After Tax Rises 38%; Reiterates 2014 Outlook, Forecast 2015 Ebitda EU205M-EU225M

>>> Brokers Upgrades & Downgrades - 19th of November 2014

>>> Up
*AUTOGRILL RAISED TO NEUTRAL VS SELL AT UBS
*BNP PARIBAS RAISED TO HOLD AT JEFFERIES
*GAMESA RAISED TO BUY VS NEUTRAL AT GOLDMAN
*NORSK HYDRO RAISED TO NEUTRAL VS SELL AT UBS
*SEVERN TRENT RAISED TO NEUTRAL VS UNDERWEIGHT AT HSBC

>>> Down
*AHOLD CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*PREMIER OIL CUT TO NEUTRAL VS OUTPERFORM AT CREDIT SUISSE
*SEMPERIT CUT TO NEUTRAL VS OVERWEIGHT AT HSBC

>>> PT Changes
*CFE PT RAISED TO EU110 FROM EU100 AT ING

>>> Initiation
*COUNTRYWIDE RATED NEW OVERWEIGHT AT BARCLAYS, PT 525P
*FOXTONS RATED NEW UNDERWEIGHT AT BARCLAYS, PT 174P
*ROCKET INTERNET RATED NEW NEUTRAL AT UBS, PT EU51
*SAVILLS RATED NEW OVERWEIGHT AT BARCLAYS, PT 780P

>>> Call

(BFW) *ARKEMA SEEKS TO RAISE ABOUT EU350M IN RIGHTS OFFER

BN 11/19 06:58 *ARKEMA OFFER OPEN TO THE PUBLIC IN FRANCE ONLY
BN 11/19 06:58 *ARKEMA HOLDERS CAN BUY NEW SHARES AT EU38.50
BN 11/19 06:58 *ARKEMA HOLDERS CAN BUY 7 SHARES FOR 1 HELD
BN 11/19 06:57 *ARKEMA SEEKS TO RAISE ABOUT EU350M IN RIGHTS OFFER
BN 11/19 06:56 *ARKEMA RIGHTS OFFER
*ARKEMA SEEKS TO RAISE ABOUT EU350M IN RIGHTS OFFER
2014-11-19 06:57:57.568 GMT

--JURJEN VAN DE POL

-0- Nov/19/2014 06:57 GMT

>>> Allergan/Actavis: Restasis emerges as possible antitrust concern, industry s

Allergan/Actavis: Restasis emerges as possible antitrust concern, industry sources say
Allergan’s (NYSE: AGN) USD 66bn friendly takeover by Actavis (NYSE:ACT) appears to have resulted in a combination with little apparent overlap, but one branded ophthalmology drug, Restasis, may draw the attention of the Federal Trade Commission (FTC), industry sources said.

Actavis CEO Brent Saunders said Monday the combined company expects to retain its generics business and intends to compete in dermatology, urology and neuroscience, though some sales force overlap exists in the latter three markets. Actavis also gains Allergan’s ophthalmology portfolio through the transaction.

Allergan has been marketing Restasis for 10 years and it previously provided guidance that the drug will post sales between USD 1.03bn and USD 1.07bn in 2014. Actavis has an Abbreviated New Drug Application (ANDA) on file to produce a generic version of Restasis and has been working with the FDA to accept its ANDA filing on Restasis. In pharmaceutical mergers involving the combination of a branded drug and generic drug, the FTC generally exercises more scrutiny, said a pharmaceutical banker.

When there is uncertainty about the ANDA or the outcome of associated litigation, the past practice of the FTC has been for the commission to investigate that overlap and eventually force the company to relinquish its claims, said a DC-based antitrust attorney who has studied the deal. Actavis could emerge as a first filer on Restasis and gain the six-month exclusivity period for a generic version of Restasis, said the attorney. Because of the pending ANDA, the attorney said the transaction could require a quick second request and a formal divestment process, likely to be completed in four to five months, said the source. These types of situations go really quick, particularly with Actavis, he noted.

In areas where the Actavis and Allergan’s drug portfolios overlap, the products tend to be generic and are marketed in specific geographies, said the pharmaceutical banker. Generic pharmaceuticals cannot command premium pricing and always face strong market competition. As a result, past mergers of generic companies have not received much scrutiny from the FDA, said the banker.

Saunders also said Monday there were “no sacred cows” among products within Actavis or the new combined company. In areas in which the new company expects it cannot be competitive, Actavis would evaluate if certain drugs would be “more valuable” in the hands of another company, said the CEO on the conference call.

The transaction is subject to the approval of the shareholders of both companies, as well as customary antitrust clearance in the US, the EU and “certain other jurisdictions,” and is anticipated to close in the second quarter of 2015.

JPMorgan is serving as exclusive financial advisor to Actavis and Cleary Gottlieb Steen & Hamilton LLP is serving as Actavis’ lead legal advisor. Allergan is being advised by Goldman Sachs, BofA Merrill Lynch, Latham & Watkins, Richards, Layton & Fingerand Wachtell, Lipton, Rosen & Katz.

A source close to the deal would only comment to say no major issues are expected.

Requests to the company comment were not immediately returned.

>>> United Internet does not rule out increasing stake in Rocket Internet

United Internet does not rule out increasing stake in Rocket Internet

United Internet, the listed German internet company, does not rule out increasing its stake in Rocket Internet, another listed German internet company, Boersen-Zeitung reported.

The German-language daily cited United Internet Chief Executive Ralph Dommermuth as saying that he could easily imagine increasing the company's stake in Rocket Internet.

United Internet gained a 10.7% stake in Rocket Internet with an investment worth a total of EUR 435m prior to Rocket Internet's recent listing, the report noted. United Internet considers the investment to be a long-term one, Dommermuth was cited as saying.

He also said that United Internet is always open to new acquisitions and is financially well equipped for this purpose. This is partly thanks to a EUR 352m capital increase in September, according to the article.


Source Boersen-Zeitung

>>> Telecom Italia makes offer for controlling stake in Metroweb

Telecom Italia makes offer for controlling stake in Metroweb

Telecom Italia (TI) has made an offer for a controlling stake in Metroweb, the fibre optic network for the city of Milan, Italian-language daily Milano Finanza reported.

The unsourced article said the offer is for the 53% stake in Metroweb held by F2i, the Italian infrastructure fund. UK mobile phone operator Vodafone has also made a bid, the item added.

F2i gave Metroweb an enterprise value of EUR 450m but the unique nature of the target is likely to make it more valuable.

The report added that if TI takes over Metroweb, it could face calls by the antitrust regulator AGCM to sell off fibre optics in cities such as Milan, Genoa and Florence in order to preserve competition. The AGCM has recently signalled that it would not support takeovers in a strategic sector such as fibre optic communications if they reduced competition, the article noted.


Source Milano Finanza daily edition

>>> Thai billionaire Dhanin mulls USD 10bn Tesco Lotus buyback

Thai billionaire Dhanin mulls USD 10bn Tesco Lotus buyback 

Thai billionaire Dhanin Chearavanont is mulling a bid for Tesco Lotus, the Thai unit of UK-listed retail giant Tesco that currently is valued at approximately USD 10bn, according to a newswire report.

Reuters, citing a person who has direct knowledge of the matter, reported that the controller of retail group Charoen Pokphand Group (CP) was in informal discussions with a local bank to look into the possibility of making a bid for Tesco Lotus, whose 1,737 outlets account for almost three-fourths of the Asian network of Tesco.

Should a bid be made, it would be done through the CP Group, the person said, adding that CP is interested to acquire Tesco’s Thai unit.

Dhanin has been approached by investment banks offering advice and finance for the deal, the sources added.

Tesco had acquired a controlling stake in Lotus from Dhanin in 1998 for GBP 206m, as reported.

The British retailer, which is facing an accounting scandal, has not disclosed plans to exit any of its Asian markets, which also includes Malaysia, South Korea and India, the item noted.


Source Newswire Round-up

>>> EVS becomes target for takeover (€375mil Mkt Cap)

EVS becomes target for takeover 

EVS, a Belgian technology firm, has become an attractive target for a takeover, both de Standaard and De Tijd reported.

The strong showing at its quarterly results; the net profit increase by EUR 11.3m, a 78% increase in comparison to the same period last year, has stoked the fire.

The publication of the results pushed up the share price by 8% as investors bet on a takeover, de Tijd reported. Capital funds are rumoured to be considering such a move, de Standaard report said.

EVS fired its CEO in October due to differences over strategy, as previously reported.

Under its interim CEO Muriel de Lathouwer the organization is being streamlined and costs are being cut. Fourteen divisions were cut down to five, increasing EVS's attraction, de Tijd said.



Source De Tijd, De Standaard