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Fri 19:08	UPDATE 2-France expected to head EU financial services-envoys	AFX UK Focus
By Julien Toyer and John O'Donnell BRUSSELS, Nov 20 (Reuters) - A former French foreign minister is expected to take charge of financial services in the European Union, diplomats said, a move that would unsettle bankers worried he may take a hard line with the industry. `EU diplomats said a deal to install Britain's Catherine Ashton as the bloc's foreign affairs chief foresaw Frenchman Michel Barnier becoming its commissioner for internal markets, a powerful role that covers financial services.` `The job carries significant influence in the aftermath of the global economic crisis as the commissioner will broker agreements on tough new rules that span banker pay to restricting investment banking.` `"It is practically done -- 99 percent," one diplomat told Reuters, playing down rumours that financial services would be removed from the internal market portfolio in the Commission, the 27-country bloc's executive arm.` `"It is part of the deal," a second diplomat said. "Now that the British have secured the nomination of Ashton, one could logically think that they won't block the internal market portfolio going to Michel Barnier."` `A spokesman for the Commission denied a deal had been concluded and said its president, Jose Manuel Barroso, had not yet agreed the line-up.` `"There is no deal. President Barroso has made no final decision yet on the make-up of the new Commission," he said. "He is awaiting the final nominations and once this has happened he will discuss portfolios in the coming week."` IMPORTANT ROLE `The Commission has much leeway to set the financial services agenda and is responsible for drafting new laws.` `France, which led a drive to clamp down on banker bonuses, is seen by many as being in favour of regulating the industry.` `The appointment of the former French foreign and agriculture minister would receive a cool welcome in Europe's financial capital, London, where many believe a Paris-driven agenda lies behind strict rules proposed for hedge funds and others.` `"There has been a strategy from (French President) Nicolas Sarkozy even before his election when he went to London in January 2007 and said: 'French expatriates, you have to come back to Paris because we want to make a strong financial centre in Paris'," said Karel Lannoo, chief executive of the Centre for European Policy Studies, a Brussels think-tank.` `Lannoo said France was likely to push for a single rulebook for banks and others "which could be to the benefit of Paris".` `Others played down the significance of the Frenchman, who has already worked as an EU commissioner, taking the post.` `"I think we are fairly resigned to the fact that it will go to Club Med (a Mediterranean country) this time," said a senior figure in the City of London, the centre of financial services in Britain.` `"The French approach is more interventionist and probably more regulation. But frankly, we would be going that way anyway."` `The EU is in the throes of a regulatory overhaul of the way banks and others work. The Commission has drawn up rules including ones that will require banks to hoard more capital, restricting their power to lend. A further wave of rules will shake up trading and exchanges.` (Additional reporting by Darren Ennis and Niclas Mika, editing by Jon Boyle) Keywords: EU FINANCE/COMMISSIONER (+32 2 287 6817 or +32 473 92 48 90; john.odonnell@thomsonreuters.com) 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. More
Fri 17:56	Deutsche Bank AG - EPT Disclosure - Cadbury Plc Amendment	RNS
RNS Number : 8863C Deutsche Bank AG 20 November 2009 `DEALINGS BY CONNECTED` `WITH RECOGNISED` `DEALING IN A CLIENT-SERVING (Rule 38.5(a) of the Takeover Code)` `AMENDMENT` `1. KEY INFORMATION Name of exempt principal trader` `Company dealt in` `Class of relevant` `being disclosed relate (Note 1) Date of dealing 2. DEALINGS (Note 2) (a) Purchases and sales Total number of securities` `purchased 1347197 Total number of securities sold 1270978` `(b) Derivatives Product name, Long/short (Note 4) e.g. CFD CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Long CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short CFD Short` `(c) Options transactions (i) Writing, selling, Product name, e.g. call option purchasing, varying etc. (ii) Exercising` `Product name, e.g. call option 3. OTHER INFORMATION` `Agreements, arrangements Full details of any agreement, person disclosing and relevant securities under the voting rights or securities to which any none, this should be stated.` `Date of disclosure` `Contact name` `Telephone number` `Name of offeree/offeror with` `which connected Nature of connection (Note 6)` `Notes` `The Notes on Form 38.5(a) This information is provided by RNS The company news service` `ENDEMMILFEDLSLIFIA FORM 38.5(a) EXEMPT PRINCIPAL TRADERS``INTERMEDIARY STATUS CAPACITY` `Deutsche Bank AG London Cadbury Plc` security to which the dealings Ordinary 18/11/2009 Highest price paid (Note 3) GBP Lowest price paid (Note 3) GBP 8.005 7.935 Highest price paid (Note 3) GBP Lowest price paid (Note 3) GBP 8.02 7.9511 transactions (other than options) Number of securities Price per unit (Note 3) (Note 5) GBP 4545 8.013801 4629 8.006666 4600 8.000548 9288 7.9981 500 7.998 7111 7.997984 141993 7.995426 421814 7.9952 148000 7.992 75000 7.992 8350 7.9876 910 7.9876 3923 7.9755 124240 7.974607 100000 7.974005 2307 7.97261 33652 7.96971 102000 7.955549 16652 7.9511 50000 8.001838 860 7.9974 8400 7.995 19479 7.994294 800 7.988125 13861 7.9853 9739 7.9853 16657 7.984543 20000 7.983322 50000 7.982394 36500 7.980373 41681 7.978193 400000 7.976424 4556 7.975909 1103 7.975005 11244 7.972999 24645 7.97149 9508 7.962489 5551 7.9524 in respect of existing securities purchasing or varying Writing, selling, Number of securities Exercise Type, e.g. American, Expiry Option money to which the option price European etc. Date paid/received per relates (Note 5) unit (Note 3) Number of securities Exercise price per unit (Note 3) or understandings relating to options or derivatives arrangement or understanding between the any other person relating to the voting rights of any any option referred to on this form or relating to future acquisition or disposal of any relevant derivative referred to on this form is referenced. If 20/11/2009 Kelly-Jade Ledwich 020 7545 7804 Kraft Foods Inc Connected Financial Advisor to Kraft Foods Inc can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk from the London Stock Exchange b> More
Fri 17:53	Deutsche Bank AG - EPT Disclosure - Kraft Foods Inc Amendment	RNS
RNS Number : 8858C Deutsche Bank AG 20 November 2009 `FORM 38.5(a)` DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(a) of the Takeover Code) AMENDMENT `1. KEY INFORMATION` `Name of exempt principal trader Deutsche Bank AG London` `Company dealt in Kraft Food Inc` `Class of relevant security to which the dealings Ordinary` being disclosed relate (Note 1) `Date of dealing 18/11/2009` `2. DEALINGS (Note 2)` `(a) Purchases and sales` `Total number of securities Highest price paid (Note 3) USD Lowest price paid (Note 3) USD` purchased `23782 27.776896 27.26` `Total number of securities Highest price paid (Note 3) USD Lowest price paid (Note 3) USD` sold `23327 27.776896 27.3331` (b) Derivatives transactions (other than options) Product name, Long/short (Note 4) Number of securities Price per unit (Note 3) `e.g. CFD (Note 5) USD` CFD (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying `Product name, Writing, selling, Number of securities Exercise Type, e.g. American, Expiry Option money` `e.g. call option purchasing, varying to which the option price European etc. Date paid/received per` `etc. relates (Note 5) unit (Note 3)` `(ii) Exercising` Product name, e.g. call option Number of securities Exercise price per unit (Note 3) `3. OTHER INFORMATION` Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. `Date of disclosure 20/11/2009` `Contact name Kelly-Jade Ledwich` `Telephone number 020 7545 7804` `Name of offeree/offeror with Kraft Foods Inc` which connected `Nature of connection (Note 6) Connected Financial Advisor to Kraft Foods Inc` Notes The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END EMMPUGBCGUPBGMU More
Fri 17:45	Deutsche Bank AG - EPT Disclosure - Hershey Co (The)	RNS
RNS Number : 8845C Deutsche Bank AG 20 November 2009 `FORM 38.5(a)` DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(a) of the Takeover Code) `1. KEY INFORMATION` `Name of exempt principal trader Deutsche Bank AG London` `Company dealt in The Hershey Company` `Class of relevant security to which the dealings Ordinary` being disclosed relate (Note 1) `Date of dealing 18/11/2009` `2. DEALINGS (Note 2)` `(a) Purchases and sales` `Total number of securities Highest price paid (Note 3) USD Lowest price paid (Note 3) USD` purchased `577 37.63 37.63` `Total number of securities Highest price paid (Note 3) USD Lowest price paid (Note 3) USD` sold (b) Derivatives transactions (other than options) Product name, Long/short (Note 4) Number of securities Price per unit (Note 3) `e.g. CFD (Note 5) USD` (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying `Product name, Writing, selling, Number of securities Exercise Type, e.g. American, Expiry Option money` `e.g. call option purchasing, varying to which the option price European etc. Date paid/received per` `etc. relates (Note 5) unit (Note 3)` `(ii) Exercising` Product name, e.g. call option Number of securities Exercise price per unit (Note 3) `3. OTHER INFORMATION` Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. `Date of disclosure 20/11/2009` `Contact name Kelly-Jade Ledwich` `Telephone number 020 7545 7804` `Name of offeree/offeror with Kraft Foods Inc` which connected `Nature of connection (Note 6) Connected Financial Advisor to Kraft Foods Inc` Notes The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END EMMEAXFEADNNFFE More
Fri 17:45	Deutsche Bank AG - EPT Disclosure - Cadbury Plc Amendment	RNS
RNS Number : 8852C Deutsche Bank AG 20 November 2009 `FORM 38.5(a)` DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(a) of the Takeover Code) AMENDMENT `1. KEY INFORMATION` `Name of exempt principal trader Deutsche Bank AG London` `Company dealt in Cadbury Plc` `Class of relevant security to which the dealings Ordinary` being disclosed relate (Note 1) `Date of dealing 17/11/2009` `2. DEALINGS (Note 2)` `(a) Purchases and sales` `Total number of securities Highest price paid (Note 3) GBP Lowest price paid (Note 3) GBP` purchased `602178 7.885 7.8` `Total number of securities Highest price paid (Note 3) GBP Lowest price paid (Note 3) GBP` `sold` `210012 7.88 7.8` (b) Derivatives transactions (other than options) Product name, Long/short (Note 4) Number of securities Price per unit (Note 3) `e.g. CFD (Note 5) GBP` `CFD Long 5828 7.8811` `CFD Long 12971 7.8799` `CFD Long 11000 7.864685` `CFD Long 100000 7.85607` `CFD Long 768 7.855` `CFD Long 24731 7.844633` `CFD Long 800 7.841875` `CFD Long 20000 7.811913` `CFD Long 12571 7.807657` `CFD Short 280000 7.875904` `CFD Short 94278 7.84175` `CFD Short 600 7.840833` `CFD Short 36672 7.830076` `CFD Short 5000 7.824735` `CFD Short 90087 7.8177` `CFD Short 1265 7.805202` (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying `Product name, Writing, selling, Number of securities Exercise Type, e.g. American, Expiry Option money` `e.g. call option purchasing, varying to which the option price European etc. Date paid/received per` `etc. relates (Note 5) unit (Note 3)` `(ii) Exercising` Product name, e.g. call option Number of securities Exercise price per unit (Note 3) `3. OTHER INFORMATION` Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. `Date of disclosure 20/11/2009` `Contact name Kelly-Jade Ledwich` `Telephone number 020 7545 7804` `Name of offeree/offeror with Kraft Foods Inc` which connected `Nature of connection (Note 6) Connected Financial Advisor to Kraft Foods Inc` Notes The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END EMMILFSDLVLIFIA More
Fri 17:43	Deutsche Bank AG - EPT Disclosure - Hershey Co (The)	RNS
RNS Number : 8848C Deutsche Bank AG 20 November 2009 `FORM 38.5(a)` DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(a) of the Takeover Code) `1. KEY INFORMATION` `Name of exempt principal trader Deutsche Bank AG London` `Company dealt in The Hershey Company` `Class of relevant security to which the dealings Ordinary` being disclosed relate (Note 1) `Date of dealing 19/11/2009` `2. DEALINGS (Note 2)` `(a) Purchases and sales` `Total number of securities Highest price paid (Note 3) USD Lowest price paid (Note 3) USD` purchased `72,676 37.1795 37.14` `Total number of securities Highest price paid (Note 3) USD Lowest price paid (Note 3) USD` sold `77 37.14 37.14` (b) Derivatives transactions (other than options) Product name, Long/short (Note 4) Number of securities Price per unit (Note 3) `e.g. CFD (Note 5) USD` (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying `Product name, Writing, selling, Number of securities Exercise Type, e.g. American, Expiry Option money` `e.g. call option purchasing, varying to which the option price European etc. Date paid/received per` `etc. relates (Note 5) unit (Note 3)` `(ii) Exercising` Product name, e.g. call option Number of securities Exercise price per unit (Note 3) `3. OTHER INFORMATION` Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. `Date of disclosure 20/11/2009` `Contact name Kelly-Jade Ledwich` `Telephone number 020 7545 7804` `Name of offeree/offeror with Kraft Foods Inc` which connected `Nature of connection (Note 6) Connected Financial Advisor to Kraft Foods Inc` Notes The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END EMMEAXFEALENFFE More
Fri 16:12	UPDATE 1-France poised to head EU financial services-diplomats	AFX UK Focus
By Julien Toyer and John O'Donnell BRUSSELS, Nov 20 (Reuters) - A former French foreign minister is expected to be put in charge of financial services in the European Union, diplomats said, a move that will unsettle bankers worried he may take a hard line with the industry. `EU diplomats said a deal struck to install Britain's Catherine Ashton as the bloc's foreign affairs chief foresaw Frenchman Michel Barnier as its commissioner for internal markets, a powerful role that covers financial services.` `The job carries significant influence in the aftermath of the global economic crisis as the commissioner will broker agreements on tough new rules that span banker pay to restricting investment banking.` `The European Commission, the 27-country EU's executive arm, has much leeway to set the financial services agenda and is responsible for drafting new laws.` `France, which led a drive to clamp down on banker bonuses, is seen by many as being in favour of regulating the industry.` `"It is practically done -- 99 percent," one diplomat told Reuters, playing down rumours that financial services would be removed from the internal market portfolio.` `"It is part of the deal," a second said. "Now that the British have secured the nomination of Ashton, one could logically think that they won't block the internal market portfolio going to Michel Barnier."` CLUB MED RULES `The appointment of the former French foreign and agriculture minister may receive a cool welcome in Europe's financial capital, London, where many believe a Paris-driven agenda lies behind strict rules proposed for hedge funds and others.` `"There has been a strategy from (French President) Nicolas Sarkozy even before his election when he went to London in January 2007 and said: 'French expatriates, you have to come back to Paris because we want to make a strong financial centre in Paris'," said Karel Lannoo, chief executive of the Centre for European Policy Studies, a Brussels think tank.` `Lannoo said France was likely to push for a single rulebook for banks and others "which could be to the benefit of Paris".` `Others played down the significance of the Frenchman, who has already worked as an EU commissioner, taking the post.` `"I think we are fairly resigned to the fact that it will go to Club Med (a Mediterranean country) this time," said one senior figure in the City of London, the centre of financial services in Britain.` `"The French approach is more interventionist and probably more regulation. But frankly, we would be going that way anyway."` `Some fear Barnier may be the opposite of Charlie McCreevy, the current internal markets chief. A supporter of light regulation, the Irishman was cheered by industry but criticised by others as doing little to address financial-system flaws.` `But Nicolas Veron, an economist with the Bruegel think tank, said the crisis had changed McCreevy's outlook.` `"Even Charlie McCreevy, who said at the start of his time as (internal markets) commissioner that he wanted to be remembered for the regulatory decisions he would not take, has made a complete U-turn in recent months," he said.` `"The reality is that the bigger trend is towards more regulation, regardless of who is in the job."` `The EU is in the throes of a regulatory overhaul of the way banks and others work.` `The Commission has drawn up rules including ones that will require banks to hoard more capital, restricting their power to lend. A further wave of rules will shake up trading and exchanges.` (Additional reporting by Darren Ennis and Niclas Mika, editing by Victoria Main and Dale Hudson) Keywords: EU FINANCE/COMMISSIONER (+32 2 287 6817 or +32 473 92 48 90; john.odonnell@thomsonreuters.com) 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. More
Fri 14:11	Moody's confirms the Class A1 & cuts Deco 15 -- Pan Europe 6 nts	AFX UK Focus
Reuters has stopped distributing the full text of Moody's Investors Service press releases on ratings actions, effective April 1, 2009. The text of this Moody's Investor Service rating is available at www.moodys.com. 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. More
Fri 13:16	BRIEF-Deutsche Bank CEO- 2010 will be challenging for banks	AFX UK Focus
FRANKFURT, Nov 20 (Reuters) - Deutsche Bank AG: CEO SAYS 2010 WILL BE ANOTHER CHALLENGING YEAR FOR BANKING INDUSTRY CEO SAYS POSSIBLE LOAN DEFAULTS REMAIN IMPORTANT TOPIC FOR BANKING INDUSTRY CEO SAYS DISAPPEARANCE OF COMPETITORS CREATES GREAT OPPORTUNITIES ((Frankfurt Newsroom; +49 69 7565 1272)) (For more news, please click here) 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. More
Fri 13:12	CORRECTED-Moody's may cut Deutsche Bank ratings on credit risk	AFX UK Focus
NEW YORK, Nov 19 (Reuters) - Moody's Investors Service placed Deutsche Bank AG on review for possible downgrade on Thursday due to possible credit-related writedowns that may weigh on profits, the rating agency said. `Ratings for the bank's senior debt rated Aa1, the second highest rating, and the bank's financial strength at B are on review for possible cuts, Moody's said.` `The bank's Prime-1 short-term ratings and its subsidiaries' ratings were affirmed.` `Deutsche Bank's credit profile has certain weaknesses that make the bank less well positioned for a B financial strength rating, Moody's said.` Moody's said their review will incorporate the expectation that Deutsche Bank and other banks globally will experience increasing deterioration in asset quality over the coming quarters, "which is likely to lead to greater credit-related writedowns than previously anticipated in the ratings ..." Moody's said in a statement, weighing on profitability. (Reporting by Walden Siew; editing by Jeffrey Benkoe) Keywords: DEUTSCHE RATINGS/MOODYS (walden.siew@thomsonreuters.com; +1-646-223-6333; Reuters Messaging: walden.siew.reuters.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. More
Fri 13:07	UPDATE 2-Bankers say crisis lessons must be taken to heart	AFX UK Focus
By Edward Taylor and Sakari Suoninen FRANKFURT, Nov 20 (Reuters) - Bankers and regulators should learn the lessons of the global financial crisis and drive through changes to prevent future breakdowns, financiers said on Friday. `Bundesbank President Axel Weber said regulators must be resolute about pressing ahead with reform and reject criticism for perceived over-regulation as markets start recovering.` `"We don't give a damn what anyone says, because we will just implement it," he told a Frankfurt banking conference.` `"It is very important for us not to fall prey to influences on the way up or down` `"We have to turn very stubborn..we have seen the biggest crisis in post-war history and make the system more resilient," said Weber, who also sits on the European Central Bank's policymaking Governing Council.` `The worst financial crisis in 80 years, which started with the crash of Lehman Brothers in 2008, has sparked calls for a radical overhaul of banking supervision, which is still country-based despite cross-border groups dominating the sector.` `Since the start of the crisis last year, politicians, shareholders and regulators have sought someone to blame for the breakdown that led governments to pour funds into stimulus packages and bank bailouts.` `Deutsche Bank Chief Executive Josef Ackermann told the same conference that all parties need to learn from the crisis to help prevent future financial bubbles.` `"We do not seem to have made much progress identifying financial bubbles since the Dutch tulip crisis," Ackermann said, referring to the 17th century Dutch craze.` THE BLAME-GAME `Momentum has been building in the United States to break up lenders that are not only "too big to fail" but which may be "too big to save", but others, including Ackermann, have stressed that there is still a role for large banks.` `The goal of shrinking firms is to prevent another debacle like the collapse of Lehman Brothers and the huge taxpayer bailouts of AIG and Citigroup in the United States as well as Hypo Real Estate, Royal Bank of Scotland and ABN Amro in Europe.` `Banks have also faced public anger for paying eye-popping bonuses amid a crisis that has required billions of euros in taxpayer money for bailouts.` `Ackermann, who has backed the creation of an international bailout fund, said the state would have to be involved in such as fund because the resources required were so great.` `His remarks stood in contrast to comments by European Central Bank executive board member Juergen Stark this week.` `"We must not add new incentives for moral hazard by creating an 'emergency fund' for banks, financed or co-financed by taxpayers' money," Starck said.` `Weber cautioned that learning the lessons of the crisis will not guarantee that future crises can be averted, but it will help cope with them better.` `"We cannot prevent and predict the next crisis. We have to make sure when the next crisis comes, and it will come with a 100 percent probability at some time, that the system then is more resilient and that's what systemic supervision is about," he said.` `For a factbox of bailed out banks in Europe click on` `For a factbox on banks with the biggest losses from the credit crisis` `(Writing by Maria Sheahan; Editing by David Cowell) ($1=.6722 Euro) Keywords: FINANCIAL/LESSONS` (edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.reuters.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. More
Fri 13:01	France likely to head EU financial services-diplomats	AFX UK Focus
By John O'Donnell BRUSSELS, Nov 20 (Reuters) - France is likely to take charge of financial services in the European Union, diplomats said, in a move seen as likely to unsettle bankers worried about tougher regulation. `EU diplomats said a deal struck to install Britain's Catherine Ashton as the bloc's foreign affairs chief foresaw Frenchman Michel Barnier as its internal markets commissioner, a powerful role that covers financial services.` `The job carries significant influence in the aftermath of the global economic crisis as the commissioner plays a role in brokering agreements on tough new rules that span banker pay to restricting investment banking.` `The European Commission, the EU's executive arm, has much leeway to set the financial services agenda and is responsible for drafting the new laws.` `"It is practically done -- 99 percent," one diplomat told Reuters, playing down rumours that financial services would be removed from the internal markets portfolio.` `"It is part of the deal," said a second. "Now that the British have secured the nomination of Ashton, one could logically think that they won't block the internal market portfolio going to Michel Barnier."` POLITICAL AGENDA `The appointment of the former French foreign and agriculture minister may receive a cool welcome in Europe's financial capital, London, where many believe a Paris-driven agenda lies behind strict rules proposed for hedge funds and banker pay.` `"There has been a strategy from (French President( Nicolas Sarkozy even before his election when he went to London in January 2007 and said: 'French expatriates, you have to come back to Paris because we want to make a strong financial centre in Paris,'" said Karel Lannoo, chief executive of the Centre for European Policy Studies, a Brussels think tank.` `Lannoo said France was likely to push for a single rule book for banks and others "which could be to the benefit of Paris".` `Others, however, played down the appointment of a French commissioner.` `"I think we are fairly resigned to the fact that it will go to Club Med this time," said one senior figure in the City of London, the centre of financial services in Britain.` `"The French approach is more interventionist and probably more regulation. But frankly, we would be going that way anyway."` `Those remarks were echoed by Nicolas Veron, an economist with the Bruegel think tank.` `"The reality is that the bigger trend is towards more regulation, regardless of who is in the job," he said.` `"Even Charlie McCreevy who said at the start of his time as (internal markets) commissioner that he wanted to be remembered for the regulatory decisions he would not take, has made a complete U-turn in recent months." Keywords: EU FINANCE/COMMISSIONER` (Reporting by Julien Toyer, Darren Ennis, John O'Donnell and Niclas Mika; +32 2 287 6817 or +32 473 92 48 90; john.odonnell@thomsonreuters.com; Editing by Victoria Main) 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. More
Fri 11:19	HIGHLIGHTS-Speakers at Frankfurt's European Banking Congress	AFX UK Focus
FRANKFURT, Nov 20 (Reuters) - Regulators must be stubborn in pushing through reforms, European Central Bank Governing Council member Axel Weber said on Friday. `Below are highlights of comments by central bankers and bankers at the European Banking Congress in Frankfurt.` ECB PRESIDENT JEAN-CLAUDE TRICHET `EXIT STRATEGY: "The rationale for exit from these measures is the inverse of the rationale for their implementation." "These measures will have to be unwound when the situation normalises and the rationale for the measures fades away."` `"The cornerstone of our exit strategy is its link to our primary objective of price stability. Thus, any non-standard measure whose continuation would pose a threat to the achievement of price stability must be undone promptly and unequivocally."` `"Not all liquidity measures will be need to the same extent as in the past."` `REGULATION: "We have to develop a new preventive framework to minimise the risk of recurrence. This framework will have both monetary policy and regiulatory dimensions."` `ECONOMY: "It is too early to declare the crisis is over."` "Recent financial developments have been more benign, it is true. However, a significant volume of official support underlies these developments." `ECB SUPPORT FOR BANKS: "The magnitude of support is without precedent, and all participants in financial markets should be conscious of that."` `"Banks need to strengthen their balance sheets. They need to become self-reliant and be able to stand on their own two feet."` `"The improved capital markets offer opportunities (for banks) to raise funds including equity ... profits should be used -- as priority -- to build capital and reserves."` `"The continued administration of strong painkillers can be harmful. They can create dependence -- or even addiction -- for the recipients. Such medicine cannot be a permanent solution. It would eventually create new problems."` "By analogy, the exceptional support provided by central banks to the private sector must not degenerate into long-term dependence of the private sector on such support. For that reason, the current non-standard monetary policy measures will have to be progressively phased out. Enhanced credit support is not for eternity. Financial institutions must prepare themselvees for an eventual withdrawal, which ... will be timely and gradual." BUNDESBANK PRESIDENT AXEL WEBER `FUTURE CRISES: "We cannot prevent and predict the next crisis. We have to make sure when the next crisis comes, and it will come with a 100 percent probability at some time, that the system then is more resilient and that's what systemic supervision is about."` `THAT CRISIS STEPS WILL WITHIN NEXT 5 YEAR LEAD TO A NEW CRISIS: "Risk has come back to the market and risk-taking capacity is still there, I don't really see a big likelihood in the next five years but what we are trying to do is minimise the risk that the last crisis can reoccur like it did. The problem is the next crisis is likely not going to come from the same area."` `ASSET PRICE BUBBLES: "I wouldn't use interest rates as a tool, interest rates are there to ensure price stability and that's consumer price stability, but there are many other things that can be done in areas ... like regulation where you can prevent unsustainable developments."` `RATINGS AGENCIES: "I have a very simple view of rating agencies. Banks when they look at ratings simply have to trade off their own judgement of risk against third-party judgment of risk. The value-added of ratings agencies only comes in if their judgement of risk is better than that of the institution itself. My aim would .... be to simply make their value-added zero by improving my own risk management. That hasn't happened."` `REGULATION: "In the downturn, in the midst of the crisis, everybody is crying for regulation. When we bring regulation on the way in the next upswing, everybody will say the regulators do not understand anything, they are just conservatives, they will just put brakes on new products, we don't want to do this, everyone is euphoric."` `"We don't give a damn what anyone says, because we will just implement it. It is very important for us not to fall prey to influences on the way up or down ... We have to turn very stubborn, we have seen the biggest crisis in post-war history and make the system more resilient."` `"Monetary policy was not part of the culprits (in creating the crisis)."` OMAN CENTRAL BANK EXECUTIVE PRESIDENT HAMOOD SANGOUR AL-ZADJALI `PEG: "We stick to the dollar as a peg for our currency."` `OIL PRICES: "The oil price will stay around $70 to $80 (per barrel) over the next year, that's our expectation, but it's not a forecast."` `WOULD YOU CONSIDER RETURNING TO MONETARY UNION? "No, our decision is still there."` `GDP GROWTH: "The economy is doing very well at the moment, we expect there will be positive growth this year and next year we are very optimistic that the economy will grow much better."` DEUTSCHE BANK CHIEF EXECUTIVE JOSEF ACKERMANN `"The worst parts of the financial crisis are behind us."` `"A very valid question is how to prevent another crisis."` `ON PAN-EUROPEAN FUND IN GENERAL: "First, this is not about crisis-prevention but about crisis-solution in the future.` `"Second, we are getting a deposit insurance fund (Einlagensicherungsfond) on a European level.` `"Third, a lot of programmes have been introduced in the (European) countries and a part of these programmes could be used towards a future emergency fund.` `"Fourth, it is important that not only the taxpayer will bear the burden, but that the banks will also do their share, which would be different from what we have experienced.` `"Fifth, you could determine ex-ante which requirement have to be met so that you can address the question of moral hazard.` `"Sixth, why taking the states on board? Because the magnitude would simply exceed and overburden the capabilities of the private sector.` `"Therefore, in an economy such as in most of the European countries -- where the state and the private sector accounts for 50 percent each -- we need a pragmatic approach in the current situation. This is not about maintaining structures but cleaning up structures."` `ON HIGHER CAPITAL REQUIREMENTS OF THE FINANCIAL SYSTEM: "I'm very much in favour of having more capital in the system. The question is how much more and what details this includes. And of course, in a period like now, which is the economic development is very fragile, you have to evaluate the consequences of going too far¿But the bottom line is that capital is one shock-absorber in the case of crisis."` `ON WHY TAX-PAYERS SHOULD ALSO CONTRIBUTE TO A PAN-EUROPEAN BAIL-OUT FUND: "This is quite simple because you have to cooperate when it is about really big banks. But this should not be to the disadvantage of the taxpayer but should reduce losses in the future, as we can wind up banks that have failed in an orderly manner. And therefore we need a close cooperation between the private sector and the states.` `"This is relatively simple as programmes on a state level already exist. And there are two really great examples: The FDIC in the United States where more than 120 banks have been phased out properly. And Sweden, too, has a comparable fund that is not meant to cement structures, but to serve to take failed banks out of the market in an orderly manner without putting at risk the stability of the financial system as a whole."` `MACEDONIA CENTRAL BANK GOVERNOR PETAR GOSHEV:` `"Macedonia was hit by crisis, but fortunately less than many comparable countries ... the economy will contract 1.5 percent this year."` `"Next year, we could have positive growth of 1 to 2 percent."` (Reporting by Krista Hughes, Marc Jones and Sakari Suoninen) Keywords: ECB/ (krista.hughes@reuters.com; +49 69 7565 1313; Reuters Messaging: krista.hughes.reuters.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. More
Fri 11:15	HIGHLIGHTS-Speakers at Frankfurt's European Banking Congress	AFX UK Focus
FRANKFURT, Nov 20 (Reuters) - Regulators must be stubborn in pushing through reforms, European Central Bank Governing Council member Axel Weber said on Friday. `Below are highlights of comments by central bankers and bankers at the European Banking Congress in Frankfurt.` ECB PRESIDENT JEAN-CLAUDE TRICHET `ECONOMY: "It is too early to declare the crisis is over."` "Recent financial developments have been more benign, it is true. However, a significant volume of official support underlies these developments." `ECB SUPPORT FOR BANKS: "The magnitude of support is without precedent, and all participants in financial markets should be conscious of that."` `"Banks need to strengthen their balance sheets. They need to become self-reliant and be able to stand on their own two feet."` `"The improved capital markets offer opportunities (for banks) to raise funds including equity ... profits should be used -- as priority -- to build capital and reserves."` `"The continued administration of strong painkillers can be harmful. They can create dependence -- or even addiction -- for the recipients. Such medicine cannot be a permanent solution. It would eventually create new problems."` BUNDESBANK PRESIDENT AXEL WEBER `FUTURE CRISES: "We cannot prevent and predict the next crisis. We have to make sure when the next crisis comes, and it will come with a 100 percent probability at some time, that the system then is more resilient and that's what systemic supervision is about."` `THAT CRISIS STEPS WILL WITHIN NEXT 5 YEAR LEAD TO A NEW CRISIS: "Risk has come back to the market and risk-taking capacity is still there, I don't really see a big likelihood in the next five years but what we are trying to do is minimise the risk that the last crisis can reoccur like it did. The problem is the next crisis is likely not going to come from the same area."` `ASSET PRICE BUBBLES: "I wouldn't use interest rates as a tool, interest rates are there to ensure price stability and that's consumer price stability, but there are many other things that can be done in areas ... like regulation where you can prevent unsustainable developments."` `RATINGS AGENCIES: "I have a very simple view of rating agencies. Banks when they look at ratings simply have to trade off their own judgement of risk against third-party judgment of risk. The value-added of ratings agencies only comes in if their judgement of risk is better than that of the institution itself. My aim would .... be to simply make their value-added zero by improving my own risk management. That hasn't happened."` `REGULATION: "In the downturn, in the midst of the crisis, everybody is crying for regulation. When we bring regulation on the way in the next upswing, everybody will say the regulators do not understand anything, they are just conservatives, they will just put brakes on new products, we don't want to do this, everyone is euphoric."` `"We don't give a damn what anyone says, because we will just implement it. It is very important for us not to fall prey to influences on the way up or down ... We have to turn very stubborn, we have seen the biggest crisis in post-war history and make the system more resilient."` `"Monetary policy was not part of the culprits (in creating the crisis)."` OMAN CENTRAL BANK EXECUTIVE PRESIDENT HAMOOD SANGOUR AL-ZADJALI `PEG: "We stick to the dollar as a peg for our currency."` `OIL PRICES: "The oil price will stay around $70 to $80 (per barrel) over the next year, that's our expectation, but it's not a forecast."` `WOULD YOU CONSIDER RETURNING TO MONETARY UNION? "No, our decision is still there."` `GDP GROWTH: "The economy is doing very well at the moment, we expect there will be positive growth this year and next year we are very optimistic that the economy will grow much better."` DEUTSCHE BANK CHIEF EXECUTIVE JOSEF ACKERMANN `"The worst parts of the financial crisis are behind us."` `"A very valid question is how to prevent another crisis."` `ON PAN-EUROPEAN FUND IN GENERAL: "First, this is not about crisis-prevention but about crisis-solution in the future.` `"Second, we are getting a deposit insurance fund (Einlagensicherungsfond) on a European level.` `"Third, a lot of programmes have been introduced in the (European) countries and a part of these programmes could be used towards a future emergency fund.` `"Fourth, it is important that not only the taxpayer will bear the burden, but that the banks will also do their share, which would be different from what we have experienced.` `"Fifth, you could determine ex-ante which requirement have to be met so that you can address the question of moral hazard.` `"Sixth, why taking the states on board? Because the magnitude would simply exceed and overburden the capabilities of the private sector.` `"Therefore, in an economy such as in most of the European countries -- where the state and the private sector accounts for 50 percent each -- we need a pragmatic approach in the current situation. This is not about maintaining structures but cleaning up structures."` `ON HIGHER CAPITAL REQUIREMENTS OF THE FINANCIAL SYSTEM: "I'm very much in favour of having more capital in the system. The question is how much more and what details this includes. And of course, in a period like now, which is the economic development is very fragile, you have to evaluate the consequences of going too far¿But the bottom line is that capital is one shock-absorber in the case of crisis."` `ON WHY TAX-PAYERS SHOULD ALSO CONTRIBUTE TO A PAN-EUROPEAN BAIL-OUT FUND: "This is quite simple because you have to cooperate when it is about really big banks. But this should not be to the disadvantage of the taxpayer but should reduce losses in the future, as we can wind up banks that have failed in an orderly manner. And therefore we need a close cooperation between the private sector and the states.` `"This is relatively simple as programmes on a state level already exist. And there are two really great examples: The FDIC in the United States where more than 120 banks have been phased out properly. And Sweden, too, has a comparable fund that is not meant to cement structures, but to serve to take failed banks out of the market in an orderly manner without putting at risk the stability of the financial system as a whole."` `MACEDONIA CENTRAL BANK GOVERNOR PETAR GOSHEV:` `"Macedonia was hit by crisis, but fortunately less than many comparable countries ... the economy will contract 1.5 percent this year."` `"Next year, we could have positive growth of 1 to 2 percent."` (Reporting by Krista Hughes, Marc Jones and Sakari Suoninen) Keywords: ECB/ (krista.hughes@reuters.com; +49 69 7565 1313; Reuters Messaging: krista.hughes.reuters.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. More
Fri 11:13	HIGHLIGHTS-Speakers at Frankfurt's European Banking Congress	AFX UK Focus
FRANKFURT, Nov 20 (Reuters) - Regulators must be stubborn in pushing through reforms, European Central Bank Governing Council member Axel Weber said on Friday. `Below are highlights of comments by central bankers and bankers at the European Banking Congress in Frankfurt.` ECB PRESIDENT JEAN-CLAUDE TRICHET `ECONOMY: "It is too early to declare the crisis is over."` "Recent financial developments have been more benign, it is true. However, a significant volume of official support underlies these developments." `ECB SUPPOT FOR BANKS: "The magnitude of support is without precedent, and all participants in financial markets should be conscious of that."` `"Banks need to strengthen their balance sheets. They need to become self-reliant and be able to stand on their own two feet."` `"The improved capital markets offer opportunities (for banks) to raise funds including equity ... profits should be used -- as priority -- to build capital and reserves."` `"The continued administration of strong painkillers can be harmful. They can create dependence -- or even addiction -- for the recipients. Such medicine cannot be a permanent solution. It would eventually create new problems."` BUNDESBANK PRESIDENT AXEL WEBER `FUTURE CRISES: "We cannot prevent and predict the next crisis. We have to make sure when the next crisis comes, and it will come with a 100 percent probability at some time, that the system then is more resilient and that's what systemic supervision is about."` `THAT CRISIS STEPS WILL WITHIN NEXT 5 YEAR LEAD TO A NEW CRISIS: "Risk has come back to the market and risk-taking capacity is still there, I don't really see a big likelihood in the next five years but what we are trying to do is minimise the risk that the last crisis can reoccur like it did. The problem is the next crisis is likely not going to come from the same area."` `ASSET PRICE BUBBLES: "I wouldn't use interest rates as a tool, interest rates are there to ensure price stability and that's consumer price stability, but there are many other things that can be done in areas ... like regulation where you can prevent unsustainable developments."` `RATINGS AGENCIES: "I have a very simple view of rating agencies. Banks when they look at ratings simply have to trade off their own judgement of risk against third-party judgment of risk. The value-added of ratings agencies only comes in if their judgement of risk is better than that of the institution itself. My aim would .... be to simply make their value-added zero by improving my own risk management. That hasn't happened."` `REGULATION: "In the downturn, in the midst of the crisis, everybody is crying for regulation. When we bring regulation on the way in the next upswing, everybody will say the regulators do not understand anything, they are just conservatives, they will just put brakes on new products, we don't want to do this, everyone is euphoric."` `"We don't give a damn what anyone says, because we will just implement it. It is very important for us not to fall prey to influences on the way up or down ... We have to turn very stubborn, we have seen the biggest crisis in post-war history and make the system more resilient."` `"Monetary policy was not part of the culprits (in creating the crisis)."` OMAN CENTRAL BANK EXECUTIVE PRESIDENT HAMOOD SANGOUR AL-ZADJALI `PEG: "We stick to the dollar as a peg for our currency."` `OIL PRICES: "The oil price will stay around $70 to $80 (per barrel) over the next year, that's our expectation, but it's not a forecast."` `WOULD YOU CONSIDER RETURNING TO MONETARY UNION? "No, our decision is still there."` `GDP GROWTH: "The economy is doing very well at the moment, we expect there will be positive growth this year and next year we are very optimistic that the economy will grow much better."` DEUTSCHE BANK CHIEF EXECUTIVE JOSEF ACKERMANN `"The worst parts of the financial crisis are behind us."` `"A very valid question is how to prevent another crisis."` `ON PAN-EUROPEAN FUND IN GENERAL: "First, this is not about crisis-prevention but about crisis-solution in the future.` `"Second, we are getting a deposit insurance fund (Einlagensicherungsfond) on a European level.` `"Third, a lot of programmes have been introduced in the (European) countries and a part of these programmes could be used towards a future emergency fund.` `"Fourth, it is important that not only the taxpayer will bear the burden, but that the banks will also do their share, which would be different from what we have experienced.` `"Fifth, you could determine ex-ante which requirement have to be met so that you can address the question of moral hazard.` `"Sixth, why taking the states on board? Because the magnitude would simply exceed and overburden the capabilities of the private sector.` `"Therefore, in an economy such as in most of the European countries -- where the state and the private sector accounts for 50 percent each -- we need a pragmatic approach in the current situation. This is not about maintaining structures but cleaning up structures."` `ON HIGHER CAPITAL REQUIREMENTS OF THE FINANCIAL SYSTEM: "I'm very much in favour of having more capital in the system. The question is how much more and what details this includes. And of course, in a period like now, which is the economic development is very fragile, you have to evaluate the consequences of going too far¿But the bottom line is that capital is one shock-absorber in the case of crisis."` `ON WHY TAX-PAYERS SHOULD ALSO CONTRIBUTE TO A PAN-EUROPEAN BAIL-OUT FUND: "This is quite simple because you have to cooperate when it is about really big banks. But this should not be to the disadvantage of the taxpayer but should reduce losses in the future, as we can wind up banks that have failed in an orderly manner. And therefore we need a close cooperation between the private sector and the states.` `"This is relatively simple as programmes on a state level already exist. And there are two really great examples: The FDIC in the United States where more than 120 banks have been phased out properly. And Sweden, too, has a comparable fund that is not meant to cement structures, but to serve to take failed banks out of the market in an orderly manner without putting at risk the stability of the financial system as a whole."` `MACEDONIA CENTRAL BANK GOVERNOR PETAR GOSHEV:` `"Macedonia was hit by crisis, but fortunately less than many comparable countries ... the economy will contract 1.5 percent this year."` `"Next year, we could have positive growth of 1 to 2 percent."` (Reporting by Krista Hughes, Marc Jones and Sakari Suoninen) Keywords: ECB/ (krista.hughes@reuters.com; +49 69 7565 1313; Reuters Messaging: krista.hughes.reuters.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. More
Fri 10:58	J.P. Morgan Securities Ltd. - EPT Disclosure Kraft Foods Inc - Late	RNS
DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY `(Rule 38.5(a) of the Takeover Code)` `1. KEY INFORMATION` `Name of exempt principal J.P. Morgan Securities Ltd.` trader `Company dealt in Kraft Foods Inc` `Class of relevant security Ordinary Shares` to which the dealings being disclosed relate (Note 1) `Date of dealing 19 November 2009` `2. DEALINGS (Note 2)` (a) Purchases and sales `Total number of Highest price paid Lowest price paid (Note` `securities purchased (Note 3) 3)` `378 27.04 USD 27.04 USD` `Total number of Highest price received Lowest price received` `securities sold (Note 3) (Note 3)` (b) Derivatives transactions (other than options) `Product Long/short Number of securities Price per unit` `name, (Note 4) (Note 5) (Note 3)` e.g. CFD (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying `Product Writing, Number of Exerc Type, Expiry Option` `name, selling, securities ise e.g. date money` `e.g. call purchasin to which the price American paid/rece` `option g, option , ived per` `varying relates European unit` `etc. (Note 5) etc. (Note 3)` `(ii) Exercising` `Product name, e.g. call Number of securities Exercise price per unit` `option (Note 3)` 3. OTHER INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. `Date of disclosure 20 November 2009` `Contact name Richard Lock` `Telephone number 020 7777 0423` `Name of offeree/offeror with which Hershey Company (The)` connected `Nature of connection (Note 6) 2` Notes The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk More
Fri 10:57	J.P. Morgan Securities Ltd. - EPT Disclosure Kraft Foods Inc - Late	RNS
Late Disclosure DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY `(Rule 38.5(a) of the Takeover Code)` `1. KEY INFORMATION` `Name of exempt principal J.P. Morgan Securities Ltd.` trader `Company dealt in Kraft Foods Inc` `Class of relevant security Ordinary Shares` to which the dealings being disclosed relate (Note 1) `Date of dealing 18 November 2009` `2. DEALINGS (Note 2)` (a) Purchases and sales `Total number of Highest price paid Lowest price paid (Note` `securities purchased (Note 3) 3)` `913 27.5773 USD 27.5773 USD` `Total number of Highest price received Lowest price received` `securities sold (Note 3) (Note 3)` `913 27.5773 USD 27.5773 USD` (b) Derivatives transactions (other than options) `Product Long/short Number of securities Price per unit` `name, (Note 4) (Note 5) (Note 3)` e.g. CFD (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying `Product Writing, Number of Exerc Type, Expiry Option` `name, selling, securities ise e.g. date money` `e.g. call purchasin to which the price American paid/rece` `option g, option , ived per` `varying relates European unit` `etc. (Note 5) etc. (Note 3)` `(ii) Exercising` `Product name, e.g. call Number of securities Exercise price per unit` `option (Note 3)` 3. OTHER INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. `Date of disclosure 20 November 2009` `Contact name Richard Lock` `Telephone number 020 7777 0423` `Name of offeree/offeror with which Hershey Company (The)` connected `Nature of connection (Note 6) 2` Notes The Notes on Form 38.5(a) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk More
Fri 10:38	Deutsche Bank AG - EPT Disclosure - Kraft Foods Inc	RNS
RNS Number : 8424C Deutsche Bank AG 20 November 2009 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RI STATUS BUT NOT DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(b) of the Takeover Code) `1. KEY INFORMATION` `Name of exempt principal trader Deutsche Bank Securities Inc` `Company dealt in Kraft Foods Inc` `Class of relevant security to which the US500575N1046` dealings being disclosed relate (Note 1) `Date of dealing 19/11/2009` `2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE` `(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 2)` `Long Short` `Number Number` `(%)` `(%)` `(1) Relevant securities 32,143 -464,157` `0.002 -0.03` (2) Derivatives (other than options) `(3) Options and agreements to 910,600 -935,900` purchase/sell `0.062 -0.06` `Total 942,743 -1,400,057` `-0.09` `0.064` `(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 2)` `Class of relevant security: Long Short` `Number Number` `(%)` `(%)` (1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total `(c) Rights to subscribe (Note 2)` Class of relevant security: Details `3. DEALINGS (Note 3)` `(a) Purchases and sales` `Purchase/sale Number of securities Price per unit (Note 4) USD` `Purchase 3 27.01` `Purchase 107,073 26.99509764` `Purchase 20,465 26.97` `Purchase 8,234 26.97` `Purchase 476 26.97` `TOTAL Purchases 136,251` `Sale 73 27.17` `Sale 100 27.16` `Sale 100 27.16` `Sale 100 27.12` `Sale 100 27.12` `Sale 100 27.12` `Sale 100 27.12` `Sale 100 27.11` `Sale 100 27.11` `Sale 100 27.11` `Sale 100 27.11` `Sale 100 27.11` `Sale 100 27.1` `Sale 100 27.1` `Sale 100 27.1` `Sale 100 27.09` `Sale 100 27.09` `Sale 100 27.09` `Sale 100 27.09` `Sale 100 27.09` `Sale 100 27.08` `Sale 100 27.08` `Sale 100 27.08` `Sale 100 27.08` `Sale 100 27.08` `Sale 100 27.08` `Sale 200 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 100 27.07` `Sale 200 27.06` `Sale 200 27.06` `Sale 200 27.06` `Sale 200 27.06` `Sale 200 27.06` `Sale 200 27.06` `Sale 198 27.06` `Sale 159 27.06` `Sale 159 27.06` `Sale 148 27.06` `Sale 141 27.06` `Sale 102 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 100 27.06` `Sale 98 27.06` `Sale 98 27.06` `Sale 98 27.06` `Sale 98 27.06` `Sale 59 27.06` `Sale 59 27.06` `Sale 59 27.06` `Sale 59 27.06` `Sale 59 27.06` `Sale 59 27.06` `Sale 59 27.06` `Sale 52 27.06` `Sale 41 27.06` `Sale 41 27.06` `Sale 41 27.06` `Sale 41 27.06` `Sale 41 27.06` `Sale 41 27.06` `Sale 41 27.06` `Sale 41 27.06` `Sale 2 27.06` `Sale 2 27.06` `Sale 2 27.06` `Sale 2 27.06` `Sale 400 27.05` `Sale 200 27.05` `Sale 200 27.05` `Sale 200 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 100 27.05` `Sale 57 27.05` `Sale 43 27.05` `Sale 100 27.045` `Sale 300 27.04` `Sale 200 27.04` `Sale 200 27.04` `Sale 200 27.04` `Sale 200 27.04` `Sale 200 27.04` `Sale 200 27.04` `Sale 200 27.04` `Sale 111 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 100 27.04` `Sale 89 27.04` `Sale 78 27.04` `Sale 75 27.04` `Sale 57 27.04` `Sale 54 27.04` `Sale 38 27.04` `Sale 38 27.04` `Sale 38 27.04` `Sale 22 27.04` `Sale 300 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 200 27.03` `Sale 157 27.03` `Sale 128 27.03` `Sale 107 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 100 27.03` `Sale 93 27.03` `Sale 72 27.03` `Sale 57 27.03` `Sale 57 27.03` `Sale 43 27.03` `Sale 43 27.03` `Sale 43 27.03` `Sale 400 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 200 27.02` `Sale 197 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 100 27.02` `Sale 87 27.02` `Sale 69 27.02` `Sale 61 27.02` `Sale 39 27.02` `Sale 31 27.02` `Sale 13 27.02` `Sale 3 27.02` `Sale 100 27.015` `Sale 300 27.01` `Sale 300 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 200 27.01` `Sale 181 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 100 27.01` `Sale 89 27.01` `Sale 83 27.01` `Sale 83 27.01` `Sale 19 27.01` `Sale 17 27.01` `Sale 17 27.01` `Sale 11 27.01` `Sale 300 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 200 27` `Sale 115 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 100 27` `Sale 85 27` `Sale 77 27` `Sale 23 27` `Sale 107,073 26.99509764` `Sale 100 26.995` `Sale 400 26.99` `Sale 300 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 200 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 100 26.99` `Sale 98 26.99` `Sale 97 26.99` `Sale 69 26.99` `Sale 59 26.99` `Sale 59 26.99` `Sale 52 26.99` `Sale 48 26.99` `Sale 41 26.99` `Sale 41 26.99` `Sale 31 26.99` `Sale 3 26.99` `Sale 2 26.99` `Sale 100 26.985` `Sale 600 26.98` `Sale 200 26.98` `Sale 200 26.98` `Sale 200 26.98` `Sale 200 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 100 26.98` `Sale 73 26.98` `Sale 27 26.98` `Sale 20,465 26.97` `Sale 8,234 26.97` `Sale 3,700 26.97` `Sale 476 26.97` `Sale 200 26.97` `Sale 200 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 100 26.97` `Sale 48 26.97` `Sale 300 26.96` `Sale 200 26.96` `Sale 200 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 100 26.96` `Sale 84 26.96` `Sale 84 26.96` `Sale 77 26.96` `Sale 23 26.96` `Sale 16 26.96` `Sale 16 26.96` `Sale 200 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 100 26.95` `Sale 200 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 100 26.94` `Sale 96 26.94` `Sale 4 26.94` `Sale 200 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 100 26.93` `Sale 99 26.93` `Sale 1 26.93` `Sale 100 26.92` `Sale 100 26.92` `Sale 100 26.92` `Sale 100 26.92` `Sale 100 26.92` `Sale 100 26.92` `Sale 100 26.92` `TOTAL Sales 247,069` (b) Derivatives transactions (other than options) `Product name, Long/short (Note 5) Number of securities Price per unit (Note 4)` `e.g. CFD (Note 6)` (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying `Product name, Writing, selling, Number of securities Exercise Type, e.g. American, Expiry Option money` `e.g. call option purchasing, varying to which the option price European etc. date paid/received per` `etc. relates (Note 6) unit (Note 4)` `(ii) Exercising` Product name, e.g. call option Number of securities Exercise price per unit (Note 4) (d) Other dealings (including new securities) (Note 3) Nature of transaction (Note 7) Details Price per unit (if applicable) (Note 4) `4. OTHER INFORMATION` Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. `Is a Supplemental Form 38.5(b) attached? (Note 8) YES/NO` `Date of disclosure 20/11/2009` `Contact name Janki Rabheru` `Telephone number 020 7545 7804` `Name of offeree/offeror with which Kraft Foods Inc` connected `Nature of connection (Note 9) Connected Advisor to Kraft Foods Inc` Notes The Notes on Form 38.5(b) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk SUPPLEMENTAL FORM 38.5(b) DETAILS OF OPEN POSITIONS (This form should be attached to Form 38.5(b)) OPEN POSITIONS (Note 1) `Product name, Written or purchased Number of securities Exercise price (Note Type, e.g. American, Expiry date` `e.g. call option to which the option 2) European etc.` `or derivative` `relates` `Call Option Written 175,000 40 USD American 15 Jan 10` `Put Option Purchased 313,800 22.50 USD American 15 Jan 10` `Call Option Purchased 40,000 23 USD American 19 Mar 10` `Put Option Purchased 60,000 24 USD American 19 Mar 10` `Call Option Written 65,700 25 USD American 15 Jan 10` `Call Option Purchased 34,300 25 USD American 15 Jan 10` `Put Option Purchased 182,800 25 USD American 15 Jan 10` `Put Option Purchased 106,800 25 USD American 15 Jan 10` `Put Option Written 450,000 26 USD American 18 Dec 09` `Call Option Written 213,900 27.50 USD American 15 Jan 10` `Put Option Purchased 150,000 20 USD American 21 Jan 11` `Put Option Purchased 75,000 25 USD American 21 Jan 11` `Put Option Purchased 100,000 25 USD American 21 Jan 11` `OTC Put Option Purchased 250,000 26 USD European 15 Dec 09` `OTC Put Option Purchased 200,000 26 USD European 15 Dec 09` Notes 1. Where there are open option positions or open derivative positions (except for CFDs), full details should be given. Full details of any existing agreements to purchase or to sell should also be given on this form. 2. For all prices and other monetary amounts, the currency must be stated. For details of the Code's dealing disclosure requirements, see Rules 8 and 38.5 and their Notes which can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END EMMPUGMWGUPBGUU More
Fri 09:57	UPDATE 1-Deutsche Bank CEO urges study of financial bubbles	AFX UK Focus
FRANKFURT, Nov 20 (Reuters) - Deutsche Bank Chief Executive Josef Ackermann said the worst parts of the financial crisis are behind us, and cautioned that more time needs to be spent studying how financial bubbles occur. `"A very valid question is how to prevent another crisis," Ackermann told a Frankfurt banking conference.` `In particular, the emergence of financial bubbles needs to be studied, since regulators, bankers and politicians do not seem to have made much progress identifying financial bubbles since the Dutch tulip crisis, Ackermann said, referring to inflated prices for tulip bulbs in the Netherlands in 1637.` `A recovery of asset prices and markets is not a reason to become complacent since this is a sign of a fragile recovery, at best, said Ackermann, who is also chairman of bank lobby group International Institute of Finance.` `He also said the new reality following the banking crisis was a rebalancing of the relationship between free markets and the state.` `Shares of Deutsche Bank were up 0.9 percent at 57.83 euros by 0904 GMT, while Germany's blue-chip index was up 0.6 percent. ($1=.6722 Euro) Keywords: DEUTSCHEBANK/CEO` (edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.reuters.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. More
Fri 09:20	UPDATE 4-Dutch govt to inject 3 bln euros into ABN AMRO	AFX UK Focus
By Ben Berkowitz and Gilbert Kreijger AMSTERDAM/THE HAGUE, Nov 19 (Reuters) - The Dutch government said it would have to inject another 3 billion euros ($4.5 billion) into nationalised bank ABN AMRO, raising the national debt with no immediate return for the state. `The finance ministry also said on Thursday that a long-negotiated ABN asset sale to Deutsche Bank was worth 700 million euros, but could collapse unless parliament approves it by Dec. 31. Deutsche Bank declined to comment.` `The government has now committed more than 23 billion euros in the last 13 months to ABN AMRO and the nationalisation process, making it one of the world's costliest bailouts since the financial crisis began.` `The state took control of the local operations of Fortis , including ABN AMRO, for 16.8 billion euros in October 2008, a year after a consortium including Fortis and Royal Bank of Scotland bought ABN.` `"I doubt that this is the last capital injection," said Arnoud Boot, professor of corporate finance and financial markets at the University of Amsterdam. "Undoubtedly there will be a few billion more along the way."` `Finance Minister Wouter Bos made clear he meant for Thursday's infusion to be the last.` `"It is our intention that this is the last time money goes to ABN. If, under normal circumstances, there will be a situation that capital is needed, they have to find a solution on their own and not come back to us again," Bos told reporters.` RAISE THE DEBT `In addition to the 3 billion euros cash, the government said 1.4 billion euro in long-term bonds would be converted to equity for ABN AMRO, making the total infusion 4.4 billion euros.` `The government had already pumped another 2.5 billion euros into ABN AMRO this summer to help fund the split of the state-owned assets from assets legally owned by RBS. That separation is expected in the first half of 2010.` `The finance ministry said the new capital injection plus the one from summer would collectively raise the national debt by 0.5 percent of GDP and would require changes to the budget. The ministry said Statistics Netherlands, however, may estimate the infusion would raise the debt by as much as 0.9 percent of GDP.` `The government, which will sell new bonds to finance the infusion, had previously forecast in September that public debt would be 65.8 percent of GDP next year.` `Bos' ultimate plan is to merge ABN AMRO and Fortis Bank Nederland, which is expected to generate synergies of about 1.1 billion euros a year. The merger process is expected to start sometime in 2010, after the ABN/RBS separation.` `While the market had been expecting the government to launch an IPO for the combined group in 2011, the finance ministry said on Thursday it was too soon to establish exactly how the group would be sold -- an IPO, a trade sale or some other path.` `It did say the combined group could be privatised in "several years".` DEUTSCHE BANK DEAL `The deal with Deutsche Bank, agreed on Oct. 20, involves the sale of assets in the small- and medium-sized enterprise market.` `The European Commission ordered Fortis to sell those assets in 2007, an obligation the state inherited.` `Under the revised terms, ABN AMRO will cover 75 percent of the net losses from the portfolio of commercial bank HBU, which is included in the sale. Deutsche Bank will cover the rest.` `ABN, which was originally meant to cover all the losses, said in a statement it will recognize the losses this quarter.` `That so-called "credit umbrella" will last until the last loan in the portfolio matures, in about 30 years. The majority of the portfolio expires in less than five years, though.` `For Deutsche it marks yet another opportunistic acquisition to diversify its revenues away from investment banking, after buying a stake in Deutsche Postbank AG and an agreement to buy wealth manager Sal. Oppenheim.` `Konrad Becker, a banking analyst with Merck Finck & Co. said Deutsche's targeting of Dutch assets for 700 million euros was an opportunistic chance to expand in Europe but did not represent a radical change in strategy.` `"The deal isn't as favourable as the first one they negotiated, but it remains an attractive asset for an attractive price."` `By adding the ABN assets, Deutsche will become the fourth-largest provider of corporate and investment banking services in the Netherlands.` `At 17.50 GMT Deutsche Bank shares were down 3 percent at 50.12 euros, underperforming the Dow Jones Stoxx banking index which was 2 percent lower.` `Deutsche Bank CEO Josef Ackermann has recently urged his board to look for targets, but cautioned them to be selective.` (Additional reporting by Reed Stevenson and Harro Ten Wolde in Amsterdam and Edward Taylor in Frankfurt; Editing by Jon Loades-Carter, Will Waterman, and Andrew Macdonald) ($1=.6722 Euro) ((Related stories: For a timeline on ABN's troubles, click For a factbox on the cash injection, click)) ((ben.berkowitz@thomsonreuters.com; +31 20 504 5011; Reuters Messaging: ben.berkowitz.reuters.com@reuters.net)) Keywords: ABNAMRO/ `* Ackermann says worst parts of financial crisis over` `* Says financial bubbles need to be studied` `* Deutsche Bank shares up 0.9 percent` `(Adds details, CEO comments)` `FRANKFURT, Nov 20 (Reuters) - Deutsche Bank Chief Executive Josef Ackermann said the worst parts of the financial crisis are behind us, and cautioned that more time needs to be spent studying how financial bubbles occur.` `"A very valid question is how to prevent another crisis," Ackermann told a Frankfurt banking conference.` `In particular, the emergence of financial bubbles needs to be studied, since regulators, bankers and politicians do not seem to have made much progress identifying financial bubbles since the Dutch tulip crisis, Ackermann said, referring to inflated prices for tulip bulbs in the Netherlands in 1637.` `A recovery of asset prices and markets is not a reason to become complacent since this is a sign of a fragile recovery, at best, said Ackermann, who is also chairman of bank lobby group International Institute of Finance.` `He also said the new reality following the banking crisis was a rebalancing of the relationship between free markets and the state.` `Shares of Deutsche Bank were up 0.9 percent at 57.83 euros by 0904 GMT, while Germany's blue-chip index was up 0.6 percent. ($1=.6722 Euro) Keywords: DEUTSCHEBANK/CEO` (edward.taylor@thomsonreuters.com; +49 69 7565 1187; Reuters Messaging: edward.taylor.reuters.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. More

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