HALISTER: Danaher to Buy Cepheid for $53.00/Shr in Cash

Danaher to Buy Cepheid for $53.00/Shr in Cash

(Bloomberg) -- Danaher sees Cepheid takeover 5c accretive to non-GAAP, adjusted diluted net EPS in first full year post acquisition.
  • In fifth full year post closing, DHR sees deal ~30c accretive to non-GAAP, adjusted diluted net EPS
  • Sees closing by end of year
Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
CPHD US (Cepheid)
DHR US (Danaher Corp)

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UUID: 7947283

HALISTER: Enbridge to Buy Spectra Energy in Stock-for-Stock Deal

Enbridge to Buy Spectra Energy in Stock-for-Stock Deal

(Bloomberg) -- Spectra Holders to get $40.33-share, or ~12% premium to Sept. 2 close.
  • Enbridge holders to own ~57% of combined company
Statement: NSN OD2VU03V2803
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
ENB CN (Enbridge Inc)
SE US (Spectra Energy Corp)

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UUID: 7947283

(2) *DANAHER TO BUY CEPHEID FOR $53.00/SHR CASH

*DANAHER TO BUY CEPHEID FOR $53.00/SHR CASH

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

Tickers
CPHD US (Cepheid)
DHR US (Danaher Corp)

People
Matthew Gugino (Danaher Corp)
Thomas Joyce (Danaher Corp)

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UUID: 7947283

(2) *ENBRIDGE INC, SPECTRA ENERGY TO COMBINE IN STOCK-FOR-STOCK DEAL

*ENBRIDGE INC, SPECTRA ENERGY TO COMBINE IN STOCK-FOR-STOCK DEAL

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

Tickers
EEP US (Enbridge Energy Partners LP)
ENB CN (Enbridge Inc)
ENF CN (Enbridge Income Fund Holdings Inc)
SE US (Spectra Energy Corp)
SEP US (Spectra Energy Partners LP)

People
Al Monaco (Enbridge Income Fund Holdings Inc)
Albert Monaco (Enbridge Inc)
Gregory Ebel (Spectra Energy Partners LP)
John Whelen (Enbridge Inc)
William Yardley (Spectra Energy Corp)

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UUID: 7947283

HALISTER1: Ex-Romanian Premier Ponta Placed Under Judicial Control in Probe

Ex-Romanian Premier Ponta Placed Under Judicial Control in Probe

(Bloomberg) -- Former Romanian Prime Minister Victor Ponta probed for influence peddling and complicity in money laundering in fresh investigation targeting his term as head of Social Democratic Party, anti-corruption prosecutors say in statement on their website.
  • Ponta, who denies wrongdoing, allegedly received EU220,000 from businessman in exchange for place on party’s list of candidates for 2012 parliamentary elections
  • NOTE: Ponta must report to police regularly, can’t leave country while under judicial control
  • NOTE: Prosecutors Step Up Pressure in Romania Graft Fight, Kovesi Says
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Victor Ponta (Romania)

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UUID: 7947283

HALISTER1: Globaldrive Auto Receivables 2016-B B.V. - DBRS Presale Report

Globaldrive Auto Receivables 2016-B B.V. - DBRS Presale Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

People
Alexander Garrod (Dbrs Europe Ltd)
Paolo Conti (DBRS Inc)

Topics
Fixed Income Research
Reports
Credit Analysis Research
Credit Research
Investment Research

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UUID: 7947283

HALISTER1: BRC Data Shows Less Resilient Consumer, Worst to Come: Pantheon

BRC Data Shows Less Resilient Consumer, Worst to Come: Pantheon

(Bloomberg) -- BRC like-for-like August retail sales data, which came in well below consensus, shows consumer spending is not as resilient as July’s official retail sales implied. Real slowdown lies ahead, Pantheon’s chief U.K. economist Samuel Tombs writes in e-mailed comments.
  • Retail sales growth will probably pick-up again in the near- term, although Pantheon expects a fundamental slowdown in volumes growth next year
    • Retailers will pass on the rise in import prices to consumers and firms will still be holding back from hiring due to uncertainty about the U.K.’s future trading relationships
  • Official ONS data has been stronger than BRC readings for the last four months; BRC will probably not preclude sharp m/m fall in August
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Samuel Tombs (Pantheon MacRoeconomics Inc)

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UUID: 7947283

HALISTER1: Brexit Premium in GBP Credit to Compress Further on BOE Buys: MS

Brexit Premium in GBP Credit to Compress Further on BOE Buys: MS

(Bloomberg) -- GBP credit spreads are ~14bps above their long-run average even after BOE announced its corporate bond-buying program, suggesting a Brexit premium still exists, Morgan Stanley analysts Srikanth Sankaran, Max S Blass and Aron Becker write in client note.
  • The EUR market traded through its average by the time the ECB’s CSPP was announced
  • The average premium GBP offered vs EUR through 2006-16 was ~29bps vs current 66bps; reached a high of 105bps after the Brexit vote
  • The premium in GBP market will likely compress further once the BOE’s bond-buying program begins, should the data hold up, barring a more confrontational political approach
  • Relative underperformance of GBP’s long end also contrasts with the EUR market’s experience where the strongest impact of the CSPP was felt in the long end; therefore, recommends positioning for flatter curves in GBP credit
  • In other recommendations, favors cross-currency switches with a focus on non-financial credits from the same issuer, where the maturities are within two years of each other, and the cross-currency adjusted pick-up is at least 20bps
  • Morgan Stanley doesn’t expect any immediate structural shift in sterling bond supply as issuers continue to focus on balance sheet quality; the behavior of continental European issuers suggests cheap funding per se is unlikely to trigger an increase in debt-funded M&A or share buybacks
    • Primary activity likely to be dictated by refinancing requirements and debt “re-profiling” until the post- Brexit landscape becomes clearer
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MS US (Morgan Stanley)

People
Max Blass (Morgan Stanley)
Srikanth Sankaran (Morgan Stanley)
Aron Becker (Morgan Stanley)

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UUID: 7947283