Business Law Currents - Governance

Restructuring watch: MethylGene uses plan of arrangement to move stateside

Thu, 23 May 2013 09:00:00 EDT

MethylGene Inc is moving ahead with a plan to change the company’s legal domicile from Canada to the State of Delaware…

Review of major developments affecting mergers, acquisitions and divestitures

Thu, 23 May 2013 08:00:00 EDT

In this issue of Business Law Currents, the authors review recent case law developments relating to several areas of interest to business counselors including…

Energy firm JKX's top shareholder seeks to oust CEO

Thu, 23 May 2013 06:35:51 EDT

The top shareholder in Eastern Europe-focused energy group JKX has called on fellow investors to oust the chief executive, citing an 88 percent fall...

EU's Barnier wants big companies to reveal national tax bills

Thu, 23 May 2013 04:26:35 EDT

Large companies should disclose how much tax they pay in each country where they operate, the European Commission's top regulatory official said, in the text of a speech to be delivered on Thursday...

Deutsche Bank to face more shareholder anger at annual meeting

Thu, 23 May 2013 03:59:42 EDT

Deutsche Bank's bosses are likely to get a grilling from shareholders on Thursday about a string of lawsuits and regulatory probes involving Germany's biggest bank...

SoftBank would appoint "security director" to Sprint board

Wed, 22 May 2013 23:55:56 EDT

SoftBank Corp would appoint a "security director" to Sprint Nextel's board if its takeover bid succeeds, and would give the U.S. government the right to approve the nominee, an attempt to address security concerns raised by the proposed deal...

Regulatory watch: UK finalises mandatory say on pay laws

Wed, 22 May 2013 16:00:00 EDT

The Enterprise and Regulatory Reform Act 2013 has received royal assent in the UK making “say on pay” provisions mandatory…

U.S. regulatory watchdog FINRA to oversee Direct Edge's surveillance

Wed, 22 May 2013 15:02:01 EDT

U.S. exchange operator Direct Edge has agreed to allow the Financial Industry Regulatory Authority to oversee surveillance of its two stock exchanges...

Turkcell AGM cancelled due to shareholder dispute

Wed, 22 May 2013 09:28:19 EDT

Turkish mobile phone company Turkcell cancelled its annual general meeting on Wednesday, the latest sign of problems stemming from a shareholder...

Entertaining change: Sony to look at activist's spin-off idea

Wed, 22 May 2013 05:32:43 EDT

Few foreign activist investors have made much headway in forcing change in Japan, where a conservative corporate culture favours long-standing ties with banks...

The Irish loophole behind Apple's low tax bill

Tue, 21 May 2013 21:19:35 EDT

Apple's ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs...

Ex-strategist can sue UBS as whistleblower -U.S. judge

Tue, 21 May 2013 20:24:54 EDT

UBS AG lost a bid Tuesday to dismiss a whistle-blower lawsuit by a former commercial mortgage-backed securities strategist who said he was fired for refusing...

Dimon clings to JPMorgan chairman title, after fight

Tue, 21 May 2013 20:02:00 EDT

Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co took an unusual step to fight off investors seeking more oversight of his activities - he hinted he might quit...

Shareholders and investor groups crack down on overboarded directors

Tue, 21 May 2013 16:00:00 EDT

Individuals serving in leadership roles at multiple companies have come under attack by institutional investors and shareholder groups…

Breakingviews: Pyrrhic victory for Dimon is defeat for governance

Tue, 21 May 2013 14:15:26 EDT

The Pyrrhic victory Tuesday for Jamie Dimon is a defeat for governance. Just over two-thirds of JPMorgan shareholders voted to keep him as both chairman...

Dimon keeps JPMorgan chairman title after bruising battle

Tue, 21 May 2013 14:10:57 EDT

Jamie Dimon, JPMorgan Chase & Co's outspoken chairman and chief executive, won a vote of confidence on Tuesday as shareholders decided to let him keep his chairman...

EU watchdog unveils caps for bank bonuses

Tue, 21 May 2013 13:35:01 EDT

EU regulators confirmed on Tuesday that they will cap bonuses of bankers earning more than 500,000 euros a year and added other conditions to...

Corporate governance watch: CBOE discloses director nominee’s withdrawal due to IRS scandal

Tue, 21 May 2013 13:30:00 EDT

On May 20, CBOE Holdings Inc disclosed in a supplement to its proxy statement that director nominee Douglas Shulman withdrew his candidacy…

Intel CEO shakes up units, creates 'new devices' group

Tue, 21 May 2013 13:11:08 EDT

Intel Corp's new chief executive, Brian Krzanich, has launched a sweeping reorganization of the world's top chipmaker and created a unit aiming to retake the top...

FINRA fines LPL Financial $9 mln for email violations

Tue, 21 May 2013 12:06:10 EDT

LPL Financial LLC must pay a total of $9 million for significant email system failures and making misstatements to the Financial Industry Regulatory Authority, Wall Street's watchdog...

KKR selling remaining stake in Seven West Media

Tue, 21 May 2013 11:54:05 EDT

U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) is selling a remaining stake in Australia's Seven West Media Ltd valued at A$265 million...

EU watchdog unveils caps for bank bonuses

Tue, 21 May 2013 11:30:00 EDT

EU regulators confirmed on Tuesday they will cap bonuses of bankers earning more than 500,000 euros a year and added other conditions to make the pay ceiling harder to smash...

Glencore's top aluminum exec to leave, first exit since takeover

Tue, 21 May 2013 11:29:42 EDT

Glencore Xstrata's head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant...

Philip Morris to pay $700 mln to buy out Carlos Slim in Mexico

Tue, 21 May 2013 10:49:30 EDT

Tobacco company Philip Morris International Inc said it would buy out its Mexican joint venture partner controlled by billionaire Carlos Slim, for about $700 million...

JPMorgan investors on edge over vote on Dimon; what if they win?

Tue, 21 May 2013 07:03:02 EDT

As final ballots come in on a proposal to strip JPMorgan Chase & Co Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen...

G4S chief quits after series of embarrassments

Tue, 21 May 2013 07:00:11 EDT

G4S, the world's largest security group, is replacing its chief executive after a series of failures including a staffing fiasco at the 2012 London Olympics culminated in a recent profit warning...

KKR sells entire stake in Australia's Seven West Media

Tue, 21 May 2013 06:39:56 EDT

Seven West Media Ltd, owner of Australia's top-rated free-to-air television network, said on Tuesday that its major shareholder private equity firm KKR & Co...

Ireland says it is not to blame for low Apple tax rate

Tue, 21 May 2013 04:59:02 EDT

Ireland said on Tuesday it was not to blame for Apple Inc's low global tax payments after the U.S. Senate said the company paid little or nothing on billions of dollars in profits stashed in Irish subsidiaries...

U.S. asks judge to deny S&P's motion to dismiss fraud lawsuit

Tue, 21 May 2013 00:42:10 EDT

The U.S. Justice Department on Monday asked a federal judge to deny Standard & Poor's motion to dismiss a government lawsuit against the ratings agency, saying its statements on certain financial products were fraudulent and not mere "puffery"...

Sprint receives SoftBank waiver to consider Dish offer

Tue, 21 May 2013 00:06:14 EDT

Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier...

JPMorgan investors on edge over vote on Dimon; what if they win?

Tue, 21 May 2013 00:01:00 EDT

As final ballots come in on a proposal to strip JPMorgan Chase & Co Chairman and Chief Executive Jamie Dimon of his chairman title, some worry about what will happen if shareholders win what will likely be a close vote...

Australia's Discovery says CFC, others exploring new takeover

Mon, 20 May 2013 22:00:43 EDT

Australia-listed copper miner Discovery Metals Ltd has opened its books to spurned private equity suitor Cathay Fortune Corp and others in an effort to attract a new takeover offer, potentially valuing it at A$195 million ($190 million), it said on Tuesday...

Royalty raises Elan bid, issues ultimatum to shareholders

Mon, 20 May 2013 15:28:01 EDT

Elan announced its second major drug deal inside a week on Monday and said it would buy back more shares as it continues to bat against a $5.7 billion takeover bid from U.S. investor Royalty Pharma...

Blackstone, Pactera insiders make $680 mln offer

Mon, 20 May 2013 11:42:13 EDT

Pactera Technology International Ltd said on Monday that Blackstone Group LP <BX.N>, together with the company's management, made a $680.3 million non-binding proposal to take China's largest technology outsourcing firm private...

U.S. Supreme Court agrees to hear Fidelity whistleblower case

Mon, 20 May 2013 10:24:04 EDT

In a case involving whistleblowers at Fidelity Investments, the U.S. Supreme Court on Monday agreed to consider whether mutual fund employees are subject to the same whistleblower protections as workers at publicly traded companies...

Websense to go private after years of slow growth

Mon, 20 May 2013 10:21:16 EDT

Websense Inc said it had agreed to be taken private by Vista Equity Partners in a deal that values the online security firm at about $907 million, a move that should come as a relief to investors after years of weak sales from its legacy business...

Dell says cannot disclose more information to Icahn yet

Mon, 20 May 2013 07:47:51 EDT

Dell Inc said in a letter to suitors Carl Icahn and Southeastern Asset Management that the company would not provide more information about itself unless the board determined that their proposal was "superior" to founder Michael Dell's...

Elan to fund buying spree with USD800m high-yield bond

Mon, 20 May 2013 05:45:53 EDT

Irish drugmaker Elan will stage a return to the bond market this week with a USD800m high-yield offering that will fund share purchases, capital expenditure and acquisitions...

Elan strikes more deals, agrees second share buyback

Mon, 20 May 2013 02:22:35 EDT

Irish drug firm Elan agreed on Monday to buy two private drug firms, spin-off its one experimental drug and buy back more shares to give a firmer idea...

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...

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...

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...

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...

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…

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...

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...

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...

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...

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...

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...

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...

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...

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…

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

Advisory firm Sontag stops taking fees from Schwab and Fidelity

Thu, 9 May 2013 15:11:12 EDT

Sontag Advisory, which oversees $3.6 billion of investments for wealthy families and individuals, has reversed its policy of accepting payments from Charles Schwab Corp...

U.S. seeks record prison for ex-UBS bankers over muni bid-rigging

Thu, 9 May 2013 12:39:47 EDT

U.S. prosecutors are seeking record prison terms, including one approaching 20 years, for three former UBS AG bankers who were convicted of conspiring to deceive U.S. cities and towns by scheming to rig bids to invest municipal bond proceeds...

RBS moves executives to prepare for Citizens share sale

Thu, 9 May 2013 12:02:02 EDT

Royal Bank of Scotland's chief executive Stephen Hester has moved two of his key lieutenants into new roles as he prepares for a sale of shares in its U.S. arm Citizens Financial Group...

Three cautionary tales on avoiding FINRA's wrath

Thu, 9 May 2013 11:52:29 EDT

As three men who once made a living in the U.S. securities industry discovered last month, it's not easy to successfully reverse disciplinary sanctions...

Shareholders back Aviva pay one year after revolt

Thu, 9 May 2013 11:39:50 EDT

Investors in British insurer Aviva have backed the firm's new management team one year after a vote against executive pay plans that led to the departure of its chief executive...

Advisers Morgan Stanley, Deutsche drop miner ENRC

Thu, 9 May 2013 10:42:23 EDT

Morgan Stanley and Deutsche Bank have quit as brokers to embattled miner ENRC, a highly unusual step that adds to the woes of a company facing allegations of fraud around its African and Kazakh operations...

Mexican government unveils bank reform bill to spur lending

Thu, 9 May 2013 00:44:31 EDT

Mexico on Wednesday presented wide-ranging financial reforms to jump-start lending in Latin America's No. 2 economy, making it easier for banks to collect on guarantees for bad loans and beefing up regulator powers over delinquent companies...

BAE chairman keeps his job despite failed merger plan

Wed, 8 May 2013 10:18:16 EDT

BAE Systems Chairman Dick Olver, who presided over a failed attempt to merge with European defence and aerospace peer EADS...

Corporate governance watch: JPMorgan to face shareholder votes, possible chairman and director changes at annual meeting

Wed, 8 May 2013 10:00:00 EDT

It appears that JPMorgan Chase & Co CEO Jamie Dimon and the company’s board should prepare for a challenging annual meeting on May 21...

Chesapeake wins bond dispute with Bank of NY Mellon

Wed, 8 May 2013 09:45:40 EDT

A federal judge on Wednesday ruled in favor of Chesapeake Energy Corp in a dispute with Bank of New York Mellon Corp over the natural gas company's...

EU agrees provisional duties on China solar panels

Wed, 8 May 2013 07:27:12 EDT

The European Commission agreed on Wednesday to impose punitive import duties on solar panels from China in its boldest move yet to protect against what it sees as Chinese dumping of cheap goods on the European market...

StanChart hit by profit fall, shareholder protest

Wed, 8 May 2013 07:00:53 EDT

Standard Chartered faced a protest from over 20 percent of shareholders over its board structure on Wednesday and warned it could miss this year's...

Telecom Italia investors seen split on Hutchison deal

Wed, 8 May 2013 05:32:35 EDT

Shares in Telecom Italia dropped nearly 3 percent after sources said the board will likely put off a decision on whether to start formal merger talks...

Spain's Realia takes steps on debt restructuring

Wed, 8 May 2013 04:44:04 EDT

Spanish property firm Realia agreed to convert a 115 million euro ($150 million) loan into shares as part of a plan to restructure debt and avoid insolvency, sending its stock sharply higher...

UBS overhaul ups pressure on private banking head

Wed, 8 May 2013 02:32:05 EDT

In a 16th century Swiss castle in March the boss of UBS challenged the head of its private bank to explain his plans for overhauling the business of managing the money of the rich...

Apollo's investors and founders to sell shares

Tue, 7 May 2013 22:11:15 EDT

Apollo Global Management LLC's cornerstone investors and two of its founders are selling a slice of their shares, demonstrating how going public makes it easier for dealmakers at alternative asset managers to cash out on their holdings...

Traders charged in bribe scheme with Venezuelan official

Tue, 7 May 2013 20:03:28 EDT

U.S. prosecutors and securities regulators announced charges on Tuesday against several people in connection with an alleged kickback scheme involving a Venezuelan finance official...

Plains holders should vote down Freeport deal -proxy firm ISS

Tue, 7 May 2013 16:46:36 EDT

A new generation of drug industry chief executives is stepping up plans to restructure their businesses by divesting slower-growing and maturing operations...

Biotech firms evolve from targets to acquirers

Tue, 7 May 2013 14:55:19 EDT

Biotechnology companies that just a short time ago were viewed as takeover targets are now more likely to be buyers themselves after seeing their valuations soar on promising new drugs...

Mayrhuber named Lufthansa chairman after stormy AGM

Tue, 7 May 2013 14:45:27 EDT

Wolfgang Mayrhuber was named chairman of Lufthansa's supervisory board on Tuesday after a stormy meeting where major shareholders voiced their displeasure...

CEO departures highlight the need for thorough succession planning

Tue, 7 May 2013 14:00:00 EDT

Developing a thorough and sustainable CEO succession plan is one of the most vital functions a board of directors can perform...

U.S. audit watchdog wants more insider business deal scrutiny

Tue, 7 May 2013 13:55:14 EDT

Corporate auditors would be required to look more closely at insider business deals, like those used in many Chinese company frauds, under a rule the U.S. audit regulator proposed on Tuesday...

JPMorgan should have independent chairman, new directors -firm

Tue, 7 May 2013 13:01:55 EDT

A second proxy advisory firm has said that JPMorgan Chase & Co should have an independent board chairman over its chief executive officer as well as some new directors...

American Express CFO Daniel Henry to retire

Tue, 7 May 2013 10:50:32 EDT

American Express Co said Chief Financial Officer Daniel Henry will retire as soon as a replacement is found, a process that could take "a couple of months"...

Breakingviews: BofA's MBIA settlement more than pays for itself

Tue, 7 May 2013 10:16:00 EDT

Bank of America's legal settlement with bond insurer MBIA pays for itself, and then some. Agreeing to resolve disputes over losses from old toxic sludge cheered shareholders on both sides...

Dubai says looking at alternate plan for debt repayment

Tue, 7 May 2013 09:40:52 EDT

Favourable market conditions may prompt Dubai to issue another sovereign bond this year, a top official said on Tuesday, adding that the emirate was looking at alternate means to repay its debt if asset sales did not materialise...

SoftBank head to meet Sprint shareholders in U.S.

Tue, 7 May 2013 09:27:29 EDT

SoftBank Corp's president said he will go to the United States on Tuesday to meet Sprint Nextel Corp's major shareholders about the Japanese company's takeover bid...

U.S. seeks up to 10 years prison for Level Global's Chiasson

Tue, 7 May 2013 08:59:14 EDT

Federal prosecutors want the co-founder of hedge fund firm Level Global Investors LP to spend as much as 10 years in prison for insider trading in shares of two technology companies...

Chairman reversal clouds Lufthansa shareholder meeting

Tue, 7 May 2013 08:08:31 EDT

Lufthansa urged shareholders to back the appointment of former CEO Wolfgang Mayrhuber to lead the German airline's supervisory board on Tuesday after...

Breakingviews: Lufthansa governance farce marks new low point

Tue, 7 May 2013 05:12:48 EDT

Europe's largest airline in the last 24 hours has gone through a series of self-inflicted turbulences that raise doubts about the quality of its governance. On Monday morning, the nominated new chairman of Lufthansa, a former chief executive of the company..

Some Verizon investors OK with paying premium for Vodafone stake

Tue, 7 May 2013 04:56:51 EDT

Some shareholders of Verizon Communications Inc say they could be happy for the company to pay up to $130 billion for Vodafone Group Plc's stake in their U.S. wireless venture...

Betfair lifts profit forecast in bid to stave off CVC

Tue, 7 May 2013 04:06:22 EDT

Online gambling company Betfair raised its profit forecast and cost savings target on Tuesday, making its case for independence as it tries to stave off a $1.4 billion takeover by private equity firm CVC Capital Partners...

Intrepid ex-partner flags compensation offer in gold mine dispute

Tue, 7 May 2013 02:56:20 EDT

An Indonesian company is willing to reimburse Australian explorer Intrepid Mines for work it carried out on a huge gold prospect in Indonesia, looking to resolve a bitter dispute over rights to the mine, a lawyer said...

Three of JPMorgan's top investors undecided on Dimon's role

Mon, 6 May 2013 22:07:19 EDT

JPMorgan Chase & Co has yet to convince three of its largest shareholders to support the company in an upcoming vote on whether Jamie Dimon should retain both his CEO and Chairman titles, the Wall Street Journal said...

Mayrhuber back in running for Lufthansa supervisory board

Mon, 6 May 2013 16:03:53 EDT

Former Lufthansa Chief Executive Wolfgang Mayrhuber is back in the running to become supervisory board chairman of Germany's biggest airline after overcoming...

CR Intrinsic says it will vote against Freeport energy deal

Mon, 6 May 2013 12:42:20 EDT

CR Intrinsic said on Monday it plans to vote against Freeport McMoRan Copper & Gold Inc's acquisition of Plains Exploration & Production Company...

Corporate governance watch: Clearwire shareholders join forces to resist Sprint merger

Mon, 6 May 2013 12:00:00 EDT

Clearwire Corp is facing strong shareholder resistance to its proposed merger with Sprint Nextel Corp. On May 3...

Outside the ordinary course: special business at shareholder meetings requires preparation, planning

Mon, 6 May 2013 08:00:00 EDT

The “meat and potatoes” of a Canadian issuer’s annual meeting of shareholders comprises three elements – the consideration of the issuer’s…

Some Verizon investors OK with paying premium for Vodafone stake

Mon, 6 May 2013 07:00:00 EDT

Some shareholders of Verizon Communications Inc say they could be happy for the company to pay up to $130 billion for Vodafone Group Plc's...

Investors may lobby JPMorgan to clip Dimon's wings if vote fails

Mon, 6 May 2013 07:00:00 EDT

JPMorgan Chase & Co's Jamie Dimon may be losing ground in his fight to keep the title of chairman, as some major investors push for more oversight of the chief executive after...

Court tells Bayer to compensate Schering shareholders

Mon, 6 May 2013 05:57:30 EDT

A court ruled that Bayer did not pay some former Schering shareholders enough to acquire its German rival in 2007 and must now pay them more than 300 million euros...

JPMorgan shareholders urged to reject three directors

Sat, 4 May 2013 17:16:07 EDT

JPMorgan Chase & Co shareholders should vote against the re-election of three board members because they failed to properly oversee risk-taking that led to $6.2 billion...

Lululemon sued over executive bonus changes on eve of recall

Fri, 3 May 2013 15:07:44 EDT

Lululemon Athletica Inc was sued by a pension fund shareholder on Friday that wants to know if the board of directors wasted corporate assets by increasing...

U.S. judge blocks $383 mln arbitration case against Citigroup

Fri, 3 May 2013 14:12:04 EDT

Citigroup Inc has won an injunction blocking a $383 million arbitration case filed by a Saudi Arabian investor who accused the bank of "virtually wiping out" his family's wealth...

Corporate governance watch: majority withhold votes fall on deaf ears at Patriot Scientific

Fri, 3 May 2013 13:30:00 EDT

A majority of shareholders at Patriot Scientific Corp’s April 30 annual meeting withheld their votes from all three directors...

Berkshire's Munger says takeover prices too high

Fri, 3 May 2013 13:29:54 EDT

Warren Buffett's Berkshire Hathaway Inc would be "stark raving mad" to rule out another giant acquisition like its 2009 Burlington Northern takeover...

ISS backs hedge fund's nominees to Hess board

Fri, 3 May 2013 12:27:21 EDT

Influential U.S. proxy advisory firm ISS recommended that Hess Corp shareholders elect five new board members nominated by activist hedge fund Elliott Management...

Clearwire investors team up to seek higher price

Fri, 3 May 2013 12:20:55 EDT

Four minority shareholders with 127.4 million of Clearwire Corp's shares said they agreed to work together to seek a better deal for the wireless service provider...

FINRA warns about misleading investors in nontraded REIT sales

Fri, 3 May 2013 09:30:35 EDT

The Financial Industry Regulatory Authority (FINRA) is cautioning brokerage firms about the way they market some real estate investment trusts after a review by the Wall Street watchdog revealed problems, according to a regulatory notice...

Corporate governance watch: Vivus shareholder not satisfied by board addition

Fri, 3 May 2013 08:00:00 EDT

In an ongoing proxy battle for control of the board of Vivus Inc, First Manhattan Co indicated in a May 1 press release that...

Shareholder activists accomplish governance reforms through derivative litigation settlements

Fri, 3 May 2013 07:31:00 EDT

As shareholder groups seek to influence corporate governance practices, derivative litigation settlements appear to be an effective means of achieving…

OfficeMax investor sues to block merger with Office Depot

Thu, 2 May 2013 22:30:49 EDT

A shareholder in OfficeMax Inc sued the directors of the company on Thursday, seeking to block its acquisition by larger rival Office Depot Inc...

U.S. SEC loses its top examinations director to FINRA

Thu, 2 May 2013 16:29:25 EDT

The head of the U.S. Securities and Exchange Commission's national examination program is leaving the agency, in what marks the latest major personnel change...

SAC fund to adopt claw-back provision, beef up compliance

Thu, 2 May 2013 13:11:46 EDT

Hedge fund titan Steven A. Cohen, whose $15 billion firm has been under fire for alleged insider trading, took an unprecedented step when he said...

D.A. Davidson to buy L.A. brokerage Crowell, Weedon & Co

Thu, 2 May 2013 13:01:18 EDT

Montana-based brokerage D.A. Davidson & Co plans to acquire smaller Los Angeles-based rival Crowell, Weedon & Co in a deal that would create one...

Elan considered buying Royalty before becoming its target

Thu, 2 May 2013 12:55:33 EDT

Elan considered buying U.S. investment firm Royalty Pharma last year, six months before Royalty made its approach for the Irish drugmaker...

Monster Worldwide to buy back shares if sale doesn't go through

Thu, 2 May 2013 11:19:11 EDT

Online recruitment company Monster Worldwide Inc, which has been up for sale for more than a year, said it would buy back shares if a sale did not go through...

Court hears UK taxman struck Goldman deal to save face

Thu, 2 May 2013 08:10:10 EDT

Britain's tax authority approved a controversial deal with Goldman Sachs partly to avoid the embarrassment of the U.S. bank pulling out of a new tax framework, a court heard on Thursday...

M&A revival could drive next leg of European stocks rally

Thu, 2 May 2013 07:33:47 EDT

The building blocks are falling into place for cash-rich companies to embark on an M&A spending spree that could drive the next leg of a stalling European equity rally...

BlackRock to hire 300 lawyers to handle regulation "mess"

Thu, 2 May 2013 06:14:15 EDT

BlackRock Inc, the world's largest money manager, plans to hire another 300 lawyers to help it deal with fragmented global regulation, particularly of banks...

EU regulators to review EDF tax aid again after court ruling

Thu, 2 May 2013 05:45:00 EDT

The European Commission said on Thursday it was reopening an investigation into a tax break granted to French power utility EDF, after the highest EU court overturned a Commission finding that the measure was illegal state aid...

UBS faces calls for break-up at investor meeting

Thu, 2 May 2013 03:58:00 EDT

UBS faces a renewed call to break up its investment banking operations and wealth management division at an investor meeting on Thursday, after activist investor Knight Vinke Asset Management demanded a review of the bank's structure...

Marine Harvest takes $1.7 bln Cermaq bid to shareholders

Thu, 2 May 2013 00:33:43 EDT

Salmon firm Cermaq rejected Marine Harvest's $1.7 billion hostile takeover bid, saying the offer by the world's biggest fish farmer undervalued the company and came with unacceptable conditions...

Advisory firm recommends Hess shareholders elect new board members

Wed, 1 May 2013 23:33:03 EDT

Proxy advisory firm Glass Lewis told Hess Corp's shareholders late on Tuesday they should vote to elect five new board members nominated by activist hedge fund Elliot Management...

U.S. hedge fund faces uphill battle for change at Tim Hortons

Wed, 1 May 2013 13:03:27 EDT

Highfields Capital, a U.S. hedge fund agitating for change at coffee shop chain Tim Hortons Inc faces a difficult task in trying to persuade long-term institutional investors...

Enforcement watch: SFO investigating ENRC’s activities in Kazakhstan and Africa

Wed, 1 May 2013 12:00:00 EDT

The UK’s Serious Fraud Office (SFO) is conducting a criminal investigation into embattled FTSE 100 miner Eurasian Natural Resources Corp…

Britain to quiz Google and auditor again on tax

Wed, 1 May 2013 02:00:01 EDT

Executives from Google Inc. and its auditor Ernst & Young will be called again to a British parliament committee to testify on tax, after a Reuters investigation highlighted inconsistencies in the way Google portrays its activities in Britain, the committee's chairwoman told Reuters...

Investor wants buybacks, spinoffs on Tim Hortons menu

Tue, 30 Apr 2013 23:04:05 EDT

Canadian coffee-and-doughnut chain Tim Hortons Inc has come under pressure from a large investor to aggressively boost returns through debt-funded share buybacks and a scaling back of U.S. expansion plans, according to documents seen by Reuters and two sources familiar with the matter...

Britain's largest coal miner seeks liquidation

Tue, 30 Apr 2013 20:51:15 EDT

UK Coal Operations, partly owned by Coalfield Resources, has proposed a voluntary liquidation and the handing over of its remaining mines to a new company, the Financial Times reported, after a fire closed Britain's largest coal mine...

Corporate governance watch: Delta furthers pay-for-performance trend in airline industry

Tue, 30 Apr 2013 12:30:00 EDT

The trend of increasing executive compensation for strong performance in the airline industry continues...

China shale beckons for Green Dragon Gas engineering spin-off

Tue, 30 Apr 2013 12:12:13 EDT

Green Dragon Gas, a China-based gas firm, is spinning off its engineering business into a new company that it believes is well-placed to benefit from Beijing's push to exploit its shale gas reserves...

Court rules in favor of NYSE, Nasdaq in NetCoalition case

Tue, 30 Apr 2013 11:09:35 EDT

A U.S. appeals court on Tuesday dismissed complaints filed by Google, Yahoo! and other Internet companies that sought to reduce the fees the New York Stock Exchange...

GE settles crisis-era shareholder lawsuit for $40 mln

Tue, 30 Apr 2013 10:18:02 EDT

General Electric Co agreed to pay $40 million to settle a shareholder lawsuit accusing the conglomerate of misleading investors about...

SEC shifting post-crisis enforcement focus to client risk management, liquidity, official says

Tue, 30 Apr 2013 10:00:00 EDT

The Securities and Exchange Commission (SEC) is shifting its enforcement unit away from credit-crisis-era cases to new market problems...

Office Depot results disappoint; plans special meeting

Tue, 30 Apr 2013 08:55:15 EDT

Office Depot Inc reported a weaker-than-expected quarterly profit on Tuesday and said it would hold a special meeting with investors to seek approval for its...

SolarWorld to swap equity for debt in restructuring

Tue, 30 Apr 2013 07:05:23 EDT

Germany's SolarWorld said it reached a preliminary deal on restructuring its 1.2 billion euros ($1.6 billion) debt load, including a debt-to-equity swap that would hand its creditors most of the ailing solar group...

Amplats to reveal restructuring plans next week

Tue, 30 Apr 2013 05:35:33 EDT

Anglo American Platinum said on Tuesday it would next week reveal the outcome of talks with the government and unions about restructuring plans that could see it cut up to 14,000 jobs and mothball two mines in South Africa...

Hong Kong regulator wins battle with Tiger Asia over civil court role

Tue, 30 Apr 2013 05:15:22 EDT

Hong Kong's Court of Final Appeal has abruptly dismissed a challenge to the powers of the city's market regulator brought by hedge fund Tiger Asia, validating the watchdog's use of civil courts in a stepped-up campaign against financial misdeeds...

Russia's Surgut discloses $29 bln cash hoard

Tue, 30 Apr 2013 03:43:10 EDT

Russia's third-biggest oil firm Surgutneftegas revealed a $29 billion cash pile, as it reported annual results to International Financial Reporting Standards for the first time in more than 10 years...

Judge sets new trial dates in Apple vs Samsung patent battle

Tue, 30 Apr 2013 03:36:29 EDT

A federal judge has set new trial dates in November to decide whether $450.5 million of damages awarded by a jury to Apple Inc in a patent dispute with Samsung Electronics should stand, according to a court filing...

Occidental Petroleum says CEO to remain until 2014

Tue, 30 Apr 2013 00:52:14 EDT

Occidental Petroleum Corp said Chief Executive Steve Chazen would continue in his role through 2014 with the full support of the board...

U.S. judge questions fraud statute's use against Bank of America

Mon, 29 Apr 2013 22:09:13 EDT

A Manhattan judge indicated Monday he was "troubled" by how the U.S. government applied a rarely used law in a suit against Bank of America Corp over the sale of toxic mortgages to Fannie Mae and Freddie Mac...

Corporate governance watch: Facebook's CEO follows others in tech sector, will receive $1 salary

Mon, 29 Apr 2013 15:00:00 EDT

Facebook Inc’s chairman and CEO, Mark Zuckerberg, will join other technology industry CEOs in receiving a $1 salary...

Disclosure watch: sequestration cuts cause concern and belt-tightening in aeronautics, defense

Mon, 29 Apr 2013 13:30:00 EDT

Automatic cuts to federal spending initiatives, or budget sequestration, are hitting large companies hard, particularly those that rely upon…

Corporate governance watch: leadership changes continue at Avon and Yahoo with recent chairman resignations

Mon, 29 Apr 2013 08:00:00 EDT

Avon Products Inc and Yahoo Inc, two companies that have recently undergone extensive leadership changes...

Vodafone investors want bigger bid or full takeover by Verizon

Mon, 29 Apr 2013 03:57:27 EDT

Six major Vodafone investors said $100 billion was not enough for the British company's stake in its U.S. joint venture with Verizon Communications, and urged the latter to come up with an offer of at least $120 billion...

Tax strategy may be key to Verizon Wireless deal

Mon, 29 Apr 2013 01:00:00 EDT

Verizon Communications Inc's chances of buying the 45-percent stake in Verizon Wireless owned by the UK's Vodafone Group Plc will hinge, at least in part, on the quality of tax advice it is getting...

IPO watch: Qiwi registration statement discloses Cyprus-related risks

Fri, 26 Apr 2013 16:30:00 EDT

Russian online instant-payment operator Qiwi Plc filed a registration statement with the SEC in connection with its $240.4 million initial public offering…

Breakingviews: Battle-tested Lazard faces fight on another front

Fri, 26 Apr 2013 14:23:50 EDT

The battle-tested Lazard seems to be facing a fresh fight. The investment bank has endured all manner of upheaval in its 165 years, most recently the looming presence of...

U.S. SEC turning to technology to spot accounting abuses

Fri, 26 Apr 2013 13:15:31 EDT

The top U.S. securities regulator will ramp up its use of technology to analyze public securities filings for potential accounting abuses, one of its enforcement heads said on Friday...

Regulatory watch: AMR and US Airways face scrutiny for lofty compensation awards

Fri, 26 Apr 2013 13:00:00 EDT

US Airways Group Inc and AMR Corp make progress in their merger, compensation awarded to the outgoing AMR CEO has come under scrutiny…

Investors seek dividends, issuers focus on policy concerns

Fri, 26 Apr 2013 11:30:00 EDT

The current economic environment has made for a rather ironic trend, whereby cautious investors are seeking out dividend…

Actavis settles OxyContin lawsuit with Purdue

Fri, 26 Apr 2013 10:03:38 EDT

Generic drugmaker Actavis Inc said it had settled a patent lawsuit with Purdue Pharma related to Actavis' generic version of the abuse-deterrent formulation of Purdue's painkiller OxyContin...

Norway wealth fund plans more active role in some firms

Fri, 26 Apr 2013 09:24:14 EDT

Norway's sovereign wealth fund, one of the world's biggest investors, said it wants to play a more active role in management of companies in which it is heavily invested, a list that includes Sweden's Volvo...

French court rejects Peugeot cutbacks challenge

Fri, 26 Apr 2013 09:17:04 EDT

A French court on Friday rejected a union challenge against PSA Peugeot Citroen's plans to cut thousands of jobs and close a plant, clearing the way for the restructuring to begin...

Credit Suisse shareholders back pay plan

Fri, 26 Apr 2013 08:53:13 EDT

Credit Suisse investors backed a plan to issue new shares to pay staff bonuses after more than two hours of criticism from individual shareholders angered by high pay for executives at the bank...

Germany's Commerzbank loses UK banker bonus appeal

Fri, 26 Apr 2013 04:58:49 EDT

Commerzbank, Germany's second-largest lender, on Friday lost a high-profile appeal against a UK court ruling that forces it to pay 104 London-based bankers around 52 million euros ($68 million) in bonuses, plus costs...

Prudential names new UK & European CEO

Fri, 26 Apr 2013 02:42:22 EDT

British insurance group Prudential has poached Standard Life Chief Financial Officer Jackie Hunt to head up its UK and European business, following the resignation of Rob Devey...

GrainCorp, ADM ready for long wait for China approval in $3.1 bln deal

Fri, 26 Apr 2013 02:16:27 EDT

Australia's GrainCorp Ltd and U.S. suitor Archer Daniels Midland Co are hunkering down for a long wait for Chinese regulatory approval after agreeing a A$3.0 billion ($3.1 billion) takeover deal on Friday...

Obama nominates antitrust expert Shelanski as new regulatory czar

Thu, 25 Apr 2013 22:32:02 EDT

U.S. President Barack Obama said on Thursday he would pick Howard Shelanski, an antitrust expert, as his new regulatory czar, a powerful White House position charged with reviewing regulations proposed by government departments...

New KKR payout policy buoys investors, profit tops view

Thu, 25 Apr 2013 15:39:52 EDT

Private equity firm KKR & Co LP said on Thursday it will share 40 percent of profits from its own investments with shareholders and reported quarterly...

Corporate governance watch: Google’s cash incentive program bucks compensation transparency trend

Thu, 25 Apr 2013 15:30:00 EDT

Executive compensation has been highly scrutinized by proxy advisors and institutional investors since the financial crisis...

GM paid CEO Akerson $11.1 million in 2012

Thu, 25 Apr 2013 13:56:47 EDT

General Motors Co paid Chief Executive Dan Akerson $11.1 million in 2012, a 44 percent increase from 2011 due to $2 million in restricted stock units...

Accor seeks to reassure shareholders at stormy meeting

Thu, 25 Apr 2013 13:09:04 EDT

Accor's new management vowed to speed up the hotel group's transformation on Thursday, as it tried to assuage opposition at the annual meeting...

European antitrust regulator douses telco industry hopes of merger leniency

Thu, 25 Apr 2013 12:57:44 EDT

A senior European Commission official suggested regulators would not be swayed by requests from telecoms companies for more leniency in assessing mergers...

Continental Grain heads toward Smithfield proxy fight

Thu, 25 Apr 2013 12:41:03 EDT

Continental Grain Co, a large shareholder in Smithfield Foods Inc, moved toward a proxy fight with the meat company on Thursday, saying it will...

Barclays promises angry investors to crack down on pay

Thu, 25 Apr 2013 11:15:38 EDT

Barclays promised a rigorous review of executive pay and a cooperative relationship with regulators as it tries to dispel a reputation for reckless risk-taking and unethical behaviour that caused a series of scandals...

EU antitrust body seeks views on Google concessions

Thu, 25 Apr 2013 08:27:33 EDT

Google's rivals will have the chance to comment on concessions proposed by the U.S. internet company to end an EU antitrust investigation, in a move that could force the company to improve its offer or even scupper a deal...

France Tel CEO to face court in corruption probe

Thu, 25 Apr 2013 07:12:20 EDT

France Telecom's chief executive is to appear before the disciplinary wing of a French court in charge of auditing public spending as part of a probe into alleged corruption when he was a government aide...

German firms eye investment in crisis-battered euro states

Thu, 25 Apr 2013 04:49:40 EDT

German companies are setting their sights on southern Europe as fears of a euro zone breakup fade and economic reforms transform the crisis-battered region into an attractive place to invest once again...

Corporate governance watch: AP Twitter hack exposes corporate social media risks

Wed, 24 Apr 2013 18:00:00 EDT

The recent hacking of the Associated Press’s Twitter account illustrates the security risks of social media use…

Corporate governance watch: PremierWest Bancorp struggles to receive shareholder approval for merger

Wed, 24 Apr 2013 17:30:00 EDT

Target shareholder approval in a merger transaction is frequently easy to obtain, particularly when a significant premium…

GE shareholders reject proposal to split chair, CEO roles

Wed, 24 Apr 2013 14:38:31 EDT

General Electric Co shareholders rejected a proposal on Wednesday to split the roles of chairman and chief executive, jobs currently held by Jeff Immelt...

MetroPCS shareholders approve merger with T-Mobile USA

Wed, 24 Apr 2013 13:20:31 EDT

MetroPCS Communications Inc shareholders voted Wednesday to approve a merger with No. 4 U.S. wireless service provider T-Mobile USA...

Majority voting standard proposed to reduce “zombie” directors

Wed, 24 Apr 2013 13:15:00 EDT

This year, as in years past, shareholders and activist groups continue to push for companies to adopt majority voting policies...

Accor to face angry shareholders after CEO ouster

Wed, 24 Apr 2013 10:37:07 EDT

Accor will face investor and union anger over the influence of the hotel group's activist shareholders at its annual meeting on Thursday, two days after it bowed to pressure from them to sack its chairman and chief executive...

Private equity firms add debt to European businesses

Wed, 24 Apr 2013 09:59:00 EDT

Private equity groups are paying themselves and their investors by getting the European firms they own to raise cash by issuing debt in volumes not seen since before the financial crisis...

EU regulators to examine ICE, NYSE Euronext merger

Wed, 24 Apr 2013 04:56:16 EDT

EU antitrust regulators will examine IntercontinentalExchange Inc's $8.2 billion takeover of NYSE Euronext in line with a request from the exchange operators themselves, a spokesman for the European Commission said on Wednesday...

Etisalat to make binding offer for $6 bln Maroc stake

Wed, 24 Apr 2013 02:10:28 EDT

Etisalat will make a binding offer on Wednesday to buy Vivendi's 53 percent stake in Morocco's Maroc Telecom, a deal in which the UAE telecom firm is expected to face stiff competition from its regional rival in Qatar...

Carlsberg's head of Asia region to step down

Wed, 24 Apr 2013 01:48:41 EDT

The head of Danish brewer Carlsberg's growth region Asia is stepping down to take up a similar position at fashion group Levi Strauss & Company, Carlsberg said on Wednesday...

Nasdaq may set aside $10 million to settle probe on Facebook IPO

Wed, 24 Apr 2013 01:01:39 EDT

Nasdaq OMX Group Inc is planning to set aside $10 million in anticipation of settling a probe over its botched handling of Facebook Inc's initial public offering last year, the Wall Street Journal reported, citing people familiar with Nasdaq internal discussions...

Accor ousts CEO to speed up strategy

Tue, 23 Apr 2013 16:17:36 EDT

The fate of Accor Chief Executive Dennis Hennequin, beset by growing criticism over his ability to turn around Europe's largest hotel group...

China conditionally clears $5.6 bln Marubeni/Gavilon deal

Tue, 23 Apr 2013 15:12:26 EDT

Chinese regulators gave a qualified green light to Japanese trading house Marubeni Corp's $5.6 billion purchase of U.S. grain merchant Gavilon on Tuesday...

U.S. SEC taps White House attorney to be general counsel

Tue, 23 Apr 2013 14:35:55 EDT

The U.S. Securities and Exchange Commission tapped White House attorney Anne Small on Tuesday to become its general counsel, marking the first time a woman...

Dewey ex-chairman agrees to proposed settlement to resolve claims

Tue, 23 Apr 2013 12:27:26 EDT

The former chairman of Dewey & LeBoeuf has agreed to pay more than half a million dollars in a proposed settlement with Dewey's trustee...

U.S. SEC looks to ease rules for launching ETFs

Tue, 23 Apr 2013 07:00:00 EDT

The U.S. Securities and Exchange Commission may revive a proposal that would make it easier and cheaper to launch certain kinds of exchange-traded funds...

Piraeus shareholders back plan to keep bank private

Tue, 23 Apr 2013 06:51:13 EDT

Piraeus Bank, Greece's second-largest lender, got shareholders' approval on Tuesday for a 7.33 billion-euro ($9.55 billion) share issue, confident it will meet the required...

Moody's sees pick-up in pharmaceutical industry M&A in 2013

Tue, 23 Apr 2013 03:15:07 EDT

Cash-rich drug companies are likely to make more acquisitions in 2013 after a thin year for deals in 2012, ratings agency Moody's Investors Service said on Tuesday...