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** Schibsted surges 37 pct to all time high after announcing JVs with South Africa's Naspers, a new focus on key markets, and plans to cut capital spending.
** The stock, last up 31 pct, is by far the biggest gainer among top European shares on volumes nearly thrice a full-day's average. Gain adds about $1.75 bln to its market capitalisation.
** "My forecast for operating earnings (EBIT) in 2015 will rise by 44 percent so this is very positive in the short run," says Per Gunnar Nordahl, an analysts at Arctic Securities.
** "In the longer term, it's very important that the two top players in Brazil are joining forces, locking in the market in a way that makes it difficult for new entrants. It gives them an extremely good position on the world's second most attractive market," Nordahl says.
** Schibsted has increased investments in EMs in recent years, raising concern among investors it is spending too much. JV means losses from EM should stop being a drag, London-based trader says.
** Naspers shares rise 4.8 pct and Telenor, part of the ventures, is up 2.1 pct. (Reuters Messaging: firstname.lastname@example.org)