>>> Asian Update

Asian Mid-session Update: EU leaders, Tsipras exit meeting more optimistic; BOJ minutes show rising concern over JGB volatility; RBA's Stevens leaves door open for more cuts


***Economic Data***
- (NZ) NEW ZEALAND FEB CREDIT CARD SPENDING M/M: -0.1% V 2.0% PRIOR; Y/Y: 5.8% V 6.2% PRIOR
- (NZ) NEW ZEALAND MAR ANZ CONSUMER CONFIDENCE INDEX: 124.6 v 124.0 PRIOR; M/M: +0.5% V -3.8% PRIOR
- (NZ) NEW ZEALAND FEB ANZ JOB ADVERTISEMENTS M/M: +0.7% V -1.1% PRIOR
- (NZ) New Zealand Feb Net Migration: 4.8K v 5.5K prior
- (US) NORTH AMERICA FEB SEMI BOOK/BILL RATIO: 1.02 V 1.04 PRIOR; 2nd month above parity

***Index Snapshot (as of 02:30 GMT)***
- Nikkei225 +0.1%, S&P/ASX +0.2%, Kospi -0.3%, Shanghai Composite +0.2%, Hang Seng -0.2%, Jun S&P500 +0.2% at 2,084

***Commodities/Fixed Income***
- Apr gold -0.1% at $1,169, May crude oil flat at $45.64/brl
- (JP) BOJ offers to buy ¥1.5T in T-bills
- (AU) Australia MoF (AOFM) sells A$700M in 3.25% bonds due 2018; Avg yield 1.8195%; Bid-to-cover: 4.74x
- (US) Weekly Fed Balance Sheet Total Assets for week ending Mar 18th: $4.50T v $4.49T prior; M1 y/y change: 9.4% v 9.5% w/w; M2 y/y change: 6.1% v 6.0% w/w

***Market Focal Points/FX***
- EU leaders and Greece PM Tsipras held last-ditch talks to find common ground related to Greek reforms-for-aid plans amid a notable deterioration of good will on both sides and also a decline in investors confidence over a positive outcome for Athens in recent days. Both sides appear to have been pleased with today's talks - PM Tsipas said the relief process is back on track after today's meeting, as all sides agreed to restore financing of Greek economy; Germany's Merkel noted the basis of reforms is still grounded in the Feb 20th decision, Greece will present a more detailed and adequate list of reforms planned in the next few days, and that no funds will be paid to Athens until the review of Greek reforms has been concluded. EUR/USD rose to session highs just shy of the $1.07 handle following the EU statement.

- Trading in other major USD pairs remains subdued. Among the most notable, AUD/USD is up about 40pips above $0.7680 and NZD/USD up nearly 50pips as high as $0.7450. AUD rally was briefly contained by comments from RBA Gov Stevens delivering an address at the American Chamber of Commerce in Australia luncheon. Stevens left the door open to further policy easing, adding the decline in the exchange rate is probably not yet finished. He also acknowledged declining cofindence among companies and households but talked down worries of a potential budget crisis looming for Australia.

- In Japan, BOJ Gov Kuroda reiterated CPI will likely reach 2% in or around FY15, even though the central bank further scaled back its inflation outlook in its policy meeting earlier this week. Meeting minutes for last month saw board members holding a similar opinion, even though the MOF representative on the board stopped urging that the time-based inflation objective is maintained. Some members noted an increase in volatility in the JGB market, and a few questioned sustainability of JGB purchases at current pace. Separately, a Nikkei report in late US session speculated that the cabinet office (govt) will raise its monthly economic assessment for the first time since July 2014 when the report is published on Monday. Japan has held assessment unchanged since November, when it was lowered following another round of QE by the central bank. USD/JPY was little changed in today's session, trading in a 25pip range above 120.60.

***Equities***
US markets/ADRs:
- PRTA: Reports Phase 1 Trials Shows Robust Reduction of Free Serum Alpha-Synuclein of up to 96% After Single Dose of PRX002, a Novel Protein Immunotherapy for Parkinson's Disease; +40.3% afterhours
- CTRP: Reports Q4 -$0.11 (adj) v -$0.31e, R$326M v $308Me; Names COO Jie Sun as co-President; +8.4% afterhours
- NKE: Reports Q3 $0.89 v $0.84e, R$7.46B v $7.64Be; +4.5% afterhours
- MFRM: Reports Q4 $0.41 (adj) v $0.47e, R$598.3M v $566Me; +3.1% afterhours
- NWY: Reports Q4 -$0.01 v $0.00e, R$267.4M v $267Me; +3.1% afterhours
- AMZN: FAA awards Amazon experimental airworthiness certificate for drones; +0.1% afterhours
- AKS: Guides Q1 -$0.23 to -$0.28 v +$0.03e, citing lower than expected spot steel prices; -9.5% afterhours

- BHI: Halliburton & Baker Hughes planning to sell at least 4 businesses in Apr, total valued at $10B - financial press

Notable movers by sector:
- Consumer Discretionary: Li & Fung Ltd 494.HK -6.1% (FY14 results); VST Holdings 856.HK +6.9% (FY14 results)
- Financials: Ping An Insurance 601318.CN +3.6% (FY14 results)
- Materials: Beijing New Building Material 000786.CN +3.7% (FY14 results)
- Energy: Karoon Gas Australia KAR.AU -17.8% (issues progress report on exploration well)
- Technology: BlueFocus Communication Group 300058.CN +6.0% (FY14 results); Rakuten Inc 4755.JP +2.3% (acquisition); Toshiba Corporation 6502.JP +3.1% (starts image sensor production); FIH Mobile 2038.HK +8.0% (prelim FY14 results)
- Telecom: China Mobile 941.HK -1.5% (FY14 results)

(BN) Holcim, Lafarge Said to Reach Agreement to Salvage Merger (1)


Holcim, Lafarge Said to Reach Agreement to Salvage Merger (1)
2015-03-20 00:37:26.730 GMT


(Updates with no comment from Lafarge in sixth paragraph.)

By Aaron Kirchfeld, Francois de Beaupuy and Jacqueline Simmons
(Bloomberg) -- Holcim Ltd. and Lafarge SA reached an
agreement to salvage their $40 billion merger to form the
world’s biggest cement company, two people with knowledge of the
matter said.
An announcement could come as soon as Friday morning, said
the people, who asked not to be identified discussing private
information. The two companies revised the exchange ratio so
that Switzerland-based Holcim will give about 0.90 of a share in
return for one share of Paris-based Lafarge, instead of the
original one-to-one ratio, the people said.
Holcim questioned the ability of Lafarge Chief Executive
Officer Bruno Lafont to reach savings targets for a combined
company after it outperformed its French partner on everything
from sales to profit. Lafont and Holcim managers also clashed
over issues including leadership style and strategy, people
familiar with the situation have said.
The companies reached an understanding to make Lafont co-
chairman of the new entity alongside Holcim Chairman Wolfgang
Reitzle following resistance to Lafont becoming CEO of the
merged company, people familiar have said.
A Lafarge candidate for CEO has been identified but will
not be announced or finalized Friday, the people familiar with
the latest developments said. There could still be a surprise
delay or turn in events.
Holcim couldn’t immediately be reached for comment outside
of regular business hours and a representative for Lafarge
declined to comment.

Personality Clash

Lafarge dropped less than 1 percent in Paris Thursday,
giving it a value of 18 billion euros ($19 billion), while
Holcim gained 1.1 percent in Zurich, lifting the market value to
25 billion Swiss francs.
The dispute over leadership by the 58-year-old Frenchman
Lafont shows how a clash of personalities can become the biggest
liability in mergers. The gum-chewing, cigar smoking Lafont and
soft-spoken Holcim CEO Bernard Fontana, who was due to remain in
his post until the merger completion, have disagreed on key
issues from the start, a person familiar with the matter said
earlier this week.
Holcim and Lafarge have predicted the merger will lead to
cost savings of 1.4 billion euros annually, giving them an
advantage over rivals as a global recession eroded demand for
building materials and forced some kilns to run at a loss.
If the terms of the deal change to a 0.90 to 1 ratio, it
would turn the deal value positive in 2014 and 6.8 percent more
earnings accretive in 2015, according to Bloomberg Intelligence.
Shareholders of Ireland’s CRH Plc, which agreed to buy 6.5
billion euros ($6.9 billion) in assets that Holcim and Lafarge
need to sell for regulatory approval, Thursday approved the
purchase.

For Related News and Information:
Lafarge-Holcim Said to Mull Lafont as Co-Chairman for Merger
Lafarge Forecasts 2015 Profit Gains as Cement Markets Revive
CRH Buys Cement Assets From Holcim-Lafarge for $7.3 Billion
Holcim earnings graph: HOLN VX <Equity> FA ISBAR <GO>
Holcim enterprise value: HOLN VX <Equity> EV <GO>
Top Swiss stories: TOPS <GO>
Bloomberg Intelligence building-materials: BI BMATG <GO>
Top deal news: DTOP <GO>
Real M&A columns: NI REALMNA <GO>
Top Stories:TOP<GO>

To contact the reporters on this story:
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Francois de Beaupuy in Paris at +33-1-5365-5051 or
fdebeaupuy@bloomberg.net;
Jacqueline Simmons in Paris at +33-1-5365-5055 or
jackiem@bloomberg.net
To contact the editors responsible for this story:
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
Elizabeth Wollman, Dan Reichl

>>> US Close Dow-0,65% S&P-0,49% Nasdaq+0,19% Russell+0,21%

Closing Market Summary: Stocks End Mixed Amid Dollar Rebound

The stock market ended the Thursday session on a mixed note. The S&P 500 lost 0.5% after spending the entire session in negative territory while the Nasdaq Composite added 0.2%. The tech-heavy Nasdaq extended this week's gain to 2.5% while the S&P 500 will enter the Friday session up 1.7% for the week.

Yesterday's dovish FOMC policy statement pressured the greenback, but the Dollar Index (99.23, +0.67) wasted no time, stringing together a swift comeback. The index added 0.7% today and returned to Tuesday's low. Notably, the euro retraced the bulk of yesterday's move, returning below 1.0650 versus the dollar.

Likewise, the dollar strength weighed on crude oil, sending the energy component lower by 2.5% to $45.50/bbl. In turn, this kept the energy sector (-1.7%) near the bottom of the barrel while the other commodity-related sector—materials (-1.7%)—finished just behind energy. Steelmakers kept the sector pressured after Nucor (NUE 46.11, -3.16) cut its guidance well below analyst estimates. Shares of NUE tumbled 6.4% while Market Vectors Steel ETF (SLX 31.07, -1.10) fell 3.4%.

Elsewhere among cyclical sectors, industrials (-0.7%) and financials (-1.0%) struggled while consumer discretionary (-0.2%) and technology (-0.2%) displayed relative strength.

The largest sector by
weight—technology—spent
the day near its flat line as heavyweights like
Apple (AAPL 127.50, -0.97), Google (GOOGL 563.67, -2.49), and Facebook (FB 82.75, +1.84)traded in mixed fashion while chipmakers outperformed with the PHLX Semiconductor Index adding 0.2%.

Conversely, the relative strength gave a boost to the Nasdaq, but the index also received significant support from biotechnology. Biogen Idec (BIIB 433.65, +5.72) jumped 1.3% after Credit Suisse raised its price target for the stock to $500 from $400 while the broader iShares Nasdaq Biotechnology ETF (IBB 365.25, +7.11) spiked 2.0%, logging its sixth consecutive advance.

In addition to boosting the Nasdaq, biotechnology helped the health care sector (+0.5%) finish well ahead of other groups. The countercyclical sector extended its week-to-date gain to 3.7%, overtaking the utilities sector (-1.0%), which narrowed its weekly gain to 3.3%.

Treasuries retraced a portion of yesterday's advance with the 10-yr yield spiking five basis points to 1.97%.

Today's participation was a bit light with roughly 715 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, Current Account Balance, Leading Indicators, and Philadelphia Fed Survey:
  • The initial claims level increased to 291,000 from an upwardly revised 290,000 (from 289,000) while the consensus expected an increase to 293,000 
    • There were no special factors impacting this week's claims reading 
  • The current account deficit for the fourth quarter totaled $113.50 billion while the consensus expected the deficit to hit $105.00 billion 
    • The third quarter deficit was revised to $98.90 billion from $100.30 billion 
  • The Philadelphia Fed's Business Outlook Survey dropped slightly to 5.0 in March from 5.2 in February while the consensus expected an increase to 6.9 
    • While the overall index was virtually unchanged from a month ago, the underlying details showed that a stark weakness developed over the past few weeks 
      • Shipments—or production—moved into a deep contraction in March as the related index dropped to -7.8 from +8.1 in February. 
      • New orders growth slowed as that index fell to 3.9 in March from 5.4 in February. Unfilled orders entered an even larger contraction, dropping from +7.3 in February to -13.8 in March. 
  • The Leading Indicators report for February was up 0.2%, which is what the consensus expected 
There is no economic data on tomorrow's schedule.
  • Nasdaq Composite +5.4% YTD 
  • Russell 2000 +4.1% YTD 
  • S&P 500 +1.5% YTD 
  • Dow Jones Industrial Average +0.8% ytd

WSJ Fracking Rules Expected to Be Unveiled by Obama Administration Friday

Fracking Rules Expected to Be Unveiled by Obama Administration Friday
Rules set standards for wells, disposal of wastewater

WASHINGTON—The Obama administration on Friday is expected to issue long-awaited regulations setting new standards for hydraulic fracturing in the oil and natural-gas industries, people familiar with the matter said.

The drilling technology has been key to unlocking vast reserves of oil and gas across the U.S., but qualms about its environmental impact have made it controversial.

The regulations will set standards for wells and disposal of wastewater—and also require companies to disclose chemicals used, Interior Secretary Sally Jewell said on Tuesday in remarks discussing the rules.

“The rule will include measures to protect our nation’s groundwater—requiring operators to construct sound wells, to disclose the chemicals they use, and to safely recover and handle fluids used in the process,” Ms. Jewell said at a Washington speech. “Some have already labeled these baseline, proven standards as overly burdensome to industry; I think most Americans would call them common sense.”

The regulations, in the works since 2012, apply only to drilling on federal land, which account for 11% of the natural gas and 5% of the oil the U.S. consumes, according to Interior Department data. Other drilling is on private or state-owned lands and won’t be subject to the regulations.

The rules are significant because they set a standard that will be weighed by state regulators and private companies.

“The responsibility for developing this energy safely must now be taken up in state capitals, engineering labs, and board rooms all across the country,” Ms. Jewell said.

Hydraulic fracturing, or fracking, is a drilling technique of injecting water and chemicals deep into shale rock formations to crack open pockets of natural gas and oil. Companies have done it decades, but the practice has come under scrutiny in recent years as its use skyrocketed and triggered the U.S. oil and gas boom. Roughly 90% of new land-based wells are drilled using the technology, the government said.

The government, in a May 2013 draft proposal, said it expects the rules to cost between $12 million and $20 million a year. Some analysts said the rules won’t be overly burdensome. “We expect the direct effect will be minimal on the industry, as the associated cost increases will likely represent [less than] 0.5% of average well costs,” said a Wednesday research note by investment bank FBR Capital Markets.

The regulations represent one of the first steps by the Obama administration on fracking, which some environmental groups say is unsafe and should be banned. Administration officials say it can be done safely.

Thanks in large part to the combination of fracking and horizontal drilling, U.S. oil and natural gas production has surged in recent years. Oil production has risen 85% since 2008, to reach 9.4 million barrels of oil a day in February, and natural gas production has risen more than 30% over that same time period, the U.S. Energy Information Administration said.

WSJ Renault May Take Russia Wheel From General Motors


Renault May Take Russia Wheel From General Motors
GM’s Russian Retreat Opens Opportunities for Rivals

Fatigue is setting in for car makers in Russia.

General Motors Co. this week decided to close its St. Petersburg plant and stop selling most locally manufactured Opel and GM cars. While Russia only accounted for about 2% of total sales last year, the country’s growth potential meant GM had pledged a $1 billion investment to increase capacity there only three years ago.

Low oil prices combined with economic sanctions, higher interest rates and a falling ruble are pummeling the Russian car industry. In 2014, the number of total vehicle registrations fell by 10.5% and is expected to drop by another 36% this year, according to IHS.

But for those with stamina, GM’S about-face could leave them with a bigger piece of the pie when the auto sector eventually recovers. Russia is still seen as a source of longer-term growth, thanks to a burgeoning middle class and relatively low car ownership compared with developed markets.

One potential beneficiary could be Renault, which has been among the most aggressive foreign auto manufacturers to grab market share. It has a joint venture with Russian auto maker Avtovaz . Despite losses of €182 million ($194 million) from the venture in 2014, Renault has reiterated plans to increase production and market share in Russia.

The hope is that Renault can grow through the downturn. The expected weakness of the euro against the dollar should give it an edge in cutting prices, compared with U.S. rivals. Its tie-up with a local partner is another advantage, although it would also make it more difficult and costly for Renault to extricate itself if required.

The worry is that any turnaround in Russia’s car market looks increasingly distant. For a sales recovery to be sustainable, two key things need to happen: Oil prices must stabilize and geopolitical sanctions must ease. Neither looks likely.

If the recovery takes too long, the infrastructure supporting car manufacturers may begin to deteriorate. GM was one of the oldest and biggest investors in the Russian auto industry, and its decision to cut loose may mean others including car parts suppliers do the same. This could hamper auto makers’ ability to meet regulatory targets for localized manufacturing.

When Russia’s auto industry eventually emerges from the doldrums, there could be opportunities for those who have stayed the course. But, for now, long-distance driving in the country is becoming more arduous.

MAKOR: DRC SIEMENS: Too tight, Hedge with a chinese pos. BHI/HAL


Looking into more details at DRC / Siemens and the view that the Merger Agreement is much tighter when it comes to Siemens Obligation to do everything they can to meet regulators demands to close this transaction successfully. 

Arguably this limits Siemens ability to walk away "thanks" to regulatory hurdle, but I think the spread at the current level does not reflect the risk and downside of this deal. 

Siemens has obligations to do everything to meet regulators requirements for the transaction to close, but the regulator, in this particular case the EU has no obligation at all, and unlike the FTC which keeps a very econometrics approach when it reviews transaction, the EC has a much more political view which in my view creates uncertainties that are not reflected yet at the current price. We are yet to see a decision on a Phase 2 deal of that complexity by the new commissioner. Jazztel is likely to be the first one. 

When you see the caution with which MRK is taking to comment on the EC and other regulators process, I cannot help myself but to wonder about the new risk in this trade.

Another thing that should be priced into the risk associated with DRC / SIE now is the end date at which SIE can walk away. 31/12/2015 and Siemens can walk away, it's more than 8 months away but still If the EU stops the clock there are under no obligation. 

With this in mind Office Depot looks like a better deal in term of risk reward and downside as well as being administered by a better regulator but still offers 2% more than DRC in return on an annualized basis. 

If you still want to keep exposure to the deal given the potential return a Chinese position in BHI/HAL could be an interesting angle as the spread at below 15% annualized is way too tight, and the regulatory process could prove even more complicated than for DRC / SIE, and a brake in DRC would trigger a widening of BHI/HAL. SIAL/MRK and TRW offer lower return but much better risk profile.

RTR - Oil falls back on dollar, Kuwait stance that OPEC won't slow output

Oil falls back on dollar, Kuwait stance that OPEC won't slow output


NEW YORK (Reuters) - Oil prices fell on Thursday as a rebounding dollar and Kuwait's stance that OPEC had no choice but to keep producing in an oversupplied market undercut a rally from the previous day.

Benchmark Brent oil and U.S. crude were down about 2 percent each, weighed by the dollar's rise against most currencies after the greenback's biggest tumble in 18 months on Wednesday.

In the previous session, Brent rose nearly 5 percent and U.S. crude about 3 percent on the dollar weakness.

"It's dollar play all over again today," said Phil Flynn, analyst at the Price Futures Group in Chicago. "The fact that the oil market is oversupplied is a given, so the only real variable now are currency moves and how they impact commodities demand."

A stronger dollar weakens demand from holders of other currencies for commodities denominated in the greenback. The dollar rose 2 percent against the euro EUR= on Thursday, after its selloff on Wednesday on disappointment over the lack of a clear timeline for a U.S. interest rate hike. [USD/]

Brent oil LCOc1 was down $1.18 to $54.73 a barrel by 11:46 a.m. EDT (1546 GMT). It rallied more than $2, or about 5 percent, on Wednesday after the U.S. Federal Reserve hinted at a slower rate hike process than previously thought.

U.S. crude CLc1 fell 82 cents to $43.84.

In Kuwait, oil minister Ali al-Omair said OPEC had to keep production steady, although he voiced concern about oil prices having been halved since the previous summer. [ID:nL6N0WL1AQ]

"We don’t want to lose our share in the market," the minister said, reinforcing comments by OPEC kingpin Saudi Arabia of the need for members of the producer group to defend its output against rival shale oil producers in the United States and other non-OPEC nations.

While oil firms have slashed exploration budgets and the number of U.S. rigs drilling for oil has fallen to four-year lows, shale output in the United States has barely slowed.

Last week alone, U.S. crude stockpiles rose by 9.6 million barrels to reach above 458 million barrels, the highest in more than 80 years. [EIA/S]

In Lausanne, Switzerland, nuclear talks between Iran and six major powers showed major differences remaining toward a deal, providing some support to oil prices. Iran, an OPEC member whose oil exports have been restrained by sanctions related to its nuclear program, has said it will add another million barrels to the market when the sanctions come off. [ID:nL2N0WJ061]

(BFW) Zodiac Sees 1H Current Oper. Income Hurt by Seats Problems

Zodiac Sees 1H Current Oper. Income Hurt by Seats Problems
2015-03-19 16:56:11.520 GMT


By Brian Lysaght
(Bloomberg) -- Zodiac Aerospace says Seats solution was
longer, more costly than expected.
* Current operating income for 1H will be “significantly
impacted” by the difficulties in the Seats
* Sees FY current oper. income at similar level to last yr
* 1H Revenue up 16% to EU2.32b
* Link to Statement:Link
* Yday: Zodiac Under Pressure From Boeing, Airbus on
Delays: Reuters Link
* Yday: Zodiac Under Pressure From Boeing, Airbus on
Delays: Reuters Link</li></ul>
Link to Company News:{ZC FP <Equity> CN <GO>}
Link to Company News:{BA US <Equity> CN <GO>}
Link to Company News:{AIR FP <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:
Brian Lysaght at +44-20-3525-7908 or
blysaght@bloomberg.net

(BFW) BC Partners to Sell 25m Shrs in Com Hem in Accelerated Bookbuild

BN 03/19 16:50 *BC PARTNERS WILL HOLD ABOUT 35.6% OF COM HEM POST SALE
BN 03/19 16:49 *JP MORGAN AND MORGAN STANLEY JOINT BOOKRUNNERS IN COM HEM SALE
BN 03/19 16:48 *BC PARTNERS TO SELL 25M SHRS IN COM HEM
BN 03/19 16:48 *BC PARTNERS STARTS SALE OF COM HEM SHARES
BC Partners to Sell 25m Shrs in Com Hem in Accelerated Bookbuild
2015-03-19 16:57:13.546 GMT


By Tim Barwell
(Bloomberg) -- Shares offered at SEK75 to market price,
terms show; stock closed today at SEK77.25.
* BC Partners will hold 35.6% post sale; currently holds ~48%
of shrs outstanding, or ~98.9m shrs, according to Bloomberg
data
* Morgan Stanley, JPMorgan joint bookrunners

Link to Company News:{2496Z LN <Equity> CN <GO>}
Link to Company News:{COMH SS <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:
Tim Barwell at +44-20-3525-3512 or
tbarwell@bloomberg.net

(BFW) BC Partners to Sell 25m Shrs in Com Hem in Accelerated Bookbuild

BN 03/19 16:50 *BC PARTNERS WILL HOLD ABOUT 35.6% OF COM HEM POST SALE
BN 03/19 16:49 *JP MORGAN AND MORGAN STANLEY JOINT BOOKRUNNERS IN COM HEM SALE
BN 03/19 16:48 *BC PARTNERS TO SELL 25M SHRS IN COM HEM
BN 03/19 16:48 *BC PARTNERS STARTS SALE OF COM HEM SHARES
BC Partners to Sell 25m Shrs in Com Hem in Accelerated Bookbuild
2015-03-19 16:57:13.546 GMT


By Tim Barwell
(Bloomberg) -- Shares offered at SEK75 to market price,
terms show; stock closed today at SEK77.25.
* BC Partners will hold 35.6% post sale; currently holds ~48%
of shrs outstanding, or ~98.9m shrs, according to Bloomberg
data
* Morgan Stanley, JPMorgan joint bookrunners

Link to Company News:{2496Z LN <Equity> CN <GO>}
Link to Company News:{COMH SS <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:
Tim Barwell at +44-20-3525-3512 or
tbarwell@bloomberg.net