(MKS.L) Marks & Spencer Group PLC Buy/Sell

Nov 19 (Reuters) - European companies, flush with cash, have started to take actions to make their debt profiles more efficient by buying back bonds and issuing new longer-term debt.
British American Tobacco and Investor AB started the trend . Details of other companies' liability management exercises are listed below:

* BRITISH AMERICAN TOBACCO
BAT invited holders of 1 billion euros ($1.50 billion) of 5.125 percent notes and 350 million pounds ($588.6 million) of 5.75 percent notes due 2013 to participate in a tender offer, arranged by BNP Paribas.
It then issued one tranche of 650 million euros at 4.875 percent, due 2021, and one tranche of 500 million pounds at 6.0 percent, due 2034.
Barclays, BNP Paribas, Royal Bank of Scotland and SG CIB managed the new issues.
BAT said that it had raised approximately 450 million euros net through the deals.

* INVESTOR AB
Investor AB tendered an offer for any and all of its 535 million euro bond due in 2012. The tender offer was managed by Citigroup and Deutsche Bank.
It has also issued a 500 million euro 2021 bond, at 4.875 percent. BNP Paribas, Citigroup and Deutsche Bank managed the deal.
Altogether, Investor AB said it had bought back 320 million euros and issued 500 million euros in new debt, raising 180 million euros.

* DANONE
Danone is offering to buy back any and all of its 1.25 billion euros of 5.25 percent notes due 2011, 1 billion euros of 6.375 percent notes due 2014 and/or 1 billion euros of 5.5 percent notes due 2015.
Danone mandated BNP Paribas and Societe Generale to manage the tender offer which started on Nov. 16 and will end on Nov. 24.

* MARKS & SPENCER
M&S plans to buy back up to 225 million pounds of bonds from investors, inviting holders of its outstanding 375 million pounds 6.375 percent notes due 2011 and holders of its outstanding 400 million pounds 5.875 percent notes due 2012 to participate in a tender offer on Nov. 24.
Citigroup, HSBC, Morgan Stanley and Royal Bank of Scotland are acting as dealer managers for the tender offer.
M&S is planning to raise new sterling-denominated bond financing beyond 2014.

* TATE & LYLE
Tate & Lyle is buying back 70 million pounds of 6.5 percent notes due 2012 and will issue a new 10-year bond. The new issue will be managed by Barclays Capital and Royal Bank of Scotland.

($1=.6680 Euro)

($1=.5946 Pound)

(Editing by Simon Jessop) Keywords: CORP BONDS/ (alex.chambers@thomsonreuters.com, Reuters Messaging: alex.chambers.reuters.com@reuters.net, +44 207 542 8989)

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Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month closing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
"A superb, credible choice," said Cavendish Asset Management fund manager Paul Mumford.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at brewer Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."

GOLDEN HELLO?
Morrison said Bolland would leave at the end of January and M&S's Rose told BBC radio he probably wouldn't start until late spring, although the date and terms were yet to be confirmed.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Investec's Katharine Wynne said his background in international brand marketing at Heineken would also strengthen the group's hand with its plans to expand more overseas.
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.

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(Additional reporting by Raji Menon and Matthew Scuffham, Editing by Dan Lalor and Elaine Hardcastle)

($1 = 0.5946 pound) Keywords: M&S/ (james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month closing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at Dutch beer group Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."

GOLDEN HELLO?
M&S said Bolland would join in the new year and on terms to be confirmed. He will stay at Morrison until the end of January.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."

M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Some analysts were disappointed by the scale and timing of the plan when it was announced last month
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.

For INSTANT VIEW click on:

For COLUMN click on

For TIMELINE on M&S search for new CEO click on

(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell ad Dan Lalor)

($1 = 0.5946 pound) Keywords: M&S/ (james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month clsoing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at Dutch beer group Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."

GOLDEN HELLO?
M&S said Bolland would join in the new year and on terms to be confirmed. He will stay at Morrison until the end of January.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."

M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Some analysts were disappointed by the scale and timing of the plan when it was announced last month
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.

For INSTANT VIEW click on:

For COLUMN click on

For TIMELINE on M&S search for new CEO click on

(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell ad Dan Lalor)

($1 = 0.5946 pound) Keywords: M&S/ (james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.