HALISTER: BAT Agrees to Buy Rest of Reynolds for About $59.64/Share

BAT Agrees to Buy Rest of Reynolds for About $59.64/Share

(Bloomberg) -- BAT agrees to buy the remaining 57.8% of Reynolds American it does not already own in a recommended deal.
  • Reynolds shareholders get for each Reynolds share $29.44 in cash and 0.5260 BAT ordinary shares which shall be represented by BAT ADRs listed on NYSE
    • Based on BAT share price and the USD-GBP rate as at Jan. 16, implies a total current value of $59.64/Reynolds share and a total current value of ~$49.4b for the 57.8% of Reynolds not already owned by BAT
    • Premium of 26% over close price of Reynolds common stock on Oct. 20
  • Cash component to be financed by combination of existing cash resources, new bank credit lines, issuance of new bonds
    • A $25b acquisition facility has been entered into with a syndicate of banks to provide financing certainty
  • Deal unanimously approved by transaction committee of independent Reynolds directors established to evaluate the offer, boards of Reynolds and BAT.
Link to Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
BATS LN (British American Tobacco PLC)
RAI US (Reynolds American Inc)

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(2) *EUROPEAN 2016 CAR SALES RISE 6.5% TO REACH NINE-YEAR HIGH

*EUROPEAN 2016 CAR SALES RISE 6.5% TO REACH NINE-YEAR HIGH

Alerts: HALISTER, HALISTER1
Source: BN (Bloomberg News)

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F US (Ford Motor Co)
RNO FP (Renault SA)
BMW GR (Bayerische Motoren Werke AG)
DAI GR (Daimler AG)
FCAU US (Fiat Chrysler Automobiles NV)

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HALISTER1: Aussie’s Fibonacci Top May Be Safe From Jobs Data Beat: Analysis

Aussie’s Fibonacci Top May Be Safe From Jobs Data Beat: Analysis

(Bloomberg) -- Resistance at 0.7542 may hold even if December job gains exceed 20k, or one standard deviation, Bloomberg strategist Michael Wilson says.
  • Level represents 61.8% retracement of decline from 0.7778 on Nov. 8 to 0.7160 low seen on Dec. 23
  • 61.8% retracement typically seen as last barrier before a given level has been breached or failed
  • Quality of job data set may be further diluted by part-time component and/or decreasing participation rate
  • Slow stochastic momentum indicator at 91 shows AUD is overbought
  • Leveraged short positioning still well below levels of a year ago, suggesting any unwinding of risk after data is released may be mild
  • Australia wage growth slowing due to labor shifting from mining to low-productivity services jobs, Deutsche Bank said in note last week
    • Core inflation may already have dropped below RBA’s forecast in Q4, if that happened, RBA Feb. meeting may come back into play
  • Employers added net 10k jobs in December vs 39.1k in Nov., according to median est. in Bloomberg survey; range of ests. -21k to +30k; data due at 11:30am local time Thursday
    • Unemployment rate seen matching prior at 5.7%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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HALISTER1: INDIA RATINGS: ASP Sealing Products Downgraded to BB-

INDIA RATINGS: ASP Sealing Products Downgraded to BB-

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADE
  • ASP Sealing Products
    • Long-term bank facilities cut to BB- from BB at Crisil
    • Cites stretch in working capital cycle due to increase in inventory
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0655400D IN (ASP Sealing Products Ltd)

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