monsanto failed last year and a forbillion deal syngenta. you can find more stories on the bloomberg at top . francine: we will keep you up-to-date with anything that we here in terms of breaking news on the back of this egypt air, paris to cairo fly. it has not been confirmed that this plane may have crashed near one of the greek islands. onto our biggest corporate story. off ase bank's -- kicks we speak. the meeting comes amid plunging revenue. shares down almost 50% since last year's meeting. john cryan is due to address investors any minute now. we will bring you those headlines as they break. matt miller is on the ground waiting for the agm to kcick off. i can't convey how much pressure mr. cryan is under. he speaks to any ceo in london, and they say, i'm glad i do not have his job. what are they expecting today? matt: you spec to hear his plan to turn this bank around. we know the broader details, he has got to convince toreholders and he's got convince potential shareholders that this bank can survive at all. i mean, he has got to

monsanto failed last year with a $46 million bid for syngenta.news 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. you can find more stories on the bloomberg at top . guy? guy: thank you very much. if you want to follow more on what is happening surrounding the missivng egypt air aircraft, you can follow the life block of that event. the latest story we have surrounding this is we now know there is a press conference scheduled at 12:30 london time. let's get back to the corporate news in europe. deutsche bank investors are gathering today for the lenders agm. this is the first since jon cryer took over. matt miller now joins us from frankfurt. matt? matt: guy, indeed he will be a solo ceo from now on after this meeting. there is a lot of trust being placed in him here. there is a vote of confidence that happens at german shareholders meetings. the management members and the apervisory board might give low vote, enough to keep him in. but the shareholders are angry because they lost 50% of the value

syngenta sold itself to chem china. monsanto, their currency was quite weak.o, they were left out of the mix. quite annoyed about it. they have come out more recently and said we are going to be just fine. it sounds like bayer is taking a look at them and they thought this is the right time to do it. >> one big question is what monsanto thinks of all that. any indications of how open they might be to a deal? >> certainly how they behave throughout the's agenda process -- syngenta process they see themselves as an acquirer and not a target. unless there is a substantial premium offered, in a consideration their shareholders like, it is unlikely they would rush to sell themselves. >> it was the biggest insider trading case in the u.k. today, a form at deutsche bank broker was sentenced to 4.5 years for the crime -- a former deutsche bank broker. explain for us in very straightforward terms what is happened? >> i can. so, today was the commendation of eight poin -- eight and a half year investigation. they arrested seven men. raids.ries of dawn they are alleged t

. >>> reuters reporting that the usda will join syngenta and chemchina taking over pesticide makers syngentabox. potential impact that this deal has on food security. >>> more housing and inflation data and retail earnings on the docket. the april consumer price index out at 8:30 eastern. headline cpi has been expected to tick up slightly. also we'll get a read on april housing starts which reports a rebound after a big decline in march. 9:15 a.m. look for april production. john williams, atlanta fed president dennis lock hart and dallas fed president kaplan will be speaking. and investors will be eyeing those investments closely from places like nordstrom's and macy's. despite the reports there are share holder meetings as well. landon dowdy joins us. >>> first, from home depot, despite a brittle first quarter from the retail sector, analysts expect them to release a strong report as home improvement stores take its share from department stores. oppenheimer telling me q1 sales are the most important factor here. second, gap holds its annual sharehold meeting. it will report later this week.

you have syngenta being bought by jchina. and we know that basf was looking. so they will argue that they have to do this dea in a coolidating industry. >> and alex, on the issue of additional firepower as you touched on for other acquisitions, we heard from the ceo this morning saying, yeah, we are still looking at bulton, but does this mean fewer acquisitions in the drug space? >> yes, it could. and obviously, bayer is largely in the drug space. but, you know, the big picture, they are going to get this deal through to see how much they can actually come out in synergies. the highlighted 1.5 billion usd of synergies might be quicker. it all depends on whether they can use this deal to get a height on dupont. if they can do that, then perhaps maybe they'll have the firepower. i know they are trying to keep a better credit rating, we'll see what the credit rating agencies say about this. and the phrma space, there's usually appetite for deals due to the value that the deals make that you have seen in the past. so look, if they say they have space to keep doing

they went after syngenta last year. syngenta now is in the arms of cam china. of movement there. itself, will be asking do we have a choice or are we weakened because of our foray to my syngenta? we have to give a hard look at this number that bayer is putting on the table. or maybe there is somebody else waiting in the wings who might put forth another bid. guy: i don't think we're done with this one. thank you very much indeed. stocks now down 3.5% in germany. let's talk about another corporate, ryanair forecasting earnings growth slowing this year. riseexpect earnings to after a 43% surge in the 12 months through march as the airline cut prices to entice customers. let's get to our aerospace reporter, men cats. -- ben katz. what is the business model looking like? >> they are really uniquely positioned in that their cost levels are the lowest. is that allows them flexibility when it comes to filling the planes at lower prices. while you have other competitors like euro wings that deutsche lufthansa is trying to get off the ground, they don't have the same fl

it's comparable, but with the syngenta deal happened, people said it was punchy. of the things to keep in mind is that there is a lot of consolidation in this space. ith agenda, you saw dow, didn't go through. if all the big companies are saying, what do we do now -- do -- francine: the problem is it is a punchy price. it's very high, but i guess there are very few companies left like monsanto. bayer says, i want that, maybe it makes sense. is it worth it strategically? >> yes. seeds, ithemicals, makes sense for them and puts them at the lead with the biggest company. you're imagining that the regulators will be looking at it carefully if monsanto does agree, the one thing to keep in mind is that monsanto has tried to do acquisitions in the past. it's under pressure. this isn't a deal where they can say, no, we don't want to engage. francine: what really struck me is that it is an all cash deal. this is -- they really want this. are talking about inequity increase of 25% of the i haven't seen something that they can a really long time. i guess that's why investors

deal,emchina and syngenta obviously.have seen a number of deals and other industries stop in their tracks because of competition concerns. they will be regulatory questions, the analysts have said that monsanto really is ripe for a takeover with the share price falling, having to cut the earnings forecast. this deal would allow it to diversify and allow bayer to diversify, but there are many questions over the financing and what it is going to mean for the future of this german company. anna: thank you very much, nejra. manus? manus: let's focus in on turkey. he governing party is elected. the new leader is speaking at the party's congress. the presumptive prime minister vowed to legalize the de facto rule, all at the expense of his own office. let's get over to the executive producer in turkey. what does this mean for the political landscape in turkey? manus.r: hello, erdogan is set to become the new prime minister. he is a very close ally of president aslon. he vowed yesterday to change turkey's constitution to a presi

monsanto's offer to buy syngenta last year.nto would help reduce its reliance on the agriculture sector. what we are hearing is that it may have to sell some assets to fund the acquisition. perhaps the plastic unit. this is the road it is already going down. anna: it has not been a good week for m&a. nejra: this week, antitrust nixedtors globally have more than $20 billion in deals. analysts are saying this potential deal should not come against too many antitrust hurdles. what it could do is intensify global scrutiny of the handful of companies that are already engaged in potential deals across the cross -- crop companies. regulators are already investigating the merger between dow chemical's and dupont. national security officials in the u.s. is looking at cam china's -- chemchina's bid with syngenta. anna: the lending industry has suffered a setback. a conflict of interest controversy is to blame. we were short. one of the big ones blew up. we were short lending club. we had problems with the model itself for exactly the rea

we have talking about china's offer for syngenta and dow chemical and dupont planning to merge.ding to bloomberg data, with the premium, a takeover of monsanto could surpass syngenta to become the largest acquisition globally this year. anna: how likely is this deal to go ahead? we have seen composition at other sectors. nejra: not just in this sector, but in other industries. we have seen a number of deals really stopped in their tracks the past couple of weeks because of the increased scrutiny on competition. in the statement of course, monsanto says no guarantee of the deal. but what is interesting is that bloomberg has been speaking to analysts who say that monsanto, at the point it is now, is really ripe for a takeover. it has a number of challenges, share price down some 90% in the past year. it had to cut earnings forecast, not only that but locked in disputes with governments in argentina and india. and yes, analysts are saying the management would probably resist a bid. it is the world's biggest seed company. but if it did merge, what that would allow it to do is divers

they agreed to by syngenta. the chinese deal was valued at $32 billion. their science unit. if they can put their businesses together, it could be the largest deal we've seen this year. so far. under relatively new management cap they are. -- activator. at bayer. anna: we'll be talking to investors and deutsche bank. towardnvestor ire activities. the old management scene was under pressure. they're going to feel any pressure from the investment community. revenues are plunging of course. he said this was one of the toughest jobs in finance because unlike some of the other big banking giants they don't really have much of an alternative to what they've got. investment banking and retail banking. they were saying this is one of the toughest jobs in finance at the moment. rishaad: it is a developing story. egypt air flight has disappeared from the radar. we'll be monitoring this throughout european programming conflicting messages coming from egypt about exactly where the flight was when it was was supposedly 10 miles into egyptian airspace. bringing any fur

monsanto had previously wanted to buy syngenta. thank you for joining us.o over to the markets desk and julie hyman. julie: i take the blame for thinking monsanto recently opened. alix: so did i. julie: let's take a look at what's going on in the broader market. there is a significant rally today. all three major averages are hovering near their highs of the session. that out jones is up 221 points and not only is it a steep rally but the breadth of the rally is broad. advance/timeline look like it's the highest it has been since march 11. it isr way to look at using imap. you will see everything here is green and everything here is higher and not just by a little bit. telecom stocks are up the least but technology and financials have been the two groups that have been leading the charge today. we have seen this correlation between the financials and bond yields moving higher all year. where you look at groups versus one another. you have what has been going on with bond yields and this is the bkx which is banking stocks and they have moved in tandem. upwe

and the chinese buy syngenta. that raises questions.the flip question, there is not a lot of overlap between the strength of the company's. bayer is strong in crop chemicals. d company.s a see regulators will be wondering, can we allow three huge mergers without putting all of them very closely under the scope? francine: at the moment, anything is open. we could see a third company coming. >> there has been speculation that the other offer could come t they are known to be very conservative. it would be surprising. is bayer willing to bob arnott and reach a deal? road selling it to investors -- is bayer willing to reach a deal? then they will sit down and decide, do we make this deal happen? francine: i know you're choosing everyone -- chasing everyone but what is your hunch at the moment? is it too early to call? able told love to be tell you a clear answer. but i think it is obvious they need to bump to get the deal done. they have shown a lot of conviction that they want to get this deal. if you look at what analysts are saying, we t

dupont and then syngenta but will regulators let them all go through? is the oil services deal so big? >> it's all about crude prices. these providers have been seeing their orders going down. they need to cut costs. by combining, the projected $400 million in savings. if they can ride the low by cutting costss, they can rebound down the load as a company together. mark: i keep trying to get rid but he keeps coming back with more deals. betty: he is hoping we will keep seeing him. still ahead, walmart is reporting better than estimated results. that thebe a sign retail slump is overblown? we will find out. ♪ >> live from bloomberg world headquarters in london i am betty lou. barton.am mark let's get to our first word news. kayla? a two-month extension of the state of emergency has been approved after the attacks in paris covering the european championship soccer tournament in the tour de france. police have been given more power to make arrests and restricted the movement of or vehicles. iran launching an offensive aimed at the iranian financial elite.

all of the deals added together, this one, now, dupont, kim china going after syngenta, when you add the industry landscape is changing, that is what regulators will look at. yvonne: thank you. expects moret interest rate cuts from the bank of korea this year. -- is here,conomist just ahead on "trending business." ♪ yvonne: it is 9:43 in hong kong. these are the stories making headlines around the world. the new acting president of brazil says the countries that ability needs rescuing after the senate voted to impeach the ruler. made it hismer priority. spoke, denying financial is conduct. she has vowed to use all legal means to fight impeachment. many say she is unlikely to win. are investigating the payment of $2 million into a singapore account from a should companies -- from a japanese bank just before tokyo won the olympics. they said the payment was to a company. the u.k. guardian says money was paid to a singapore account linked to be son of a former ioc veteran. the japanese cabinet secretary says the slate was clean and they are not aware of investigation. solar impulse is i

opportunity with every thing shifting in the industry, with doubt upon merging, with the chinese buying syngentahe seizes moment to strike and he thinks down the road, that's what he's arguing that shareholders will reward that. he talks about eps accretion and strength in r&d and seeds. hobbies that wants to do this deal, otherwise he wouldn't take such a big risk this early on. shery: what happens if the deal goes through? how do they come together? aaron: there will be a huge integration effort. they will focus a lot on cost. they said themselves they want to save $1.5 billion in the next three years, that will require cutting costs whether it's jobs come overhead, admin. this would be a lot of work to do. a big issue will be regulators. what will regulators say? termsty huge overlap in of various products they offer, but they are the third in line, in theory, to get this kind of deal approved. you know regulars are going to take a very tough look at this. mark: aaron kirchfeld. the time in london this 4:11. much more ahead on "bloomberg markets." ♪ shery: live from london and new york, i'm s

. >>> moving on, and syngenta saying it still expects the chemchina deal to end.nd at the request of lawmakers seeking photo clearance on requests of the deal on security. >>> and taylor wimpey trading on top. the home builder is now promising to pay out 1.3 billion pounds over the next three years this as taylor wimpey raises targets since 2013 following a boost in uk demand for property. >>> premier foods says it plans to streamline operations after seeing it rise by 1% in the first quarter. the maker of gravy, i haven't made gravy for ages, the second shareholder, they've expressed disappointment that the group rejected several takeovers from u.s. spice maker mccormack. >> i made it myself. >> i used to make it. big cook. >>> an imf proposal for greece would fix interest rates on the country's eurozone debt 1.5% for decades that's according to "wall street journal." and said the proposal would push the maturing of debt to 2040. this leads the imf proposal on greek debt far past that. >>> and meanwhile, confirmation from germany's constitutional court that it ha

you've got syngenta dealing with china. >> are the regulators going to let it go through?he other question for bayer is advertise a largely phrma company putting itself firmly into the gmo crop market which is something that monsanto does. which has been highly lucrative and very transformative technology but also coming u increasing pressure from regulators and social concerns as well. i know it's a big deal in europe to be genetically modified. it's 95% of the soybeans and corn. now 50% of their business will be in the crop market. >> still antitrust issues to get past, but that deal is certainly a headline this morning. >>> speaking of deals, anthem and cigna's merger could be in jeopardy according to the "wall street journal." the companies seek regulatory approval that could delay anti-trust proposals. cigna shares are slightly higher in the premarket. >>> lending firm has hired jeffreys to find investors for loan funding. the lender is looking to gain investments after the recent news of the internal investigation over the sale of some of their loans at half a percen

when they made the offer for syngenta. and since then, we were left with the key players.they had to react. monsanto going from a beatup to a target it's definitely got room for the new one to try and squeeze as much as they dcan. >> there's some expectation that baf, can they afford to do the deal? >> there's a question can they afford it because this is the largest all-cash deal. but also, there might be a surprise bidder at the same time. >> china? >> potentially. >> really? >> china has invested heavily in europe right now. particularly germany. and that's going to continue. we're seeing a lot of regulations being lax in china so more people can do that at the same time. >> does there come a point where the price becomes too audacious. it's an all-cash deal so far. and does there come a time when the bidders are going to walk away? do they want to see it go through, is it important enough for them to hold on whoever is interested? >> with the deals, they've relaxed compared to last year. when if comes to companies from china, they're going all in and not holding back o

they tried to inquire syngenta.d trouble with some of the biggest commodities companies in the world. they had issues with india and inentina and last year argentina the same thing happened. they said no, give us more money than the finally got the deal. nothing it's exactly the same but it feels like it will stop people know your first offer is not going to be the one of the compasses let's do this. but they're saying we want to talk with you. >> certainly different in tone to sort the other deals. but certain felt a lot like this. join us on the by monsanto story. i just want quickly show you this chart here. to give you a quick heads up with what is happening with martin spencer this morning. the numbers look good the strategy updated the important bit and what investors are reacting to is the idea that maybe what were going to see is this new strategy being put forward by the new boss that actually could cost a little bit of money and that's why we're seeing what we're seeing this morning. this is the stock over

and i raise this because clearly, for example, syngenta thought a transaction with monsanto would not pass regulatory scrutiny. of course, they thought the price was too low at that time, too, but to the extent that you could explain why this transaction would go through and perhaps that one wouldn't. or if you had been on pine on that one, i would love to hear your view. >> yes. that's actually an excellent question. the beauty of this combination is that both businesses are highly complimentary. it is very much a growth story that is behind the combination. the product portfolios compliment each other perfectly. the regional fit is really great. and while there will be at one point or another some discussions with regulators, we don't see this as a major issue based on the assessment we have on the table from our experts and also our advisers. while i cannot comment on how things went with syngenta at the time, we don't see this as a major impediment. at the same time, we also believe that as a company that has a 150 years heritage in the u.s. as a good and strong corporate citizen

jonathan: ruth, the model that a lot of analysts are using they used in the cam china-syngenta monsanto to get into the high when 40's. do you think that is the argument at this point? ruth: absolutely, and they are pretty close to it. saying, we want more, but we need to remember that monsanto is not a company that is doing well. they cut their earnings forecast, they are having troubles with their market in oig tina, so they are signaling -- in argentina, so they are signaling that they want this deal but at a price they find more appealing. jonathan: what is potentially going to be a big deal could potentially get bigger. vonnie: he will have to ask what is going to happen to basf. david: everybody is choosing partners. next, the ipo market faces its moment of truth after a lackluster start to the year. could june see a spike in initial public offerings? ♪ david: this is bloomberg , i am david western -- david western. john chambers joins us from the bloomberg breakaway conference, a very special guest. you are watching bloomberg . i am vonnie quinn. job cuts are on the way a