Moncler Ruffini: There are no concrete talks at the moment

The owner of the Italian fashion house Moncler´s Mr Remo Ruffini said today that the company is not having any concrete takeover talks. He was referring to the news that the French luxury house Kering (KER) would be in talks to buy Moncler.

– In relation to the rumors reported by certain media, Mr. Remo Ruffini – in his capacity as shareholder of Moncler – would like to clarify that from time to time he maintains contacts and interacts with investors and other sector participants, including the Kering group, in order to explore strategic potential opportunities to further promote the successful development of Moncler. At the moment, however, there is not any concrete hypothesis under consideration, the company release stated later today.

Moncler´s (MONC) shares were slightly down from the highs and were trading up 7,03% to 41,56 euros in Milan on Thursday. The shares hit up over 10 % during the day after the possible takeover news. The French luxury house Kering´s (KER) stock was trading up 0,41 % to 540,30 euros in Paris.



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Moncler stock over 10 % rise in Milan – takeover talks with Kering – Bloomberg

The Italian fashion house Moncler´s (MONC) stock is over 10 % rise in the Milan Stock Exchange today due to the possible takeover by the French luxury group Kering (KER). Bloomberg News was the fist media to publish about the takeover talks between the companies. Moncler´s stock was trading at 43,05 euros, up 10,87%.

According to the news, the companies are in talks of the potential deal of the Italian skiwear maker, Moncler although there is no certainty that the deal would be made. It is expected that the Tiffany takeover of the LVMH Group has been one of the drivers for the French Kering Group to expand as well.

Kering´s (KER) stock was trading up 1,12 % at 544,10 euros. The rival company LVMH was trading also up 0,98 % at 399,90 euros in Paris Stock Exchange.

The Kering House include brands like Gucci, Yves Saint Laurent, Puma and Boucheron and its market cap is 67,9 billion euros compared to Moncler´s 10 billion euros.

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Trump approves the Hong Kong bills – shares mixed

The US President Donald Trump has approved the bills supporting Hong Kong pro-democracy protesters.

According to him, the signing is a mark for the possibility to settle the differences and build long term peace and prosperity in the area.

The signing also means that the US can have annual reviews of the Hong Kong’s special trade status under the American law.

The US and China have been discussing the trade issues and this signing might increase the possibility of further delays in the agreement. Lately the news have been that the deal is near to unwind the tariffs on 500 billion dollars worth of goods.

The financial markets were mixed in Asia and for example the Hang Seng was down 0,26% to 26883 points in Hong Kong, the Topix was down 0,23 % to 1706 points in Tokyo while the Shanghai Comp was down 0,48% to 2889 points in Shanghai. S&P CNX was up 0,17% to 12,120 points.

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US considers to cut some China tariffs

The US is condidering to cut Chinese tariffs in order to boost the negotiations further.

The US President Donald Trump and China’s Xi Jinping are expected to enter the deal discussion after the cancelled Apec meeting in Chile.

The news helped stock markets to enter new hights in New York. For example Nasdaq- index and Dow Jones closed record high on Tuesday trading.

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Tiffany: Centerview Partners and Goldman Sachs are financial advisors

Tiffany & Co (TIF) has today made a press release of the takeover bid of the French luxury group LVMH. According to the release, the company says it is carefully reviewing the proposal, which is unsolicited and non-binding.  LVMH Moet Hennessy – Louis Vuitton takeover bid is $120 per share in cash.

– While the parties are not in discussions, Tiffany’s Board of Directors, consistent with its fiduciary responsibilities, is carefully reviewing the proposal, with the assistance of independent financial and legal advisors, to determine the course of action it believes is in the best interests of the Company and its shareholders. Tiffany shareholders need take no action at this time, the company says.

Centerview Partners and Goldman Sachs are serving as financial advisors to Tiffany and Sullivan & Cromwell is serving as Tiffany’s legal advisor, the release states.

LVMH has also published a short stock exchange release saying that according to the market rumours, the French group has made an offer to Tiffany, but the outcome will be seen later.

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Brexit: MPs vote to block no-deal

The UK Parliament has today voted to block the no-deal Brexit scenario. According to this bill, the Prime Minister will have to seek Brexit delay if no new agreement has been made by the 19th October. The bill was voted by numbers 327 to 299. This result has been a defeat for the new PM Boris Johnson, which has been against the delay of the exit time.

The Parliament also voted down the PM´s attempt for snap general elections, which would have needed two thirds of MPs to win the case.

On Wednesday the Treasury Committee published the letter of the Bank of England Governor Mark  Carney regarding the new updated Brexit perceptions. The BoE says that in no-deal Brexit case the economic impact would not be so severe than the bank´s forecast in November. This is due to the situation that there has been preparations by companies and government for the new trade situation.

– UK banks are capitalised to withstand much more adverse combinations of domestic and global economic shocks and to keep serving the UK´s households and businesses. The UK banks have sufficient capital to continue lending through both worst-case, disorderly Brexit and a global trade war, Mr Carney wrote in the letter.

The stocks closed slightly up in London on Wednesday and the FTSE-index was up 0,59 % to 7311 points. The UK sterling was trading also up 0,02 % at 1,23 dollars.



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China to make a complaint over US tariffs to WTO – stocks down

The US stocks were declining on Tuesday trading, when the Chinese government said it has made a complaint to the World Trade Organisation over US tariffs.

The S&P 500 dropped 0.5% shortly, while the Dow Jones Industrial Average lost nearly 1 % to 26146 points and he Nasdaq Composite fell 0.38% 7932 points.

Also the European indexes closed down: Dax-index -0,14 % to 11936 points, FTSE 100 -index -0,26 % to 7262 points and CAC 40 -index -0,33 % to 5479 points.

The U.S. imposed new tariffs on Chinese goods including clothing, tools and electronics on last Sunday as Chinese tariffs also took effect.

“We expect there will be continued volatility in the market over the next 30 to 60 days, said one market analyst according to Wall Street Journal.


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