>>> Global Resorts releases improved offer of EUR 23 per Club Med share

Global Resorts releases improved offer of EUR 23 per Club Med share
Story
Global Resorts, advised by Unicredit and Lazard, announced that it has acquired 2,164,242 shares in Club Med at a price of EUR 23 per share, increasing its shareholding to 5,720,681 shares representing 15.93% of the capital and 14.35% of the voting rights in the company.

Global resorts is therefore improving its offer for Club Med to EUR 23 per share. The price offered for the Oceane bonds in Club Med remain unchanged at EUR 22.41 per Oceane.

Trading on ordinary shares issued by CLUB MEDITERRANEE was suspended on EURONEXT PARIS yesterday 11 November and will resume today 12 November.

AMF, the French stock market regulator, will reveal later on the consequences of the improved offer on the timetable of the offer period, which is currently scheduled for closure on 20 November 2014.

The full French language release can be found here.

This development was also reported in daily Le Figaro, which claimed that Andrea Bonomi, the Italian entrepreneur behind Global Resorts, is currently negotiating the acquisition of further shares in Club Med to increase its stake to about 18.9%. The unsourced report noted that Chinese investment group Fosun, which has tabled a competing offer for Club med, currently owns 18.3% in the French group.


Source Regulatory Authority Press Release (Translated), Le Figaro

WSJ : French Drug Firm Bets on Tiny Diabetes Device

French Drug Firm Bets on Tiny Diabetes Device
Servier Backs Implantable Pump Developed by Boston-Based Intarcia Therapeutics

French pharmaceutical company Servier is making a big bet that a tiny drug-loaded implantable pump being developed by a Boston-based startup will transform the global market for patients with diabetes.

Servier has agreed to pay Intarcia Therapeutics Inc. $171 million up front, with potential additional payments that could increase the total to more than $1 billion, for rights to co-develop the device for most markets outside the U.S., the companies said. Closely held Intarcia retains full rights to the treatment for the U.S. and Japan.

The agreement amounts to a significant validation of the potential for the experimental pump, a matchstick-sized device that delivers a continuous dose of the drug exenatide to patients for up to a year. The pump is intended to address a major issue in treatment of Type 2 diabetes: the failure of most patients to stay on pills or take injections required to control their blood sugar.

The pump hasn’t yet been approved for sale; the companies plan to submit it to regulators in the first half of 2016.

“When we talk to patients with Type 2 diabetes, there is a huge burden of the treatment for them on their daily lives,” said Pascal Touchon, Servier’s vice president, scientific cooperation and business development. The company’s investment reflects its belief “about how important the innovation will be for patients and how large the potential might be if the innovation reaches patients,” he said.

World-wide, some 382 million people are currently living with diabetes, according to the International Diabetes Federation, more than 90% of them outside the U.S. The vast majority have the Type 2 form of the disease, which is often associated with being overweight or obese.

Intarcia said recently that in two late-stage studies involving a total of 520 patients, the device—when used with standard oral medicines—significantly lowered blood sugar as measured by a marker called hemoglobin A1c, when compared in most cases with standard oral medication alone. The company hasn’t yet published the data in peer-reviewed medical journals. Two other late-phase studies are under way.

Kurt Graves, chairman, president and CEO of Intarcia, said the deal with Servier was the result of a six-month process that involved discussions with 11 major drug companies. He declined to name other contenders.

In addition to the upfront payment, the achievement of regulatory milestones within the first two years will trigger payment of another $230 million. The remaining $650 million is tied to commercialization and sales targets.

Servier was a good fit, in part, because “they’re the one party that was happy to leave us in full control of the U.S. market,” Mr. Graves said, one of the company’s chief goals in finding a global marketing partner.

Servier, a closely held 60-year-old company controlled by a foundation, doesn’t have any U.S.-based operations. Servier had annual sales last year of €4.2 billion ($5.2 billion), Mr. Touchon said. It markets the diabetes drug Diamicron, which he said is the top global seller outside the U.S. among a class of drugs called sulphonylureas.

Intarcia’s pump, called the ITCA 650, is based on technology that enables medicine to remain stable at body temperature. It can be implanted in abdominal tissue in a five-minute procedure by doctors, physician assistants or nurses, Mr. Graves said. It releases exenatide continuously in micro quantities to allow stable control of blood sugar.

Exenatide is marketed in other forms by AstraZeneva PLC as Byetta and Bydureon for patients with Type 2 diabetes.

(BFW) Tullow Sees Possibility for Substantial Writedown

BN 11/12 07:09 *TULLOW MAY NEED SUBSTANTIAL NON-CASH EXPLORATION WRITEDOWNS
BN 11/12 07:07 *TULLOW SAYS TO CUT EXPLORATION SPEND SIGNIFICANTLY
BN 11/12 07:04 *TULLOW TO CUT EXPLORATION, APPRAISAL CAPEX TO $300M IN '15
BN 11/12 07:02 *TULLOW SAYS FINANCIAL PERFORMANCE YTD IN LINE WITH EXPECTATIONS
BN 11/12 07:01 *TULLOW SAYS REVIEWING CAPITAL EXPENDITURE
Tullow Sees Possibility for Substantial Writedown
2014-11-12 07:14:56.238 GMT


By James Ludden
Nov. 12 (Bloomberg) -- To cut exploration spend
significantly.
* Board to review 3-yr investment plan, main focus on French
Guiana, Mauritania.
* Sees possibility for “substantial non-cash exploration
writedowns”
* Impairment charge to relate to Uganda, all PP&E assets,
Spring Energy in Norway
* European output affected by underperformance
* Sees yr pretax op cash flow before working capital $1.7b
* Sees yr capex in-line w/ current guidance of $2.1b
* Sees 2015 capex ~$2b



Link to Company News:{TLW 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

(BFW) CSR Shareholders to Vote on Qualcomm Deal Dec 4

CSR Shareholders to Vote on Qualcomm Deal Dec 4
2014-11-12 07:14:58.854 GMT


By Sam Chambers
Nov. 12 (Bloomberg) -- Court meeting and general meeting to
be convened on Dec 4.
* Subject to approval, co. sees scheme becoming effective by
end summer 2015. Statement
* Separately, CSR reports 3Q sales $212m vs est $212m (4
ests), underlying gross margin 60.1% vs 52.8% y/y
* 3Q underlying net income $34.4m vs $25.3m y/y
* Sees 4Q rev. “in line with management expectations”
* Statement
* NOTE: Qualcomm agreed to buy CSR for $2.5b


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

To contact the reporter on this story:
Sam Chambers in London at +44-20-7673-2021 or
schambers7@bloomberg.net
To contact the editor responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net

WSJ : Banks Reach Settlement in Foreign Exchange-Rigging Probe

Banks Reach Settlement in Foreign Exchange-Rigging Probe
Major Financial Institutions See Resolution Over Allegations of Improper Behavior

LONDON—Five banks agreed Wednesday to pay a total of more than $3 billion to U.S. and British regulators to resolve allegations of improper behavior in the vast foreign-exchange market.

The settlements between the U.K.’s Financial Conduct Authority and the Commodity Futures Trading Commission and HSBC Holdings PLC, Royal Bank of Scotland Group PLC, UBS AG , Citigroup Inc. and J.P. Morgan Chase & Co. are the first in a flurry of expected settlements between various banks and regulators. The authorities have been looking into alleged wrongdoing in the currencies markets since last year.

The CFTC settlement was for a total of about $1.4 billion, while the FCA portion was £1.1 billion ($1.75 billion).

Swiss regulator FINMA separately ordered UBS to pay 134 million Swiss francs ($139 million) to settle its probe.

Barclays PLC, which had been in late-stage settlement talks with both regulators, pulled out at the last minute. The bank said in a statement that it had engaged with regulators and considered a settlement on “closely similar terms” to those announced on Wednesday but that after discussions with other regulators and authorities it had decided to seek a “more general coordinated settlement.”

The settlement agreements published Wednesday offer glimpses of bank traders communicating with each other in electronic chat-rooms and other venues in ways that authorities say were improper.

The settlements are the latest in a series of increasingly tough financial penalties against banks. Lenders have racked up tens of billions of dollars in penalties in recent years stemming from investigations into interest-rate manipulation, sanctions violations, and improperly selling a variety of financial products.

Wednesday’s deal is a rare example of regulators simultaneously settling allegations with multiple banks. Regulators are hoping to avoid a protracted settlement process that drags on for many years—the continuing investigation into manipulation of benchmark interest rates is approaching its seven-year anniversary. Banks, meanwhile, are eager to enter a group settlement that will avoid any one institution being singled out.

That setup has prompted criticism. The U.S. Justice Department and New York’s financial regulator, for example, are sitting out of Wednesday’s deal, and the latter has complained about the possibility of it giving banks a “sweetheart deal.”

The investigation into possible manipulation of foreign-exchange markets began in spring 2013 when the FCA started looking into allegations of wrongdoing. The probe initially focused on a key industry benchmark—the so-called fix calculated daily by WM/Reuters—but quickly mushroomed into an industrywide investigation that also dug into personal trading by bank employees.

Even before Wednesday’s settlement, the investigation has had ripple effects. Many banks have banned their employees from communicating with rivals via electronic-chat programs. Banks including UBS have restricted their employees from trading in their own accounts and from using mobile phones on the trading floor.

More than 30 traders, including some from all banks involved in Wednesday’s settlement, have been fired or suspended as part of the probe.

Some of those individuals are still facing criminal investigations in the U.S. and U.K., which aren’t likely to wrap up until at least next year, according to people familiar with the matter.

>>> Songbird minority shareholders hold out for minimum 380p per share offer fro

Songbird minority shareholders hold out for minimum 380p per share offer from QIA and Brookfield 

Songbird Estates’ minority shareholders have said the Qatar Investment Authority (QIA) and Brookfield Group would need to offer a minimum of 380p to secure support for their takeover offer, The Times reported. The newspaper quoted one of Songbird’s leading minority investors, who said they would not support any agreed offer of less than 380p per share for the listed UK-based property company.

The Daily Mail reported dealer chatter that Songbird Estates is in line for an imminent knockout cash bid pitched at around the 400p-per-share mark.

As previously reported, Songbird Estates last week said it had rejected an initial takeover offer of 295p per share from QIA and Brookfield, a listed Canadian property company.

The shareholder quoted by The Times said estimates show that the value of Songbird’s assets, including GBP 6.3bn of properties in London’s Canary Wharf district, will increase by more than had previously been forecast. The investor added that Songbird has a strong pipeline of residential and office developments and pointed out that the Crossrail rail link would increase rental values.

The QIA is Songbird Estates’ biggest shareholder with a stake of slightly more than 28%. Brookfield holds a 22% stake in Songbird’s operating subsidiary Canary Wharf Group (CWG). Songbird holds a stake of close to 70% in CWG.

Minority shareholders in Songbird include Majedie Asset Management and Kames Capital, the item said. The four main investors in Songbird – the QIA, Glick Entities, China Investment Corp (CIC) and Morgan Stanley Real Estate – could play a decisive part in the takeover process, the article added.

Analysts cited by the report estimated that the bidders may need to increase their opening bid by 35%.

One analyst cited by the newspaper said QIA and Brookfield’s initial bid was 7.5% short of Songbird’s net asset value (NAV). Of ten recent successful offers for UK property companies, only three have been completed at a valuation less than the target’s NAV. The other seven deals were agreed at an average premium of 16% to NAV, the analyst added.

Songbird Estates’ share price closed 5.5p down at 325p on the London Stock Exchange yesterday, 11 November, giving the group a market capitalisation of GBP 2.40bn (EUR 3.06bn).


Source The Times (London), Daily Mail

>>> PT Portugal: Apax Partners seeking local partners for bid

PT Portugal: Apax Partners seeking local partners for bid 

Apax Partners is seeking Portuguese partners for its bid on PT Portugal and close to tabling an offer, reported Diario Economico. Sources familiar with the situation told the Lusophone paper that informal contacts between Apax and Oi, owner of PT Portugal, are going well and an offer from the British private equity firm is expected soon.

Apax wants to join forces with one or more Portuguese partners for its bid on PT Portugal, the same sources said. The UK firm had originally planed to make a bid with Bain and CVC but these parties will withdraw as PT Portugal suitors, the sources said. Alltice, the French telco, made a EUR 7bn-plus offer for PT Portugal last week.


Source Diario Economico

>>> United Utilities may attract Kuwaiti bid of GBP 12 per share

United Utilities may attract Kuwaiti bid of GBP 12 per share

Kuwait’s sovereign wealth fund may be considering bidding for UK-listed United Utilities, according to market chatter, The Independent reported.

The rumours suggested the Kuwaiti fund may be mulling a bid of around GBP 12.00 (USD 19.09) per share, alongside a speculated offer from Ontario Teachers Pension Fund (OTPP), the report said.

OTPP might team up with funds from Abu Dhabi and Qatar to launch a break-up bid pitched at around GBP 12.00 per share, which would value United Utilities at approximately GBP 8bn, according to rumours carried in a market report in The Daily Mail


Source Independent, Daily Mail

>>> What to look at today - 12th of November

US Market closed slightly higher, volume was the lowest since sept. with only 60mil shares traded, japan performance helped the broader market to hold the flat line...cyclical sectors ended mixed. Financials (-0.2%), and industrials (-0.1%) lagged while consumer discretionary (+0.4%), technology (+0.1%), and materials (+0.5%) registered gains, health care (+0.4%), Vectors Gold Miners ETF (GDX 18.22, +0.77) rallied 4.4%, the utilities sector (-0.4%) was the weakest performer while consumer staples (-0.2%) and telecom services (-0.1%) settled closer to their flat lines...VIX @ 12.92 +1.97% ...US After Hours GEVO +26.2%, PFIE +8.6%, FOSL +8.6%, YDLE -7.3%, NLST-4.3% following earnings/guidance...In Japan, Rumors resurfaced that a snap election in the lower house of Japan's Diet serving as a referendum on the impending PM Abe sales tax decision would be called, weighing on the Yen, a Sankei report citing unnamed cabinet advisors said that Abe would push back the sales tax increase to Apr 2017, dissolve parliament later this month, and hold elections in December...- US and China leaders reportedly secured a new agreement on CO2 emission reduction at the APEC summit. China is promising that 20% of its energy would be sourced from non-fossil fuel by 2030, while US pledged to cut CO2 emissions by 26-28% by 2025 v 2005 level...Nikkei +0.43% Hang Seng +0.34% Shanghai +0.62%...

Eur$ 1.2481 S&P -0.12% EuroStoxx -0.23% Dax -0.20% FTSE -0.06% SMI -0.12%

Macro :
- Spain Econ Min: Q4 GDP likely to come in at approximately what was seen in Q3 at 0.5%

Keep an eye on :
- ABE SM : Abertis Hires Morgan Stanley, Goldman for Unit IPO: Expansion
- AIR FP : COO: Company aims to double the annual value of aircraft components sourced from Chin to $1B by 2020
- AF FP : Air France-KLM Dutch Unit Head Tells FD Transavia Isn’t for Sale
- AZN LN : Amgen/Astra’s Brodalumab Meets Goals in Second Phase 3 Study
- GBF GY : Bilfinger Shrs Probed for Possible Insider Trading: Manager Mag.
- BMPS IM : BNP Paribas Could Make a Merger With Monte dei Paschi Work - NYT
- BC IM : Cucinelli 3Q Ebitda In Line, Sees Double-Digit Growth in 2015
- CRG IM : Carige 9m Net Loss EU328.8m Vs Net Loss EU1.31b Y/y
- DAI GY : Mercedes Recalls 10.5k C-Class Cars in U.S. on Steering: Reuters
- DPW GY : Deutsche Post 3Q Profit Misses Est., Rev. Beats; Confirms View
- EDF FP : French Nuclear Watchdog Says It Needs Bigger Budget, Echos Says
- ENEL IM : Enel 3Q Ebitda EU3.73b Beats Est. EU3.67b; Net Debt EU44.6b
- EOAN GY : EON 9M Ebitda EU6.64b vs Est. EU6.41b; Confirms 2014 Guidance
- GFK GY : GFK 3Q Ebit Falls 10%; Confirms 2014 Forecast
- HDD GY : Heidelberger Druck Sees FY Sales Down About 5% on Previous Year
- IHG LN : IHG Says in Best Interest to Pursue Current Strategy
- JEN GY : Jenoptik 3Q Results After Tax Fall 10%; Reiterates 2014 Outlook
- KUD SW : Kudelski CEO says it could make acquisitions to strengthen cyber-security sector -Finanz und Wirtschaft
- MEL SM : Melia Hotels Cons. 9M Profit EU36.5M Vs EU23.9M a Yr Earlier
- MONC IM : Moncler 3Q Rev., Adj. Ebitda Beat Ests.
- MS IM : Mediaset 3Q Sales Beat; Sees Positive Full Year Net Result
- PMI IM : Pop. Milano 9-Mo. Net EU219.3m vs EU134.4m; Says Results In Line
- POP IM : Banco Popolare 3Q Net Loss EU127.8m; Est. EU28.6m Loss
- QIA GY : Qiagen Enters Pact With Novartis: No Terms Provided
- RHK GY : Rhoen-Klinikum Renews CEO Martin Siebert’s Contract Until 2019
- RR/ LN : Rolls-Royce Signs $50m Contract W/ Jiangsu for Engines
- SAN SM : Santander Seeks French License to Build Consumer Finance Unit
- SBMO NA : SBM to Pay $240m in Settlement Over Alleged Improper Payments
- SBRY LN : Sainsbury stake rumoured to be eyed by US activist fund - numbers out today, could see some news after - FT
- SLHN VX : Swiss Life Says 9M Premium Income Up 6% to CHF14.4 BLN
- TEF SM : Telefonica 3Q Oibda Beats Estimates, Sales in Line
- UBSN VX : UBS Made to Pay CHF134m by FINMA in Currency Probes
- WIE AV : Wienerberger 3Q Sales Miss Estimate; German Market Slows Down

>>> Peuterey attracts interest of Permira and Carlyle; Clessidra drops out of ra

Peuterey attracts interest of Permira and Carlyle; Clessidra drops out of race 

Peuterey, the family-owned Italian fashion group that includes the brands Geospirit, Aiguille Noire and Postcard, has attracted the interest of private equity firms Permira and Carlyle for the sale of a 40% stake, the Italian-language daily Il Sole 24 Ore reported. The report cited market rumours.

The report also cited Francesco Trapani, the deputy chairman of Clessidra, as confirming that the PE firm was no longer in the bidding for the stake.

The report noted that Peuterey has turnover of EUR 100m.

 
Il Sole 24 Ore