Birou Notarial9: talks

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vineri, 9 septembrie 2011

UPDATE 1-Tokyo, Osaka bourses may extend merger talks -source

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By Tim Kelly

TOKYO, Sept 9 (Reuters) - The Tokyo Stock Exchange and Osaka Securities Exchange may extend merger talks to find common ground on what form any combination might take, a source familiar with the talks told Reuters.

Talks aimed at concluding a basic merger agreement may carry on beyond the Tokyo bourse's self-imposed deadline next month to decide whether to list its shares this business year, the source said on condition he was not identified.

The TSE has proposed bidding for some or all of its rival's stock, while the Osaka exchange prefers a share swap to combine operations.

The two sides remain committed to finding a compromise, the source said.

Opting for a tender offer would allow the TSE to avoid any criticism it was trying to pull off a back-door listing and circumventing its own rules on public offerings. A share swap would allow the OSE to remain a traded company.

Although a TSE listing is not part of the merger discussion, a quick IPO near the end of the business year on March 31 may help push a merger agreement forward, because a union of two listed companies with transparent market values would be much simpler to achieve.

Spokesmen from the two bourse declined to comment on the possibility that talks will extend beyond autumn.

Talks between the bourses started in March amid a wave of proposed mergers and alliances among global exchanges, with Deutsche Boerse (DB1Gn.DE) revealing a deal to acquire NYSE Euronext and create an industry giant.

The two Japanese exchanges are eager to combine operations in a bid to better compete with other bourses around the world. While cross border deals between rivals overseas face stiff regulatory oversight, authorities in Japan are likely to welcome an agreement that would create a national champion.

The TSE controls more than 90 percent of cash-equity trading volume in Japan, with the combined market value of stocks traded on the exchange of around 300 trillion yen ($3.9 trillion). The OSE is the top player in Nikkei futures and other derivatives. (Additional reporting by Noriyuki Hirata and Yoshiyuki Osada; Editing by Chris Gallagher)

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vineri, 2 septembrie 2011

UPDATE 2-LSE in talks to buy clearing house LCH

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By Luke Jeffs

LONDON, Sept 2 (Reuters) - The London Stock Exchange is in talks to buy its main clearing house LCH.Clearnet, a deal that could snatch the prized European asset from under the noses of data vendor Markit and exchange rival Nasdaq OMX

The LSE, which failed two months ago to buy Canadian exchange operator TMX Group , said on Friday "it is currently in discussions with LCH.Clearnet regarding a possible transaction," adding the talks are "at an early stage".

The statement came just three months after LCH.Clearnet, which is majority owned by its clients, said it had received approaches about a sale.

The LSE said in late May it was not in talks with LCH.Clearnet over a deal, while Nasdaq OMX and over-the-counter derivatives specialist Markit, working in partnership with NYSE Euronext , were linked to a deal.

A takeover would make sense for the LSE because it differs from most of its top exchange rivals in not owning its main clearing house and would reposition the exchange at a time when clearing is a key focus for European regulators.

The LSE already owns Italian clearing house CC&G, a business it inherited through its 2007 acquisition of Borsa Italiana, but LSE Chief Executive Xavier Rolet is keen to diversify the business and grow the group's clearing revenue.

"LSE want part of the action but probably don't want to be in a bigger group with NYSE and Markit. Also CC&G doesn't represent a key channel for them otherwise in clearing," said the head of trading at a large investment bank in London. (Editing by David Holmes)

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UPDATE 2-LSE in talks to buy clearing house LCH

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By Luke Jeffs

The statement came just three months after LCH.Clearnet, which is majority owned by its clients, said it had received approaches about a sale.

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marți, 31 mai 2011

UPDATE 2-Casino warns Brazil's Diniz merger talks flout pact

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* Casino requests Diniz comply with pact obligations

* Shareholder pact related to their common company Wilkes

* Diniz chairman, Carrefour in talks - sources

* Casino shares down 0.3 pct, Carrefour shares up 1.7 pct

(Adds further details, source, share price reaction)

By Dominique Vidalon

PARIS, May 31 (Reuters) - French retailer Casino (CASP.PA) warned its Brazilian partner Diniz against negotiating a merger with its rival Carrefour behind its back, saying an approach flouts their existing agreement.

Casino filed for international arbitration against the Diniz group, its partner in Brazilian retail giant Grupo Pao de Acucar (CBD.N) (PCAR4.SA), as speculation mounts that chairman Abilio Diniz had approached Carrefour (CARR.PA) to discuss a possible merger. [ID:nN30235318]

Diniz initiated the talks after he became concerned that U.S.-based Wal-Mart Stores (WMT.N) and Chilean retailer Cencosud CEN.SN could be interested in acquiring Carrefour's Brazilian assets, one source had told Reuters. Wal-Mart trails Pao de Acucar and Carrefour in Brazil's $230 billion retail industry.

Casino, which told Reuters last week that it had not given the go-ahead for the Diniz family to start talks with its French rival, wants Diniz to comply with their shareholder pact.

Brazil, Casino's second market behind France, made 32 percent of its 2010 international sales of 11.122 billion euros.

"Casino has filed on 30 May 2011 a request for arbitration under ICC (International Chamber of Commerce) Rules against the Diniz Group," Casino said in a statement.

Casino requests the Diniz group "comply with and perform its obligations under the shareholders' agreement dated as of 27 November 2006 and relating to their common company Wilkes," it added.

By 0756 GMT, Carrefour shares were up 1.7 percent while Casino shares were down 0.3 percent.

REMINDER

The ICC arbitration request is to remind Diniz he cannot negotiate without Casino, said a source who asked to remain anonymous.

Diniz and his family control Pao de Acucar, along with Casino, through an investment partnership that has lasted about 12 years.

The talks with Carrefour come as the Diniz family is gearing up to discuss Casino's option to take full control of Pao de Acucar. The option becomes valid in June 2012.

Pao de Acucar has said repeatedly that it has not hired any advisor to explore an association with a rival and Diniz has been negotiating independently from the group.

A combination of Pao de Acucar and Carrefour's Brazilian unit could help reduce fragmentation in Brazil's retail market, 60 percent of which is dominated by the 10 biggest retailers.

A merger would give the combined group market share of 28 percent and annual cost savings of more than $1 billion, Bank of America Merrill Lynch analyst Robert Ford said in a report.

Diniz and Casino created in 2005 an investment holding company called Wilkes through which they control their interests in Pao de Acucar.

Wilkes owns about 66 percent of Grupo Pao de Acucar's voting shares, elects management at the company and defines strategy in unanimous votes.

Pao de Acucar's board has 14 members, including five representing Casino, five representing the Diniz family and four independent directors appointed by mutual consent. (Reporting by Dominique Vidalon; Editing by Louise Heavens)