– Wincor Nixdorf (WIN GY) / Diebold (DIE US): German ATM maker Wincor Nixdorf , which has received a takeover offer from U.S. peer Diebold, released its full FY 2014/15 numbers stating that it expected its annual operating profit to rise to EUR 150m vs consensus of EUR 132m. Regarding deal with Diebold, Wincor only stated that discussions are ongoing. Good handholding for operational guidance (slightly better than expected), however slightly surprising we haven’t seen firm deal announcement yet today. Still expect EUR 52.5 majority cash offer to be forthcoming shortly. Near-term downside EUR 36-38, upside EUR 48-50. Would recommend to buy below EUR 45.
– BG Group (BG/ LN) / Shell (RDSB LN): UK press commentary by by Ian McVeigh, head of governance at Jupiter Fund Management, who attacked the proposed takeover of BG Group by Royal Dutch Shell, likening it to the disastrous purchase of ABN Amro by Royal Bank of Scotland in 2007, soon before the financial crisis. As we published before (http://pantacapital.com/public/bg-group-shell-uk-press-jupiter-funds-mcveigh-shareholder-comments-de-constructed/), we believe these comments are just noise and should have very limited resonance. We still believe BG/Shell spread (1 BG = GBp 383 cash + 0.4454 RDSB) above Gbp 110 is attractive set-up level.