FT Alphaville " Markets Live transcript 13 Jun 2012 Markets Live chat transcript for the chat ending at 11:03 on 13 Jun 2012. There will be a US markets live session this afternoon - featuring Cardiff and Joseph But his promises to be rather special Because it coincides with Jamie Dimon's appearance Here: http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Hearing_id=da72e001-ea93-4462-9057-a692b11e9c54 So Shahien Nasiripour will also be joining the session The FT regulatory correspondent based in Washington What's on today's flawed, complex, poorly reviewed, poorly executed, and poorly monitored show? Shall we just ignore europe That's a good idea. Nothing of significance has happened since sunrise. Can't really of course - here's a speech from Barroso Here's calling for an inter-institutional pact EC and parliament coming together to save everyone And mutualise the debt But you can read that at your leisure We are bored looking at IT and ES sov debt Literally in the case of the FTSE. Up 0.7 points at pixel time. Ptolemy - ta - we will pass that on (Had the same problem here, Ptolemy. All I can say is SNAFU.) FT Alphaville would like to apologise for whichever of of our many technical problems you are currently experiencing. Please be assured that we have our best people working on it. In the meantime, try refreshing the page. And, if that doesn't work, try refreshing the page. Three in the smallcaps And one, apparently, in France Rather an excitable reaction in Paris to some London paper noise about Maurel & Prom Shares up as much as 21% .... Maurel & Prom - do what? Oil company. Africa and Latin America .... Had some trouble adding up its reserves a few years ago. And, coincidentally, so did the (apparent) acquirer. Royal Dutch Shell PLC (RDSB:LSE): Last: 2,151, up 6.5 (+0.30%), High: 2,154, Low: 2,137, Volume: 1.41m TommyTT - i nicked it from Bryce Anyway, this is one of those "exclusive to all newspapers" stories .... And goodness knows where he got it Which in itself makes me cautious .... The quality of rumour tends to be in inverse relation to the number of newspapers in which it appears. So, anyway, no sensible comment on this one yet .... Though I've dug out a an old Deutsche Bank note as a primer for London's newfound M&P followers. (@urgeview: look at the price action ahead of all of those. I think that answers your question.) After a strong 2011, Maurel et Prom (M&P) shares" performance was disappointing year-to-date due to several issues on the production side in Gabon as well as more limited appeal in terms of value crystallisation from asset disposals. We believe the ramp-up in production in Gabon over the year (up to 24,000b/d) and minimal production in Colombia should lead to an inflexion point. Also, the stock should again function as a play to be hedged against macro issues in Europe while delivering a 3.8% dividend yield. Our Buy rating is supported by more than 30% upside potential, in our opinion. After delivering a mixed data YTD because of negative news regarding prod. in Gabon, unimpressive reserves and limited exploration newsflow, we believe there is an inflexion point. In Colombia, M&P's share of prod. should reach 1,500 b/d on avg. in 2012e, in our view. Also, mgt. guidance for 2012e Gabonese production is at 19,450b/d on average & up to 24,000b/d at year-end (vs 18,140b/d in 2011). The 30,000b/d guidance should be reached in 2013. Total NAV down to E16.6/sh, largely on an incr. in capex in Gabon. Dev. capex should reach c. $260m on: i) drilling on Omoc North, ii) upgrade of prod. platform, iii) acq. of 3D seismic data for optimal water injection in Kissenda intervals. Group should spend c. $125m capex in expl., of which $40m will be spent in Tanzania & rest should relate to Gabon, Congo & Mozambique. Still, core NAV of E15.7/sh leads MAUP to trade on c. 33% implied disc. TP derived from NAV method. based on DCF model for prod. & dev.; expl. ops valued via option modelling. M&P's core NAV is E15.7/sh. Total NAV is E16.6/sh based on current tech data, DB's price deck and a 10% disc. rate. PT set at a 15% disc. to the total NAV. Risks: Gabon prod. issues Gabon, fiscal tightening, unfavourable macro factors. (urgeview - FSA chill factor. The stories will come back, but we have to be patient...) Anyway, the MAIN news in the oilers today .... With Cairn sticking in a bid at a 50% premium, or thereabouts. Nautical Petroleum PLC (NPE:LSE): Last: 461.00, up 163.25 (+54.83%), High: 467.75, Low: 455.00, Volume: 9.80m Which does rather show the gap between how the equity market rates oil reserves and the industry's take. So trading quite a bit through the terms. Encouraged by stuff like this .... too cheap, wait for more Offer detail: The offer values Nautical's 86MMboe 2C contingent resources at what at first appears to be a relatively fully valued US$7.7/bbl. However, when considering that these contingent resources are about to be reclassified as commercial 2P reserves and that 2P reserves transactions metrics in the North Sea go for anywhere between $12/bbl and $20/bbl, in our view there remains clear valuation upside before the offer begins to appear fully valued. Asset quality: Given the quality of Nautical's core assets at Kraken, Mariner and Catcher, we believe there is a reasonable possibility of a counter-offer in the coming weeks. In geological terms, putting a chance of success (CoS) on the possibility of a counter, we consider 50% is fair. With respect to potential third parties that would be large enough, would have sufficient balance sheet strength and which have demonstrated recent appetite for asset and corporate-level acquisitions, we would speculatively highlight Enquest, Premier Oil, Wintershall and Taqa as possibilities. Valuation and recommendation: To reiterate, we do not rule out the possibility of a counter-offer and continue to see value upside within Nautical's portfolio; so we maintain our Buy recommendation and 525p target price. For those investors considering where to reallocate Nautical proceeds back into the sector, we consider a switch into either Valiant Petroleum or Faroe Petroleum as the best way to achieve similar, high-quality, small-mid cap UK North Sea E&P exposure. (large yacht owner - no - we don't/can't trade. full stop. But FSA action has a wider chilling effect on market gossips...) (@Titleist et al. If there was gossip anywhere else, reported or otherwise, we'd be more worried from a reporting perspective. But there's not. If you want to discuss this line of enquiry further, please come to the pub quiz and buy us a pint.) Ok - sorry, distraction. Back to North Sea oil. Nautical has been trading at a substantial discount to our 600p/share target reflecting challenging equity markets, funding concerns, and the time to first oil (expected in 2015). Although the 450p/share offer price is a 25% discount to our 600p/share NAV for Nautical, we view it, in the context of current markets, as fair. UK North Sea names are, on average, trading at around a 40% discount to our NAVs. Nautical is a good strategic fit for CNE: CNE already has a 15% stake in Catcher and this deal doubles its interest to 30%. NPE's other major asset is a 25% stake in the Kraken heavy oilfield development, for which EnQuest will fund a substantial portion of NPE's development costs. We view this as a good deal for Cairn, increasing exposure to a core asset and adding a further development project. This, with the recent Agora deal, goes a long way to rebalancing the company's portfolio towards lower risk opportunities. Whilst another bidder could emerge, we would be surprised if other parties had not already looked at Nautical in detail. North Sea deals tend to be completed on a negotiated basis and we think the deal is likely to complete. The deal is positive for the Catcher development, and therefore positive for partners Premier and Cairn. Valiant Petroleum PLC (VPP:LSE): Last: 422.00, up 37 (+9.61%), High: 423.75, Low: 406.50, Volume: 1.52m Ithaca Energy Inc (IAE:LSE): Last: 113.00, up 7.5 (+7.11%), High: 114.00, Low: 108.00, Volume: 1.22m Cairn Energy PLC (CNE:LSE): Last: 287.70, down 4.2 (-1.44%), High: 297.10, Low: 286.40, Volume: 1.71m (@LYO: red. National stereotyping. You're in the Milky Memorial Sin Bin for the next hour.) Ok - stick on with the bid theme? I feel I'm losing momentum .... Well where else are the bids? As it happens, I was meant to meet the CEO a week or two ago. So either it was a very sudden bid approach, or he was confident I'd only ask inane questions. Will cut to house broker Singer with the detail. Proximagen this morning announced that it had reached agreement on terms of a recommended offer by USL, a subsidiary of the company's US partner Upsher-Smith. Shareholders will receive 320p and one Contingent Value Right (CVR) per PRX share worth up to a further 192p over a period of 5 years in either cash or in the form of a loan note. The company also announced H1 results, highlighting in particular the Phase I entry of its VAP-1 antagonist for the treatment of RA, and a strong cash position of £48m. The offer values the company at £223-356.8m, equivalent at the lower end to a 50% premium to the 3-month average closing price and a significant premium to our 167-200p intrinsic value. The CVR will allow Proximagen shareholder to share in the potential success of two of the company's key programmes (VAP-1 and PRX00933). The acquisition of Proximagen will be implemented by means of a Scheme of Arrangement. Upsher-Smith has received irrevocable undertakings from shreholders representing 45,453,586 shares, or 72% of the issued share capital of Proximagen. Upsher-Smith and Proximagen have been working together since 2008 on two key programmes, and the acquisition is expected to bring further drug development capability in selected areas (notably CNS, inflammation, and oncology) to the US company. Proximagen Group PLC (PRX:LSE): Last: 331.00, up 56 (+20.36%), High: 365.00, Low: 330.50, Volume: 95.39k All this bid premiums are rather punchy Well above typical historical levels Yeah - that's what I was thinking too .... Note the kicker worth up to 192p And finally, in world of bid .... Kewill counter overnight. A second PE firm steps in. Kewill PLC (KWL:LSE): Last: 107.50, up 12 (+12.57%), High: 108.25, Low: 106.00, Volume: 8.35m Trading fractionally through the terms. Though Peel Hunt (again) doesn't fancy it. With a second PE-backed bid on the table at 106p, we see little room for further upside. With no one prepared to pay over 120p in 2010, and a smaller business today, and apparently no interest from trade buyers, we would be selling in the market to those with more optimism than us today. New bid at 10% premium to the previous one: Kewill received a bid after the close yesterday at 106p (£99.6m) from Symphony Technology Group, a West Coast PE firm with a focus on software. Kewill has removed its approval for a bid from rival PE firm Kinetic, made at 96p on 2 May. It is unusual for a second bidder to emerge on the evening before the scheme of arrangement on the first bid, which was due to be passed in court today. Kinetic had originally received 27% irrevocables, but Symphony has just 8.5%. This may suggest that holders expect Kinetic to up its bid. If it does, our judgement is that it would not pay more than another 5%, and we therefore raise our target price to 5% above the new bid level. We advise selling at around 111p: We advise selling in the market today at 111p and above. We believe a bid above 111p, even in this contested situation, is extremely unlikely. Given its portfolio of software investments, Symphony looks to have more opportunity for synergy savings. However, we do not expect a bid of close to 120p, as this was the level at which the company failed to consummate a deal when approached by PE in 2010. No trade bidders emerged then and these look unlikely now. Since 2010, trading has deteriorated and Kewill has announced the closure of part of its business - ie it is smaller today. 111p would represent a March 2012E PE of 15x (earnings 20% lower than five years ago) or EV/EBITDA of just under 8x. This looks a very good price to us for a business in decline. Ok - can I stop monologuing about stale M&A now? You've got me all confused/muddled by doing small caps first Yeah - it's like the session's upside down. And to be fair, there's not that much interesting among the larges. its really really flat Except for technical weakness in Glencore Strange. He has rather a lot of dividend cash to reinvest. He, personally, seems to have acted as the Glencore market in recent days. Was just catching up on that Hector Sants stuff Readers may also know this former bank as Northern Rock. Saying if the BoE had followed his advice things would ahve been so very different If Mr Sants had followed what we were saying on here, things might have been different... Anyway, what about banks now? e talking UK or europe?? We have the Government White Paper response to the ICB tomorrow. Ring-fence structure expected to be unchanged. That's keeping the retail separate from the casino stuff. RBS/Lloyds up a tad this morning Though recent reports suggest a concession on rates & FX swaps, which could be kept within the ring-fence Anyway, that's not all that interesting really. Of more interest is Credit Suisse yes, just trying to read that best way to summarise might be just to take a block out of hte contents Barclays: We would view an early exit from Western Europe as positive 47 RBS: Direct exposure to Europe is significant: our least preferred UK bank 50 Lloyds Banking Group: Shrinking balance sheet will impact earnings potential 54 HSBC: Right place, right time 57 Standard Chartered: Having de-rated, should act more defensively 60 Deutsche Bank: Mutualisation of costs adds pressure to earnings and capital 63 Commerzbank: On track to return to a less volatile model with better visibility 66 UBS: Should benefit from perceived lower risk status 70 Julius Baer: Underlying business less exposed 73 BNP: Relatively lower risk among Eurozone banks 75 Societe Generale: Need to rebuild momentum with investors 79 Credit Agricole: Lots of option value but too early for comfort 83 Natixis: No reason to change our view 87 Santander: RoE premium still in place, though downside risk to Brazilian earnings 90 BBVA: Our preferred option within the periphery, though lower absolute conviction 93 Banco Sabadell: Still benefiting from CAM's deal, but vulnerable 96 Banco Popular: Higher relative loss partially offset by €2bn capital gains 99 Unicredit: Profitability pick-up delayed again 102 Intesa Sanpaolo: More solid, but not attractive enough 105 Danske: Could accelerate deleveraging in Ireland 108 DNB: Only affected if LDR requirements migrate to Norwegian business 111 Nordea: Negligible exposure to peripheral Europe 114 SEB: Small Greek exposure and deposit gap in Estonia with minor effects 118 SHB: Could impede UK growth strategy 121 Swedbank: Positive LDR trend, but still high Euro-area funding dependency 124 ING: Restructuring the business 128 Bank of Ireland: More stock specific challenges going forward 131 Raiffeisen: A funding gap at Group Corporates but largely manageable 135 Erste: Some high LDRs in Eastern Europe Well, that sort of works .... The actual note is about three scenarios This report is part of a series with our colleagues on the fixed income research side, Helen Haworth and William Porter, and we refer readers to their report Reshaping Europe: Breaking the negative bank-sovereign feedback loop, also published today. Here are the scenarios Greece leaves the Eurozone, with limited contagion. With the sector having prepared for this potential event over the last couple of years, we could see limited losses of c.5% of sector market cap; 2. Periphery leaves the Eurozone we estimate a much broader impact with losses of c.58% of sector market cap, with many of the peripheral banks seeing their equity largely disappearing. We believe the magnitude of potential losses highlights how unprepared the system is, and hence how this would force more meaningful intervention if we were to see an acceleration of the crisis; 3. No country leaves, banks become more national and less universal. We estimate €400bn to €1.3trn of credit contraction (c.3-10% of EU system credit) as banks retrench to their home markets and delever, reversing years of financial integration. We believe this is the most likely path and runs counter to the concept of banking union in some respects. Not much comfort for the sector there! Sector recapitalisation needs of €140bn to €470bn are path-dependent. We see recapitalisation as a prerequisite for a sustainable recovery, but do not believe it is a solution to the sovereign crisis. We think bail-in will be brought forward to help burden sharing in this crisis and could cost the sector up to €31bn per annum (i.e. 33% sector earnings). This is part of our longer-term structural view of higher funding costs which will drive behavioural changes. For more details please refer to our report "European Banks - The lost decade" 15 September 2011). We maintain our underweight view of the sector and adopt a more defensive stance for the medium to long term, favouring the UK, Swiss and Nordic banks over the Euro-area names, as we believe more of the cost will be taken by the core of Europe. We upgrade HSBC to Outperform (from Neutral), Standard Chartered to Neutral (from Underperform) and UBS to Outperform (from Neutral). We downgrade Deutsche Bank to Neutral (from Outperform) and RBS to Underperform (from Neutral). We continue to avoid the periphery, and as a result of this analysis we have become less positive on the core as we reach a tipping point in the debate. HSBC Holdings PLC (HSBA:LSE): Last: 542.50, up 3.4 (+0.63%), High: 543.83, Low: 538.50, Volume: 7.12m Standard Chartered PLC (STAN:LSE): Last: 1,367, down 10 (-0.73%), High: 1,378, Low: 1,361, Volume: 1.26m Royal Bank of Scotland Group PLC (RBS:LSE): Last: 224.60, up 2.6 (+1.17%), High: 227.51, Low: 222.20, Volume: 3.58m So - to boil the entire 172 pages down to one sentence .... Avoid European exposure because core Europe's going to wear the cost of bailing itself out. This scenario 3 i v interesting Reversing financial integration We do not assign probabilities on a single country or a group of countries exiting the Euroare and therefore do not present a "weighted" potential impact on European banks from the scenarios; however, we think it is important to better understand how banks are positioned in terms of each event. More importantly, we believe that given the European banks and regulators are thinking about resolution and recovery around a potential country exit, although unlikely, it will significantly influence the way the sector currently operates. It is scenario 3 that we find the most interesting and which opens up the most debate. As a result of preparing for these events, we believe scenario 3 would effectively reverse years of financial integration and have a significant impact on the shape of the European banking landscape. Ultimately, this is in line with the dynamics that we have written about extensively in the past where we see a shift in the structure of banking in the longer term driven by changes in the liability structure (for more details please refer to "European Banks - The lost decade" 15 September 2011). We see structurally higher funding costs as universal banks find it more challenging to exploit operational synergies. The charts below illustrate how this has already begun. I will share the charts a little later on AV One more block of grey By looking at how banking may become more fragmented and domestic as a result of contingency planning on a local basis, this gives us an idea of the extent further deleveraging can have on the availability of European credit in each country. According to our analysis, we see a range of €400bn to €1.3trn of credit availability in European retail and commercial loans being removed from the system which is equivalent to 3-10% of total non Monetary Financial Institution (MFI) loans. The range of outcomes depends on how quickly banks retrench to their home markets and delever. This only takes into account the listed banks under coverage and so could be underestimating the overall impact. We note the IMF financial stability report suggested large EU-based banks could shrink their combined balance sheets by as much as €2trn to end 2013. The impact varies significantly country to country. We present both cases below in terms of our €400bn-1.3trn range impact. Although we do not include the entire European banking universe, we believe they represent a significant proportion of cross border businesses. @Swedes, @Imp: might do, I guess. And yes, think that might find its way to the usual place We're getting our cages rattled on the right about IMI IMI PLC (IMI:LSE): Last: 826.00, down 43.5 (-5.00%), High: 882.50, Low: 821.50, Volume: 814.66k Which I didn't think anyone really followed, but there you go. Story here is a profit warning from SKF The ball bearing maker. Demand in Europe, India and China all weaker Q2 seen "slightly lower" year on year ... it had previously said "slightly higher" And "more uncertain" globally. SKF's the engineering sector bellwether. Or, as Citigroup spells it, "bell-weather" Here's their response. We particularly see today's announcement as supportive of our cautious view on our general Mechanicals group, which partly reflects a weakening demand environment but also what we see as high consensus expectations built in. SKF's profit warning provides a general negative read-across to our wider Pan European Engineering coverage universe. Main areas of read-across outside of Scandinavia will be in the automation businesses of the Electrical group and in the industrial businesses of a number of our UK coverage. However, for a number of our Electrical coverage group, we note that limited trading improvement is already built into a more cautious outlook. Key Sells: Metso (mining & paper risks, Chinese competition, pricing pressure), Philips (consumer, construction, government spending), Schneider Electric (forecast risk, low returns), SKF (early cycle, high European exposure). Key Buys: ABB (long cycle, backlog, net cash), GEA (food & beverage, restructuring) IMI (recession priced in, medium term margin upside), Sandvik (restructuring). BNY are making some very worrying noises They are actually comparing our current state to that in September 2008 Regular readers of this briefing will be well aware that we have drawn a number of parallels between the current crisis and others that have developed over the past five years. Most recently on May 30th we highlighted how similar some of the recent price action in a variety of instruments (most notably EUR/USD and oil) had proved to be with that seen in late July and August of 2008. Unsurprisingly, these comparisons with crises past continue to emerge. We note, for example, that the broad trend in Italian and Spanish 10-year yields since the start of March continue to track uncomfortably closely to that taken by Greek 10-year paper almost exactly 2 years ago. Similarly, it is worth highlighting that the current price of a 5-year CDS on Spanish sovereign debt is almost exactly the same as it have cost to buy the equivalent instrument on Icelandic debt on September 30th 2008, just a matter of days before the collapse of the banking system. However, the one that has kept coming to mind over the course of the past few days is how similar this has felt to the week of September 8th 2008. Although not exactly analogous, we would draw the following comparisons from our headlines for that week with what we've seen since Monday: Then Fannie Mae/Freddie Mac takeover: The U.S. government takes control of Fannie Mae and Freddie Mac. As part of the plan, the Federal Housing Finance Agency says it will operate the companies until they are stabilized and the Treasury will extend financing until December 31, 2009, if needed. In addition to the new financing facility, Treasury says it will take an equity stake in the two firms through senior preferred equity shares and warrants. Treasury also sets up a program under which it will buy mortgage-backed securities currently held by Fannie Mae and Freddie Mac to pump fresh funds into the mortgage market. Treasury Secretary Henry Paulson says: "Our economy and our markets will not recover until the bulk of this housing correction is behind us. Fannie Mae and Freddie Mac are critical to turning the corner on housing. He argues that Fannie Mae and Freddie Mac are so large that "a failure of either of them would cause great turmoil in our financial markets here at home and around the globe." He acknowledges that the proposal does pose risks for U.S. taxpayers, giving the U.S. government a "large stake in the future value of these entities." Now Spain support package: The Eurogroup says that financial assistance would be provided by the EFSF/ESM for recapitalisation of financial institutions. The loan amount must cover estimated capital requirements with an additional safety margin, estimated as summing up to EUR 100 billion in total. The Eurogroup says that it considers that the Fund for Orderly Bank Restructuring (F.R.O.B.), acting as agent of the Spanish government, could receive the funds and channel them to the financial institutions concerned. It also invites the IMF to support the implementation and monitoring of the financial assistance with regular reporting. Spanish Prime Minister Mariano Rajoy says that the rescue will help the "process of restoring the credibility of the Spanish economy." He argues that the reforms already instituted allowed Spain to avoid a full bailout. He also notes: "The solidity of Spain's financial system won, the credibility of the EUR won." He added that the agreement sent the clear message that the EUR is an irreversible project. Gone thru then and now on whole series of events All rather alarmist/alarming - depending on your take It's difficult, this. Ignoring Europe's and getting on with stocks is like playing dominoes and ignoring the chap behind you with the machete. Still... that's the job, and on we go. Man Group PLC (EMG:LSE): Last: 72.50, down 2 (-2.68%), High: 75.46, Low: 72.50, Volume: 5.79m 75p is Numis's liquidation value, assuming Man's better at liquidating than they are at running a quant fund. Anyway, I note it for two reasons. Firstly, when you get a second rabble, I encourage you to watch this video. It details the breadth and depth of brainpower required To create a fund that has underperformed the FTSE 100 in nine of the last 12 quarters. It really is quite a spectacular bit of PR fluffery. I had the letters "LTCM" circling my mind throughout. Anyway, that's all an aside. We can blame today's Man fall on some Barclays downgrades. Usual stuff really. No performance fees until whenever. Man interims to show much work remains to be done: The Man share has risen off its lows, in reaction to a positively structured acquisition of FRM and AHL rallying a little at the start of June. However, we expect Man to report Q2 AUM down 10% qoq to $53bn on 24 July, showing much progress is yet to be achieved. In Q2 we forecast that stronger-than-expected AHL de-gear, FX headwinds and negative performance have combined to cause large hits to AUM. We cut our EPS forecasts for FY12 and FY13 by 22%-34% as a result and our price target from 140p to 105p as a direct result. We remain buyers of the stock though due to lowly valuation, expectations of eventual AHL recovery and ability to self-help through cost cuts. Triple hit to AUM from AHL de-gear, negative FX and performance: We estimate that the AHL de-gear for the quarter is likely to be ~$1.7bn vs the $1bn management signalled for just Apr/May. GLG Q2 performance (particularly from its Japan offering) has wiped out the positive Q1 trends. In addition the dollar strengthening against the euro is likely to contribute to >$1bn negative FX effect. Net flows are likely to be modestly negative in the period as well. FRM acquisition is a positive: Man's announced acquisition of fund-of-fund manager, FRM, is a positive, in our opinion. This is due to the contingent consideration nature of the transaction, which strongly reduces execution risk, as well as the potential doubledigit management fee EPS accretion. And here come the downgrades ... 22%-34% further cut to EPS forecasts: Ex the FRM acquisition, we project end-2012 AUM is likely to fall to $54.7bn vs $63.7bn previously. This reduction, particularly from the Guaranteed AUM, causes strong cuts to forecast estimates. These are reduced somewhat by the accretion from acquiring FRM. Combining both, we cut FY12E EPS by 22% to 11.0c (management fee EPS only 8.8c) and FY13E by 34% to 14c. The share is trading at 8.5x total 2013E EPS or 12x management fee only. SAAB's gone Chinese/Japanese Just snaps out from the administrator saying it has been sold to Swedish electric vehicle consortium National Electric Vehicle Sweden, 51% owned by National Modern Energy Holdings Ltd. and 49% of Sun Investment LLC. Not really been following this story .... And am reluctant to comment without first seeing the response from @Sweden. http://twitter.com/#!/sweden , for those who somehow luckily have missed this highly important story. Can we slope off into the sun and leave the rabble in peace? Tune in later today for Joseph and Cardiff You'll get much more sense out of them And you can watch Jamie Dimon squirm This entry was posted by Paul Murphy on Wednesday, June 13th, 2012 at 11:01 and is filed under Uncategorized.