he began by asking why he was rejecting ppg's advances.he boards together, financial advisors, legal advisors, we looked at it carefully from the perspective of a wide variety of stakeholders, including shareholders, and we have seen it is a wholly unacceptable set of proposals. some of your shareholders, causeway capital and elliott, are very keen to you to engage. why would you talk to the american bidder? there are a number of people who say we understand you are not engaging, we don't see the downside of it but we respect your decision and then there are a fuel or so decision and then there are a fuel or so who have been public in saying they would like us to engage and there are people who are really looking forward to our april 19 investors presentation because they wa nt to investors presentation because they want to see our plan. they have seen what we have done in the last couple of years may want to know what we plan on going forward. are you fea rful plan on going forward. are you fearful if you were to fall to a bid from an ame

unveils a new strategy it hopes will secure its future as a stand-alone firm amid a bidding battle with ppg. >>> good morning, everyone. yes, you're watching "street signs." glad you're with us on the show today we have all things covered coming from the political side in response to theresa may calling the snap election for june 8th. what does it mean for your money and your investments. we'll talk much more about this during the show. let's look at the european equity markets. looking at a fairly mixed picture. the ftse 100 off by 0.1% after the index saw its biggest one-day loss since the brexit vote yesterday. this was in large part because of the strength that we saw in the pound sterling, but also the weakness in the mining stocks. xetra dax is up by 20 points. cac 40 hugging the flat line. ♪ >>> let's continue with our top stories. british mps will vote later today on prime minister theresa may's call for snap elections on the 8th of june. may said the vote was necessary to secure a mandate for the upcoming brexit negotiations, adding that westminster was too divided to tackle a mome

right now as mentioned, they're heavily involved in ppg's attempted takeover for akzonobel. we'll talk about that very shortly. looking at restructurings, elliott is not afraid to get out there and agitate for change where it sees opportunities and inefficiencies to be resolved. last year, alliance trust, it forced the ousting of two board members and several senior executives. one live and interesting case at the moment is the agitation for change at bhp billiton. it's asking for a wholesale restructuring. >> thank you very much for that. >> progress on basel iii has effectively been put on pause by trump's presidency. the administration has yet to appoint a representative to the negotiating table while president trump has promised to roll back u.s. financial regulations. the bundesbank is remaining patient as it seeks to get the u.s. on board. annette spoke to the bundesbank board member and asked him where we stand now on basel iii. >> let's bear in mind that with regards to basel iii, we have not only agreed ton ma ed on ma issues but also implemented on most of them whe

theeed to see exactly what company has to say about the offer from ppg.ersation here, 8:30 5 a.m. ♪ matt: sterling surges. the pound holds near its highest level since october as mp's prepare to vote today on plans for an early election. does the currency though have even more room to run? and reflation bets fade. global bonds rally. 10 year yields in the u.s. and japan are at the lowest level since november. is the rally in sovereign debt over? painting a picture. its strategyeals to sell or spin off its specialty chemicals unit in a fight to get away from the ppg bid. we will talk to the ceo, ton buchner, very shortly. i matt miller in berlin. bloomberg'sin a european headquarters in london. god. guy: let us talk about these equity markets. this is the picture we find ourselves with. not a clear sense of direction, i would argue. london reacting to what has been going on with sterling, a repricing taken place there. a lot of the flow that comes into the ftse 100 is dollar denominated, as a result of which, you see shifting cable, a shift in the value of

rival ppg. elliott said akzo's board was acting in a self entrenching and destructive manner and failing in its duty to shareholders. i think you have had these two takeover bids rejected by akzo nobel since march rejected by ppg, the last one 22 billion. 5:so saying it undervakzo sayin the company and it rubbed elliott advisers the wrong way. >> they're clearly aggressive, they wanted this deal to go there. akzonobel said this significantly undervalues the firm. the question is will ppg come back with a sweetened offer or will they go hostile? that's the big question mark out there. it's also worth noting that shareholders, i read analysis about this previously when the second offer was rejected, shareholders seem to be gaining either way, because even if they don't go for the ppg deal, they will still spin off the chemicals business. so, the point here that some of the analysts out there made, you know, yeah, there's a lot of stuff going on, but shareholders will win in the end. >> yeah. akzo

alex: ppg obviously doesn't think so/ . vonnie: i'm sorry, akzonobel. they probably feel like they can get even more and that is why we have not seen a friendly deal reached at this point. you have to wonder how far ppg is willing to push this thing again from 83 originally to 96 and change. a 50% premium is pretty significant. we are probably getting to the end of the line here in terms of the frequency of raises and that is sort of what the ceo was indicating, which was if you do not engage here, we will go straight to shareholders. they think that they will eventually agreement shareholders because they have a fiduciary agreement. vonnie: what is president in dutch company history? by the way, it sounds like a cultish group within the company. alex: it does, or a european vandamme perhaps. vonnie: it's not. it's just a part of the ownership. a poisonoperates as pill defense and historically has been a good defense from hostile takeovers. that's the whole purpose of it, so companies cannot go in with a nationalism thing and keep these companies in-hou

the company hasn't yet engaged with ppg industries. finally high-end british retailer has been put up for sale by its german owner. -- to shiftshipped focus from luxury to consumer goods. been building has up its coffee and food empire. buying panera bread for $7.2 billion. the company's management says it and wants toyers increase value for its shareholders. shares trading higher this monday. 04/24/17 04/24/17 [captioning made possible by democracy now!] amy: from pacifica, this is democracy now! >> we are marching today to remind people everywhere are lawmakers especially, of the significance of science for our health and prosperity. the process of science has in its humankind to discover the laws of nature. this understanding has enabled us to feed and care for the world's billions, built great cities, establish effective governments, create mobile transportation systems, explore outer space, and know the cosmos. amy: hundreds of thousands on

it worries me that ppg has to do it because it shows marry that business isn't as strong as i thought. but we did a piece about valspar, it's a win if you can get it. paint's going up, but it smacks of desperation to do these hostile bids, i just don't like them. can i go to ray in new jersey, please, ray? >> caller: my symbol is parts product, it split and yielded 6.5, so i wanted to know if you think that yield is safe and good to hold. >> this spinoff, and the bankers made a lot of money. i have to do more work on it because i haven't looked at the spinoff because i didn't know that goldman was talking about it and i did not read through the note because i decided all i cared about was hilton so i will come back on park hotels. sometimes these things happen, i try to do all the spinoffs, but i haven't gotten to that one yet. anyway, let them panic and you can seize the opportunity, some of these terrific companies can give you a rare part. if you can get 3m on a down day because of france or pepsico or dominos? next week is going to be interesting. the companies earnings may have s

this morning ppg spornresponds axon mobile. and what's the relationship between ppg and them?t with -- we met with a hundred of your shareholders including representatives from elliott, but there was no communication with any shareholders prior to making it public or you making it public and rejecting ppg's initial proposal on march 9th. no communications regarding our proposal as well. they have -- can we just stop? shticking -- >> ppg needs this deal for growth. interesting that valspar sold the wood coatings business this morning and maybe that valspar sherwin williams deal will get passed. any time you get one of the deals where you have to sell something badly to get it, something that's -- that's how constellation brands was formed. that's how coors moved up a lot because they got that coors miller. watch axalta. >> right. people liked even that fmc deal remember -- >> dupont, a sweetheart deal. get the crop protection. look at fmc. philadelphia's only fmc. they won't be picked in the fourth round in the eagles like i will. but that's okay. >> to finish up here, bhp reme

overall do not take the ppg offer.s good up front, but over time, we will give you something better. vonnie: the big deal in the luxury space. a french billionaire moving to consolidate control over christian dior for about $3.2 billion. that's one of the biggest transactions ever. why would lvmh buy christian dior? it is a big paycheck for this company. >> christian dior they make the fashion accessories and handbags and clothing under the dior brand, it has actually been separated from the perfume and beauty business that ldmh has owned since the 1960's. with this deal, they are bringing those together under the umbrella of one company. by doing this, he is hoping they can find synergy and have a greater impact and seek financing more easily. >> marine le pen stepping down as head of the national front party. she says she wants to campaign for president as an "free candidate to represent all the french people. what do you make of the fact she is stepping down? she is trying to broaden her appeal, but will it work? >>

the sale of a chemicals business within 12 months, as it looks to fend off the takeover approach from ppg largest paint maker in europe returning to its shareholders in this year. they are forecasting their third straight year of record profit. >> do think this new plan unveiled today is going to satisfy shareholders, that they will no longer be calling for you to go to ppg and accept their offer? >> these are two companies that have distinct differences in the way that they work. the specialty chemical business is a people like business, where the paint and coding business is asset like. these two dynamics can actually drive growth and operational excellence more efficiently and therefore breaking these two into different focused companies has a value increasing affect, as you have already seen in some of the effects on the share climbs. brokerage td ameritrade maintaining their forecast for the year despite -- there trading commission. scottrade purchase scheduled to close as expected by the end of the year. talk about what parts of the integration has been completed and will be an effe

do not take the ppg offer, over time we will give me something better. >> the big deal in the luxuryfrench billionaire moving to consolidate control over christian dior for about $3.2 billion, one of the biggest transactions ever. why would they purchaseconsolidr christian dior, it is a big paycheck. >> they make the fashion accessories and handbags and clothing under the dior brand, it has actually been separated from the perfume business since the 1960's. so this is bringing those together under the umbrella of one company. by doing this he is hoping they can find synergy and have a greater impact and finance more easily. penain -- marine le stepping down as head of the party and she wants to campaign for president to represent all the french people. what do you make of the fact she is stepping down? she is trying to broaden her appeal, but will it work? >> i would not be reading too much into it. as you said, it is an attempt to broaden appeal. she wants to present herself as a unity candidate for all french people. given the history of the national front that is going to be diffi

and it shows what kind of pressure that the chief executive is under to negotiate with ppg. huge amount is the easiest way to describe that. they have been resistant, they have been entrenched in terms of the way they have responded to this. to say, we are not interested, leave us alone. and the argument to the shareholders is, if you hold on and let us to the separation of the business, we will create more value for you. offer, overthe ppg time we will give me something better. >> the big deal in the luxury space. a friend billionaire moving to consolidate control over christian do your for about $3.2 billion, one of the biggest transactions ever. why would they purchase christian dior, it is a big paycheck. >> they make the fashion accessories and handbags and clothing under the dior brand, it has actually been separated from the perfume business since the 1960's. so this is bringing those together under the umbrella of one company. by doing this he is hoping they can find synergy and have a greater impact and finance more easily. down as le pen stepping head of the party

ppg is back in the news. why?ell, it's once again sweetening the unsolicited offer to buy akzo nobel. this time up to $28.8 billion in cash and stock and they did increase the cash portion by four euros. akzo nobel says it will review and consider the proposal. let's talk about both deals. let's start off with the deal itself this morning. becton dickinson, actually it was yesterday, about 5:00. roomed into my -- rolled into my e-mail. about 223 in cash. they're leveraging themselves up to 4.7 times. that's an inconsiderable amount of leverage on the balance sheet. they're using stock. they won't need a vote. they're not issuing more than 20% of their stock. about 15% or so. some people see the fit and other analysts say, well, there's some fit, but not cleat. it's accretive. there's some cost savings and i'll be curious to see how the stock price reacts this morning. >> look, i think the combination is great because you're shipping to hospitals and bard has an amazing, amazing catheter franchise that fits in well

that they will no longer be calling for you to go to ppg and accept their offer?at have distinct differences in the way that they work. the specialty chemical business is an asset intensive and relatively people light business, where the paint and coaching business is asset business is asset light. these two dynamics can actually drive growth and operational excellence more efficiently, and therefore breaking these two into different focused companies has a value increasing affect, as you have already seen in some of the effects on the share climbs. ♪ julie: online brokerage td ameritrade maintaining its earnings forecast for the year, despite cutting their trading commission. so the scottrade purchase scheduled to close as expected by the end of the year. talk about what parts of the integration work has been completed and will be in effect for october 1. >> the teams are working well together. it is this awkward thing because we are in this period where we are waiting for regulatory approval, so we are competing and we have a plan to be one firm. as we get close

ppg goeslist of 8% as +++ ppg prepares to commit to the significant reverse break out fee.s is critical. this really goes to the french dynamic. ppg will not relocate akzonobel's production plants in europe to the u.s. that is a big deal. let me do our single best chart with julia. we will go back to the u.s. economy. unemployment is a lot better now, under 5%. here is labor force participation. it is not going down like it used to. this is not a good story. when do we see that vibrancy? >> the total labor force participation rate maps two things, the retirement of baby boomers driving things down on a trend. recoverynice cyclical in the last two years of prime age workers. giving the cyclical nature of the labor market, there is room for improvement. he was the first one saying we are going to war .0. do you buy that line of thought -- going to 4.0. do you buy that line of thought? >> it could be. if we get some rebounding among primate workers, that will temper that. when iat does it mean tell you that we have help-wanted signs. everyone tells me we are miserable on labor

the latest figures from novartis to ericsson, and ppg sweetens an offer. welcome to "bloomberg daybreak: europe," our flagship morning show from london. i'm anna edwards. manus: i'm manus cranny. anna: lots of earnings coming through, keeping and i'll the transatlantic m&a. we have sap numbers coming through, reiterating the 2017 forecast and giving us a host of numbers. q1 revenue beating estimates, that is one of the headlines. it's coming in at 5.2 9 billion euros against an estimate of 5.16 billion. it does seem as if that is where we got the sap story. jousting with longtime rival in thecore, this is context of the software says it ishe company being run in their data center and cloud computing software delivered online, for all those different products on different platforms. oracle reported a big jump and that competition is key. watch out for software license sales, that is what the big factor is, and the prophets number is 1.2 billion against an 1.20 3e of one point 2 billion. in novartis, they're looking at $1.11. they have been spending money on

it is owned by ppg and intel. jason kelly set down with brian taylor, partner at ppg.rity is one of : these existential threats to our digital lives. it threatens our families, it threatens our companies, it threatens our institutions. mcafee is one of those businesses that is there to protect us. the mission of the company, we feel it is important, and we are glad to be a part of it. reporter: so there were big dreams for it. now it is a standalone company. what gives it the advantage there? bryan: i think somebody at intel figured out the 6000 billion dollars government -- guerrilla, they were not the owner for the cybersecurity company. we caught them in a moment where they were reflecting whether they want to double down and reinvest in this business, or do we want to sell? we gave them an alternative, a partnership. they are so committed to it, but we refocused on the core business and reinvest in the business. reporter: what does the private equity playbook look like here? once you get into the guts on your already in. what are the levers you can pull? bryan: wel

so he kind of says the words at the begin ppg and later you hear him being encouraged by his dad to continue you can barely hear him, and that's because for the most part, he usually keeps to himself. that's because little patrick is autistic. when his parents saw there was something about that song that brought him out of his shell and he tried to actually sing it, they were so thrilled that you can even hear his mom scream with joy. >> trust me, mom and dad, this is going to be a moment that lives with them forever. >> and i have a feeling this song is going to be on replay for them over and over in their home. >>> signed up for the tough mudder that took place this past weekend. well, it just so happened that the city of mesa's social media crew was there. >> pumped. >> hey, that's renee. >> yeah. one of her editors and carlos and i. we formed a team to take on this challenge. right before it standarted, i realized i bit more than i could chew. >> i think i'm going to be crying. could you edit that out? >> we got the most epic psych up. explained to us this isn't about a race. every perso

the group was performing at ppg arena on wednesday night when jon bon jovi told the audience he had ad saturday night. after 90 minutes of an expected two and a half hour show with living on a prayer. >> and he's been out of the spotlight for more than three years. but now richard simmons is back. the fitness mogul will be represented by. no word on how involved simmons will be in the promotion of these new products or wham exactly the products will be. >> coming up kids across the area have a new place to check out. >> lego land is opened for business. >> lauren. >> we're going to be dealing with active weather as we head into the rest of our thursday but quieting things down for the upcoming weekend. we'll be a tad chilly in the morning with lows dropping down into the upper 30's in the city and we'll have gusty winds on saturday but sunshine breaking out for both saturday and sunday and by sunday afternoon, gorgeous conditions, bright sunshine and mild temperatures, up into the middle 60's. we'll talk more about that weekend forecast and have the latest on storm scan3 coming up jus

residents who already have it must now build a barrier to prevent it from spread ppg. >>> to ooun, this afternoon you can learn more about the master plan for the lehigh valley international airport. officials are hosting a public workshop to discuss the airport's next 25 years and how it will impact and benefit the surrounding community. >>> now to the jersey shore. police in ocean city are cracking down on graffiti carved into sidewalk. anyone who fails to comply could be billed by the city for removal of the graffiti or have a lien placed the property. >>> lawyers are not sharing of the outcome of the case. philadelphia recycling company bought the signs and tried to sell them on e-bay and forced to cancel the option until the case is closed. >> 15 overseas will join the camden county police department. after swearing in officers will go door-to-door to introduce themselves to the people in the community. >>> a south jersey community is honoring a hero. >> officials presented 99-year-old sam weisman with the camden county military service medal yesterday. he served in the air corps d

us firm ppg has increased its bid for the owners of dulux akzonobel from £21 billion to around £23 billionncing plans to spin off its chemicals unit and return most of the proceeds to shareholders. up up 4.5%, looking stronger as a result. a relief rally, theo was calling it. up 3.3%. city are almost 296. calling it. up 3.3%. city are almost 2%. a strong day on all the markets. europe at 84 point 4p. that is all the business news. a tribunal is hearing a misconduct case against a law firm which represented iraqis claiming compensation from the ministry of defence. the case involving leigh day and three of its solicitors is expected to be the longest and most expensive ever heard by the solicitor‘s disciplinary tribunal. the tribunal begun at 12 o'clock — and our legal affaird clive coleman explained the outline of the case before it started. this follows the inquiry, people will remember that the public enquiry into allegations that british oldish mistreated, tortured and killed iraqi dt knees after something known as the battle of danny boy, that was a battle that took place in 20 tovey 2

welcome boost for the company's chief executive as he tries to fend off a hostile takeoverfrom us rival ppgred a review of a temporary visa programme used to place foreign workers in high—skilled usjobs. technology firms are amongst those most reliant on the h1—b scheme which admits 85,000 people a year to the us. mr trump also told government agencies to enforce existing rules on excluding foreign contractors from bids for government projects. the computing giant ibm has announced a fall in sales in the first three months of the year. it marks the fifth straight year of declining revenues for the company as it struggles to adapt to the switch to cloud computing and programmes — affecting demand for its consultants, hardware and traditional software. lots of other business stories out there, believe you me, apart from there, believe you me, apart from the fact we are heading for an election here in the uk. among them, burberry. the luxury goods company, it is reporting a slight slowdown in fourth—quarter sales. tough conditions in the us, it says, weighed on its performance in the uk but it

an activist shareholder has been aggressively pushing them to talk to ppg industries which has made an$24 billion takeover offer. he inadvertently sent in email outlying it strategy for getting the two sides to the negotiating table. they complained to dutch regulators about information he planned to share with ptg. elliott, which was founded by billionaire paul singer is not commenting. the eighth installment in the universal fast and the furious movie franchise opens in the u.s.. the fate of the furious will on 4200 screens and is expected to take in $118 million in the first three days. you know i love my films. -- has beenbeing crunching some serious numbers about the franchise. i've got two charts. battle ofr mini the charts. let's start with the franchise and how much it has reaped at the box office. the third film only made $159 million. that's the only one of the films that i have not seen. what is also fascinating is the first film which was made in 2001 grossed $363 million. it cost $38 million. so bank for buck. -- last one, number 7, 1 .5 $1.5 billion worldwide. this film i

that is as well as ppg, raising $28.8 billion. as we see the risk on affect in the market, we see it play out in other assets. that means the vix is sharply lower. that is for folks who are trying to buy protection. now they are selling it in a big way. we see gold selloff. the dollar rising versus the japanese yen. and the selling of the yen, traditionally viewed as a haven. them -- up byg of four basis points. a classicricks on -- risk on scenario. the biggest gain since june 29 last year. .he highest level the dax is at a record. it comes after the biggest weekly drop since january. macron is now the favorite to win the second-round runoff against marine le pen, removing the that france will leave euro. triggering its disintegration and forcing banks to redenominate their assets. more positive on the banking industry today. lenders are more sensitive to traders in foreign spending. all 19 industry groups are rising after the french election results. what a rally. this is the highest level for the french benchmark since 2008, th

the latest figures from novartis to ericsson, and ppg sweetens an offer.

ppg, the u.s.ny, looking to consolidate within the sector , raising over $29 billion now is the offer. the possibility of going hostile is something we need to be there in mind. be interesting to management --int will they admit we have got to talk to this company as well. fresenius is buying akorn as well. i was getting excited with akzonobel. classics were the future, and now we are here. investors making a specialized classics. it had an excellent first quarter. werests say estimates beaten and guidance was raised. we are going to speak to our guest soon about this. profit beat and you should see some move on the open. guy: i want to talk about one of the charts on the day. that is the outperformance we are seeing from airbus. look at what has been happening. the me show you this chart. this is the attack in the blue. you can see the expansion we have seen over the last few days. look at the outperformance you have seen from airbus. defense spending coming from government. it is an amazing outpe

. >>> a top akzonobel investor encouraged the company to engage with ppg. the top 20 investor said that they had done a fantastic job but should enter talks over the decent offer of 90 euros per share. >>> abb bought the austrian group bernecker and rainer. that deal is expected to be completed mid year. the company says it is funding the deal from its own cash. we'll be speaking to the abb ceo exclusively at 111:45 cet. >>> speaking of deals, global deal making remains strong according to a new report. there are fewer deals than the same period last year, but the overall value of those deals is greater. to talk us through this, we are joined by gemma. tell us what merger market is announcing. >> we're seeing fewer deals, but greater deals in size. so we're seeing a tick up in the average deal value to 4$400 million, pretty high compared to last year. we've seen a fall in the number of deals, but a 9% increase in the value of the deals. if we look at a couple key themes, consumer was really the tear-away sector. it produced a whopping inping$ billion worth

sherwin williams gets to take out a competitor turnings the coatings industry into a duopoly along with ppgindustry is leery of acquisitions that cut down on competition why the federal trade commission has made it difficult for sherwin williams to get this deal done asking for larger and larger concessions. finally they announced a new plan to ease the worry of regulators. they told us they would sell valspar's north american industrial wood coatings business to exalta coating systems. exta, home gamers and they specialize in products that protect buildings and other infrastructure. it may seem like a minor transaction to you, transaction within a transaction. we love it when big companies are forced to hold a fire sale in order get a deal done because the smaller buyers in these situations tend to be huge huge winners even though no one is thinking about the middle. one example no one picked up on early on was constellation brands. a few years ago they bought the us rights to corona, medalo and pacifico the most popular beer in america, next to nothing. anheuser-busch was buying modello a

you mentioned ppg. that doesn't seem to be going anywhere.cking. see? >> i can't say it. my mother wouldn't like me using language like that. >> i'm using it only in a professional context. >> professional in netdneth in . >> they're tougher to do. >> they're not unprecedented but they do happen. as an example of both ways is sanofi going after medivation. that was a hot property. didn't succeed. they're hard to do. very hard to do. >> as you know, because you advised -- >> i did advise on that -- >> failed bid. >> depends. long term you have to see if it was a failure. >> they still want to do things. sanofi is in the bidding i believe for act till on, which j jj ended up winning. do you think we'll see more consolidation? >> i think they need to. i think over time these companies need to consolidate. i think they likely will. >> have an ending on that sale of "time" magazine you're working on -- not time, time inc. >> that's right. >> time warner is called time warner, even though time inc. -- >> not for long. >> that's true. >> you mention

and akzonobel trying to fend off a takeover by ppg.o laying out a plan to separate out the chemicals business and pay share holders 1.6 billion euros. >>> adidas is sending out an apology for sending out an e-mail congratulating boston marathon runners who survived monday's race. they said the e-mail was insensitive given three people were killed in the boston marathon bombing back there 2013. one person on twitter said dear adidas, i love you, but you need to talk to whoever is going your e-mail marketing. another corporate blunder. >> corporate blunder, insensitive, but not a calculated -- >> not a united style debacle. >>> the top stories are coming up in a round up of the global markets. plus remember when facebook bought that technology from oculus? you will never guess what they're doing with the technology. financial can help your customers make it happen sooner. so she can plug into her dreams... and they'll have a new addition for their new addition. whatever you're working forward to, even if it's chasing squirrels, synchrony

. >>> on the mna front, they are fending off ppg's $26 takeover bid. they are outlining their plans to separate the chemicals business within the next 12 months and pay share holders 1.6 in special dividend shares unchanged at the moment. you can see a big move. up more than 30%. european automakers getting a boost as shares on the continent rose almost 11%. chrysler among the top performers with sales more than 18%. volkswagen posting better than expected. you can see a green day for the european automakers. currency, a hot topic. digesting comments from the chief economist. the euro zone is gaining tracks and digesting the latest inflation data, better than expected for the month of march. we are looking at the euro holding on to 107, a three-week high against the u.s. dollar. >> we will stay glued to it. let's send it out to sue herera with the news update. >> good morning, sarah, good morning everyone. here is what is happening this hour. vice-president pence joined by commerce secretary, wilbur ross meeting with leaders in tokyo to discuss a new u

ppg saying this is the last invitation and will present a significant breakup fee as the ceo offers tovidend. thank you. in france, the epicenter of today's risk rally, emmanuel macron will face-off against marine le pen for the french presidency next month. our the latest is correspondent from paris. talk to me about the next two weeks. >> we are starting to get some details from marine le pen and .mmanuel macron marine le pen will be on national television tonight and tomorrow, then do her first rally in nice. emmanuel macron is gathering his troops today to decide on what will happen how he will manage like we saw inrt 2002 when marine le pen's father was in the runoff. chirac had, jacque warned against le pen. jonathan: some novelty around these polls. we believe them again. talk to me about how important it will be for the second round as well. >> the snap polls at the moment show clear advantage for , probably more than 60% for the independent candidate, 30% to 35% for marine le pen. marine le pen still suffers from this glass ceiling. french people are opposed to france leaving

. >>> ppg's ceo michael mcgarry urged akzonobel to reconsider its takeover bid. in a letter to stakeholders, mcgarry said the dutch paintmaker's management had not given sufficient consideration to the proposal, adding plans to spin off the chemicals arm are riskier and would create less value. >>> let's turn to politics once again. the latest polls ahead of the first round of the french presidential election on sunday show all major candidates within a margin of arerror of each oth. this as they have a final punch to gain votes. claire fournier is is in paris. at this point, anything could happen. >> very right. we are in the dark five days away from this election. the whole country is literally holding its breath. never before in this presidential election did we have four candidates so close in the polls. you talked about the margin of error, that means that any two of the four contenders can qualify to the second round. they come from very, very diversified political extreme-right with marine le pen, the extreme left, with macron. never before did we have two

it's been up for sale of its chemicals business will help the company fend off a takeover bid from ppghat happened today is the investorsnalysts and will start to use the guidance we provided today for 2017 and 2020 to see what the new valuations will be. we concentrate on the long-term value creation. they will create the valuations and they will see the valuations from the basis of today's guidance will substantially create more value than the other proposal on the table. ways, taking the speciality chemicals business and spending it outcome is that going to make the core of the business easier for a takeover offer? in some ways come are you clearing the path for others to come in and bid for the rest of the business? is unlocking here the value to create to organizations that deal with their own capital structures, with their own people and their own custom renovations and supply chains. combines that value with a clearly improved performance. that is what we are driving going forward. be more cleancan because our investors can compare us more with the individual peers. that increas

us firm ppg has increased its bid for the owners of dulux, akzonobel, from £21 billion to around £23k at the markets. the french election had a beneficial effect on the french market, which is up. it is also having a knock—on effect on the ftse100, up 1.78%. the dax is up and the dowjones, not because of what is happening in france but because of the upward momentum generally. the markets in america, we have had some pretty good results coming out from big companies particularly the big banks in the last week, adding to the optimism. that is the business news for now. back in an hour. thank you. st david's in pembrokeshire is britain's smallest city but it is bidding to become the uk city of culture. that honour is currently held by hull. towns and cities across the country will soon take part in the contest to win the title in 2021, as nick higham reports. george formby, famous for his ukelele playing and his saucy songs, was born here in 1904. britain's first ikea opened here in 1987. in 1968, the place was made a new town and the town hall has some spectacular golden gates. but cu

we have the ceo defending himself against a $24 billion bid from ppg.ocess the chemicals business. that is worth 12 million euros. this is a defensive play by zo.nal bill -- ak will increase financial guidance. this is part of the strategy to accelerate growth and deliver value. this is defensive play within the m&a space. - --is from axa novell axonobel. let take you tome -- let me take you to beer. comingre the notes through from heineken. european solid reading for heineken. when you look at the auto sales, things are cranky in europe. in burberry since we are in the pound territory. we are seeing the pound, it has not gone tolerable. at one point two 7 billion, one .2 8 billion was the expectation. profit of 130 million pounds. they have completed 100 million pounds of their 150 million pound share buyback revenue, 1.6, a snip below with the market expected. let's welcome in our guest and break down this data. investment. of if you have cut your breath, we will reflect. said, weg i just had are buying more cars, things are pretty good in europe for

ppg telecom shares plunging after another round of capital raising.se 400 million aussie dollars. take a look at this full-screen. shares falling today after it agreed to sell its odyssey gaming unit. crest sliding 6% following friday's seismic event. goldwas the second largest operation this year. i want to wrap up what is going on with this minor. they have reached an impasse with regulators in australia and is now walking away from a $20 million deal with american company peabody energy from australia goal line and a minorities day in and export terminal. cyclone hitfter the cooperation back in march. betty: thank you. back on the bond markets, the fed will not raise rates as much as it said it would this year. it isy fischer is saying not expect to rattle the markets by cutting the balance sheet. kathleen hays is here with more. we are getting a disconnect sometimes between fed speak in with the markets believe, right? reporter: i wonder if that officials and stan fischer are looking at the fact that they if there isoard or a disconnect between wh

they're trying to keep off an unsolicited approach by ppg.ve heard your plan, and the merits of combining the two companies are much better because the new plan is risky and creates new uncertainty for the employees and the shareholders. >> going elliott on me? >> no, i'm not going elliott. >> really? wow. because i was going arconic. >> go ahead. >> shocking. >> you were here in spirit -- >> well -- >> we dealt with what was the shocking news. >> they were going to win that proxy. now it's up to the -- obviously to the charitable trust that owns arconic. but here's the issue, blackrock, will will they vote? blackrock i thought they had a good quarter, but not enough. how will the index funds vote. we don't know. >> you raised the key question. in any of the proxy fights the ownership level of the passive funds is enormous and only growing. what did van guard take in last year, $1 trillion. >> a trillion dollars. >> a trillion dollars. incredible. >> so at some point -- you're talking 30, 40% of every stock is held by van guard, blackrock, go

you can look at elliot, the ppg situation, but there is a lot of hurdles as well. >> it's going up over comes to pay, there is ratio on ceo pay and worker pay. so it's a little different tone over there. >> speaking of pay, we get the wage numbers tomorrow morning. >> we do the wage number and labor force participation. we tell you about this, too. >> they can vote this down if they don't like the number. >> you can do what you want with your bonds, based on what comes out. i think the market is prime for a soft number. i think the incentive is maybe we can give back. >> you bring up a good point, if it's as important. i know people have been saying this for a while. the broader one the president still talks about this all the time. >> you want to see that go down, but also, if, in fact more workers come into the work force, it does give the fed more leeway to say maybe we're not a full employment. maybe we don't have to rush so much. the interpretation is more labor slack than we thought, if it does go up, if workers do come back. >> we look forward to that report. we will learn what i

andffer from ppg industries the company will split of the chemical division.ny says the spinoff will be carried out within a year. a long arbitrary dispute between the u.s. and canada over lumber is heating up and home builders could be the losers. a trade agreement expired in october contributing to 20% prices. in wood homeowners may pay more for canadian lumber. that's euro bloomberg business flash area i am emma chandra. jonathan: we started 2017 like almost a year for year the past five years, yields must go higher. yesterday, they posted 216, the lowest since the election. we are down to 221 in today's session. where a we going from here? let's bring in a guest. i went to begin with you, december 2015 and yields were 2 .2. the fed hike and hiked again. what is the signal coming out of the treasury market for the federal reserve? >> a couple of things. we would expect with the rate hike will do for the 10 year higher than it is now. that can happen during the course of the year. is a goodrch 2017 lesson that we can start with low expectations and the med c

or spin off a chemical unit as the company a chance to see off a 20 $4 billion approach from rival ppg industries. earlier, accel reported earnings -- akzo reported in earnings jump, beating analyst estimates. >> these dynamics at standalone companies can drive growth more efficiently, and therefore breaking these tw into , focused companies has a value-increasing effect, as you have already seen in the share price. nejra: luxury retailer barberry's quarterly sales missed estimates as decline in the americas region countered gains in mainland china. fourth quarter retail revenue rose 2%. the u.k.-based company said it is maintaining its forecast for adjusted pretax profit. said it is disappointed it's u.k. workers are going on strike, but it is too late to assess the impact of the action. the british staff takes their first industrial action for more than two decades today, over a pension dispute. >> what is important here is that we need to have a pension scheme which is viable and robust in the future. i like some companies that wait for their situation to get into a more difficult s

when we found there were 263,000 new private sector jobs this america ppg >> solid jobs led my smalltruction, and might might md paying jobs. look at that a sea of green. we'll be back everyone it's a rally. ♪ ♪ >> president trump saying it can take decade to complete infrastructure frontals because well too much regulation. cats ring wild and partnership in new york city ceo says the system, quote, needs to be fixed, roll tape. >> you want to do anything and some lawyer will sue you to stop you. >> litigation is a big problem but as the president pointed out yesterday, there are 17 federal agencies. 29 law, federal laws that currently you have to go through to get a highway started, for example. takes ten to 20 year pps so there are huge amount a of regulations and legal restrictions that have to pay down on us and create the premise for these lawsuits. so we're not making this up at a whole cost this really is a whole infrastructurehat has got to be fixed. ♪ >> this happen haded moments ago senator jeff just ended his 15-hour talk-a-thon on the 7th senate floor. he was trying to ob

ppg raising its offer for akzo nobel. that's higher than the march 2nd proposal. gas prices up three cents over the past two weeks which puts the average price of unleaded regular gasoline at $2.46. it's about 28 cents higher than a year ago. >>> when we return, congressman patrick meehan on the issues that matter most to your country. a lot of things coming up and a possible government shutdown. >>> and adam grant on the book he co-authored with sheryl sandberg. >>> and dr. david dao's lawyer will speak to "squawk box" about his client's case against united. stay tuned, you are watching "squawk box" on cnbc. ♪ for decades, investors have used a 60/40 stock and bond model, with little in alternatives. yet alternatives can tap opportunities that traditional assets can't. and even though they're called alternatives, they're actually designed to help meet very traditional goals. that's why invesco believes people should look past conventional models and make alternatives a core part of their portfolios. translation? goodbye 60/40, hello 50/30/20. ♪ at crowne plaza we