(2) *GLAXO CEO ANDREW WITTY TO RETIRE IN MARCH 2017

*GLAXO CEO ANDREW WITTY TO RETIRE IN MARCH 2017

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

Tickers
GSK LN (GlaxoSmithKline PLC)

People
Andrew Witty (GlaxoSmithKline PLC)

Topics
Who's News - People
Management Changes

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UUID: 7947283

HALISTER: Willis Towers Watson CEO Sees More Acquisitions in Long Term

Willis Towers Watson CEO Sees More Acquisitions in Long Term

(Bloomberg) -- John Haley, the CEO of the insurance brokerage, said in an interview with French daily Les Echos that he sees more acqusitions in the long term, although over the next 18 months the company will focus on combining Willis and Towers Watson.
  • Willis and Towers Watson merged in January
  • The merger will result in savings of between $100 million and $125 million between now and 2018, mainly through property and central-office operation consolidation, Haley said: Les Echos
  • Willis Towers Watson sees “double-digit” revenue growth this year, mostly through gains in its existing markets of the U.K., U.S. and Asia, Haley said: Les Echos
  • Haley said Brexit or not, the U.K. -- which accounts for between 20% and 25% of the company’s annual revenue -- will remain “an attractive market.”: Les Echos.
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
WLTW US (Willis Towers Watson PLC)

People
John Haley (Towers Watson & Co)

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UUID: 7947283

HALISTER: LafargeHolcim Confirms 2018 Targets, Beats 2015 Adj. Ebitda Est.

LafargeHolcim Confirms 2018 Targets, Beats 2015 Adj. Ebitda Est.

(Bloomberg) -- LafargeHolcim says 2015 revenue fell 6.2% to CHF29.48b vs est. CHF29.5b.
  • Proposes div. of CHF1.50/shr; BDVD est. EU1.50/shr
  • 2015 adj. operating Ebitda fell 10.7% to CHF5.75b vs est. CHF5.73b
  • 4Q FCF CHF813m after adjusting for one-off items of CHF166m
  • 4Q debt reduction CHF1b
  • Says merger on track, integration largely completed; 2015 targets on capex, synergies and net debt were exceeded
  • Says more than one third of divestments secured, remainder of the program is on track
  • Says 2018 targets confirmed with 2016 to show solid progress toward objectives based on combined effect of synergies, additional cost reductions, strengthening pricing environment
  • Preview here
  • Statement
  • March 16: LafargeHolcim Beset by Departures, Sagging Stock Hurts Investors
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
LHN VX (LafargeHolcim Ltd)

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UUID: 7947283

HALISTER: SFR to Pay Almost EU4b for Bouygues Telecom Assets: Les Echos

SFR to Pay Almost EU4b for Bouygues Telecom Assets: Les Echos

(Bloomberg) -- Iliad may pay about EU2b to buy antennas and frequencies from Bouygues Telecom, as well as some shops, Les Echos reports, without saying where it got the information.
  • SFR will get Bouygues Telecom’s fixed and mobile clients: Les Echos
  • Companies aim for agreement by the end of the month, with one unnamed person predicting an announcement on March 31: Les Echos.
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
EN FP (Bouygues SA)
NUM FP (Numericable-SFR SA)
ORA FP (Orange SA)

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UUID: 7947283

HALISTER1: Japan’s 20-Year Bond Auction’s Outcome ’Not so Good’: UBS

Japan’s 20-Year Bond Auction’s Outcome ’Not so Good’: UBS

(Bloomberg) -- Japan’s 20-year govt bond auction’s result was “not so good” as lowest accepted price came in below expectations and tail was wider, says Yusuke Ikawa, Tokyo-based salesperson at UBS Knowledge Network, in an interview.
  • With this 20-year sale now over, however, JGBs are trading firmly on back of solid underlying demand: Ikawa; cites buying incentives such as Japan’s fiscal year-end and domestic debt redemptions
  • Sees favorable supply-demand conditions as there are some debt purchases by BOJ and there are no scheduled long-dated JGB auctions for rest of this month
  • NOTE: 20-year bond auction marks record low average yield
  • 20-year yield falls 4 bps to 0.390%; 30-year yield slips 9 bps to 0.585%
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Yusuke Ikawa (UBS Asset Management Japan Ltd)

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UUID: 7947283

HALISTER1: INDIA RATINGS: Steel Authority Cut; Escorts, Stylam Raised

INDIA RATINGS: Steel Authority Cut; Escorts, Stylam Raised

(Bloomberg) -- Here’s a roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Ind Barath Thermotek
    • NCDs cut to B+ from BB+ at Care
    • Cites delay in commencement of operations, resulting in time and cost overrun in project
  • Steel Authority
    • Bonds cut to AA+ from AAA at Care
    • Cites subdued financial performance during April-Dec. period
  • United Telecoms
    • Long-term fund based facilities cut to D from BB+ at ICRA
    • Cites delays in debt servicing in recent past
UPGRADES:
  • Atria Convergence Technologies
    • LT fund based bank limits revised to A from A- at Care
    • Cites robust operational performance in FY15 April-Dec. period leading to improved debt coverage indicators
  • Escorts
    • Term loans revised to A- from BBB+ at ICRA
    • Cites sustainable improvement in cost structure
  • Stylam Industries
    • LT bank facilities revised to BBB+ from BBB at Care
    • Cites improvement in overall solvency position, additional fund infusion by promoters
  • Welspun Solar Rajasthan
    • LT bank facilities revised to BBB+ from BBB(SO) at Care
    • Cites satisfactory financial performance during FY15 and April-Dec. period
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ESC IN (Escorts Ltd)
SAIL IN (Steel Authority of India Ltd)
SYIL IN (Stylam Industries Ltd)
0350806D IN (Atria Convergence Technologies Pvt Ltd)
IBPL IN (Ind-Barath Power Infra Ltd)

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UUID: 7947283