Gx Cybersecur Discussion Threads

[ariane] 05/10/2009 10:09

Bouygues SA (EN FP) advanced 1.07 euros, or 3.2 percent, to 34.85 euros, erasing a 3 percent loss on Oct. 2. Bank of America Corp. upgraded the builder and mobile-phone operator to "buy" from "underperform."

[waldron] 01/10/2009 09:27

Bouygues SA (EN FP) advanced 67 cents, or 1.9 percent, to 35.42 euros, paring two days of declines. The builder and mobile-phone operator was raised to "buy" from "hold" at Citigroup Inc.

[grupo] 24/9/2009 17:56

Bouygues : le RSI est supérieur à sa zone de neutralité.

jeu 24 sep, 17h54


Sur les 5 derniers jours, le titre s'est effondré de 5.42%. Depuis le début de l'année, il est en hausse de 14.8%.

Du point de vue de l'analyse technique : le RSI est supérieur à sa zone de neutralité des 50. Le MACD est inférieur à sa ligne de signal et positif. Le titre pourrait corriger à court terme. Enfin, le titre est supérieur à sa moyenne mobile 50 jours.

A noter que les volumes sont en baisse depuis quelques jours.


Graphiquement : les niveaux de résistances se situent sur : 38.4 puis 39.7. Tandis que les prochains supports sont sur : 33.8 puis 33.


Notre préférence : Achetez Bouygues (EN) tant que 33 est support.


Le point d'invalidation de notre scénario est situé sur : 33.

Cours de référence : 34.7

[grupo] 23/9/2009 06:05

Areva Unit Said to Get Three Bids of Less Than 4 Billion Euros

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By Jacqueline Simmons and Anne-Sylvaine Chassany

Sept. 23 (Bloomberg) -- Areva SA, the biggest builder of nuclear reactors, received three offers of less than 4 billion euros ($5.9 billion) for its transmission and distribution unit, according to three people familiar with the sale.

General Electric Co. teamed up with CVC Capital Partners Ltd. to make an offer, while Toshiba Corp. submitted a separate bid, said the people, who declined to be identified because the talks are private. France's Alstom SA and Schneider Electric also submitted a joint offer, the people said.

The bids fell short of the 4.25 billion euros analysts had estimated the unit to be worth. Areva is selling the business to raise money to develop uranium mines and buy Siemens AG's share of a nuclear-reactor joint venture. The company bought the division from Alstom for 920 million euros in 2004.

Areva spokeswoman Patricia Marie and GE spokesman Dan Nelson declined to comment. Officials at Alstom and Schneider weren't immediately available to comment. Toshiba spokesman Keisuke Ohmori didn't answer calls to his mobile phone and officials couldn't be reached at the company's Tokyo headquarter on a national holiday.

Buyers are interested in the Areva division because of the growing business of making electrical grids more efficient. Areva, the world's third-biggest maker of transmission and distribution equipment behind Germany's Siemens AG and Switzerland's ABB Ltd., provides circuit breakers, high voltage management systems and substations that distribute electricity generated by power plants across the grid.

Axa Drops Out

GE said in May it expected the market for so-called smart meters that help distribute electricity more efficiently to grow to $12 billion over five years. GE has partnered with Cisco Systems Inc. and other companies to build a system in Miami.

Paris-based Areva also plans to sell a stake of 15 percent to investors to raise cash. The company's chief executive officer, Anne Lauvergeon, has said that if the bids fall below expectations, she may sell a bigger stake in the nuclear reactor builder to raise funds.

Axa Private Equity, a unit of Axa SA, Europe's second-largest insurer, dropped plans to bid for the unit, two people with knowledge of the matter said last week.

The fund had considered making a non-binding offer with Charterhouse Capital Partners LLP and a Chinese bidder. Axa Private Equity may attempt to join another bidder at a later stage, the people said.

To contact the reporters on this story: Jacqueline Simmons in Paris at [e-mail]; Anne-Sylvaine Chassany in Paris at [e-mail]

Last Updated: September 23, 2009 01:08 EDT

[waldron] 19/9/2009 09:54

Axa Private Equity Said to Drop Plans for Bid on Areva Unit

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By Jacqueline Simmons and Anne-Sylvaine Chassany

Sept. 18 (Bloomberg) -- Axa Private Equity, the buyout arm of Axa SA, Europe's second-largest insurer, dropped plans to bid for the transmission and distribution unit of Areva SA, two people with knowledge of the matter said.

The Paris-based fund had considered making a non-binding offer with Charterhouse Capital Partners LLP by the end of today, the bidding deadline, said the people, who requested anonymity because the process is confidential. The firm might join another bidder at a later stage, the people said.

General Electric Co., based in Fairfield, Connecticut, and Toshiba Corp. of Japan may bid for the business, the people said. Alstom SA and Schneider Electric SA have said they will make a joint offer for the Areva unit, which analysts value at about 4 billion euros ($5.9 billion).

Areva, 92 percent-owned by the French state, is selling the division, which makes equipment for electrical grids, as it seeks to raise as much as 10 billion euros by 2012. The Paris- based company plans to use the funds to develop uranium mines and buy Siemens AG's share of a nuclear reactor joint venture.

Patricia Marie, a spokeswoman for Areva, declined to comment, as did Flore Larger, an external spokeswoman for Axa Private Equity.

Areva, the world's biggest builder of nuclear reactors, also plans to sell a stake of 15 percent to investors to raise funds. That sale is slated for this year, pending approval from the supervisory board, Marie said earlier this week.

The company may sell a larger stake than originally planned if bids for the transmission and distribution unit aren't high enough, Areva's chief executive officer, Anne Lauvergeon, told France's National Assembly yesterday.

France may decide the unit should go to the partnership of Alstom, the division's previous owner, and Schneider Electric, analysts in a Bloomberg survey said this month.

Private equity firms are struggling to invest the cash they raised after the debt financing they use to fund acquisitions dried up. The volume of leveraged buyouts fell 75 percent this year, according to data compiled by Bloomberg.

To contact the reporters on this story: Jacqueline Simmons in Paris at [e-mail]-Sylvaine Chassany in Paris at [e-mail]

Last Updated: September 18, 2009 11:14 EDT

[waldron] 18/9/2009 16:48

Areva: Has Received Several Non-Binding Offers For T&D Unit





PARIS -(Dow Jones)- French nuclear group Areva SA (CEI.FR) Friday has received several non-binding offers for its power transmission and distribution unit, a spokeswoman told Dow Jones Newswires.

"We have received several non-binding offers and we are going to examine them in order to see which candidates will go to a binding offer," the spokeswoman said.

A spokesman for French power and transport engineering company Alstom SA (ALO.FR) told Dow Jones Newswires earlier Friday that Alstom intended to make a joint offer with electrical equipment maker Schneider Electric SA (SU.FR) for Areva's T&D unit.

Areva Chief Executive Anne Lauvergeon had said Thursday potential buyers of the company's T&D unit have until late Friday to make their first bids.

-By William Horobin, Dow Jones Newswires; [phone]; [e-mail]

[waldron] 17/9/2009 16:03

Bouygues : le RSI est supérieur à sa zone de neutralité.

jeu 17 sep, 17h55


Sur les 5 derniers jours, le titre s'est envolé de 5.68%. Depuis le début de l'année, il est en hausse de 21.37%.

Du point de vue de l'analyse technique : le RSI est supérieur à sa zone de neutralité des 50. Le MACD est supérieur à sa ligne de signal et positif. La configuration est haussière à court terme. Enfin, le titre est supérieur à sa moyenne mobile 50 jours.

A noter que les volumes sont en baisse depuis quelques jours.


Graphiquement : les niveaux de résistances se situent sur : 40 puis 41.4. Tandis que les prochains supports sont sur : 35.5 puis 34.6.


Notre préférence : Le titre Bouygues (EN) est haussier tant que 34.6 est support.


Le point d'invalidation de notre scénario est situé sur : 34.6.

Cours de référence : 36.7

[waldron] 16/9/2009 05:27

Areva Unit Bids Favor Domestic Duo as Sarkozy Snubs GE, Toshiba

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By Gianluca Baratti

Sept. 16 (Bloomberg) -- Areva SA, the biggest builder of nuclear reactors, will probably snub foreign bidders including General Electric Co. for its power transmission unit and favor a domestic duo in a sale valued at 4 billion euros ($5.8 billion).

The French government, owner of 92 percent of Areva, may decide the unit should go to a partnership of Alstom SA, the division's previous owner, and Schneider Electric SA, all 12 analysts in a Bloomberg survey said. Final bids are due Sept. 18, people familiar with the transaction have said.

Areva became the world's third-largest provider of power transmission and distribution equipment behind ABB Ltd. and Siemens AG after buying the unit in 2004 for 920 million euros from Alstom. French President Nicolas Sarkozy orchestrated the sale as finance minister to avert Alstom's breakdown, and Areva is now selling the unit again to fund expansion in the growing global nuclear power market.

"This is all about French industrial interests, and all three are very vital companies," Martin Prozesky, an analyst at Sanford C. Bernstein Ltd. who follows Alstom, Schneider, Siemens and ABB. "Sarkozy has a good personal relationship with them."

GE and its partners were studying whether to submit a bid by the Sept. 18 deadline, people familiar with the matter said this month, speaking on condition of anonymity because the process isn't public.

Areva spokeswoman Patricia Marie declined to confirm the deadline for bids. Paris-based Areva plans to pick a buyer by the end of the year.

Toshiba, AXA

Other potential suitors include Toshiba Corp., China Investment Corp., AXA Private Equity, U.K. private equity company Charterhouse Capital Partners LLP and India's Avantha Power & Infrastructure, either alone or in partnerships. In total, about 20 companies have shown interest in the unit, Dow Jones reported yesterday, citing an unidentified person.

ABB Chief Executive Officer Joe Hogan declined to say at a press meeting Sept. 11 if his company has considered bidding. Siemens spokesman Constantin Birnstiel, GE spokesman Dan Nelson, Toshiba spokesman Ken Shinjo, AXA spokesman Emmanuel Touzeau and Wu Xueling, spokeswoman at Beijing-based China Investment, declined to comment on reports their companies might bid. No one was available to comment at Avantha and Charterhouse.

The unit is worth 4 billion euros, according to the average of nine estimates from analysts Bloomberg surveyed by e-mail last week. That's down from 4.25 billion euros in a previous survey of nine analysts in July.

Transmission and distribution, which builds and operates electricity grids, accounted for 38.5 percent of Areva's sales last year. The global economic slump and startup costs for plants in India and China caused the operating margin at the unit to narrow to 7.1 percent in the first half, from 11.1 percent a year earlier, Areva said Aug. 31.

Concentrated Market

Competing divisions at Siemens and ABB had operating margins of 11.6 percent and 15.6 percent in the period, JPMorgan analyst Andreas Willi estimates. Plans to replace aging power lines in developed countries and create advanced grids to better manage electricity distribution are driving demand, as is power- grid expansion in countries such as China.

"The market is so concentrated with ABB and Siemens that buying T&D is a good way in," said Ben-Ari Elias, an analyst at Sterne Agee & Leach Inc. in New York, who estimates that the three between them hold 40 percent to 50 percent of the market.

Alstom and Schneider, both based in Paris suburbs, are the only companies to announce their interest, saying July 23 they were considering a joint bid. Schneider, the world's biggest maker of circuit breakers, would keep the distribution unit, and Alstom would take the transmission operations.

'Execution Risk'

"The fact that it is former Alstom employees will also help reduce execution risks," Virginie Vacca, equity analyst at Standard & Poor's, said. The combined French bid would offer "complements in markets and technologies," she said.

Analysts said they don't expect a bid from Siemens. Any Siemens involvement in the purchase of Areva T&D could raise antitrust issues, Bernstein's Prozesky said.

Areva Chief Executive Officer Anne Lauvergeon wants to raise as much as 10 billion euros to expand in the next two years. The company, which built 91 of the world's 439 active nuclear reactors, predicts global demand for nuclear power will grow 5 percent each year until 2030, almost tripling from present levels, and targets building one third of new reactors.

The transmission and distribution market's growth is tied to overall power demand, which Areva estimates will double by 2030.

'Didn't Care'

To help raise funds, Areva plans to sell a 15 percent stake to investors, which may include sovereign wealth funds. The sale is also slated for this year, pending approval from the supervisory board, Areva spokeswoman Marie said.

Steering Areva T&D to Alstom and Schneider wouldn't be the first time that France's government used its influence to keep companies in domestic hands.

In 2006, French utilities Suez SA and Gaz de France SA agreed to merge, fending off a possible hostile bid from Italy's Enel SpA. Then-Prime Minister Dominique de Villepin announced the plan after he met with both companies' CEOs.

In response to speculation in 2005 that PepsiCo Inc. was preparing to bid for yogurt maker Groupe Danone SA, the government passed a law protecting what it called "strategic industries" from takeover by foreign companies. The law prompted a European Union investigation into whether France was stifling competition.

Sarkozy set up a fund last year to invest in French companies that may be vulnerable to "predators," and he has repeatedly expressed concern about keeping companies in domestic hands.

As finance minister in 2004, he helped fend off German interest in Alstom, which Sarkozy has called "a French industrial jewel."

"A huge controversy rose up in Germany about my supposed 'nationalism,'" Sarkozy wrote in his 2007 book "Testimony." "To be honest, I didn't care."

To contact the reporter on this story: Gianluca Baratti in Madrid at [e-mail]

Last Updated: September 15, 2009 19:00 EDT

[ariane] 10/9/2009 19:48

Bouygues : le RSI est supérieur à sa zone de neutralité.

jeu 10 sep, 20h00


Sur les 5 derniers jours, le titre a peu évolué, gagnant 3.77%. Depuis le début de l'année, il est en hausse de 14.85%.

Du point de vue de l'analyse technique : le RSI est supérieur à sa zone de neutralité des 50. Le MACD est inférieur à sa ligne de signal et positif. Le titre pourrait corriger à court terme. Enfin, le titre est supérieur à sa moyenne mobile 50 jours.

A noter que les volumes sont en baisse depuis quelques jours.


Graphiquement : les niveaux de résistances se situent sur : 37.7 puis 39.1. Tandis que les prochains supports sont sur : 33.3 puis 32.4.


Notre préférence : Achetez Bouygues (EN) tant que 32.4 est support.


Le point d'invalidation de notre scénario est situé sur : 32.4.

Cours de référence : 34.7

[waldron] 30/8/2009 18:54

Bouygues Considers Appeal Over France's Fourth 3G License

­France's Bouygues Group is considering filing a complaint with the European Commission about the French government's plans to auction a fourth 3G license. The company has previously expressed concern that the new license will be offered for sale with a considerably lower reserve price than it paid for its own license in 2002.


The new license is being offered with a reserve price of EUR 240 million (US$339 million).

"We would consider it normal that we should receive a repayment," if the sale goes through on this basis, Chief Executive Martin Bouygues told a press conference.

France Telecom has also previously indicated that it would file a complaint with the EU, claiming that the lower license fee is tantamount to illegal state aid.

Bidders have until 29th October to submit their bids, with the license expected to be awarded around June 2010.

Iliad, the parent company of French Internet service provider Free, has confirmed that it will be a candidate for the license. A previous bid for the license by Iliad was rejected by the regulator in October 2007. Virgin Mobile France has previously suggested that it might be interested in the license as a joint venture with Numericable, and Egypt's Orascom Telecom recently said it would consider joining a consortium to bid for the license.

According to figures from the Mobile World analysts, the three incumbent operators market share at the end of Q1 '09 was: Orange (47%), SFR (36%) and Bouygues Télécom (17%)

On the web: Arcep - Mobile World

Posted to the site on 30th August 2009

[grupo guitarlumber] 29/8/2009 07:08

Bouygues Extends Climb as Analysts Upgrade on Results (Update1)

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By Gianluca Baratti

Aug. 28 (Bloomberg) -- Bouygues SA, the French builder and mobile phone operator, accelerated gains in Paris trading to the highest in three months after better-than-expected profit spurred analysts to raise forecasts for the stock.

Bouygues, today's third-best performer on the Dow Jones Stoxx 600 Index, rose as much as 9.6 percent to 35.25 euros. CM- CIC Securities SA analyst Benjamin Rousseau raised his recommendation to "accumulate" from "hold." Oddo Securities analyst Frederic Doussard also switched to a buy rating, joining three others that upgraded their outlook for the stock.

The company raised its sales forecast by 200 million euros ($287 million) to 31.5 billion euros, citing an improving construction business. French President Nicolas Sarkozy is pumping 26 billion euros into a stimulus plan that's focused on infrastructure spending and faster payment of public debts to companies.

"All areas of its operation surprised on the upside," Olivia Peters and Tobias Woerner of MF Global UK said in a note. The analysts, who also recommend buying the stock, cited a rebound in French construction confidence as a driver for orders.

Bouygues reported a 12 percent decline in earnings before interest, taxes, depreciation and amortization to 1.54 billion euros, beating the average estimate of 1.4 billion euros in a Bloomberg survey of five analysts.

The French builder closed at 35.10 euros, up 9.1 percent, its steepest gain since March 10.

'Good Visibility'

"Quarterly order intakes have been stable since September and we expect some improvement when the French Stimulus Program takes effect in the coming year," the MF Global analysts wrote.

The construction business, which Bouygues predicts will provide 29 percent of its revenue this year, reported a 4 percent increase in sales to 4.76 billion euros. The company said the unit's order book, valued at 11.9 billion euros at the end of June, is providing good visibility, it said.

Net income fell to 547 million euros in the first half, from 701 million euros a year earlier. Sales fell 2 percent to 14.9 billion euros.

The company's real-estate sales were up 10 percent to 1.43 billion euros, and telecom sales rose 6 percent to 2.63 billion euros. First-half revenue from its biggest unit, the Colas road- building division, fell 9 percent to 5.12 billion euros.

To contact the reporter on this story: Gianluca Baratti in Madrid at [e-mail]

Last Updated: August 28, 2009 12:07 EDT

[grupo guitarlumber] 27/8/2009 17:08

Bouygues 1st Half Net Profit Down 22%, Upgrades Fiscal Year Revenue Guidance





By David Pearson

Of DOW JONES NEWSWIRES

PARIS -(Dow Jones)- French construction-to-broadcasting conglomerate Bouygues SA (EN.FR) Thursday said first half net profit fell 22% due to the slump in the construction sector, but revised upward its guidance for full-year revenue to EUR31.5 billion from EUR31.3 billion previously.

Net profit for the six months through June 30 fell to EUR547 million from EUR701 million a year before. Operating profit fell 28% to EUR789 million from EUR1.10 billion. Revenue dipped 2% year-on-year to EUR14.93 billion.

The operating margin for the first six months was 5.3%, down from 7.2% a year before and 6.5% in the second half of 2008.

The 2009 first-half net profit figure came in above an average estimate of EUR515 million from a panel of 13 analysts polled by the company. The group had also projected first-half operating profit at EUR688 million.

"Results moved in a more favorable direction in the second quarter than in the first quarter," Bouygues said. "The financial situation was stronger, with improved free cash flow and net gearing."

Company Web site: www.bouygues.com

-By David Pearson, Dow Jones Newswires; [phone], [e-mail]

[grupo guitarlumber] 25/8/2009 06:54

Bouygues (3532T) : Poursuite de la hausse

mar 25 aou, 7h59


Notre Préférence : Au-dessus de 32.6, une hausse vers 36 puis 37.5 est attendue.
Call adapté : strike : 38 - maturité : 15/12/2009 - bid/ask : 0.23 / 0.25 - delta : 36 - Kilovar : 463 - Mnemo : 3532T


Pivot : 32.6


Scénario alternatif : Seule la cassure des 32.6 invalidera notre scénario. Dans ce cas, une correction vers 30.3 devrait se dessiner.

Put adapté : strike : 25 - maturité : 15/12/2009 - bid/ask : 0.14 / 0.16 - delta : -14 - Kilovar : 430 - Mnemo : 3533T


Commentaire : Les indicateurs techniques restent bien orientés et plaident pour une poursuite de la hausse à court terme

[waldron] 13/8/2009 17:15

Bouygues : le RSI est supérieur à sa zone de neutralité.

jeu 13 aou, 17h56


Sur les 5 derniers jours, le titre a peu évolué, gagnant 1.7%. Depuis le début de l'année, il est en hausse de 4.74%.

Du point de vue de l'analyse technique : le RSI est supérieur à sa zone de neutralité des 50. Le MACD est supérieur à sa ligne de signal et positif. La configuration est haussière à court terme. Enfin, le titre est supérieur à sa moyenne mobile 50 jours.

A noter que les volumes sont en hausse depuis quelques jours.


Graphiquement : les niveaux de résistances se situent sur : 34.6 puis 36. Tandis que les prochains supports sont sur : 30.4 puis 29.5.


Notre préférence : Le titre Bouygues (EN) est haussier tant que 29.5 est support.


Le point d'invalidation de notre scénario est situé sur : 29.5.

Cours de référence : 31.6

[grupo guitarlumber] 07/8/2009 18:28

Vinci to bid for Haymills
7 August, 2009

By Tom Bill

Four offers for £181m-turnover contractor due to be made by end of the day

Vinci has emerged as a candidate to buy £181m-turnover contractor Haymills, Building understands.

Four offers for the company are due to be tabled by the end of play today, including bids from three other contractors.

It is understood that interest from fellow French company Bouygues has cooled after Building revealed a deal was one option being weighed up by Haymills.

Two bids, including the one from Vinci, are understood to be the favoured route of the company as they would protect the most jobs. The remaining two are understood to be from social housing specialists interested in Haymills' maintenance business only.

The sale process is being run by an administrator-elect and a final decision will be taken early next week.

Haymills, which employs 700 staff and specialises in the commercial and residential markets in London and East Anglia, was forced to look for outside investment after its lender RBS froze its bank account last month.

The size of Haymills' debt was not disclosed but a company spokesperson said it was operating with a £3m cushion when RBS pulled the plug.

He said: "RBS moved the goalposts and knocked the wind out of us. It was in the same week that I read a five-page article in the Mail on Sunday about how it was helping small and medium-sized businesses. Don't believe everything you read in the papers, clearly."

It is understood that staff wages at Haymills are about a week in arrears and that many unpaid subcontractors have agreed to hold off filing winding-up petitions until there is a resolution. The spokesperson for the firm, which includes Cambridge university, the National Trust and the Ministry of Defence among its clients, said: "It's been great how so many of our subcontractors have stood shoulder to shoulder with us throughout this."

In the year to 31 March 2008, the company had £6.3m in cash, but the spokesperson said: "A lot can happen in a year". He denied there was one problem job that had led to the company's current financial difficulty; rather, it is understood contractual disagreements on several jobs contributed to its position



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[grupo guitarlumber] 06/8/2009 08:13

Bouygues prepares to swoop for struggling Haymills
6 August, 2009

By Tom Bill

French construction giant in talks to agree final terms for £181m-turnover contractor

French construction giant Bouygues is lining up to buy struggling £181m-turnover contractor Haymills, Building understands.

Haymills, which employs 700 staff and specialises in the commercial and residential markets in London and East Anglia, was forced to look for outside investment after its lender RBS froze its bank account last month.

A source close to the situation confirmed Bouygues was talking to Haymills and both sides were trying to agree final terms but no deal has formally been tied up. A Haymills spokesperson declined to comment, and Bouygues and RBS were unavailable for comment.

Along with Vinci and Balfour Beatty, Bouygues is one of the few cash-rich contractors that could afford to buy Haymills. It is known to be acquisition-hungry and would be able to negotiate favourable terms, given the urgent nature of the sale. The size of Haymills' debt was not disclosed but a company spokesperson said it was operating with a £3m cushion when RBS pulled the plug.

He said: "RBS moved the goalposts and knocked the wind out of us. It was in the same week that I read a five-page article in the Mail on Sunday about how it was helping small and medium-sized businesses. Don't believe everything you read in the papers, clearly."

It is understood that staff wages at Haymills are about a week in arrears and that many unpaid subcontractors have agreed to hold off filing winding-up petitions until there is a resolution.The spokesperson for the firm, which includes Cambridge University, the National Trust and the Ministry of Defence among its clients, said: "It's been great how so many of our subcontractors have stood shoulder to shoulder with us throughout this."

In the year to 31 March 2008, the company had £6.3m in cash, but the spokesperson said: "A lot can happen in a year". He denied there was one problem job that had led to the company's current financial difficulty; rather, it is understood contractual disagreements on several jobs contributed to its position.

Bouygues has been conservative in its UK acquisitions since it entered the country 12 years ago, despite pressure from its head office to grow the business. In December 2007 it bought south coast contractor Warings for £30m, but has not done a deal since then.



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