An agreement was concluded for the takeover of fast food Burger King Holdings by investment firm 3G Capital at a price of $ 24 per share, reports the U.S. television network CNBC.
That would value the transaction at an amount of about four billion dollars (3.12 billion euros), says CNBC.
Following this information, the way Burger King has taken 23% to $ 23.20 in pre-market.
A source with knowledge of the case had said to Reuters on Wednesday that Burger King was discussing the sale with 3G and this information enabled the title to win nearly 15% over the meeting.
Analysts said the timing is right for Burger King to make such an attempt, after a group of private equity firms had introduced the company stock at a price of $ 17 in May 2006.
Burger King and 3G Capital were not immediately available for comment.
Carrefour said Tuesday first-half results in line with its forecasts and affirmed its guidance for full year 2010 thanks to the dynamism of emerging countries, while expressing disappointment in the August sales in Europe.
The number two worldwide in distribution, after Wal-Mart, has however revealed nothing about his intentions regarding a possible sale of its assets in Malaysia, Thailand and Singapore, raised in recent weeks by the press.
For the first six months of the year, Carrefour posted a net operating (ROC) up 7.6% to 1.096 billion euros, according to the forecast raised mid-July.The group at the same time reiterated that he was an ordinary profit of 3.1 billion for 2010.
"We're quite pleased with the sales in July, a little disappointed by sales cons of August," said Pierre Bouchut, the group finance director of distribution, during a conference call about Europe.
"The trend in emerging markets remains strong," he added.
Around 12:15, the action at Carrefour gave up 1.59% 35.5350 euros after being the only value increase in the CAC 40 by midmorning.
Since the beginning of the year, won the title by 6% but underperformed the sector index Stoxx 600 supermarkets (+7.9%).
"Although the figures are in line with expectations, the comments from CFO on summer sales in Europe cast a shadow on the table," said Caroline Gulliver, analyst at Execution Noble.
SPECIAL CHARGE ON BRAZIL
In the first half, Carrefour has benefited from the dynamism of emerging economies to reach a turnover up 6% to 41.3 billion euros, offsetting a decline in European sales.
Its revenues have indeed declined by 0.4% in France and 3.1% in the rest of Europe.At constant exchange rates, they climb 16% in Latin America and 8.9% in Asia.
Christian Devismes, analyst at CM CIC Securities, notes however that the group spent an exceptional charge of EUR 69 million for Brazil, which explains his view "the disappointing operating results in the area of South America ' .
Carrefour, which seeks to save 4.5 billion euros over three years to improve its margins, reduced costs by 236 million euros in the first half of the year, a target of 500 million euros for whole of 2010.
According to several sources, Carrefour seek to divest its assets in Malaysia, Thailand and Singapore to focus its efforts on China and India.Such sales could bring him some 800 million euros in total.
"We do not comment on such rumors," responded Pierre Bouchut.'Our goal is to build on certain markets and, over time, probably, to take the decision to abandon certain other markets. "
"At what point will we take this decision? Will we really?" Everything remains open, "said chief financial officer.
FOCUS ON THE "CROSSROADS PLANET"
PTT, Thailand first group in the energy sector, has already expressed interest in taking over the assets of French in Thailand.
Engaged in a redesign of its hypermarkets in Europe around the concept of "Crossroads Planet launched in late August, the retailer was" very pleased "with progress in this program.
"The focus is now on the new superstore concept launched last week in France," said analyst Execution Noble. "This new format is essential for recovery because it represents more than 50% of sales (Carrefour, Ed) in France.
On 16 September, at the Investor Day to be held in Lyon, Carrefour will detail the strategy of concept "Carrefour Planet" and the objectives it has set.
After several unsuccessful approaches in recent weeks, Sanofi-Aventis released on Sunday a proposal for acquisition of U.S. biotech group Genzyme of $ 18.5 billion (14.5 billion euros), which should increase pressure on its target.
The French group is willing to pay $ 69 per share in cash to take control of Genzyme, a specialist in treatments for rare diseases.This price corresponds to the one discussed at the end of July, lorsqu'ont began to circulate on the market reports of interest from Sanofi.
He explained Sunday that sent its proposal to the CEO of Genzyme, Henri Termeer, July 29 "after several unsuccessful attempts to initiate discussions.
"Sanofi-Aventis makes public the contents of this letter in order to inform shareholders of Genzyme significant value and strong strategic fit that would bring together the two companies," he said in a statement.
Genzyme was not immediately available to respond to the initiative of Sanofi.
This ensures ready to consider "all options as it deems appropriate in order to complete this merger.
"The most important is that the shareholders of Genzyme hear us," said Chief Executive Chris Viehbacher, during a teleconference.
Sources had earlier told Reuters that Genzyme wanted an offer of at least $ 75 per share before opening accounts to Sanofi.
Interviewed Sunday on the possible evolution of his approach, Chris Viehbacher said: "There is no reason to discuss the next step while we are at this stage there is no reason today (…) discuss a different price."
Sanofi, the world number six from the pharmacy, is seeking new sources of growth as patents of several of its key drugs, including anticancer Taxotere or anticoagulant Plavix, due to expire in coming years.
THE COURSE OF GENZYME IS FALLING UNDER 69 DOLLARS
The group has the means of its ambitions of its debt (6.2 billion euros at 30 June) it would probably raise its offer if necessary Genzyme.
He said Sunday that it had secured financing for its offer, which he has involved several large banks including BNP Paribas, JPMorgan Chase & Co. and Societe Generale.
The price of 69 dollars is proposed to Genzyme as calculated by Sanofi a premium of 38% during the 1st July, before the first rumors of acquisition.
This states that its offer represents 36 times the earnings per share (EPS) estimate of Genzyme and 20 times 2010 estimated EPS for 2011 based on the consensus of analysts.And he adds that a redemption price of $ 69 per share would have a positive impact on its own results.
On the Nasdaq National Market, under the Genzyme rose to nearly $ 71 in late July at the height of speculation on interest paid to Sanofi, but declined since then, closing Friday at 67.62 dollars.
In the letter to CEO of its target, it has also made public Sunday, the French group also notes that "Genzyme underperformed relative to its peers for several years."
"We look forward to engaging in constructive discussions with Genzyme in order to perform this operation," assured Chris Viehbacher.
The showdown now publicly committed between Sanofi and Genzyme could be influenced by shareholder activists of the American group, the foremost among the fund Relational Investors and investor Carl Icahn, with 3.8% and 4.9% of capital respectively.
For their part, major shareholders are Sanofi as L'Oreal and Total are reserved about the project and fear to see pay too high a price, said last week, banking sources told Reuters.
Genzyme, headquartered in Cambridge, Massachusetts, completed in 2009 a turnover of 4.5 billion dollars and employs over 12,000 people.
Among its major drugs include treatments for Gaucher disease and Fabry disease.Its pipeline of drugs under development include a treatment of multiple sclerosis.
* The release of Sanofi (PDF): here
* Chart valuations in the health sector:
here
* Chart acquisitions of biotechnology companies:
here
* Graph of recovery of the offer from Sanofi:
here
* Stock charts comparing the leading biotech companies:
link.reuters.com/zyf23n
* Stock charts comparing the major pharmaceutical groups:
here
Boeing announced Friday a new postponement of several weeks of the first delivery of its 787 "Dreamliner," he explains by the lack of a reactor of the Rolls-Royce needed for test flights.
The U.S. aircraft manufacturer now expects the first delivery of 787, already delayed over two years since the program launch will take place around the middle of the first quarter of 2011, rather than in the first few weeks of 2011.
The postponement came four weeks after the explosion of a reactor Trent 1000 Rolls-Royce on a test site in Derby, central England, which forced the British group to temporarily close its facilities.
"Changing the date of delivery resulted in a reassessment of the availability of a reactor needed in the final stages of test flights this fall," said Boeing.
He said cooperation with Rolls-Royce to ensure that the reactor in question is available as quickly as possible and assured that the postponement would not affect its earnings forecast.
In turn, a spokesman for Rolls-Royce has announced that the group "working closely with Boeing to accelerate the delivery and conform as much as possible the original schedule.
SETBACKS
For Howard Wheeldon, an analyst at BGC Partners, "even if it is obviously a setback for the program, we do not consider the additional engineering work for Rolls-Royce will likely be necessary as a barrier Major for the 787.
Rolls-Royce's share lost 1.2% in early afternoon at the London Stock Exchange after falling to its lowest level in nearly two months.
Boeing originally planned to deliver the first 787 to All Nippon Airways (ANA) before the end of 2010, but last month it had rejected the delivery of a few weeks, so in early 2011, citing technical difficulties.
ANA has held the new report "regrettable" and said he was eager to know the date of delivery of the second device.
The company has ordered 55 copies of the new model of Boeing. The manufacturer has pledged to deliver eight by April 2011.
The 787, whose design has been marked by an unprecedented use of composite materials, is expected to be more fuel efficient than the current generation of commercial aircraft.
The program of test flights, however, has gone more slowly than expected since the first flight last December.
Wall Street ended higher Wednesday, ending a series of four sessions of declines, the decline in the S & P to a key threshold that led to redemptions, which offset the cheap statistics once again disappointing.
The Dow Jones 30 industrials gained 0.2% to 10,060.06 points.The S & P 500 is broader, took 0.33% to 1055.33 points while the Nasdaq Composite Index advanced 0.84% on his side to 2141.54 points.
Home sales in the nine tumbled 12.4% in July, while new orders for durable goods rose less than expected.
On Tuesday, the National Association of Realtors (NAR) had reported a sharp decline, more than two times higher than expected, sales of existing homes in July.
"Overall, the market remains very cautious," said Quincy Krosby, market analyst at Prudential Financial.
"Until we get not a set of data strongly positive, this market will remain vulnerable," he adds.
The banks, which are exposed to the housing market, ended in the red for the fifth straight session. The KBW bank index fell briefly in session at 42.70, its lowest level since the beginning of the year, closing a decline of 0.41%.
THE HEALTH SECTOR KICKBACK
The S & P, however, found support at around 1,040 points, a threshold closely watched by analysts.
"At one level as 1040, that many people watching, there is a rebound," said Paul Hickey, co-founder of Bespoke Investment Group.
The health sector, which is less sensitive to shocks to the economy has outperformed the rest of the market.Coventry Health Care has gained 4.53% to 20.17 dollars and Sector Index S & P closed up 0.95% after dropping 2.0% yesterday.
Among other values, the specialist in luxury properties and Toll Brothers apparel retailer American Eagle Outfitters rose sharply after publishing quarterly results.
Toll Brothers finished up 5.8% to 17.13 dollars while American Eagle Outfitters has gained 7.92% to 13.48 dollars.
Conversely, the energy values have weighed on the S & P 500, the groups feared that coal power plants abandon coal for natural gas in response to lower gas prices.
Massey Energy has lost 3.38% to 29.14 dollars and Arch Coal sold 1.92% to 21.98 dollars.
WPP statement on Tuesday its annual forecast, spurred by the increase of 3.1% of its organic revenue in the first seven months of the year thanks to strong growth in the U.S. and good performance with media traditional.
The first global advertising agency by revenue now plans to exceed its initial forecast of 2% growth over the year although it recognizes that the basis of comparison will be less favorable in the second half.
WPP has posted a turnover of surface comparable store increase of 2.5% in the first half, an increase which falls within the low end of estimates, analysts polled by Reuters anticipate 2.5 % and 3% growth.The group, which raised its dividend 15%, however, reported a good month of July and sees an improvement.
By midmorning, the title yielded 3.0% to 651 pence.
WPP has reported a turnover of 4.4 billion pounds (5.3 billion euros) over the first six months of the year, according to Reuters the expectations I / B / E / S .
Organic sales of WPP, which counts among its customers Vodafone and Unilever, have been supported in the first half with "a remarkably strong growth" in the U.S., better performance in Britain and strong growth in South Asia East.
The month of July recorded the highest increase with a growth of nearly 7%.
Representatives of the United States, European Union (EU) and nine other countries announced Friday that they planned to complete their work in September on a proposed agreement to take tougher measures against the sale of counterfeit and pirated goods.
The U.S., EU, Australia, Canada, Japan, Mexico, Morocco, New Zealand, Singapore, South Korea and Switzerland are also pledged to publish the definitive text on Understanding the fight against counterfeiting, which has raised concerns among human rights defenders.
In a joint statement, these countries are addressing a number of concerns that have emerged on the agreement and said it would not be required signatory countries to take measures that violate "the rights and freedoms".
"(The trade agreement) will not require customs authorities to search for products violating the law in the luggage of passengers or in their personal electronic devices," reads the statement.
Some advocates are particularly concerned that the numerical measures to reduce online piracy of music or films may allow Internet service providers to deny services to offenders.
The agreement should instead provide the customs of all signatory countries to seize counterfeit goods without a court order or the application of legal holders of rights.
One of the sticking points remain on the request of the EU which wants the pact also includes geographical names used for some food or some drinks like "Champagne" or "Cognac".
But according to this application, a product such as Kraft Parmesan cheese could potentially become illegal and be seized by customs, noted in U.S. industry.
The United States believes, however, that this problem should be resolved by the next meeting to be held in Japan at the end of September.
In the U.S., the fields of film, music, software and other industries whose business is built on the rights of authors have calculated that counterfeiting and piracy of their products made them lose through world more than 16 billion dollars (12.6 billion euros) in annual sales.
The deficit of the state budget was $ 61.7 billion at end June against 82.4 billion euros a year earlier, the Budget Ministry said.
On June 30, expenditures (general budget and levies on revenues) amounted to 189 billion euros, 176.6 billion against the same date in 2009, up 7% due in part to compensation paid after the abolition of the tax professional.
Revenue (net of refunds and rebates) for their part, rose by 20.7% to 141.7 million against 117.3 billion a year earlier, including an increase of 22.1 billion of net tax revenue to 130 7000000000.
The growth of expenditure and receipts noted, especially for initial payments of corporation tax, are "broadly in line with the predictions of the last supplementary budget," the ministry said in a statement.
Regarding the cost, delays in recording and reproduction of certain expenses related to the gradual shift in the new Information System Chorus have minus the total of around four billion euros, "concentrated almost exclusively expenditures by the Department of Defense, "the ministry said.
The credits consumed in June 2010 under the stimulus is also lower than those consumed 4.7 billion in June 2009.
On the contrary, the compensation-setting relay up under the reform of business tax for the benefit of local authorities was $ 15.9 billion at end June 2010.
On the revenue side, tax revenues increased by 20.5% (20.7% at constant perimeter) to reach 130.7 billion euros against 108.5 billion in the same period of 2009.
"This increase is attributable, firstly, the backlash in 2010 positive stimulus measures taken in 2009 not renewed this year and, secondly, the resumption of economic activity," the ministry said.
Meanwhile, revenues from non-tax revenue in June recorded revenues of state ownership for a total of 3.7 billion, corresponding to such dividend payments of the Bank of France, the Deposit and Consignment Office of EDF and France Telecom.
Tokyo stocks closed down Friday on adjustments to positions before the weekend.
The Nikkei lost 11.80 points (0.12%) to 9642.12 points, while the Topix rose 4.08 points (0.48%) to 861.17 points.
The Nikkei, however, recorded a slight gain over the entire week after the encouraging results of companies such as Toyota Motor.
Strong corporate earnings supported the Awards recently in the face of disappointing U.S. economic indicators, but the "season" of results is nearing completion.
The Nikkei has lost nearly 9% since the beginning of the year on fears of macroeconomic policy and also because of the strong yen, approaching a 15-year high against the dollar.
Sanofi-Aventis made headlines by engaging in the conquest of the American Genzyme to an amount that could exceed 14 billion euros, but the French pharmaceutical group might be better off sticking to acquisitions of a smaller amount.
Its new chief executive Chris Viehbacher, seeking to strike a balance between the need to secure new growth before the expiration of key patents and that financial discipline.
But a study by Bain & Co on 13 sectors concludes that major acquisitions in the health sector tend to erode the value of the acquirer.
Only three sectors are worse than that of health, industry, transport and technology, says Bain.
The Firm ranks as a major acquisition transaction, which amount to 5% to 10% of the market capitalization of the acquirer.
Sanofi is currently at a market value of 59.5 billion euros, according to Thomson Reuters data.
"The pharmacy began to stagnate.Companies are required to make transactions in a position of weakness rather than strength, which is not a good start, "said Tim Van Biesen, director of health business of Bain & Co in North America.
"This may be justified if it derives strategic skills but when it comes to entering new segments with new customers and new geographic areas, each complexity level increases the risk."
If Genzyme proved too expensive for Sanofi, one might conclude that other potential targets such as Gilead Sciences, Biogen Idec, Celgene and Amgen are too big for him.
DO NOT overpay
Sanofi has sent a proposal to purchase Genzyme to $ 69 per share, Reuters reported sources close to the matter.This offer represents a premium of 27% over the course of his target before the first information on his interest in the matter.
But the average premium offered in mergers and acquisitions in the health sector has reached 36.8% in the first half, against 27.9% across all sectors, according to Thomson Reuters data.
"Sanofi must be careful not to overpay, especially while Genzyme is experiencing manufacturing problems and has not yet examined its accounts," says an investment banker specializing in the area, who requested anonymity .
"Additionally, there is no white knight who needed to create a rivalry that would raise the price."
Sanofi could therefore have an incentive to stick to its strategy of multiple acquisitions but limited in size, some bankers believe.
The group concluded 30 acquisitions last year amounting to approximately 6.8 billion euros. He spent only a third of that sum in acquisitions since the beginning of this year and definitely intended to remain "disciplined" by specifying target operations to a maximum of 20 billion dollars.
According to the study of Bain, the buyers have made several small acquisitions have removed a gain in terms of return close to 3.5%, against less than 1% for those who have concluded that large redemptions.