(BFW) Fosun Group’s Zhong Says Club Med Is ‘Iconic Brand’ in France

Fosun Group’s Zhong Says Club Med Is ‘Iconic Brand’ in France
2014-10-22 07:49:52.187 GMT


By Simone Meier
Oct. 22 (Bloomberg) -- Patrick Zhong, senior managing
director at Fosun Group, says the company will help France’s
Club Med build resorts in China, in an interview on Bloomberg
Television.
* Says Club Med becoming “household name” in China
* NOTE: Club Med Employees Reject New Fosun Offer: Le Monde
NSN ND2PQV6K50XX<GO>

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(BofA-ML) Oil Most/Least Preferred

* Most Preferred List
Afren: Stake building by SA Petroleum offers valuation support
BG: Board awaiting strategic options
Wood Group: Lower risk business model fuels cash generation, 30% upside potential to our PO

* Least Preferred List
Lundin: Long dated capex plans weigh on potential shareholder returns
Neste: Trades at a 20% premium to history post recent rally
Saipem: Despite better order intake, margins remain unknown & Algeria still an overhang

* Stocks Added and Removed
Added: MPL-Afren, Wood Group LPL- Neste
Removed: MPL- Dragon Oil, Eni LPL- Galp

(BFW) Roche May Have as Much as $60b for ‘Inorganic Growth:’ Goldman

Roche May Have as Much as $60b for ‘Inorganic Growth:’ Goldman
2014-10-22 07:28:20.348 GMT


By Chiara Remondini
Oct. 22 (Bloomberg) -- Goldman Sachs estimates Roche will
generate ~$100b in cash through 2018, says may have $30b-$60b of
incremental cash (post capex, div.) for “inorganic growth,”
according to note dated yday.
* Says consensus estimates see ~$15b/$44b in cumulative capex,
div. payments over period, leaving ~$32b in unused cash by
end-2018 (post InterMune deal)
* Consensus doesn’t reflect potential to increase div. payout
or source inorganic growth, which may add ~300-400bps to
top-line/EPS CAGR over considered period; notes co.’s
balance sheet policy which aims for net debt to asset ratio
of 0%-15%
* Estimates div. may increase at ~13% CAGR in 2013-2018 vs
consensus of 8%
* Reiterates conviction buy


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Gaurav Panchal

(BFW) Francois Pinault Starting New Kering Eyewear Co.: Messaggero

--> -ve for Safilo & Luxottica

Francois Pinault Starting New Kering Eyewear Co.: Messaggero
2014-10-22 06:58:23.230 GMT


By Daniele Lepido
Oct. 22 (Bloomberg) -- French businessman launching co.
based in Italian city of Padua, Il Messaggero reports.
* Pinault’s son Francois-Henri appointed to board: Messaggero
* Former Safilo executive Roberto Vedovotto will be CEO,
chairman: Messaggero
* Co. aims to top EU400m rev. “in few years:” Messaggero
* NOTE: Pinault Family Buys Napa Araujo Estate Wines to Add to
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>>> Nutreco shareholder NN also calls SHV bid too low, SHV keeps buying

Nutreco shareholder NN also calls SHV bid too low, SHV keeps buying 

NN Groep (Nationale Nederlanden), the Dutch insurer, has also turned against investor SHV's bid for animal feed producer Nutreco, the Dutch daily De Financieele Telegraaf reported. Yesterday, pension fund APG, which holds almost 10% of shares, said it felt the bid was too low.

SHV has offered EUR 40 per share, a premium of 42% in terms of the share price last Friday. But NN sees more long term value. NN Groep has been a shareholder in Nutreco from the start and isn't impressed by the SHV bid, the report said. The bid doesn't adequately reflect the excellent long term prospects and the potential to improve margins, NN told the paper. The group owns 7,5% of Nutreco's capital and has been a shareholder since Nutreco went public in 1997. At the time NN was still a part of ING Groep, and bought the shares for 37 guilders.

SHV wants to take Nutreco off the stock exchange, and needs 95% of the shares to be able to do so. The investment firm expanded its stake to 11% on Tuesday, another report in de Financeele Telegraaf said.


Source De Financieele Telegraaf

>>> What to look at today - 22nd of October 2014

US Market closed much higher, S&P psoting its fourth consecutive gain, AAPL jumped 2.7%, volume were in line with average @ 795mil shares...VIX @ 16.08 -13.41%...The yields on the US 10-yr note is back above 2.20% - a 1-week high - as diminishing concerns over Ebola/Hong Kong/Europe have eased investors worries. Nikkei225 is leading the rally on the heels of further modest selling in JPY, with USD/JPY retesting the ¥107 handle. Japan merchandise trade deficit was much wider than expected mainly due to higher than anticipated rise in imports (6.2% v 2.7%e). Govt panel discussion saw economic advisor Honda recommend that another sales tax hike is postponed until 2017 vs late 2015 initially planned. Separately, a govt official noted some further stimulus measures will still be considered regardless of the decision on the next round consumption tax. China Vice Premier Zhang noted the country continues to attract foreign investment, and that YTD economic growth is still in reasonable range after yesterday's release of slightly better than expected GDP number. In Hong Kong, the student protest leader said marches will continue and that it was uncertain if more meetings with the govt will take place. Overnight, Chief Secretary Carrie Lam reiterated 2017 chief election will be based on National People's Congress (NPC) ruling following meeting with student leaders. Nikkei +2.46% Hang Seng +1.23% Shanghai -0.31%

Eur$ 1.2739 S&P -0.10% Eurostoxx +0.43% FTSE +0.37% Dax +0.61% SMI +0.47%

Macro
- French Livret A Savings Account Sept Outflow EU2.37B: Les Echos

Keep an eye on :
- ABBN VX : ABB 3Q Sales Below, Net Income Ahead of Analyst Estimates
- AXFO SS : Axfood 3Q Profit Beats Est.; Keeps 2014 Forecast
- BAR BB : Barco Sees 2H Results Comparable to 2H 2013 Ex. One-Time Gains
- BIM FP : BioMerieux Confirms 2014 Sales Target; 3Q Revenue Rises 5.7%
- ALCAR FP : Carmat Preparing Second Artificial Heart Clinical Trial: Figaro
- CRDA LN : Rumors of interest from Private Equity - FT Article
- GSZ FP : GDF Suez Board Names Kocher Director, Deputy CEO & COO
- HEI NA : Heineken 3Q Consolidated Organic Beer Vol. Growth Misses Ests.
- IBE SM : Iberdrola Board Approves Capital Increase for Script Dividend
- KLOV SS : Klovern Says 3Q Operating Margin Highest Ever for a Quarter
- KRA1V FH :Kemira 3Q Sales Beat, Profit Misses Ests.; Retains 2014 Forecast
- LUX IM : Luxottica May Appoint a P&G Executive as CEO, la Repubblica Says
- MELE BB : Melexis 3Q Rev., Net Beat Ests.; Ebit Margin Outlook Raised
- MHG NO : Marine Harvest 3Q Oper. Ebit Higher Than Preliminary Report
- NDA SS : Nordea 3Q Net Misses Est.; NII Beats
- NHY NO : Norsk Hydro 3Q Revenue NK19.698b vs Est NK18.6b
- UG FP : Peugeot Citroen 3Q Sales Beat Est.; Targets Reiterated
- ROG VX : Roche to Invest CHF3b Over Next 10 Years in Basel Site
- SBS GY : Stratec Biomedical 3Q Sales Rise 18%; Confirms Forecast
- SGO FP : Saint-Gobain Expands in Russia as Competition Slows, Finans Says
- SHBA SS : Handelsbanken 3Q Net, NII Top Ests.
- TEC FP : Technicolor 3Q Sales Down 3.1% on Lower DVDs; Confirms Forecast
- FP FP : Total's Desmarest to Propose Pouyanne as CEO, Les Echos Says, to split CEO & Chariman role
- UCB BB : UCB Close to Selling Kremers Urban Unit for $1.7 Bln, Tijd Says
- FR FP : Valeo 3Q Rev. Rises 10%; FY Targets Confirmed

FT : Croda climbs on renewed bid talk

Renewed takeover speculation helped Croda International follow the London market higher on Monday.
Talk that Croda has been attracting takeover interest helped the cosmetics ingredient maker advance 1.8 per cent to £20.93.
A $2.7bn bid this week for Holland’s Nutreco, the animal feed maker, from investment fund SHV suggests “the M&A wave in the chemical industry has started”, said Baader Bank analyst Markus Mayer.

Private equity’s interest in the sector has been increasing, which is what triggered the last M&A wave nearly a decade ago, he said.
Solid numbers from Dutch peer Akzo Nobel provided the more fundamental reason for buying Croda, which has dropped 20 per cent from its 2014 peak since a July profit warning.
Akzo said pricing for its speciality chemicals division had improved on flat volumes.
Wider market volatility continued, with the FTSE 100 reversing an opening loss to close up 1.7 per cent, or 105.26 points, to 6,372.33.
Travel stocks led the bounce. Carnival gained 4.5 per cent to £23.47 and Tui Travel rallied 4.7 per cent to 365.7p – both having lost about 9 per cent over the previous month.
Morgan Stanley was recommending Tui Travel after hosting a meeting with management from the holiday group and its parent company, Tui.
Management remained confident in completing a merger, despite Institutional Shareholder Services advising Tui Travel shareholders to vote against it, the broker said.
“We were pleasantly surprised by the potential scale and timetable of the non-core business disposals, the internal upside from margins within Tui Travel, the minimal impact seen by Ebola on their businesses, and how well the co-CEOs seemed to work together,” Morgan Stanley added.
Ahead of its results and a strategy update on Thursday, Tesco was up 3.7 per cent to 185.9p. The shares were helped by monthly industry figures to mid-October from Kantar Worldpanel that showed the pace of Tesco’s sales decline and loss of market share moderating.
WPP rose 4 per cent to £11.71 after Omnicom began results season for the advertising agencies with better than forecast numbers.
Disappointing results caused most of the fallers. Reckitt Benckiser lost 2.1 per cent to £50.10 after its sales missed expectations while Arm Holdings dropped 5.3 per cent to 806p after its earnings showed more benefit from dollar strength than royalties.

APR Energy, the generator hire specialist, lost 7.5 per cent to 471.5p on a downgrade to “equal weight” from Morgan Stanley.
APR has said it may have to abandon a deal with Libya’s state power company, which provides an estimated 50 per cent of group operating earnings.
Exiting the agreement may be complex as Libya will not want to lose grid capacity and APR’s bargaining position when selling equipment will be weak, Morgan Stanley said.
The earnings loss may also raise investor concerns about APR breaching its debt covenant, the broker added.