(BFW) Carlyle, Cinven to Sell 5.5m Altice Shrs in Bookbuild


BN 11/17 16:56 *ALTICE SHR SALE VIA ACCELERATED BOOKBUILT OFFERING
BN 11/17 16:56 *GOLDMAN SACHS, J.P. MORGAN JOINT BOOKRUNNERS IN ALTICE SHR SALE
BN 11/17 16:56 *CARLYLE, CINVEN AUTHORISE SALE OF 5.5M ALTICE SHRS
BN 11/17 16:55 *ANNOUNCEMENT OF TRANSACTION OVER ALTICE SA SHRS

Carlyle, Cinven to Sell 5.5m Altice Shrs in Bookbuild
2014-11-17 17:03:50.608 GMT


By James Ludden
Nov. 17 (Bloomberg) -- Equivalent to ~2.2% of shrs
outstanding, according to Bloomberg data
* Goldman, JPMorgan joint bookrunners

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James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

>>> InterPublic (IPG) Seeing call activity 4K April 19 calls trade at the ask -

Seeing call activity 4K April 19 calls trade at the ask

as a reminder Maurice Levy from Publicis said that 10 days ago : "Publicis' Levy says Interpublic is key to future sector consolidation"


Full comment :


Publicis' Levy says Interpublic is key to future sector consolidation

Future consolidation in the advertising and PR space will centre around Interpublic [NYSE:IPG], Maurice Levy, the CEO of French competitor Publicis [EPA:PUB] told this news service in an exclusive interview.

“The real question is what will happen around Interpublic, to the extent that there is an activist shareholder, it’s the only place where something could happen,” Levy said yesterday on the sidelines of an M&A conference in Paris.

“But I don’t know if the management, if the board or the shareholders want to make a move or not,” he added.

Activist shareholder Elliot Management has been pushing for a sale of Interpublic group, according to press reports.

Asked if Publicis could make a move for Interpublic, Levy said, “I’ve just done a USD 3.7bn deal....so talking about [other deals] when this one has not closed seems very irresponsible.”

The French advertiser announced this week an acquisition of US-based digital marketing company Sapient [NASDAQ:SAPE]. Off the back of the deal, Moody’s changed its outlook on Publicis’ Baa2 rating to stable from positive, citing the increase of its net debt/EBITDAR ratio to 3x from 1.5x.

The only companies in the sector larger than Interpublic are Publicis, Dentsu [TYO:4324], Omnicom [NYSE:OMC] and WPP [LON:WPP]. The only remaining medium-sized advertising player, Havas [EPA:HA], is subject to an exchange offer from its majority shareholder Bolloré [EPA:BOL].

Levy said Bolloré’s offer to increase his stake to over 50% from 36.22% was a positive move.

“I see it as good for the company and for its employees."

But he added that he never saw Havas as a target and never considered that Bollore would sell the company.

>>> BHI / HAL : Conf Call First thoughts

The CC was very much driven by a bunch of talking points driven by antitrust counsel. The discussion was very general and did not get into any details and remained very general.

Looking at the questions during the conference call we think the fundamental analysts were not prepared for a deal, let alone one that HAL went from underpaying and a Board nomination fight to overpaying and pretending there is nothing to see (and move along). HAL did upfront say it expects a multiple re-rate. We expect HAL to trade in low-$50s due to high amount of stock issuance and nosebleed price.

The financing for the transaction is fully committed. Shareholder votes for BHI should not be an issue, but HAL shareholders might be mores sceptical considering the price paid.

Regulatory is a big concern:
The big issue will be the regulatory approval. DOJ should handle the case in the US as this is industrial, but review from foreign regulators might prove very tricky and lengthy. I would like especially point out review by the Russian regulator considering the current political climate between Russia and the West over the Ukrainian Crisis. Honestly the tone and amount of details for future remedies feels like the deal was rushed over the week-end and great uncertainties remain from a regulatory stand point.

Furthermore given the recent drop in share price and likely drop in earnings and sales globally for the oil service industry regulators are likely to take a hard stand....

At 13.5% spread at the current level I think the deal is likely to remain wide for a while. It reminds me very much so of a RIO/BHP given the sheer size of the transaction and regulatory uncertainty.

More details to follow on this.

>>> Veolia (VIE FP) +2.15% - Move attributed to 60 Minutes Show on CNBC Yest.

see article : {http://www.cbsnews.com/news/depleting-the-water/}

Depleting the water
Lesley Stahl reports on disturbing new evidence that our planet's groundwater is being pumped out much faster than it can be replenished
The following is a script of "Water" which aired on Nov. 16, 2014. Lesley Stahl is the correspondent. Shari Finkelstein and Jennie Held, producers.
It's been said that the wars of the 21st century may well be fought over water. The Earth's population has more than doubled over the last 50 years and the demand for fresh water -- to drink and to grow food -- has surged along with it. But sources of water like rainfall, rivers, streams, reservoirs, certainly haven't doubled. So where is all that extra water coming from? More and more, it's being pumped out of the ground.
Water experts say groundwater is like a savings account -- something you draw on in times of need. But savings accounts need to be replenished, and there is new evidence that so much water is being taken out, much of the world is in danger of a groundwater overdraft.
California is entering its fourth year of a record-breaking drought. Last year was the driest since the state started keeping records more than a hundred years ago. And yet, pay a visit to California's Central Valley and out of that parched land you'll see acre upon acre of corn, almond trees, pomegranates, tomatoes, grapes. And what makes them all possible: water. Where do you get water in a drought? You take it out of the savings account: groundwater.
[Jay Famiglietti: When we talk about surface water, we're talking about lakes and rivers. And when we're talking about groundwater, we're really talking about water below the water table.]
Jay Famiglietti, an Earth sciences professor at the University of California, Irvine, is a leading expert on groundwater.
Jay Famiglietti: It's like a sponge. It's like an underground sponge.
He's talking about the aquifers where groundwater is stored -- layers of soil and rock, as he showed us in this simple graphic, that are saturated with water and can be drilled into, like the three wells shown here.
Lesley Stahl: You can actually pump it out of the crevices?
Jay Famiglietti: Imagine like trying to put a straw into a sponge. You can actually suck water right out of a sponge. It's a very similar process.
Sucking the water out of those aquifers is big business these days in the Central Valley. Well driller Steve Arthur is a very busy man.
Steve Arthur: All the farmers, they don't have no surface water. They've got to keep these crops alive. The only way to do that is to drill wells, pump the water from the ground.
Lesley Stahl: So it's either drill or go out of business?
Steve Arthur: Yes.
So there's something of a groundwater rush going on here. Arthur's seven rigs are in constant use and his waiting list is well over a year. And because some wells here are running dry, he's having to drill twice as deep as he did just a year or two ago. This well will cost the farmer a quarter of a million dollars, and go down 1,200 feet -- about the height of the Empire State Building.
"If we're talking about a deeper aquifer, that could take tens or hundreds of years to recharge."
Lesley Stahl: Are you and are the farmers worried that by going that deep you are depleting the ground water?
Steve Arthur: Well, yes, we are depleting it. But on the other hand, what choice do you have? This is the most fertile valley in the world. You can grow anything you want here. If we don't have water to grow something, it's going to be a desert.
He said many farmers think the problem is cyclical and that once the drought ends, things will be okay.
Lesley Stahl: Now when they take water out and it rains...
Jay Famiglietti: Yes.
Lesley Stahl: ...doesn't the water go back down there?
Jay Famiglietti: These aquifers near the surface, they can sometimes be replenished very quickly. If we're talking about a deeper aquifer, that could take tens or hundreds of years to recharge.
Figuring out how much is being depleted from those aquifers deep underground isn't easy. Hydrologist Claudia Faunt took us to what looked like someone's backyard shed, where she and her colleagues at the U.S. Geological Survey monitor groundwater levels in the Central Valley the way they always have -- by dropping a sensor down a monitoring well.
Lesley Stahl: So this is a well.
Claudia Faunt: This is a well. So we have a tape here that has a sensor on the end.
Lesley Stahl: Oh, let me see.
The Geological Survey has 20,000 wells like this across the country.
Lesley Stahl: It's a tape measure.
Claudia Faunt: It's a tape measure.
Lesley Stahl: How will you know when it hits water?
Claudia Faunt: It's going to beep.
By comparing measurements from different wells over time, they get the best picture they can of where groundwater levels stand. She unspooled and unspooled, until finally...
[Beep]
Lesley Stahl: Oh.
It startled me, as did the result: a five-foot drop in just one month.
Claudia Faunt: Right now, we're reaching water levels that are at historic lows, they're like...
Lesley Stahl: Historic lows?
Claudia Faunt: Right. At this site, water levels have dropped about 200 feet in the last few years.
Gathering data from holes in the ground like this has been the only way to get a handle on groundwater depletion. That is, until 2002, and the launch of an experimental NASA satellite called GRACE.
Lesley Stahl: What does GRACE stand for?
Mike Watkins: So GRACE stands for gravity recovery and climate experiment.
Mike Watkins is head of the Science Division at NASA's Jet Propulsion Laboratory in Pasadena. He was the mission manager for the latest Mars rover mission and he is the project scientist for GRACE.
Mike Watkins: So the way GRACE works is it's two satellites.
Lesley Stahl: Two?
Mike Watkins: They're actually measuring each other's orbit very, very accurately.
What affects that orbit is gravity.
Mike Watkins: As the first one comes up on some extra mass, an area of higher gravity, it gets pulled away...
Lesley Stahl: It goes faster.
Mike Watkins: ...from the second spacecraft.
And that's where water comes in. Since water has mass, it affects the pull of gravity, so after the first GRACE satellite approaches an area that's had lots of heavy rain for example, and is pulled ahead, the second one gets there, feels the pull and catches up. The instruments are constantly measuring the distance between the two.
Mike Watkins: Their changes in separation, their changes in their orbit are a little different this month than last month because water moved around and it changed the gravity field just enough.
So GRACE can tell whether an area has gained water weight or lost it.
Lesley Stahl: So GRACE is like a big scale in the sky?
Mike Watkins: Absolutely.
GRACE can also tell how much water an area has gained or lost. Scientists can then subtract out the amount of rain and snowfall there, and what's left are the changes in groundwater.
Lesley Stahl: It's kind of brilliant to think that a satellite in the sky is measuring groundwater.
Mike Watkins: It is fantastic.
Jay Famiglietti: I thought it was complete nonsense. There's no way we can see groundwater from space.
Jay Famiglietti started out a skeptic, but that was before he began analyzing the data GRACE sent back. The first place he looked was India. He showed us a time-lapse animation of the changes GRACE detected there over the last 12 years. Note the dates on the lower right. The redder it gets, the greater the loss of water.
Lesley Stahl: Oh, look at that.
He calculated that more than half the loss was due to groundwater depletion.
Jay Famiglietti: And this is a huge agricultural region.
"So we're talking about groundwater depletion in the aquifers that supply irrigation water to grow the world's food."
Lesley Stahl: Have they been doing the same kind of pumping...
Jay Famiglietti: Yes.
Lesley Stahl: ...that we're seeing in California?
Jay Famiglietti: Yes.
Lesley Stahl: It got so dark red.
Jay Famiglietti: Yeah, that's bad.
His India findings were published in the journal "Nature." But as he showed us, India wasn't the only red spot on the GRACE map.
Jay Famiglietti: This is right outside Beijing, Bangladesh and then across southern Asia.
He noticed a pattern.
Jay Famiglietti: They are almost exclusively located over the major aquifers of the world. And those are also our big food-producing regions. So we're talking about groundwater depletion in the aquifers that supply irrigation water to grow the world's food.
If that isn't worrisome enough, some of those aquifer systems are in volatile regions, for instance this one that is shared by Syria, Iraq, Iran and Turkey.
Jay Famiglietti: Turkey's built a bunch of dams. Stored a bunch of water upstream. That forces the downstream neighbors to use more groundwater and the groundwater's being depleted.
Lesley Stahl: Oh my.
Jay Famiglietti: We're seeing this water loss spread literally right across Iran, Iraq and into Syria and down.
Lesley Stahl: It's progressive.
"So the ground basically collapses or compresses down and the land sinks."
Famiglietti, who's now moved to the jet propulsion lab to work on GRACE, has started traveling around the world, trying to alert governments and academics to the problem, and he isn't the only one who's worried.
A 2012 report from the director of National Intelligence warned that within 10 years "many countries important to the United States will experience water problems ... that will risk instability and state failure..." and cited the possible "use of water as a weapon or to further terrorist objectives."
Lesley Stahl: Water is the new oil.
Jay Famiglietti: It's true. It's headed in that direction.
And what about our own food-producing regions, like California's Central Valley, which produces 25 percent of the nation's food. What is GRACE telling us there?
Lesley Stahl: 2008.
Jay Famiglietti: Right.
Lesley Stahl: '09.
Jay Famiglietti: And now things are going to start to get very red.
Lesley Stahl: 2010.
GRACE is confirming what the geological survey well measures have shown, but giving a broader and more frightening picture, since it shows that the rainy years are not making up for the losses.
Lesley Stahl: '14. Dark red.
Lesley Stahl: That's alarming.
Jay Famiglietti: It should be.
So much groundwater has been pumped out here that the geological survey says it's causing another problem: parts of the valley are literally sinking. It's called subsidence.
Claudia Faunt: So the ground basically collapses or compresses down and the land sinks.
Lesley Stahl: The land is sinking down.
She said at this spot, the ground is dropping several inches a year.
Claudia Faunt: And north of here, it's more like a foot per year.
Lesley Stahl: That sounds like a lot, a foot a year.
Claudia Faunt: It's some of the fastest rates we have ever seen in the valley, and in the world.
She says it's caused damage to infrastructure: buckles in canals and sinking bridges. Here the land has sunk six feet. It used to be level with the top of this concrete slab.
Lesley Stahl: And this is because of the pumping of the groundwater?
Claudia Faunt: Yes.
Lesley Stahl: Is there any limit on a farmer, as to how much he can actually take out of this groundwater?
Claudia Faunt: Not right now in the state of California.
Lesley Stahl: None?
Claudia Faunt: As long as you put it to a beneficial use, you can take as much as you want.
But what's beneficial to you may not be beneficial to your neighbor.
Lesley Stahl: When you dig a well like this, are you taking water from the next farm?
Steve Arthur: I would say yeah. We're taking water from everybody.
Lesley Stahl: Well, is that neighbor going to be unhappy?
Steve Arthur: No. Everybody knows that there's a water problem. Everybody knows you got to drill deeper, deeper. And it's funny you say that because we're actually going to drill a well for that farmer next door also.
"I can't believe how brave I am. 45 minutes ago, this was sewer water."
Making things worse, farmers have actually been planting what are known as "thirsty" crops. We saw orchard after orchard of almond trees. Almonds draw big profits, but they need water all year long, and farmers can never let fields go fallow, or the trees will die.
But with all the water depletion here, we did find one place that is pumping water back into its aquifer.
Lesley Stahl: Look, it really looks ickier up close.
We took a ride with Mike Markus, general manager of the Orange County Water District and a program some call "toilet to tap." They take 96-million gallons a day of treated wastewater from a county sanitation plant -- and yes, that includes sewage -- and in effect, recycle it. He says in 45 minutes, this sewage water will be drinkable.
Mike Markus: You'll love it.
Lesley Stahl: You think I'm going to drink that water?
Mike Markus: Yes, you will.
They put the wastewater through an elaborate three-step process: suck it through microscopic filters, force it through membranes, blast it with UV light. By the end, Markus insists it's purer than the water we drink. But it doesn't go straight to the tap. They send it to this basin and then use it to replenish the groundwater.
Jay Famiglietti: It's amazing. Because of recycling of sewage water, they've been able to arrest that decline in the groundwater.
Lesley Stahl: All right. I'm going to do it. I'm going to do it.
All that was left was to try it. To tell the truth, it wasn't bad.
Lesley Stahl: I can't believe how brave I am. Forty-five minutes ago, this was sewer water.
Mike Markus: And now, it's drinkable.
He says it's a great model for big cities around the country. But it's not the answer for areas like the Central Valley, which is sparsely populated and therefore doesn't produce enough waste. So at least for now, it's continuing withdrawals from that savings account.
Lesley Stahl: Will there be a time when there is zero water in the aquifer for people in California?
Jay Famiglietti: Unless we take action, yes.
California has just taken action -- enacted a law that for the first time takes steps toward regulating groundwater. But it could take 25 years to fully implement.

WSJ : Falling Oil Prices Test OPEC Unity



Falling Oil Prices Test OPEC Unity

The Organization of the Petroleum Exporting Countries Knows It Must Cut Production to Lift Prices; Unclear is Whether Its Members Will Agree
As global crude prices plunged earlier this month, Venezuela’s foreign minister asked to see Saudi Arabia’s top oil official at a climate-change conference on Margarita Island, off the South American coast.

Ali al-Naimi, the Saudi oil minister, was expecting a plea to reduce oil output and bolster markets. In anticipation, according to people familiar with the matter, he brought a message to Venezuelan Foreign Minister Rafael Ramirez : Saudi Arabia won’t cut production on its own.


Mr. Naimi is expected to repeat the message to delegates at a meeting of the Organization of the Petroleum Exporting Countries in Vienna later this month, according to Saudi officials and fellow OPEC officials.

At stake is whether OPEC, a group of some of the world’s biggest oil producers, can still operate as a global cartel amid infighting and expanded global production, notably from the U.S. shale-oil boom. A failure to broker a deal for a collective cut would weaken the group’s already-sagging influence over global prices.

“The upcoming OPEC meeting is going to be the most difficult one during this century,” said Mohammad al-Sabban, a former senior adviser to Mr. Naimi. “It seems that OPEC has forgotten how to cooperate.”

Within the group, officials are increasingly worried its divisions contribute to weaker prices. “If OPEC fails to reach an agreement,” one OPEC official said, “oil prices will keep on falling.”

The group now pumps about half a million more barrels a day than its target of 30 million barrels a day, according to the International Energy Agency. Members are considering a commitment to rein in production to the group’s target level, OPEC delegates said, effectively cutting production sharply.

Together, OPEC member countries still produce more than one-third of the world’s oil supply. Since 1984, the cartel has reduced output 11 times to address oil price falls, according to Deutsche Bank, with cuts totaling 1.24 million barrels a day, on average.

Each time, Brent crude prices, the international benchmark, rose in the two to three months following OPEC action, Deutsche found.

A collective move to cut output could boost prices, but it would also rob OPEC members of revenue. It is unclear how long such vulnerable OPEC economies as Venezuela and Nigeria could afford to limit production without reopening the spigots.

Unlike past meetings, this month’s gathering poses an added dilemma. By keeping oil prices high, the group would encourage oil investments, including U.S. shale production. The U.S. has flooded markets with new crude, contributing to lower prices, but its shale production requires relatively high oil prices to make money.

That is an incentive for OPEC to do nothing for now—if members can survive the pain of lower prices in the short term.

Privately, Saudi Arabia doubts the 11 other OPEC members would live up to a collective commitment to cut output, according to Saudi officials and Saudi oil-industry executives. And Riyadh isn’t willing to bear the pain of a unilateral cut, these officials and executives said, fearful of losing customers amid the current squabbling.

The uncompromising Saudi stance stems from the 1980s, when Saudi Arabia cut production sharply to bolster oil prices as substantial new oil supply emerged from the North Sea and the U.K.

Instead of standing by Riyadh, other OPEC producers kept pumping and tried to wrest away market share.

“Saudi Arabia has definitely made it clear that defending the oil market is a collective responsibility, and no member country should expect Saudi Arabia to swing alone,” said Mr. Sabban, the former aide to Mr. Naimi. “If there is no agreement on this very basic principle, then Saudi Arabia will continue defending its market share.”

Saudi Arabia, with its large cash reserves, is cushioned from short-term price weakness. Still, the kingdom needs Brent to average $99 a barrel to balance its budget this fiscal year, Deutsche Bank estimates. It is currently trading just under $80 a barrel, a four-year low.

While oil-market dynamics are complex, two broad issues underlie the commodity’s recent fall. The IEA estimates the U.S. is adding roughly one million barrels of oil a day each year to global supply, thanks to shale oil. The return of an unexpectedly large amount of supply from such strife-ridden countries as Libya and Iraq has added to the glut.

Meanwhile, growth in global oil demand has slowed, particularly in Asia. In March, the IEA expected annual oil consumption to grow by 1.35 million barrels of oil a day in 2014. Its estimate has since nearly halved, with the paring of forecasts for global growth.

Repercussions of the OPEC debate go well beyond the borders of its members. Lower oil prices are slamming Russia, for example, which is already squeezed by Western sanctions and a tumbling currency.

U.S. consumers are benefiting from lower prices at the pump. But lower prices also shrink cash flow at many U.S. oil companies, particularly those engaged in relatively expensive shale-oil production.

If weaker prices force some producers—particularly U.S. shale producers—to abandon their most expensive wells, then the market could eventually work in OPEC’s favor.

In early October, Saudi officials led by Nasser al-Dossary, Saudi Arabia’s national representative to OPEC, attended a seminar in New York organized by an energy consultancy. Mr. Dossary privately communicated to attendees that Riyadh wasn’t alarmed by the price slide and wouldn’t unilaterally cut its output, according to people familiar with the matter.

Attendees interpreted the remarks as a signal Saudi Arabia would try to undermine North American shale-oil production by allowing prices to slip to a point where some shale projects would be uneconomic.

And some analysts took a move earlier this month by Saudi Arabia to drop its crude prices in U.S. markets as a sign it was trying to undercut shale producers.

A person familiar with the Saudi visit to New York said analysts misinterpreted Mr. Dossary’s message and that Riyadh wasn’t targeting shale producers. Attempts to reach Mr. Dossary or the Saudi oil ministry media office were unsuccessful.

Industry officials familiar with the Saudi price cut said it was aimed only at protecting market share among U.S. refiners.