Business Law Currents - Business Law Currents

Corporate governance watch: Icahn discloses new Transocean director, dividend proposal fails

Fri, 17 May 2013 16:00:00 EDT

On May 17, Carl Icahn filed a 13D announcing that one of his nominees, Samuel Merksamer, was successful in winning a seat on…

Activist investor says Petrogrand should exit Russia

Fri, 17 May 2013 15:27:20 EDT

An activist hedge fund has urged Swedish oil and gas company Petrogrand AB to drop exploration activities in Russia, explore strategic alternatives and replace...

Tableau, Marketo software IPOs soar to the cloud

Fri, 17 May 2013 14:14:57 EDT

Strong debuts in the initial public offerings of two business software companies on Friday underscored a pattern in the market: While consumer companies...

Transocean chairman voted out, $2.24/shr dividend backed

Fri, 17 May 2013 13:30:31 EDT

Transocean Ltd said shareholders voted out Chairman Michael Talbert at the annual meeting on Friday and backed a nominee of activist investor Carl Icahn...

Tesla Motors raises more than $1 billion from debt, equity

Fri, 17 May 2013 13:30:31 EDT

Tesla Motors has upsized its debt and equity offerings, as the electric car maker capitalizes on surging investor demand to raise more than $1 billion in cash...

In Canada, say on pay remains a work in progress

Fri, 17 May 2013 13:00:00 EDT

Despite the hopes of many public issuers, executive compensation remains a hot-button topic among regulators, the media and investors worldwide…

Dealtalk: Warner Chilcott buy may be Actavis' best takeover defense

Fri, 17 May 2013 12:57:24 EDT

U.S. generic drugmaker Actavis, the subject of intense takeover speculation, may have found its best defense: a potential purchase of Warner Chilcott Plc...

Widened EU bonus cap looks more like a net

Fri, 17 May 2013 12:39:35 EDT

Widening the European Union bonus cap to include almost all the region's bankers could end up throttling a recovery. A new proposal from the European Banking Authority...

Morgans Hotel says twice rejected buyout bids from large hotel group

Fri, 17 May 2013 11:29:21 EDT

Morgans Hotel Group Co said it rejected two takeover bids from a large international hotel company in the past six months because the offer price was "not sufficiently attractive"...

Bankers see M&A recovery after deals drop 7 pct so far in 2013

Fri, 17 May 2013 11:16:15 EDT

A drop in European takeovers has depressed global merger and acquisitions (M&A) activity so far this year, but bankers see activity picking up as a rally...

UK pension funds take on leveraged loans in search for yield

Fri, 17 May 2013 08:57:46 EDT

UK pension funds are dipping a toe into the specialist market for high yielding but risky bank loans in an effort to offset poor returns in their traditional investment portfolios...

Rivals get longer to comment on Google EU antitrust offer

Fri, 17 May 2013 08:50:04 EDT

EU antitrust regulators have given some of Google's rivals more time to study its proposals to settle anti-competitive complaints, which could provide more leverage...

Breakingviews: Morrisons' click with Ocado makes M&A less likely

Fri, 17 May 2013 08:03:31 EDT

Morrisons, a web laggard, needed to do something to catch up with rivals. But clicking with Ocado comes at a steep price. True, by opting for a joint venture...

Corporate governance watch: companies criticize ISS over peer group selection methodology

Fri, 17 May 2013 07:30:00 EDT

Recent proxy supplement filings indicate that ISS and Glass Lewis frequently differ on their say-on-pay recommendations…

Clearwire investors aim to force Sprint to sweeten bid

Fri, 17 May 2013 07:00:00 EDT

Minority shareholders of Clearwire Corp are expected to vote down a buyout offer from Sprint Nextel Corp next week and force the No.3 U.S. wireless company...

Securities watch: OSC offers relief from wrappers

Fri, 17 May 2013 07:00:00 EDT

The Ontario Securities Commission has issued a proposal to remove certain Canadian-specific disclosure requirements for offerings of foreign…

Week in review: May 11-17, 2013

Fri, 17 May 2013 06:00:00 EDT

This week’s significant events in M&A, corporate governance, litigation, regulation and corporate finance…

Morrison seals $306 mln Ocado deal for online groceries

Fri, 17 May 2013 05:57:20 EDT

British supermarket chain Morrison is investing more than 200 million pounds ($306 million) in a 25-year deal with online grocer Ocado, seeking to...

Bankers push for Italian SME-backed covered bonds

Fri, 17 May 2013 05:06:43 EDT

FRAItaly needs to change its covered bond law so that the country's banks can provide cheaper funding to the small and medium-sized enterprises (SMEs) that are the backbone of the economy, bankers said...

IILM seeks to secure primary dealers ahead of its maiden sukuk

Fri, 17 May 2013 04:48:24 EDT

The International Islamic Liquidity Management Corp (IILM), which plans to issue its maiden sukuk by June this year, is facing its final hurdle as it aims to secure a network of distributors...

France's ID Logistics eyes acquisitions in 2013

Fri, 17 May 2013 04:44:16 EDT

ID Logistics wants to make acquisitions as early as this year to reach new clients at home and abroad and maintain its double-digit sales growth, its head said...

Caterpillar settles soured China deal with cut in purchase price

Fri, 17 May 2013 00:35:21 EDT

Caterpillar Inc has reached a deal to cut $135 million from the price owed for a Chinese mining equipment maker, after accounting irregularities were discovered at the acquired company that forced Caterpillar to take a $580 million impairment charge...

New York Life in exclusive negotiation to sell Taiwan unit -sources

Thu, 16 May 2013 23:56:58 EDT

U.S.-insurer New York Life is in exclusive negotiations with Yuanta Financial to sell its Taiwan assets, two sources with close knowledge of the deal told Reuters on Friday, joining other global rivals in exiting the Taiwan market...

Philippines' Asia United Bank climbs 9.5 percent on debut

Thu, 16 May 2013 22:35:01 EDT

Philippine lender Asia United Bank Corp jumped as much as 9.5 percent on its market debut on Friday after an oversubscribed public offer, the first listing since...

Florida court rules state time limits apply to securities arbitration

Thu, 16 May 2013 20:06:34 EDT

Florida's statute of limitations can apply not only to court proceedings, but to securities arbitration cases between investors and their brokers, the Florida Supreme Court ruled Thursday...

Schwab reverses ban on client class-action lawsuits

Thu, 16 May 2013 18:40:12 EDT

Charles Schwab Corp has temporarily reversed its requirement that clients waive their right to bring class-action lawsuits, adding a new twist in a battle closely watched by...

Big banks gain as U.S. adopts weakened swap rules

Thu, 16 May 2013 18:18:24 EDT

Big banks won key concessions in the battle over who dominates the $630 trillion derivatives markets as the top U.S. regulator adopted watered-down rules...

M&A watch: Inergy and Crestwood to merge in complex four-step transaction

Thu, 16 May 2013 16:30:00 EDT

Four companies – Inergy LP, Inergy Midstream LP, Crestwood Midstream Partners LP and Crestwood Holdings LLC – will merge…

Private equity 2013: strong governance helps PE portfolio companies succeed

Thu, 16 May 2013 16:00:00 EDT

The success of private equity portfolio companies is often credited to their governance practices. A rationale for their...

America Movil binds Brazil units closer with Wi-Fi offering

Thu, 16 May 2013 15:45:51 EDT

Carlos Slim's America Movil subsidiaries in Brazil announced on Thursday a new combined broadband service, increasing their operational integration ahead of...

Joint ventures: six key questions for successful management and operations

Thu, 16 May 2013 15:00:00 EDT

The previous installment of this series offered attorneys a “Top Dozen List” of issues that each of the parties interested in a prospective joint venture…

IPO watch: Apollo Global completes another PE exit with Sprouts offering

Thu, 16 May 2013 15:00:00 EDT

For the second time in as many weeks, a company backed by Apollo Global Management is going public…

Tesla motors increases convertible bond offer to $525mln

Thu, 16 May 2013 14:40:50 EDT

Tesla Motors on Thursday increased the size of its convertible bond and tightened price talk, according to two market sources close to the situation...

Social media can amplify parody-related copyright risks

Thu, 16 May 2013 14:00:00 EDT

Conflicting rules on to whether, and to what extent, copyrighted materials can be parodied in Europe and North America mean…

T. Rowe Price CIO lines up with JPMorgan's Dimon

Thu, 16 May 2013 13:24:09 EDT

T. Rowe Price Group Inc Chief Investment Officer Brian Rogers backed keeping JPMorgan Chase & Co's Jamie Dimon in his dual roles of chairman...

Hess seats 3 activist-backed directors, ends proxy fight

Thu, 16 May 2013 12:33:05 EDT

Hess Corp will put three directors backed by hedge fund Elliott Management onto its board, settling a months-long feud over the oil company's governance and long-term strategy...

JP Morgan names Cristerna, Ventresca co-heads of global M&A

Thu, 16 May 2013 12:29:54 EDT

JP Morgan has appointed Hernan Cristerna and Chris Ventresca to the newly created roles of co-heads of global mergers and acquisitions (M&A)...

Prudential pay plans prompt shareholder dissent

Thu, 16 May 2013 12:19:57 EDT

A significant minority of investors at Insurer Prudential voted against Chief Executive Tidjane Thiam's 2012 pay deal on Thursday, delivering a rebuke to leadership...

PE watch: J.C. Flowers' Cabot acquisition includes unusual debt provisions

Thu, 16 May 2013 12:00:00 EDT

The private equity secondary market is showing no signs of slowing down. On May 15, British consumer debt company Cabot Credit…

China test-drives Basel III compliant bonds

Thu, 16 May 2013 10:18:19 EDT

China has authorised four small regional lenders to sell the country's first subordinated bonds that are compliant with new banking rules, testing the waters before weightier capital issuance from the biggest state-owned banks...

Telus says to buy Mobilicity for C$380 million

Thu, 16 May 2013 10:04:15 EDT

Telus Corp, one of Canada's biggest wireless telephone companies, on Thursday said it will pay C$380 million ($370 million) to acquire Mobilicity, a recent entrant to the industry that helped force prices down but failed to draw many customers...

Computer Sciences settles lawsuit over accounting for $97.5 mln

Thu, 16 May 2013 09:58:57 EDT

Computer Sciences Corp agreed to pay $97.5 million to settle a lawsuit accusing it of defrauding shareholders by hiding a variety of accounting problems...

Diamond miner Alrosa set for autumn share sale

Thu, 16 May 2013 09:46:09 EDT

Russian diamond miner Alrosa plans a share sale that could value the business at up to $15 billion and raise hundreds of millions of roubles for its local and national government owners...

What changes in swaps trading after Thursday vote?

Thu, 16 May 2013 09:30:08 EDT

The top U.S. derivatives regulator is set to vote on new rules for swap trading platforms on Thursday that could break open Wall Street's dominant position in the $630 trillion derivatives market...

UK lawmakers find Google misleading on tax

Thu, 16 May 2013 08:17:32 EDT

Google Inc faced angry questions on Thursday from British lawmakers investigating its tax affairs and whether it had misled parliament in testimony last year...

Brokers' legal woes can trigger sticky conversations

Thu, 16 May 2013 08:00:00 EDT

The Financial Industry Regulatory Authority's public disclosure database, BrokerCheck, is a tool to help investors research the background of brokers. Nonetheless, it can also be a headache for brokers whose records are not squeaky clean...

UK judge says Goldman tax deal lawful, but "not glorious"

Thu, 16 May 2013 07:46:38 EDT

Shares in Spain's Liberbank rose sharply after the stock began trading in Madrid on Thursday, in the first bank flotation in nearly two years as the country's lenders try to put a European rescue behind them...

Austria misses EU deadline to sell Kommunalkredit

Thu, 16 May 2013 07:41:39 EDT

Austria's Kommunalkredit [KAFINK.UL] could still be sold and does not need to be wound down, the country's market watchdog said on Thursday after Vienna missed an EU privatisation deadline for the lender...

Global accountants stick to plan to get leases on balance sheets

Thu, 16 May 2013 07:00:00 EDT

Company balance sheets could swell by trillions of dollars under an international plan being pursued by two accounting bodies to show more clearly the cost of leasing everything from photocopiers to property...

Offering watch: Brookfield Infrastructure brings a bought deal to fruition

Thu, 16 May 2013 07:00:00 EDT

Brookfield Infrastructure Partners LP has raised gross proceeds of $341 million as a result of a bought deal offering of limited partnership…

Thomas Cook flags return to dividends after refinancing

Thu, 16 May 2013 06:48:30 EDT

Thomas Cook unveiled a 1.6 billion pound ($2.4 billion) refinancing plan on Thursday designed to cut debt and enable it to resume paying dividends in the latest stage of a turnaround at the world's oldest travel firm...

London firm launches Islamic insurance platform

Thu, 16 May 2013 04:37:45 EDT

London-based firm Cobalt has developed a sharia-compliant insurance platform that uses a syndication model to help spread risk across a panel of underwriters, a novel format that could boost capacity in the sector...

Dubai bank ENBD plans bond sale to boost capital

Thu, 16 May 2013 03:38:04 EDT

Emirates NBD (ENBD), Dubai's biggest lender, plans to tap global debt markets for its first capital-boosting bond issue, as Gulf banks take advantage of tight pricing...

Asia Pacific IPOs in busiest deal week since 2011

Thu, 16 May 2013 02:26:23 EDT

IPO markets in Asia Pacific had their best week in two years after Chinese refiner Sinopec Group's engineering unit and a Macquarie Group Ltd-linked trust raised a combined $2.9 billion on Thursday...

Sinopec unit prices $1.8 bln Hong Kong IPO near bottom

Wed, 15 May 2013 23:15:24 EDT

The engineering unit of China's Sinopec Group, Asia's largest refiner, raised $1.8 billion in Hong Kong's biggest initial public offering in almost six months, IFR reported on Thursday, citing a source familiar with the deal...

Chinese firm breaks ground with privately managed offshore yuan fund

Wed, 15 May 2013 21:50:44 EDT

A private Chinese fund management company plans to break new ground by establishing a privately managed offshore yuan fund as a vehicle for investment in Southeast Asia, taking advantage of Beijing's moves to promote use of its currency overseas...

U.S. regulator sets final rules for swaps trading

Wed, 15 May 2013 21:16:11 EDT

The top U.S. derivatives regulator unveiled rules for swaps trading that could break open Wall Street's dominance of the $630 trillion market, yet contain important concessions to the industry...

U.S. CFTC proposes swap trading platform rules

Wed, 15 May 2013 21:00:00 EDT

The U.S. Commodity Futures Trading Commission on Wednesday unveiled final rules for swap trading platforms that would allow phone-brokered deals...

DDR to buy shopping center stake from partner Blackstone

Wed, 15 May 2013 17:58:43 EDT

DDR Corp owner of shopping centers where big-box retailers are located, said on Wednesday it had agreed to buy from Blackstone Group LP the portion of...

Breakingviews: Bigger really is better in generic drug mergers

Wed, 15 May 2013 16:23:53 EDT

Bigger really is better in generic drug firm mergers. Pharmaceutical company Actavis recently spurned interest from rivals Valeant...

SEC taps Boston lawyer to run unit overseeing company disclosures

Wed, 15 May 2013 16:13:29 EDT

U.S. Securities and Exchange Commission Chair Mary Jo White has chosen a Boston-based lawyer to direct the agency's Corporation Finance division...

Executives at Chinese reverse merger company settle with U.S. SEC

Wed, 15 May 2013 15:35:24 EDT

A husband and wife executive team at a China-based company agreed to settle civil charges on Wednesday alleging they overstated revenue and used...

Delaware Chancery Court’s decision on flawed merger process has big implications for plaintiffs

Wed, 15 May 2013 15:00:00 EDT

In the recent decision of In re Plains Exploration & Production Company, Vice Chancellor John Noble ruled that directors…

Amazon cloud partner Apptio raises $45 million

Wed, 15 May 2013 14:57:20 EDT

Apptio, a start-up that helps big companies like Boeing Co track billions of dollars in technology spending, said on Wednesday that it raised...

M&A watch: FS Africa to take Lonrho private in rare UK takeover

Wed, 15 May 2013 14:30:00 EDT

Adding a spark of life to an otherwise moribund UK takeover market, FS Africa Ltd, a bid vehicle for Swiss investors…

Regulators set September deadline for derivatives deal

Wed, 15 May 2013 12:17:54 EDT

Financial regulators have given themselves until September to try to resolve differences over how to supervise derivatives markets in the wake of the financial crisis...

IPO watch: Coty offering boosts market revival

Wed, 15 May 2013 12:00:00 EDT

Coty Inc, a luxury fragrance and cosmetics manufacturer, filed an amended registration statement on May 14 in connection with its initial public…

Suntech lenders agree to defer $541 mln bond repayment again

Wed, 15 May 2013 10:41:14 EDT

China-based solar panel maker Suntech Power Holdings Co Ltd, whose main unit is in insolvency proceedings, said it reached an agreement with...

Continental kept in the dark by key investor

Wed, 15 May 2013 10:27:53 EDT

German auto parts and tyre maker Continental said it was kept in the dark about the decision of debt-laden top investor Schaeffler...

Breakingviews: Speech-tech firm's M&A machine could go in reverse

Wed, 15 May 2013 10:09:54 EDT

Over the past decade, Nuance Communications has been on a frenetic shopping spree. The $6 billion firm now encompasses businesses ranging...

Corporate governance watch: Elliott attempts to end proxy battle with Hess with joint board proposal

Wed, 15 May 2013 10:00:00 EDT

Elliott Management Corp attempts to end the proxy battle it has waged against Hess Corp with a new proposal for a jointly run board…

Chinese firm breaks ground with privately managed offshore yuan fund

Wed, 15 May 2013 09:00:00 EDT

A private Chinese fund management company plans to break new ground by establishing a privately managed offshore yuan fund as a vehicle for investment...

CEO of SocGen Russia unit held over suspected kickbacks

Wed, 15 May 2013 08:34:44 EDT

The chief executive of Societe Generale's Russian unit was detained on Wednesday on suspicion of taking bribes, dealing a blow to one of the few foreign banks that has dared to challenge Russia's dominant state banks...

Carlyle-backed General Lighting plans Saudi share sale

Wed, 15 May 2013 08:20:43 EDT

General Lighting Co, a Saudi Arabian company part-owned by Carlyle Group, plans to sell its shares on the Saudi stock market, paving the way for the private equity firm to exit its stake, two sources said...

Ashland raises dividend, buybacks after Jana picks up stake

Wed, 15 May 2013 07:17:15 EDT

Chemical maker Ashland Inc raised its quarterly dividend by more than 50 percent and nearly doubled its share buyback program, a month after hedge fund...

China's Tri-Ring to buy Polish bearings maker

Wed, 15 May 2013 06:58:53 EDT

Chinese automotive manufacturer Tri-Ring Group Corp will buy Polish bearings maker FLT Krasnik for some 300 million zlotys ($93 million) in the largest investment...

Cipla Medpro shareholders back buyout by India's Cipla

Wed, 15 May 2013 06:15:54 EDT

Shareholders of South Africa's Cipla Medpro overwhelmingly approved a $488 million takeover offer from India's Cipla Ltd on Wednesday, giving the Indian drugmaker...

Warner Music wins EU okay for Parlophone buy

Wed, 15 May 2013 05:45:00 EDT

Warner Music won EU regulatory approval on Wednesday to buy the Parlophone Label Group from Vivendi's Universal Music Group for 487 million pounds ($743.01 million)...

Abu Dhabi fund names ex-Deutsche Bank exec as infrastructure head

Wed, 15 May 2013 04:52:39 EDT

The Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, has hired a senior Deutsche Bank AG executive to head its division that handles global infrastructure investments...

LSE shuns exchanges shake-up to focus on own business

Wed, 15 May 2013 04:21:27 EDT

The London Stock Exchange said on Wednesday it was focussing on its own business rather than taking part in a global shake-up of exchange owners...

TUI AG CEO shakes up group in drive for dividend

Wed, 15 May 2013 04:05:56 EDT

German tourism group TUI AG's new chief is cutting costs, restructuring loss-making resorts and cruise operations, and will boost cooperation with unit TUI Travel in a shake-up aimed at resuming dividend payments in 2014/15...

Greece plans to spin off 30 percent of power utility PPC

Wed, 15 May 2013 04:03:12 EDT

Greece has added some detail to a long-overdue plan for energy market liberalisation, saying it would sell about a third of the production capacity of power utility PPC to a private competitor in about two years...

Severn Trent rejects takeover approach

Wed, 15 May 2013 03:41:58 EDT

Severn Trent rejected a preliminary takeover offer from a consortium including Borealis infrastructure and the Kuwait Investment Office, saying the offer undervalued the British water company...

UK's Lonrho gets buyout offer at nearly double its value

Wed, 15 May 2013 03:34:06 EDT

British industrial group Lonrho Plc said it received a 174.5 million pound ($266.2 million) buyout offer at a premium of 97.1 percent from a company controlled by Swiss billionaire Thomas Schmidheiny and investor Rainer-Marc Frey...

China Galaxy IPO raises $1.1 bln, priced for first day pop

Wed, 15 May 2013 02:33:44 EDT

State-owned China Galaxy Securities Co Ltd raised $1.1 billion in Hong Kong's biggest IPO in six months, pricing the offer at the low end of its marketing range as it looks for a first day pop on its debut next week...

IFSB preps liquidity guidance for Islamic banks, warns of risks

Wed, 15 May 2013 01:58:38 EDT

The Kuala Lumpur-based Islamic Financial Services Board (IFSB) plans to issue a guidance note for Islamic banks on the adoption of liquidity standards, warning lenders lack high-quality assets to meet new regulatory requirements under Basel III...

China's Dongfeng Motor to buy 40 pct of Fujian Auto

Tue, 14 May 2013 23:42:38 EDT

The parent of Dongfeng Motor Group Co, China's second-largest automaker, will take an over-40 percent stake in Fujian Motor Industry Group...

Australia approves Rio Tinto's $1 bln bauxite mine

Tue, 14 May 2013 23:29:57 EDT

Australia approved on Wednesday miner Rio Tinto's $1 billion-plus South of Embley bauxite mine and port project in Queensland after a year's delay due to concerns about ships harming the Great Barrier Reef...

China's Galaxy Sec prices IPO near bottom to raise $1.1 bln

Tue, 14 May 2013 22:34:00 EDT

State-owned China Galaxy Securities Co Ltd priced its initial public offering at the lower end of the indicative price range, raising $1.1 billion...

Agrium says regulator hasn't raised concerns about deal with Glencore

Tue, 14 May 2013 20:20:03 EDT

Canada's Competition Bureau has not raised any concerns about Agrium Inc's proposed purchase of 232 farm supply stores from Glencore Xstrata PLC, even though its review has taken months longer than expected, a senior Agrium official said...

Itaú to buy Citigroup consumer finance business in Brazil

Tue, 14 May 2013 19:51:57 EDT

Itaú Unibanco Holding SA will take over Citigroup Inc's Brazilian consumer finance units for 2.77 billion reais ($1.37 billion), as the nation's biggest bank...

Identity theft exposes companies to risk, director and officer liability

Tue, 14 May 2013 15:00:00 EDT

As regulators from an array of industries have placed the burden on corporate directors and officers to maintain effective identity theft...

Deal flow slows as investors digest massive wave of deals

Tue, 14 May 2013 12:33:12 EDT

A handful of Asian and small domestic issuers came to the primary US dollar high-grade market on Tuesday, with valuations looking stretched and investors...

Ally reaches deal with ResCap creditors

Tue, 14 May 2013 12:32:39 EDT

Ally Financial Inc on Tuesday agreed to an important deal with creditors of its bankrupt Residential Capital LLC subsidiary that will allow the lender finally to separate...

INTL FCStone buys online commodities exchange in Asia push

Tue, 14 May 2013 12:27:13 EDT

Mid-sized U.S. commodities brokerage INTL FCStone Inc said on Tuesday it plans to buy online commodities exchange Cleartrade Exchange in its first major push...

Failed bid for Betfair highlights public-to-private pitfalls

Tue, 14 May 2013 12:02:26 EDT

The collapse of the bid by private equity firm CVC Capital Partners to take Betfair private highlights how it has become increasingly difficult to pull off such deals...

Dish plans debt sale to fund Sprint offer

Tue, 14 May 2013 11:03:11 EDT

Dish Network Corp said on Tuesday it has answered all the questions posed by a special committee of Sprint Nextel Corp's board of directors, as Dish awaits...

IPO watch: MLP offerings continue with QEP Midstream Partners

Tue, 14 May 2013 10:30:00 EDT

Master limited partnerships (MLPs) are giving the IPO market a boost, with QEP Midstream Partners LP joining the growing list...

Swiss say 2012 suspect money flows stayed above $3 bln

Tue, 14 May 2013 09:50:21 EDT

Switzerland said suspicious asset flows through its financial system in 2012 were close to the record reported a year earlier, with suspected criminal activity replacing a fall off in Arab Spring related transactions...

New faces at Rio, BHP woo investors with austerity talk

Tue, 14 May 2013 09:47:58 EDT

New bosses at two of the world's largest mining companies, BHP Billiton and Rio Tinto, wooed investors on Tuesday with promises to slash billions of dollars of spending and press ahead with asset sales, boosting returns...

Solvay sees no need for further restructuring

Tue, 14 May 2013 09:36:53 EDT

Solvay has no plans for further restructuring once its current programmes are completed and is looking at possible acquisitions in the United States, its chief executive said on Tuesday...

U.S. tax dollars promote Monsanto's GMO crops overseas

Tue, 14 May 2013 09:00:00 EDT

U.S. taxpayers are footing the bill for overseas lobbying that promotes controversial biotech crops developed by U.S.-based Monsanto Co and other seed makers, a report issued on Tuesday said...

Virgin among five bidders for Saudi telecom licences

Tue, 14 May 2013 08:40:11 EDT

Five companies have submitted applications for virtual telecom licences in Saudi Arabia including Virgin Mobile Middle East & Africa (VMMEA)...

Report for banks finds they pose more risk than commodity traders

Tue, 14 May 2013 08:14:40 EDT

A study commissioned by a global banking lobby group has found that banks pose a greater systemic risk than their commodity trading house competitors do and the report has not been made public, its author said...

Traders to gain control of Europe's fuel as refiners close

Tue, 14 May 2013 07:41:28 EDT

Oil trading houses are poised to gain more control of Europe's fuel supply as its refiners close, and the shutdowns could have a significant impact on prices and energy security, the West's energy agency said on Tuesday...

Hedge fund proposes revamped Hess board to end proxy fight

Tue, 14 May 2013 07:39:05 EDT

The activist investor engaged in a proxy battle with Hess Corp has proposed a new board for the oil producer that would include all nominees put forward by both sides ahead of a vote on Thursday...

Breakingviews: Dan Loeb's breakup plan deserves Sony's ear

Tue, 14 May 2013 07:31:35 EDT

Dan Loeb is taking Japan's economic renaissance at face value: the hedge fund manager wants Sony to spin off its entertainment arm. Though activists rarely prevail...

Enterprise Inns say UK pub regulation proposals flawed

Tue, 14 May 2013 06:54:36 EDT

Government proposals to ensure British pub tenants are treated fairly by pub owners are based on flawed and misleading evidence and could lead to more pub closures, Enterprise Inns Plc said on Tuesday...

Sharp to tap Samsung, banks for survival after $5.4 bln loss

Tue, 14 May 2013 06:22:21 EDT

Japanese display maker Sharp Corp, a supplier to Apple Inc, will aim to boost sales to the iPhone maker's rival Samsung Electronics Co under a three-year...

OCI parent cuts offer price in Egypt delisting plan

Tue, 14 May 2013 06:03:51 EDT

The French Competition Authority fined drugmaker Sanofi 40.6 million euros ($52.7 million) on Tuesday for "disparaging" generic competition to its Plavix blood thinner...

Austria edges towards ending banking secrecy

Tue, 14 May 2013 05:51:03 EDT

Austria edged closer to ending bank secrecy for foreigners on Tuesday, bringing it into line with the rest of the EU, saying it would not block talks between the European Union and countries such as Switzerland over sharing bank information...

EU regulators approve Unicaja, Banco CEISS merger

Tue, 14 May 2013 05:45:00 EDT

The European Commission gave approval on Tuesday for the restructuring of Spain's Banco CEISS and said the lender's takeover by larger peer Unicaja would ensure its long-term viability...

Singapore steps up international cooperation on tax evasion

Tue, 14 May 2013 04:49:14 EDT

Singapore, the world's fourth-biggest offshore financial centre, said on Tuesday it will adopt new measures to make it easier to share information on potential tax evaders with other countries, including the United States...

Spain gears up for debt sale bonanza

Tue, 14 May 2013 04:39:03 EDT

The Kingdom of Spain is gearing up for one of its heaviest days of debt issuance of the year with a 10-year syndicated bond and a T-bill sale...

Mobistar pulls plug on fixed line consumer services

Tue, 14 May 2013 04:09:27 EDT

Belgian mobile phone operator Mobistar said on Wednesday it would stop offering fixed-line services to private customers until the regulator forces competitors to open their networks...

U.S. hedge fund calls for Sony Entertainment spin-off

Tue, 14 May 2013 03:56:30 EDT

A New York-based hedge fund with a reputation as an activist investor has proposed that Sony Corp spin off its entertainment division via an IPO, saying the move could boost the Japanese electronics firm's shares by as much as 60 percent...

British Land to exit mainland Europe as economic crisis bites

Tue, 14 May 2013 03:45:08 EDT

Property developer British Land is looking to sell its 255 million pound ($391 million) portfolio of retail properties in mainland Europe after the assets lost almost a fifth of their value on the back of the economic crisis in Spain and Portugal...

Severn Trent confirms Borealis and Kuwait takeover approach

Tue, 14 May 2013 03:24:54 EDT

British water company Severn Trent confirmed it had received a takeover approach from a consortium including Borealis Infrastructure and the Kuwait Investment Office...

Commerzbank sets terms for $3.3 bln capital hike

Tue, 14 May 2013 02:52:37 EDT

Commerzbank is offering shares at a deep discount in a 2.5 billion euro ($3.3 billion) capital increase aimed at repaying funds it owes to the German government and insurer Allianz...

IAG launches bond issue to fund Vueling takeover

Tue, 14 May 2013 02:52:15 EDT

The International Airlines Group said on Tuesday it would issue up to 400 million euros ($519.3 million) of convertible bonds to help fund the purchase of low-cost carrier Vueling and boost IAG's working capital...

CVC ends pursuit of Betfair after bids rejected

Tue, 14 May 2013 02:38:08 EDT

Betfair and CVC Capital Partners have ended takeover discussions after the private equity firm said it would not make a third revised offer for the online gambling company...

Families edging out private equity in consumer deals

Tue, 14 May 2013 02:00:00 EDT

From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy...

DNO shareholder to restructure, seek international listing

Tue, 14 May 2013 01:44:16 EDT

RAK Petroleum, which owns 42.8 percent of Norwegian oil firm DNO International, said it would transfer all its assets to a newly created company as part of a restructuring plan, and seek an international bourse listing for the new firm's parent...

Bloomberg's top editor calls client data policy 'inexcusable'

Tue, 14 May 2013 01:37:24 EDT

Matthew Winkler, editor-in-chief of Bloomberg News, apologized on Monday for allowing journalists "limited" access to sensitive data about how clients used Bloomberg terminals, saying it was "inexcusable", but that important customer data had always been protected...

NZ's Synlait Milk plans IPO, taps dairy investment demand

Tue, 14 May 2013 00:57:03 EDT

Chinese controlled-New Zealand dairy company Synlait Milk Ltd is planning a public share offer to fund an expansion in China's booming infant formula market, tapping into global demand for food-related investments in Asia...

Galaxy's $5.7 bln valuation looks starry-eyed

Mon, 13 May 2013 23:17:15 EDT

Seen from orbit, Galaxy Securities' $5.7 billion initial public offering looks compelling. The Chinese group has a leading position in a fast growing market. Earnings should grow rapidly for the next couple of years. After that, however, investors expecting continued outperformance may come back to earth with a bump...

Airgas distribution center shut after blast, two injured

Mon, 13 May 2013 21:15:59 EDT

An Airgas Inc distribution center in Putnam Country, West Virginia, has been closed after two people were injured in an explosion and fire at the facility, the company said on Monday...

Vodka maker CEDC bankruptcy plan approved

Mon, 13 May 2013 19:43:11 EDT

A bankruptcy court on Monday approved Central European Distribution Corp's bankruptcy exit plan, putting Russian billionaire Roustam Tariko on the verge of adding one of the world's largest vodka producers to his stable of companies...

Barclays wins dismissal of U.S. shareholder lawsuit over Libor

Mon, 13 May 2013 17:15:42 EDT

Barclays Plc, the first bank to settle with authorities over alleged manipulation of the Libor interest rate, on Monday won the dismissal of a...

Amazon buys Liquavista from Samsung, launches digital currency

Mon, 13 May 2013 15:21:58 EDT

Amazon.com Inc said on Monday it had acquired Liquavista NV from Samsung Electronics Co to help the world's largest Internet retailer develop new displays for mobile devices...

Activist investor to push for new debt deal at PagesJaunes

Mon, 13 May 2013 13:33:05 EDT

Activist investor Guy Wyser-Pratte said he is seeking board seats at French phone directories company PagesJaunes to force its biggest shareholder...

Mosaic builds $2 bln cash pile for share buyback

Mon, 13 May 2013 13:20:59 EDT

Mosaic Co, the second-largest fertilizer producer in North America, will delay plans to expand potash production in Western Canada due to unfavorable market conditions, a company executive said...

Regulating Bitcoin – contrasting approaches in Europe and the U.S.

Mon, 13 May 2013 13:05:00 EDT

This article considers some areas of convergence and discrepancy in the approach of the U.S., the European Union and the UK towards the regulation of…

CBOE keeps index franchise as U.S. justices stay out of dispute

Mon, 13 May 2013 11:26:23 EDT

CBOE Holdings Inc won a long-running legal battle to prevent rival International Securities Exchange from listing options on two key U.S. stock-market indexes, after the U.S. Supreme Court on Monday declined to consider their dispute...

EDP puts securitisation to use to cover tariff deficit

Mon, 13 May 2013 11:20:19 EDT

Energias de Portugal (EDP) is using securitisation techniques to fill the deficit incurred during the production and distribution of electricity utility services...

London's Unruly snaps up viral video firm Shareifyoulike

Mon, 13 May 2013 10:32:15 EDT

Unruly, one of London's hottest tech companies, has made its first acquisition, buying Germany's Shareifyoulike to gain the leading position in viral video marketing in the country...

Bain Capital to buy Germany clutch maker FTE

Mon, 13 May 2013 10:29:40 EDT

Private equity firm Bain Capital has agreed to buy German clutch systems maker FTE automotive from PAI Partners, the companies said on Monday...

SEC's new disclosure stance positive for municipal bonds -Moody's

Mon, 13 May 2013 10:24:50 EDT

Recent efforts by the U.S. Securities and Exchange Commission to boost the level and the quality of local governments' disclosures, including those that resulted in fraud charges against Harrisburg, Pennsylvania, will subsequently improve the whole industry, Moody's Investors Service said on Monday...

H&M, Inditex agree to Bangladesh factory safety accord

Mon, 13 May 2013 10:14:51 EDT

The world's two biggest fashion retailers Inditex and H&M have backed an accord aimed at preventing a repeat of last month's collapse of a Bangladesh factory building that killed more than 1,100 people...

Hedge fund nominees to Hess board to forgo special pay package

Mon, 13 May 2013 10:11:27 EDT

An activist hedge fund's nominees to the Hess Corp board of directors said they were waiving their right to receive a special pay package from the fund if the oil and gas company outperforms its peers under their watch...

France weighs 'culture tax' for Apple, Google products

Mon, 13 May 2013 09:40:29 EDT

President Francois Hollande will decide by the end of July whether France should impose new taxes on technology giants like Apple and Google to finance cultural projects, a move that could feed into an anti-business image days after a spat with Yahoo!...

Bid watch: Icahn with Southeastern team up in another hostile offer for Dell Inc

Mon, 13 May 2013 09:00:00 EDT

Activist investor Carl Icahn and Southeastern Asset Management Inc, two of Dell Inc’s largest shareholders, have teamed up to…

Big holder plans to sell nearly $1 bln of Via Varejo stake

Mon, 13 May 2013 08:41:12 EDT

A minority partner of Via Varejo, Brazil's largest home appliance retailer, plans to sell as much as 2 billion reais ($988 million) worth of its stake in a public offering, newspaper Valor Economico reported on Monday...

CITIC, Temasek group to buy Chinese software firm Asiainfo

Mon, 13 May 2013 08:32:25 EDT

A consortium comprising China's CITIC Capital and Singapore state investor Temasek Holdings has agreed to buy Asiainfo-Linkage Inc for about $900 million...

Building products maker Ply Gem seeks $1.3 bln valuation in IPO

Mon, 13 May 2013 08:16:40 EDT

Building products maker Ply Gem Holdings Inc said it expects to price the shares in its initial public offering at between $18 and $20 each, valuing the company at up to $1.3 billion.

Five China securities joint ventures posted losses in 2012

Mon, 13 May 2013 07:54:56 EDT

Five of China's overseas-backed securities joint ventures lost money in 2012, according to data released over the weekend, underlining the challenge...

ABB executive quits days after CEO says will step down

Mon, 13 May 2013 06:08:55 EDT

Swiss engineering group ABB Ltd has announced a second senior executive departure in less than a week, saying its chief technology officer (CTO) was quitting just three days after revealing its chief executive was to leave...

Saxo Bank rules out stock market listing in short term

Mon, 13 May 2013 06:05:06 EDT

Danish online investment banking firm Saxo Bank has ruled out a stock market listing in the short term, despite a resurgence of financial initial public offerings (IPOs) in 2013...

U.S. loan market lures European buyouts

Mon, 13 May 2013 05:32:07 EDT

Sponsors of European companies are opting to tap the US leveraged loan market to raise financing, lured by the greater liquidity, covenant-lite structures and...

Partnership Assurance plans $1.54 bln UK share listing

Mon, 13 May 2013 05:16:58 EDT

Private-equity backed life insurer Partnership Assurance Group said it plans to go public in London next month, taking advantage of a recovery in listings to sell at least a quarter of its shares...

Czech c.banker says no need to intervene against crown

Mon, 13 May 2013 04:19:22 EDT

There is no immediate need for the Czech central bank to intervene against the crown currency to ease monetary conditions further, bank board member Kamil Janacek said on Monday...

Heineken forms Myanmar joint venture to build brewery

Mon, 13 May 2013 03:56:06 EDT

Dutch brewer Heineken said on Monday it had signed a joint venture agreement to brew and sell its beers in Myanmar, part of a deeper push into faster-growing Asian markets...

AirAsia X eyes $300 mln IPO as airlines gear up for fund-raising

Mon, 13 May 2013 03:20:42 EDT

Malaysian long-haul budget carrier AirAsia X said it is looking to raise $300 million in an IPO, throwing its hat into an expanding fundraising ring as Southeast Asian airlines seek to build up their fleets and ride a boom in regional passenger traffic...

Elan strikes $1 bln royalty deal with Theravance

Mon, 13 May 2013 03:12:06 EDT

Elan stepped up its bid to keep its independence on Monday by agreeing a $1 billion deal to buy 21 percent of the royalties that U.S. company Theravance receives from GlaxoSmithKline for its respiratory drugs...

Lloyds Chairman Bischoff to retire in coming year

Mon, 13 May 2013 03:08:19 EDT

Lloyds Banking Group Plc said its chairman Win Bischoff would retire in the next year having overseen the rebuilding of Britain's biggest retail bank following a 2008 government rescue...

Breakingviews: Abenomics pulls Japan from its post-Lehman slump

Mon, 13 May 2013 00:24:43 EDT

Prime Minister Shinzo Abe's policies have beaten back the Japanese economy's post-Lehman blues. Breakingviews' Abenomics Index was at its highest level in March since September 2008. And that was before the Bank of Japan launched its bold money-printing pledge...

IRS kept shifting targets in U.S. tax-exempt groups scrutiny

Mon, 13 May 2013 00:05:55 EDT

When U.S. tax agents started singling out non-profit groups for extra scrutiny in 2010, they looked at first only for key words such as 'Tea Party,' but later they focused on criticisms by groups of "how the country is being run," according to investigative findings reviewed by Reuters on Sunday...

China IPO resumption likely to be delayed

Sun, 12 May 2013 21:56:02 EDT

The resumption of initial public offerings in China, expected this month or next, will likely be delayed until July in part due to concerns over the strength of the economy, the official China Securities Journal reported on Monday...

India IT watchdog investigating breach in ATM heist

Sun, 12 May 2013 20:21:53 EDT

The Indian government's cyber watchdog is investigating how security at two companies that are part of the country's vast IT services industry was breached in a global ATM heist that saw $45 million stolen from two banks in the Middle East...

SoftBank asks banks not to finance Dish's Sprint bid

Fri, 10 May 2013 20:53:09 EDT

SoftBank Corp is playing it rough in its attempt to keep Dish Network Corp from breaking up its $20.1 billion deal to take control of Sprint Nextel Corp...

Icahn, Southeastern mount challenge to Dell buyout

Fri, 10 May 2013 16:40:25 EDT

Activist investor Carl Icahn and Southeastern Asset Management Inc, two of Dell Inc's biggest shareholders, have proposed an alternative to a buyout deal led by founder Michael Dell...

JPMorgan board unanimously backs Dimon as chairman, CEO -letter

Fri, 10 May 2013 16:25:45 EDT

Two ranking JPMorgan Chase & Co directors issued a letter to shareholders on Friday arguing against recommendations by proxy advisory firms to split the duties...

U.S. judge orders Hewlett-Packard to face shareholder lawsuit

Fri, 10 May 2013 16:23:21 EDT

Hewlett-Packard Co must defend against a lawsuit accusing former management at the world's largest personal computer maker of defrauding shareholders by abandoning...

Disclosure watch: CF Industries discloses potential claims in connection with West Fertilizer Co explosion

Fri, 10 May 2013 16:00:00 EDT

A fertilizer manufacturer and distributor disclosed potential claims against it in connection with the fire and explosion…

Restructuring watch: Kodak’s spinoff marks another company’s recovery from bankruptcy

Fri, 10 May 2013 14:00:00 EDT

After filing for bankruptcy in January 2012, the Eastman Kodak Company recently announced a deal that will take it one step closer to recovering from…

Warburg Pincus raises $11.2 bln private equity fund

Fri, 10 May 2013 13:51:24 EDT

Warburg Pincus LLC has secured $11.2 billion for its latest fund, one of the largest private equity funds raised since the global financial crisis...

True Religion agrees to go private in $835 mln deal

Fri, 10 May 2013 12:16:30 EDT

Premium jeans maker True Religion Apparel Inc said it would be acquired by investment management firm TowerBrook Capital Partners LP in a deal worth about $835 million...

Co-op Bank rules out UK state help after capital warning

Fri, 10 May 2013 11:08:33 EDT

The head of the Co-operative Bank stepped down on Friday, after agency Moody's downgraded its debt ratings and said the bank might have to ask the government for money to bolster its capital...

China probes dumping of steel pipes by U.S., EU, Japan

Fri, 10 May 2013 11:08:23 EDT

China has started an investigation into the dumping of seamless steel tubes and pipes in domestic markets by firms from the United States, Europe and Japan after receiving a complaint from a Chinese company...

Breakingviews: Apple's bite out of market seeds IPO appetites

Fri, 10 May 2013 11:00:47 EDT

By taking a big bite out of the American stock market, Apple is inadvertently seeding the appetite for equity. While the iPad maker's recently...

Cermaq cool on $521 mln synergies share-out with Marine Harvest

Fri, 10 May 2013 10:46:28 EDT

Norwegian fish farmer Cermaq said on Friday its shareholders would not get a fair share of gains from a potential takeover by Marine Harvest which it estimated at around 3 billion crowns ($521 million)...

John Hess to lose chairman role as Hess board vote looms

Fri, 10 May 2013 10:39:35 EDT

Oil producer Hess Corp, under pressure from an activist investor, said it plans to appoint a former General Electric Co executive as chairman next week...

EU Commission re-examines Belgian funds for steel group Duferco

Fri, 10 May 2013 10:24:34 EDT

The European Commission (EC) is considering reopening a three–year-old case to examine whether funds granted by the Wallonia region of Belgium to steel company Duferco were illegal state subsidies, a commission source said...

Euro hybrid market braced for overseas corporate influx

Fri, 10 May 2013 09:16:35 EDT

A record-breaking coupon on a EUR1.75bn Hutchison Whampoa hybrid bond this week is expected to lure other Asian corporates into the market as they seek to get the cheapest funding possible for these subordinated instruments...

Proxy adviser ISS urges Clearwire holders to back Sprint

Fri, 10 May 2013 08:36:44 EDT

Clearwire Corp shareholders should vote in favor of a proposed acquisition by Sprint Nextel Corp, given a lack of better options to keep the company afloat...

Alibaba to invest $294m in mapping firm AutoNav

Fri, 10 May 2013 07:50:26 EDT

Alibaba Group, China's largest e-commerce firm, will take a 28 percent stake in digital mapping company AutoNavi Holdings Ltd, part of Alibaba's move...

Disclosure watch: Deckers Outdoor removes auditor ratification following insider-trading scandal

Fri, 10 May 2013 07:30:00 EDT

Deckers Outdoor Corp, the manufacturer of UGG and Teva, among other footwear brands, supplemented its proxy statement on May 7...

Week in review: May 4-10, 2013

Fri, 10 May 2013 07:00:00 EDT

This week’s significant events in M&A, corporate governance, litigation, regulation and corporate finance…

SEC publishes proposed rules regarding cross-border security-based swap transactions

Fri, 10 May 2013 07:00:00 EDT

On May 2, the Securities and Exchange Commission (SEC) proposed rules and interpretive guidance regarding the application of the U.S. regulatory regime…

M&A watch: Capstone procures another copper property

Fri, 10 May 2013 06:30:00 EDT

Canadian base metals miner Capstone Mining Corp has agreed to acquire the Pinto Valley copper mining operation in Arizona and…

Australia's Crown wins approval to raise stake in rival Echo

Fri, 10 May 2013 04:45:06 EDT

Crown Ltd, the Australian casino company controlled by billionaire James Packer, has won regulatory approval to increase its 10 percent stake in rival Echo Entertainment Group, the operator of Sydney's sole casino...

UK's sovereign debt precaution at odds with EU

Fri, 10 May 2013 04:36:50 EDT

Britain's principled approach to banks' holdings of sovereign debt could have a perverse outcome. The watchdog has taken the sensible step of demanding that lenders expect big losses if government bonds default. That helps fix one of the biggest flaws in measuring bank capital...

Slovene banks NLB, NKBM to raise new capital

Fri, 10 May 2013 04:20:17 EDT

Slovenia's largest banks NLB and NKBM, which are both state-controlled, plan capital hikes worth a combined 767 million euros ($1 billion), the banks said on Friday...

Kazakhstan plans up to $1 bln Eurobond this year

Fri, 10 May 2013 04:05:47 EDT

Oil-rich Kazakhstan will return to global bond markets this year with an issue of up to $1 billion and has invited banks to apply to manage the deal, Finance Minister Bolat Zhamishev said on Friday...

TPG sells stake in India's Shriram Transport for $300 mln

Fri, 10 May 2013 03:28:47 EDT

U.S. private equity firm TPG Capital raised about $300 million by selling its roughly 10 percent stake in Indian commercial vehicle financier Shriram Transport Finance Co Ltd to India's Piramal Group, generating a near seven times return on a 2006 investment...

China Mobile beefs up supervision after audit finds accounting problems

Fri, 10 May 2013 03:15:39 EDT

China Mobile Ltd, the world's biggest mobile operator by subscribers, said its unlisted parent is beefing up its internal supervision after a government audit office highlighted problems in accounting practices and internal management...

China issues new rules targeting wealth management fund pools

Fri, 10 May 2013 02:23:21 EDT

China's bond market regulator closed off a loophole on Friday that allowed banks that sell high-yielding wealth management products (WMPs) to evade regulatory requirements by moving money between the WMP accounts they manage and their own proprietary accounts, bond traders at four Chinese banks told Reuters...

Alibaba to take 20-30 pct stake in mapping firm AutoNavi

Fri, 10 May 2013 02:05:50 EDT

Alibaba Group, China's largest e-commerce firm, is set to take a 20 to 30 percent stake in Chinese digital mapping and navigation firm AutoNavi Holdings Ltd, local media reported, as it aims to boost its competitveness by beefing up its product lineup...

ABB Chief Hogan to stand down for private reasons

Fri, 10 May 2013 01:40:55 EDT

ABB Chief Executive Joe Hogan is leaving the company for what it said were private reasons. His departure date has not yet been decided...

Carlyle bids for Rio Tinto stake in Australian copper mine

Fri, 10 May 2013 01:11:26 EDT

U.S. private equity firm Carlyle Group has submitted a bid for Anglo-Australian miner Rio Tinto's 80 percent stake in the Northparkes copper mine in Australia, news agency Dow Jones said on Friday, citing a person familiar with the bid...