So nice, i just had to come back. We have pfizer, deutsche bank, credit suisse. You are a chelsea fan. I am not even mentioning it. From the red carpet to the deep blue sea, we check out the crucial role that yachts play in filmmaking. The fortune that nutella built. We will see how it created the richest candy man on the planet. Pfizer sweetened the deal for the very last time and astrazeneca said it is not enough. It raised its bid to more than 69 billion pounds before being turned down and again. Lets bring in sam. Does this mark the end of this takeover saga . I would like to say no i do not think it is quite over yet. Used, overe being the past over the next few months, something might happen again. It all depends on what shareholders to. Shareholders do. Everybody will be thinking, when will they see that shareholder price . That shareholder price already has a five handle on it. Should they have taken this deal . The world is divided. I do not think it is very difficult to get to a price that is around 55 pounds a share. Beyond 55, 56, 57. I think they were looking for 58. 5. That if you look at the phrase is used that we may have started discussions, etc. How likely is it that this full this is not a hostile bid. I do not know what will happen. They are obviously talking. They spoke on sunday, they spoke on friday. They headed to a recall they had a twohour called on sunday afternoon. Objectionsk their were solely based on price . Or is it about pfizers commitment to england . Their duty is to the shareholder. They have employees in the u. S. They should not just be thinking about the u. K. That is the job of the government. I hope these decisions were made based on what was right for the shareholders. It is a 50 premium. There has been a lot of arbitrage because there is no deal yet, but a lot of people are playing the hot money. There might be an overreaction today. At t planning to spend more than 48 billion to snap up direct tv. Here is caroline hyde. How much to what extent is compete with the time warner cablecomcast merger . That has to be front and center. Content is king. At t has phones and internet and a little bit of tv content. It does compete with the time warner cablecomcast merger . Have a video service, but it has to add to its arsenal. They can do that with content from directv. The silent company has a head start with making internet channels. The Satellite Company has a head start with making internet channels. What is in it for direct tv . It needs scale right now. It has seen the satellite market, consumers are looking at streaming rtv content rtv content via netflix. It needs a bigger partner. At t can provide that. It would make it the third a story so far this year. This will be 70 million customers if you mash them together. It is all about this trinity of phone, rock band, and video. Broadband, and video. There are regulatory concerns. This is a real worry for the likes of at t. Directv was paid for by dish network at decade ago and it did not go through. Too much fear that it would reduce competition. Theyre trying to woo the regulators already. The chief executive of at t is saying look, i will give you unprecedented concessions. If they had directv and they have a stake in america mobile, that is where these two Companies Fight headon in the likes of brazil. Any fears or allay there might be anticompetitive issues going on in latin america. Interestingly, they are worried regulators will not give this to sign off because there is no money in it for directv. Owe any breakup fee to directv if this does not get the regulators sums up thumbs up. There is money for at t if someone bids more. It is the hottest second. Ndustry so far this year we have seen a lot of shakeup in telecoms. The bottom line is that nobody is watching tv on a tv anymore. Im. Credit suisse to plead guilty as early as today, pay 2. 5 billion to resolve accusations it helped americans evade taxes. Jonathan ferro is deal with the latest. The most interesting part of this deal is the guilty plea. We know the fine will be bigger than many people expected. The biggest unknown is the guilty plea. What happens if they plead guilty . That could not just be some symbolic metal the regulators mantelpiece. The real talk is what this means banks, andsuisse, whether they will do business with the company that leads guilty. Nobody really knows. There is a massive unknown about this. He cannot really tell you either. Wondering if wouldbe repeat of Lehman Brothers type of scenario. Push u are going to and olivia, you know this. It,oure going to push for but you dont know what the consequences are going to be, that is a bit difficult. It has come quite political in the u. S. Eric holder seem to be under pressure that you were not in a criminal convictions. Are some banks too big to deal . He is under a lot of pressure to get some scalps. It does seem like a bit of an aboutface for brady dougan. He went to congress and he told the congress that this was not systemic. He told them it was a few swiss bankers that skirted. If they plead guilty today, what would matter is what they plead guilty to. That is quite development. There are some quarters that of putting a lot of that are putting a lot of pressure on him to step down. When you have been at a bank since 1990, when youve been on the executive board since 2003 and a ceo since 2007 and you have this massive issue and you are asked if you know about it and you say no, that is a question of oversight. Deutsche bank announcing plans to raise 8 billion euros to boost capital ahead of European Central bank stress tests. David tweed is in berlin with the story. Deutsche bank coceo has been speaking on a call to analysts. What are the highlights . There had been some speculation that they are going to raise 8 billion euros, which is more than a lot of people in the markets had been expecting. They were expecting between six and 7 billion euros. The speculation was they did this because they could see further fines coming from ongoing litigation. There is a pipeline and having the money there will be important because it will provide a bit more of a buffer. Right now, they are not expecting to see any huge increase. That could always change. The share prices down about one percent at the moment. There might be some speculation that they can investors can start looking through to improving profitability. How likely is this to affect deutsche banks profit goals . 12 he return on equity was for 2015. That is been postponed until 2016. Citigroup has put out a note, they say they are looking and saying that maybe people will start to look beyond this capital increase, which has been weighing on that share price. The shares are down 24 since their high on january 15. Citigroup says that could rise to about 43 euros from 30 euros. David tweed joining us from berlin. Europe goes to the polls, will a new parliament be able to reform the eu . We will discuss. Hundreds of millions of people will eligible to vote in regionwide elections. Weston half are expected to participate less than half are expected to participate. Hans nichols has the story. Gettinghallenge is europeans excited to vote for a parliament with little power. Our dissipation has to climbed 62 . Most 20 points from more than half a billion people from the 28 Member States are eligible to participate in the largest transnational vote in history. The partiesturnout, have nominated candidates to be the president of the eu commission. Hence the slogan, this time, its different. 751 seats are at stake. The larger issue is the eu response to the debt crisis. Unemployment has remained elevated. Will strong showings by the uks simply serve as a warning to National Governments that they have ceded too much power to brussels . Strong turnout from voters opposed to tighter european integration may lead to the higher participation that eu officials crave. History suggest the new parliament will face old problems. It can only modify proposals drafted by the eu commission. You cannot craft legislation on its own. The parliament does get to approve the eu commissions budget and that leaves the European Parliament in a better position to say no instead of reforming its institutions for the better. Lets continue the conversation. A new parliament could mean changes for business in the u. K. One group is calling for looser ties between the u. K. And the eu. Matthew, you want to see the u. K. Renegotiate the treaty with the eu. What do you think is realistic . To work out the architecture for the eu post the eurozone crisis. The eurozone countries tend to have greater fiscal union, banking union. What are the noneurozone countries . Our rights need to be protected, too. You have a lot of business holders within an your group. What sort of relationship does British Business want with it you . With the eu . Vacancy countries across the vacancyowing quickly countries across the world growing quickly. See countries across the world growing quickly. They are worried about the level of red tape locking down Member States. Lacks the tide of sentiment is turning against there are some poll numbers. 54 of britons in a referendum would go to state in the eu. They want ever formed relationship a reformed relationship with the eu. How will you vote if the eu changes . If there is not any change, you may vote to leave. In 19 75, he tried to negotiate with the eu. What lessons can be learned when David Cameron tries to renegotiate some of these treaties . What lessons can you learn from the mid1970s . Was able tolson play a fast one. He had a bit of a cosmetic change. Tten voted to state in britain voted to stay in. The hurdle will be much higher for David Cameron. They will be looking at some substantial changes before they vote. He has called for a referendum. 2017 seems like a good time scale. I think its great that he gave the Member States onto warning before this renegotiation process. We will see a kick off after the election. With ae is elected liberal democrats, it will be tricky for the referendum to take place. Is best hope for referendum if the conservative party but that might actually happen. With that disrupt the chances . I could see some convergence. He agrees with many of David Camerons headlines for the renegotiation. Even if the labor party is elected, i could see this new treaty coming with the new rules required for the eurozone. A slightly sensitive question. There is concern that the message youre sending is fueled by a rise in eurosceptic parties. Do you feel that their support is undermining your message . The different types of , from asm across the eu business point of view, it is all about positioning the wealth for trading with the rest of the world. We want to trade with america, india, china. Euis the legitimacy of the in question . Less than two thirds voted in the last election five years ago. Question the eu itself . There is a democratic deficit. People feel the commission are not representing them and that its a big question for the new parliament to address. Thanks to matthew elliott. A bloomberg exclusive, we will bring you our special conversation with prince andrew. New zealand has a reputation for being the land of extreme sport. It is attracting some of the best motocross riders. A warmup practice for this years red bull. Some scottish stunt riders practicing their tricks. Pulling off some extreme balancing acts in the process. But see how the markets are trading right now. We are trading over across much of europe. Ftse down by half of one percent. Heavy losses in italy, down by 2. 6 . Reality back in the bond market. Lets look at one trade. Eurosdollar, this is the one trade that keeps generating news flow after news flow. The politicians think this is too strong. Where is this one going to go . Beenstrong euros has flanked by easier financing conditions. 90 of economists think there will be action in june. What shape does that action take . That is the big unknown. And have yachts, the most glamorous way on board a boat. You can always follow me on twitter. Welcome back to the pulse. These are the Bloomberg Top headlines. Mark carney says surging u. K. Home prices are the number one risk to the economy. Asking prices in london rose to a record high in may. It could mean policymakers will shift focus to pull back the market. A convicted traitor has been arrested for returning for france where he faces a prison term for forgery. He was sentenced to three years in jail. Bloomberg met him during his last few hours of freedom. I regret and im ashamed to of been a part of the system. I was in the system and i let myself get drawn into the system. I thought i was doing the right thing. To buy has agreed directv for 48. 5 billion. It gives them a National Satellite tv provider combined with the u. S. Cable, highspeed internet offerings. 50, half a century ago today, in a tiny italian town, the first batch of nutella was made. It is the italian spread that has nothing to do with the financial markets. Turning 50 and holding birthday parties for itself all over the globe. It was born after world war ii when food rationing forced pastry makers to add hazelnuts to their chocolate as a way of making it go further. Now it is a classic with more facebook fans van jayz than jayz. People became crazy about it almost immediately. It was something solid that you could cut with a knife. But he decided to transform it to a cream. , he has become italys richest man worth more than 25 billion. The company that bears his name also makes the chocolates, but bestseller. Ns its one jar is sold every 2. 5 seconds. Every time we enter a new market, there is an immediate wave of interest. We almost need not to do anything. The end is nowhere in sight. For more on the billionaire behind the famous spread, lets bring in our billionaire editor. Just how big is the fortune . Fortune is a fairly sizable 1, 20 5 billion. 28 richest man in the world. If you look at the 200 biggest fortunes in the world, 175 billions of those fortunes are food fortunes. More than 100 million of that is from candy. Fortune rankhe among all of those large food fortunes . It is right behind the mars fortune. It is a much larger company, 38 billion in sales. Fortune totals about rerroillion worth that fe 25 billion. I am looking at the bloomberg rich list and it seems the ones in europe are retail or food entrepreneurs. Abouts little bit more who some of these other rich food billionaires are. There is a bit of that discrepancy. The food fortunes are fairly global. After you get past the candy beernes, you get into the fortunes, soft drinks. Whichany called the very, bavaria, which was sold to miller. The thirdlargest food fortune is that of china. It is a soft drink and baby formula basically. That makes perfect sense to me. People would be making billions off chocolate and beer. We will continue our conversation next hour with master chocolatier. Do you have any guilty nutella secrets . In the u. S. , it was a little bit exotic when i grew up. I still would like nutella with a banana. I do not know if it is the same chocolate inside. You are married to a french woman, so you must eat its every morning. We have been speaking with prince andrew, he is the duke of york. How the u. K. Could ensure the economic recovery continues to strengthen. If we want to continue to be a prosperous nation and when you look at the way the economy is changing, it is based on knowledge and science and the application of the digital environment and if we dont keep up or get ahead of the game, the really clever ways we have succeeded in the past are going to be for nothing. One of the Top Priorities is tackling youth unemployment. It is important we give the young people Employability Skills as well as a good education. The good education is vital, but if we do not give them the skills they need and the training they need and the , if we dothey need not give these and find ways of being able to engage young activity, we will have some sort of reduction in prosperity because of the way science and engineering in the Digital Economy is building so fast. The duke of york speaking to us. Festival is wrapping up its first big weekend. The city turns into a yacht paradise where the stars go when they are done promoting a movie. Angus bennett reports. Yachts paid play a big role in the dealmaking. Celebrities might prefer to anchor their yacht far away, but those who want to be seen, the best place to park it is behind the palace of the festival. You have yachts starting down here and they go half a kalama and are. Half a kilometer. Trying to license for movies during the festival. Renting a yacht is the most costeffective way to set up shop. We have three different places where we can have meetings. At night, cocktails and parties. Be warned, partying on a boat has its dangers. We had to fish a few out of the water already. She has been renting and yacht for the past 10 years. She recently cofinanced a movie starting starring halle berry. We use the yachts to offer our investors a sparkle of hollywood. We get to work with a lot of High Net Worth individuals. Renting a yacht does not come cheap. Prices go above 100,000 a week. It does create unforgettable memories. Caprio showede up. Marty left that boat to go on to the next even bigger yacht. I have not done the film festival. Member super yachts are huge business down there. Has this film made big waves in the United States . It has generated a lot of negative press here. Excited. Ne is Harvey Weinstein is busy. Looks us to be big if he is boycotting must be big if he is boycotting. Is producingart up high end supercars in the backyard of the big three. It is making cars the oldfashioned way, by hand. We traveled there to see how the operation is turning out custom cars that sell for six figures. It is a cocktail of all of the cars i have ever loved. Exotic cars like the old school for our he and the lamborghinis. It is also very american, a lot of corvette, dodge viper. Every body panel is carbon fiber. There isard engine an optional 1100 horsepower car. 395,000. You are getting so much car for the money. We are building a brand and when the brand has the strength to charge the larger numbers, you will see us up there as well. Falcon owner is somebody you has been there, done that, and they want something much more exclusive. They want the ultimate car, something that is unusual and different. They are set up for each individual customer. Some guys want to be on the race track all the time. This was purchased by a derailment and his wife and one of the requirements was