SATS: Announced that it is in talks over the potential sale of Daniels Grp, the owner of British food brands including New Covent Garden Food. Note however that discussions are presently at a stage where there is no certainty that a definitive agreement may be arrived at and no transaction may materialise from these discussions. HSBC has been appointed to run the auction for about 150m pounds ($234m).
Meanwhile, Citi maintains Sell with TP $1.95 vs 2.15 previously. House lower earnings estimates by 3% to reflect lower top-line growth expectations for FY12, as the uncertainty posed by the possible debt restructuring and recession in Europe is likely to have a negative impact on aviation traffic, particularly premium (business) travel.
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