>>> Club Med - According to Il Sole 24 Ore Fosun could pay up to E24/E25

Deadline for Fosuin to counterbid is the 1st of Dec. @ 6pm after the AMF decided to speed up the process.

Hearing that from a broker - haven't found this article mentionning these price

for me the last article from Il Sole is this one from the 14th

>>> Club Med bidder Fosun has room to use additional cash from insurer to fund b

Club Med bidder Fosun has room to use additional cash from insurer to fund bump

Fosun International [HKG:0656] has room to use additional cash from its insurance arm Fidelidade to increase its offer for Club Med [EPA:CU], according to a source close to Fosun and a Moody's analyst.

While Fosun “can’t use the insurance arm to fund all of its acquisitions”, Moody’s analyst Kai Hu told this news service, “there is some room to increase investment in equities” by the arms. The source agreed that Fosun could use more cash from Fidelidade to finance a potential bump.

Fosun is considering whether to bump its EUR 22-per-share offer after a EUR 23-per-share bid came in this week from a consortium led by Italian private equity fund Investindustrial, a second source close to the conglomerate fund said.

The credit rating agency had previously said that the weak performance of Fosun’s core business and the company’s aggressive investment strategy was putting pressure on the Chinese conglomerate’s ratings. Fosun is rated Ba3 by Moody’s with a negative outlook.

“They [Fosun] are aggressive in making investments but that is relieved by using some funds from insurance companies,” Hu said, pointing to the company’s strategy of using large amounts of debt to fund acquisitions.

These investments have resulted in an increase in Fosun’s gross debt by RMB 18.4bn (EUR 2.39bn) to RMB 87.4bn (EUR 11.38bn) in the first half of the year.

In its bid for Club Med, Fosun teamed up with its Portuguese subsidiary Fidelidade, French private equity fund Ardian, and travel agent U-tour.

In this occasion it will be difficult for Fosun to add additional leverage to the deal, the second source said. He said the last time Fosun bumped the bid, the lenders were hesitant at that point to offer the bidder more debt.

But the decision as to whether or not to bid were not based on financial concerns, but on strategic ones, the first source and a third source said. The company had several financing options, the third source said, but had to consider whether it made sense to make a higher offer under the present circumstances.

Fosun and Ardian made their first bid for Club Med more than a year ago at a price of EUR 17 per share.

Since then Investindustrial, together with South African investor Sol Krezner and former Club Med CEO Serge Trigano, have made two separate offers, the latest one together with private equity firm KKR.

As of its latest disclosures, Investindustrial and the parties with which it is acting in concert held 15.9% of Club Med’s share capital and 14.3% of its voting rights, and Investindustrial said it could acquire additional shares until it reaches 18.9% of the share capital and 17% of the voting rights.

(BofA-ML) Style Cycle - All 6 macro signals down: Hide in Quality, Yield and Bi

All 6 macro signals down: Hide in Quality, Yield and Big cap

* Synchronised fall in macro: Style Cycle stays in ‘Recession’
All six indicators in our European Composite Macro Indicator (CMI) fell this month - the last two times this happened, stocks were already down by over 20% (Aug ‘11, Jan ‘09). Style Cycle stays in the ‘Recession’ phase for the third month, suggesting
European stocks will remain under pressure. Momentum continues to favour high Quality over high Risk, Large cap over Small cap and dividend yielding Defensives over Financials / Cyclicals.

* Too early to look for ‘Recovery’
Such a synchronised fall in macro indictors is not uncommon, but questions are opening up as to whether a) we are getting closer towards a floor in the economic cycle, b) ‘Recovery’ is a given next year and c) momentum in high ‘Quality’ stocks is
at its peak. For us, it is a resounding ‘No’. ‘Recession’ phases can last for a year and our ‘Recession’ stocks (high Quality, low Risk) are, at best, only mid-way through outperforming ‘Recovery’ stocks (low Quality, high Risk)

* Favour UK, Swiss, H/care, Staples over Financials – pg 13
Centrica, Glaxo, BA Tobacco, Imperial Tobacco, AstraZeneca, Diageo, Roche, Nestle, Reckitt Benckiser and SSE are the top-10 attractive ‘Recession’ stocks.

* Global EPS Revisions and PPI join the gloom
Bond yields, OECD lead indicator and IFO German business confidence have been falling since the start of the year and last month GDP expectations started to tumble. A drop in Global EPS revisions and Producer Price Inflation (proxy of pricing-power) this month has led all the six indicators in the CMI to fall.

(BFW) Cepsa Continues to Consider Position on Possible Salamander Bid

BN 11/17 07:04 *CEPSA: SALAMANDER OFFER IF MADE COULD BE ON DIFFERENT TERMS
BN 11/17 07:04 *CEPSA GROUP MAY DECIDE NOT TO PROCEED W/ SALAMANDER OFFER
BN 11/17 07:04 *CEPSA GROUP CONTINUES TO CONSIDER POSITION ON POSSIBLE OFFER
BN 11/17 07:03 *C CEPSA NOTES SALAMANDER ENERGY ANNOUNCEMENT ON NOV. 14
BN 11/17 07:00 *COMPANIA ESP S.A.U RESPONDS TO STATEMENT BY SALAMANDER ENERGY
Cepsa Continues to Consider Position on Possible Salamander Bid
2014-11-17 07:19:09.544 GMT


By James Ludden
Nov. 17 (Bloomberg) -- NOTE: Firm offers from interested
parties for Salamander must be made no later than Nov. 24

Link to Statement:{NSN NF68TB3HBS3M <GO>}
Link to Company News:{185587Z UH <Equity> CN <GO>}
Link to Company News:{SMDR LN <Equity> CN <GO>}

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

To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

>>> What to look at today - 17th of November 2014

Unexpected contraction in Japan Q3 preliminary GDP has taken markets across the globe on a wild ride, as the world's 3rd largest economy entered another technical recession with a 2nd consecutive quarter of falling growth. A closer look at GDP components revealed private consumption - about 60% of Japan's economy - growing just 0.4% vs 0.8% consensus estimate. Similarly, corporate CAPEX component indicated lingering impact of the April sales tax hike to 8% spilling over into other sectors of the economy, falling 0.2% against expected increase of 0.9%...This Surprise number should deley 2nd round of Tax increaseNikkei225 is down 3%, S&P500 futures down 10 handles or 0.5% belowm2,030, US 10-yr yield is down 4bps below 2.3%, and gold rose above $1,190 - up $10 from the lows....formal launch of the trading link with Hong Kong. Separately, a report from National Energy Administration (NEA) saw Oct power consumption - one of Premier Li's preferred
gauges of activity - rising 3.1%, up from 2.7% increase last month and the fastest annual rise in 4 months. On the flip side, China Banking Regulatory Commission warned about the rise in non-performing loans, as Q3 NPLs rose by CNY72.5B to CNY766.9B, the highest increase since 2005.

Eur$ 1.2539 S&P -0.42% EuroStoxx -0.72% FTSE NA DAX -0.73% SMI -0.35%

Macro
- Japan GDP Falls Annualized 1.6% in 3Q vs. Est. +2.2%
- G-20 Plans $2 Trillion Growth Boost to Uneven Global Economy
- EU Commission considering leverage factor of 10 for €300B investment fund
- Royal Says France Ready to Sell Stakes in Energy Groups: Echos
- ECB’s Coeure Says Euro Area Must Boost Productivity, Investment
- Putin Says Gazprombank May Ask Ukraine to Repay $3.2b Early
- Putin Said to Plan to Leave G-20 Earlier Than Scheduled Sunday
- FT : Sovereign debt rule change ‘could prompt €1.1tn rebalancing

Keep an eye on :
- ALO FP : Alstom Gets EU343M Mexico Metro Contract, Le Parisien Says
- ALV GY : Pimco Total Return to See ’Massive’ Withdrawals in Jan: Fox Bus.
- BHI US : Baker Hughes -2/3% agfter Hours on Friday on news of talks stalled - few articles about Hostile Bid
- BKIA SM : Bankia gives Credit Suisse mandate to sell Metrovacesa stake before year end
- ORPN US : Soros Bought Stake in BioBlast Pharma in 3rd Quarter
- BMPS IM : Monte Paschi Derivatives Trade Cut Core Capital EU411m: Reuters
- BT/ LN : BT Rules Out Sale of Global Services Unit: Sunday Telegraph
- CRG IM : Carige not to carry out merger before capital increase
- CRG IM : Santander Weighs Banca Carige Acquisition: El Confidencial
- CO FP : positive article in the Barron's, IPO of Cnova e-Commerce business could be a good trigger for the stock
- BN FP : Danone Said to Weigh Medical-Nutrition IPO as Sale Talks Falter
- EDF FP : France Won’t Start Stake Sales With EDF, Francaise Des Jeux
- EDF FP : EDF Considering Sale of Stake in RTE Power Grid, JDD Reports
- GYC GY : Grand City Properties 3Q FFO I Rises 32% to EU19.3m
- HAW GY : Meyer Says Tocos Won’t Change Offer for Hawesko: Die Welt
- LI FP : Klepierre Buys 60% of Massalia to Develop Prado Shopping Center
- COX FP : Sells US Ophthalmic Diagnostic unit for up to $20M to Valeant
- RB/ LN : Reckitt Holders to Get 1 Indivior Shr for Each RB Shr Held: FT
- SAB LN : SABMiller could grow African spirits portfolio; has measured approach
- SPM IM : Saipem preferred buyer could be from the GCC or Italy, Subsea 7 and Seadrill of Norway, also mentioned as potential buyers, are unlikely buyers
- SMDR LN : Ophir to abandon pursuit of Salamander Energy this week - Sunday Times
- SAN FP : Sanofi Unit Genzyme’s Lemtrada Approved by FDA
- SAN SM : Banco Santander Units Subpoenaed by NYC on Auto Loans: NYT
- SHB LN : Shaftesbury stakebuilding by Samuel Tak Lee prompts takeover speculation
- SHP LN : Paulson & Co. Increased Shire Stake to $2.3b in 3Q
- SIE GY : Siemens CEO Says Medical Tech Remains Important: Sueddeutsche
- SOON VX : Sonova 1H Ebita CHF215.9m, Est CHF220.8m; Confirms 2014/15 Goals
- SPD LN : Sports Direct Weighs Bid for LA Fitness, Sunday Express Reports
- SPD LN : Kitbag Sale Attracts Interest of Sports Direct: Sunday Telegraph
- TALK LN : Talktalk, Telefonica UK to Start Mobile Service: FT
- TIT IM : Telecom Italia May Raise Capital for Oi-Tim Merger: Messaggero (This Week end)
- TIT IM : Telecom Italia Says Not Weighing Capital Increase (Today)
- UBER-IPO : Uber to Announce Partnership With Spotify, NYT Reports
- VIV FP : Vivendi to Scout Takeovers (Earlier)
- ZTS US : Zoetis Adopts 1-Yr Holder Rights Plan

>>> Brokers Upgrades & Downgrades - 17th of November 2014

>>> Up
*COLRUYT RAISED TO HOLD VS UNDERPERFORM AT JEFFERIES
*INDRA RAISED TO NEUTRAL FROM SELL AT GOLDMAN
*LAGARDERE RAISED TO NEUTRAL FROM SELL AT GOLDMAN
*MORRISONS RAISED TO BUY VS SELL AT GOLDMAN; PT TO 207P VS 172P

>>> Down
*CONTINENTAL AG CUT TO NEUTRAL VS OVERWEIGHT AT HSBC
*FENNER CUT TO NEUTRAL VS BUY AT UBS
*M.VIDEO CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*POLYUS GOLD CUT TO SELL VS NEUTRAL AT UBS

>>> PT Changes
*KBC PT RAISED TO EU52.50 FROM EU50.50 AT ING
*SCHIBSTED PT RAISED TO NOK707 AT GOLDMAN; CL-BUY REPEATED
*TESCO PT CUT TO 155P FROM 250P AT GOLDMAN; REPEATED SELL

>>> Initiation
*AB FOODS RATED NEW BUY AT LIBERUM, PT 3,470P
*BEIERSDORF RATED NEW BUY AT LIBERUM, PT EU76
*DANONE RATED NEW BUY AT LIBERUM, PT EU60
*DBV TECHNOLOGIES RATED NEW OUTPERFORM AT LEERINK, PT $44
*KERRY GROUP RATED NEW HOLD AT LIBERUM, PT EU56
*L’OREAL RATED NEW HOLD AT LIBERUM, PT EU124
*NESTLE RATED NEW HOLD AT LIBERUM, PT CHF75
*ONTEX RATED NEW BUY AT LIBERUM, PT EU25.4
*RECKITT BENCKISER RATED NEW BUY AT LIBERUM, PT 5,860P
*SCA RATED NEW BUY AT LIBERUM, PT SEK190
*TATE & LYLE RATED NEW SELL AT LIBERUM, PT 560P
*UNILEVER RATED NEW SELL AT LIBERUM, PT EU28.6

>>> Call
>> Sector
*EUROZONE EQUITY RAISED TO OVERWEIGHT VS UNDERWEIGHT AT JPMORGAN
*U.S. EQUITY CUT TO UNDERWEIGHT VS OVERWEIGHT AT JPMORGAN

>>> SABMiller could grow African spirits portfolio; has measured approach

SABMiller could grow African spirits portfolio; has measured approach

SAB Miller, the UK/South African beverages group, could expand its spirits portfolio in Africa, Business Day reported. The newspaper quoted Alan Clark, the chief executive of SABMiller, who added that the group has a measured approach in this respect. He said in the article that SABMiller has the necessary scale to participate in the African spirits market and could decide to take advantage of the underdeveloped nature of the industry where appropriate.

Business Day pointed out that SABMiller currently has smaller wine and spirits units in Mozambique and Tanzania, as well as a small investment in the Nigerian spirits market.

SABMiller has a market cap of GBP 56.372bn.


Source Business Day (South Africa)