*The Canadian pension fund already owns 27% of the company, and, according to the article, has ‘long harboured a desire to take it private’. The article also referred to a source that noted that the offer would be a ‘low-premium’ due to the existing shareholding position, but also that an offer would need to be at least 25% more than Friday’s close in order to get shareholder approval. This suggests a price of c323p/share, or a c15.5% premium to FY Mar 11E RAB

(1) OTPPB previously had a restriction written into their by laws meaning they could only own up to 30% of the voting rights of an entity, clearly not far above their current 27% holding. Whilst the use of preference and non-voting shares could help the fund potentially avoid such restrictions, we believe it makes an outright solo buyout less-likely. Ontario acquired 25% of NWG from Suez in 2005, representing a 2% premium to RAB at April 1st 2005.

*Whilst this speculation is not new, we think it will be positive for the NWG share price this morning and support the rest of the sub-sector.

Many investors we spoke with last week raised real concern towards the possibility of a sovereign debt crises not just in Greece or Spain but in the UK or US. We see this as highly unlikely but we should be particularly watchful of bid to cover ratios on UST auctions and demand from foreigners.

We think markets, while facing short term pressures, will trend higher over coming months and any set back will be relatively limited. We recommend buying Defensives, large cap and stocks with strong long term growth outlook

Following the closing of the transaction, AMG will own a majority equity interest in Artemis, with Artemis’ management team also acquiring a substantial equity ownership and continuing to direct the day-to-day operations of the firm.

Founded in 1997, Artemis is a leading United Kingdom fund manager, specializing in active investment management for retail and institutional investors in the UK, as well as Europe and the Middle East. With offices in London and Edinburgh, Artemis manages approximately UK£10 billion (US$16 billion) in assets across a range of mutual funds and segregated institutional accounts. The investment team at Artemis comprises 17 experienced fund managers, including Adrian Frost, one of the most respected investment managers in the UK, and a range of premier investment managers in a variety of investment disciplines. As of December 31, 2009, more than 90% of the firm’s retail products have generated first quartile performance since their respective launch dates. Morningstar UK named Artemis its Best Smaller Equity Fund House in 2008, and several of its funds have been recognized by Lipper UK for the strength of their long-term performance.

I am fine, just a bit shaken

The announcement comes after Toyota received clearance from federal regulators for a repair to 2.3 million vehicles that were recalled over concerns that a sticky gas pedal could endanger the cars’ passengers. Toyota said the problem stems from excessive friction in the gas-pedal assembly and that the fix uses a steel reinforcement that reduces friction.

The companies signed an agreement aimed at combining units that produce sugar and ethanol, generate energy from cane waste and distribute fuel in Brazil, Cosan and Shell said today in separate statements. The joint venture would assume $2.5 billion of Cosan’s net debt, and Shell would contribute $1.6 billion in cash over two years.

“We see joining with Cosan as a way to grow the role of low-carbon, sustainable biofuels in the global transportation fuel mix,” Mark Williams, director of Shell’s downstream business, said in an e-mailed statement.