Business Law Currents - Region

Bankia sells City National Bank of Florida for $883 mln

Fri, 24 May 2013 14:50:06 EDT

Spanish nationalized lender Bankia SA said on Friday it had sold City National Bank of Florida to Chilean bank BCI for $883 million, part of a plan to sell assets to boost solvency...

M&A watch: PE acquisitions of clothing retailers continue with Bluefly deal

Fri, 24 May 2013 14:00:00 EDT

On May 23, online discount retailer Bluefly Inc announced that it had been bought by private equity firm Clearlake Capital Group. Clearlake Capital purchased all of the…

IPO watch: Noodles & Co uses JOBS Act status for $75 million IPO

Fri, 24 May 2013 12:30:00 EDT

Noodles & Co filed a Form S-1 with the SEC in connection with its initial public offering on May 23, 2013…

Manitoba Telecom to sell fiber optic network to Accelero

Fri, 24 May 2013 08:51:48 EDT

Manitoba Telecom Services Inc said on Friday it has struck a deal to sell its Allstream business, a fiber optic network stretching across Canada, to Accelero Capital Holdings for...

Private equity 2013: PE sellers pursue portable bonds in lieu of M&A transactions

Fri, 24 May 2013 07:30:00 EDT

Little-known provisions in debt offerings are gaining in popularity as private equity companies look to better mix their debt and M&A prospects…

3i grows infrastructure arm with Barclays fund purchase

Fri, 24 May 2013 07:13:32 EDT

3i Group PLC is to buy the European infrastructure fund management business of British bank Barclays as part of a drive to boost its fee income...

Canadian regulators propose a derivatives registration regime

Fri, 24 May 2013 07:00:00 EDT

The Canadian Securities Administrators (CSA) has set out its recommendations for the registration and regulation of market participants who trade in derivatives…

Dai-ichi expands in Southeast Asia with Panin Life deal

Fri, 24 May 2013 06:52:39 EDT

Japan's Dai-ichi Life Insurance Co Ltd has agreed to buy a 40 percent stake in Panin Life from the parent of the Indonesian insurer for around 30 billion yen ($295 million)...

Raiffeisen CEO offers to quit as offshore deals probed

Fri, 24 May 2013 04:05:30 EDT

Raiffeisen Bank International's Chief Executive Herbert Stepic offered to resign after authorities said they would investigate personal offshore property deals he made...

U.S. audit regulator reaches deal with China on document access

Fri, 24 May 2013 03:00:00 EDT

U.S. regulators will get access to Chinese companies' audit documents under a deal announced on Friday, opening the way to probes of bungled audits after a two-year stand-off between China and the United States...

Google, like Facebook, in talks to buy Waze for $1 bln

Thu, 23 May 2013 21:44:02 EDT

Google Inc is considering buying Israeli mobile satellite navigation start-up Waze Inc, which may lead to a bidding war with Facebook Inc, Bloomberg news reported...

Google faces new federal antitrust probe

Thu, 23 May 2013 20:53:52 EDT

U.S. regulators are in the early stages of an antitrust probe into whether Google Inc, the top player in Web display advertising, breaks antitrust law in how it handles some advertising sales, a source told Reuters on Thursday...

Campbell Soup to buy organic baby food company

Thu, 23 May 2013 19:27:19 EDT

Campbell Soup Co said on Thursday it had agreed to buy organic baby food maker Plum Organics, as the company behind Goldfish crackers and Campbell's Soup seeks to expand its offerings to the youngest consumers.

Proxy advisory firm settles SEC charges over data breach

Thu, 23 May 2013 17:00:23 EDT

Institutional Shareholder Services settled civil charges by U.S. regulators that an employee of the prominent proxy advisory firm shared nonpublic voting...

Breakingviews: Apax buyout tailored to avoid J Crew lapses

Thu, 23 May 2013 15:46:10 EDT

Just as in fashion, trends in corporate governance can shift quickly. A planned $1.1 billion buyout of U.S. teen clothier rue21 by Apax Partners provides some evidence...

RLPC: Icahn seeks up to $7 bln for Dell bid

Thu, 23 May 2013 15:10:37 EDT

Activist investor Carl Icahn and Southeastern Asset Management Inc have initiated talks with banks and asset managers to line up commitments for as much as...

Enforcement watch: SEC charges ISS for providing confidential voting data to proxy solicitor

Thu, 23 May 2013 15:00:00 EDT

On May 23, the SEC issued a cease-and-desist order against proxy advisory firm ISS for providing confidential client information...

Dover to spin off communication businesses

Thu, 23 May 2013 13:49:27 EDT

U.S. industrial conglomerate Dover Corp said it plans to spin off most of its communication technologies businesses into a publicly traded company to focus on...

Pension funds relieved as EU drops capital rules proposal

Thu, 23 May 2013 13:32:23 EDT

European regulators have dropped a bid to make pension funds subject to the same capital rules as banks and insurers, which could have cost European...

Elan rejects Royalty's $6.4 bln raised offer

Thu, 23 May 2013 13:22:59 EDT

Elan rejected Royalty Pharma's increased $6.4 billion bid on Thursday, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share...

Corporate governance watch: companies disclose lucrative consulting deals for outgoing executives

Thu, 23 May 2013 13:00:00 EDT

Recent corporate filings show that some departing executives continue to be richly compensated even after they leave their companies...

Investors delay Orco AGM to try to block Vitek board candidates

Thu, 23 May 2013 12:13:21 EDT

The Luxembourg-based Orco Property Group has been forced to delay its annual general meeting by two shareholders trying to block board nominations...

Battle-scarred Goldman CEO unveils safeguards to avoid mistakes

Thu, 23 May 2013 12:06:01 EDT

After dozens of meetings with executives and regulators, 100,000 hours of employee training and an immeasurable amount of public grief, Goldman Sachs CEO...

U.S. auditor watchdog finds fault with Ernst & Young

Thu, 23 May 2013 11:49:30 EDT

The U.S. regulator of corporate auditors said on Thursday that the U.S. arm of global accounting firm Ernst & Young failed to fix quality control problems found in earlier reviews...

Former Chrysler, Fisker CEO launches venture fund with Penske

Thu, 23 May 2013 11:46:33 EDT

Tom LaSorda, the former chief executive of Chrysler Group LLC and Fisker Automotive, is launching a venture capital fund with racing magnate Roger Penske...

Marathon Oil says no deal reached for sale of oil sands stake

Thu, 23 May 2013 11:22:11 EDT

Marathon Oil Corp said on Thursday that negotiations to sell a portion of its 20 percent stake in the Athabasca Oil Sands Project in Canada ended without a deal...

Apax Partners to take rue21 private in $1.1 bln deal

Thu, 23 May 2013 09:20:47 EDT

Private equity firm Apax Partners will acquire teen-apparel retailer rue21 Inc in a deal valued at about $1.1 billion, adding to a retail portfolio that includes Cole Haan and Takko Fashion...

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…

Sponsors eye more balanced funding mix as IPO outlook brightens

Thu, 23 May 2013 08:14:57 EDT

Private equity firms eyeing exits via equity listings are increasingly turning to leveraged loans and floaters for the greater flexibility and cheaper refinancing options...

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…

UK regulator fines JPMorgan 3 million pounds

Thu, 23 May 2013 07:39:14 EDT

ritain's Financial Conduct Authority (FCA) said it has fined a wealth management unit of U.S. bank JPMorgan Chase 3.08 million pounds ($4.6 million)...

Dealtalk: Hospital firms say research tie-ups can clinch takeovers

Thu, 23 May 2013 07:00:00 EDT

Hospital companies that tie up with top medical research facilities to improve their access to the latest treatments and bolster their reputations...

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...

Lufthansa, United win EU approval for revenue-sharing pact

Thu, 23 May 2013 06:11:34 EDT

Lufthansa, United Airlines, Continental and Air Canada won approval from EU antitrust regulators on Thursday for their transatlantic tie-up after...

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...

China Railway Corp sells first debt since restructuring at 4.50 pct

Thu, 23 May 2013 03:02:37 EDT

China Railway Corporation, the new commercial entity created out of the restructured Ministry of Railways, auctioned its first issue of debt on Thursday, selling 20 billion yuan ($3.26 billion) of five-year medium-term notes at a yield of 4.50 percent, traders said...

BTG builds interventional medicine platform with deals

Thu, 23 May 2013 03:00:58 EDT

Britain's BTG said it would make two acquisitions, one extending its expertise in liver cancer and the other a treatment for severe blood clots...

Langham Hospitality raises $550 mln in HK IPO, prices at middle

Thu, 23 May 2013 02:22:47 EDT

Langham Hospitality Investments, an investment trust controlled by property developer Great Eagle Holdings Ltd, raised about $550 million in an IPO on Thursday, the first of several issuers looking to benefit from a surge in investors' demand for commercial property and high-yield securities...

Sinopec Engineering debut fizzles, casting doubt on Hong Kong IPO recovery

Thu, 23 May 2013 01:03:42 EDT

Sinopec Engineering made a lacklustre market debut on Thursday after raising $1.8 billion in Hong Kong's biggest IPO this year, casting doubt on a nascent recovery in IPO issuance in the city as investors remained cautious because of a weaker local stock market...

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...

Luxoft Holding files for IPO of up to $80 million

Wed, 22 May 2013 17:43:34 EDT

Russian IT group IBS Group's software development unit Luxoft Holding Inc filed with U.S. regulators on Wednesday to raise up to $80 million...

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…

SEC charges South Miami with fraud over debt deals

Wed, 22 May 2013 15:22:09 EDT

The city of South Miami, Florida, defrauded investors by not disclosing problems with the tax-exempt status of two bond deals, U.S. securities regulators...

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...

Dish uses national security ads to fight SoftBank deal

Wed, 22 May 2013 13:53:48 EDT

Dish Network Corp has rolled out an advertising campaign suggesting a deal by a Japanese company to acquire Sprint Nextel Corp could threaten U.S. national security...

State-backed UK banks gain approval for capital plans

Wed, 22 May 2013 13:07:34 EDT

Lloyds Banking Group said on Wednesday that it would be able to meet new capital requirements without having to issue new equity or contingent capital....

Pfizer to spin off Zoetis stake to shareholders

Wed, 22 May 2013 11:56:43 EDT

Pfizer Inc said on Wednesday it will spin off its majority stake in animal health business Zoetis Inc to shareholders by allowing them to swap Pfizer...

Offering watch: Merck uses $6.5 billion debt offering to repurchase stock

Wed, 22 May 2013 10:30:00 EDT

Merck & Co Inc filed a Form 8-K with the SEC on May 20 regarding the closing of its $6.5 billion debt offering…

IPO view: Quiet U.S. biotech sector picks up steam in 2013

Wed, 22 May 2013 09:53:53 EDT

The tide may have started to turn for initial public offerings from U.S. biotechnology companies, as a rising stock market, low interest rates and a lack of market...

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...

NetApp speeds up share buyback, starts dividend

Wed, 22 May 2013 09:22:02 EDT

Data storage equipment maker NetApp Inc, under pressure from activist shareholder Elliott Management, said it would spend about $1 billion in the next four months to buy back shares...

Portugal plunders pension fund to tackle debt cliff

Wed, 22 May 2013 06:49:00 EDT

The Portuguese government plans to tap nearly all of its state-owned pension fund to ease it over the hump of a hefty EUR27.5bn of financing needs over the next two years, according to domestic news reports...

Bulgarian energy firm BEH to meet investors for 250 mln Euro bond

Wed, 22 May 2013 06:14:06 EDT

Bulgaria's BEH, the state largest energy holding company, will meet with potential investors in its 250-million-euro ($321.81 million) bond issue in late July and early August, its chief executive said on Wednesday...

Carlyle plans to raise $2 bln for Japan investments

Wed, 22 May 2013 05:43:34 EDT

U.S. private equity firm Carlyle Group LP is planning to raise 200 billion yen ($2 billion) for a third Japan fund to succeed its seven-year old second fund, with Japan's aggressive monetary easing helping to boost investor interest, people with direct knowledge of the matter said...

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...

Kazakhs delay Kashagan stake decision to July

Wed, 22 May 2013 04:15:35 EDT

Kazakhstan will decide by early July whether to take up an option to buy ConocoPhillips stake in the Kashagan oilfield, which has drawn interest from China and India...

Miner Afferro agrees to $190 mln offer from IMIC

Wed, 22 May 2013 03:51:55 EDT

West Africa-focused miner Afferro has agreed to a $190 million cash-and-paper offer from investment group IMIC which could pave the way for its flagship iron ore project to be developed...

China mining services firm plans Australia IPO

Wed, 22 May 2013 03:34:49 EDT

Chinese mining services company Sino Australia Oil and Gas Ltd is planning an initial public offering in Australia in July, tapping international investors while domestic markets remain frozen, and braving an uncertain outlook for the sector...

Belgium's Elia interested in stakes in Dutch, French grids

Wed, 22 May 2013 02:59:35 EDT

Belgium's power grid operator Elia would consider buying stakes in Dutch grid firm TenneT and French operator RTE, owned by state-controlled electricity company EDF, a spokeswoman said on Wednesday...

Alinta plans $1 bln term loan B debt raising in US

Wed, 22 May 2013 02:46:16 EDT

Private equity-controlled power firm Alinta Energy is planning a $1 billion-plus debt issue in the U.S. term loan B (TLB)institutional market to refinance maturing debt, banking sources familiar with the deal said, joining a growing number of Australian borrowers...

China Galaxy soars 11 pct in debut after $1.1 bln Hong Kong IPO

Wed, 22 May 2013 01:01:11 EDT

China Galaxy Securities Co Ltd rose as much as 11.3 percent in its trading debut on Wednesday after raising $1.1 billion in a Hong Kong IPO, underscoring a surge in retail investors' demand for new listings in the city...

Merck signs $5 bln share buyback agreement with Goldman Sachs

Tue, 21 May 2013 22:28:48 EDT

Merck & Co Inc said it has entered into a $5 billion share repurchase agreement with Goldman Sachs Group Inc, as the drug giant looks to prop up shareholder value in face of stiff competition from makers of less-costly generics...

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…

Offering watch: AutoCanada’s bought deal supports M&A plans

Tue, 21 May 2013 15:30:00 EDT

AutoCanada Inc and its largest shareholder, Canada One Auto Group Ltd, have agreed to a $102.5 million bought deal offering of common shares...

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...

Offering watch: FirstGroup dodges downgrade through three-for-two rights issue

Tue, 21 May 2013 12:30:00 EDT

Beleaguered international transport company FirstGroup Plc is conducting a three-for-two rights issue to raise £615 million…

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 buy out Carlos Slim's stake in Mexican JV

Tue, 21 May 2013 10:55:48 EDT

Marlboro maker Philip Morris International Inc said it will buy out billionaire Carlos Slim's Grupo Carso from their Mexican joint venture for about $700 million...

Laredo Petroleum exits Anadarko Basin with $438 mln sale

Tue, 21 May 2013 10:53:03 EDT

Laredo Petroleum Holdings Inc said it would sell its assets in the Anadarko Basin in Western Oklahoma and Texas to affiliates of EnerVest Ltd for $438 million to raise...

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...

Activist investor wants Alere to explore $2.5 bln unit sale -sources

Tue, 21 May 2013 10:37:41 EDT

An activist investor in Alere Inc wants the health diagnostics and services company to explore a sale of its drug testing business, which it believes could fetch...

Battery maker B456 Systems' bankruptcy plan approved

Tue, 21 May 2013 09:09:46 EDT

B456 Systems Inc, the lithium-ion battery maker which received a $249 million U.S. government grant, won court approval for its bankruptcy plan on Monday...

Serbia sells 10 billion dinars in t-bills at lower yields

Tue, 21 May 2013 07:48:59 EDT

India is set to join the small but growing club of nations whose governments issue inflation-indexed debt. But evidence from the United States suggests that offering these securities in small quantities - as India currently intends to - can become an expensive fiscal hobby...

Investors price out Greek default as curve normalises

Tue, 21 May 2013 07:20:06 EDT

Greece's 10-year bond yield fell below those on longer-dated paper on Tuesday for the first time in three years as investors price out the risk of Athens defaulting...

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...

Apple tax fight needs global response

Tue, 21 May 2013 06:35:08 EDT

In 1961, the six-year-old Steve Jobs probably didn't notice U.S. President John Kennedy's criticism of American companies' use of foreign tax shelters. Corporate taxation had slid down the public agenda by the time the founder of Apple was achieving success...

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...

Gazprom drives hard bargain as sole major bidder for Greek DEPA

Tue, 21 May 2013 04:49:16 EDT

Gazprom is squeezing Athens for better terms to buy DEPA, Greece's sole retail gas distributor, a Greek official said, as the Russian gas export monopoly leverages its strength position as the only major player in the running...

China insurer PICC P&C plans $938 mln rights offer

Tue, 21 May 2013 00:42:50 EDT

Chinese state-controlled insurer PICC Property and Casualty Co Ltd (PICC P&C) is raising 5.76 billion yuan ($938 million) to bolster capital, expecting strong growth and amid signs that profitability of Chinese insurers are coming under pressure...

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...

Amazon wins key cloud security clearance from U.S. government

Tue, 21 May 2013 00:01:00 EDT

Amazon.com Inc has been given a security clearance by the U.S. government that will make it easier for federal agencies to use its cloud computing services...

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...

Plains shareholders approve Freeport bid after sweeteners

Mon, 20 May 2013 16:03:50 EDT

Freeport-McMoRan Copper & Gold Inc and Plains Exploration have offered to pay two special dividends to win approval of the miner's bid for the energy company...

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...

Actavis to buy Warner Chilcott in $5 billion stock deal

Mon, 20 May 2013 14:15:29 EDT

Generic drugmaker Actavis Inc, which has been the subject of takeover speculation, plans to buy specialty pharmaceutical company Warner Chilcott Plc for $5 billion in stock...

Online takeout companies GrubHub and Seamless to merge

Mon, 20 May 2013 13:39:19 EDT

Two of the nation's biggest online food delivery businesses said they are merging in a deal that they hope will drive more orders, in more cities, through their platforms...

Yahoo buying Tumblr for $1.1 bln, vows not to screw it up

Mon, 20 May 2013 13:36:21 EDT

Yahoo Inc said it is acquiring blogging service Tumblr for $1.1 billion cash, a bold bet by Chief Executive Marissa Mayer to revitalize the struggling...

Britain's Royal Mail sees profits almost double before privatisation

Mon, 20 May 2013 12:00:00 EDT

Britain's Royal Mail said annual profit had more than doubled on the back of an online shopping boom, providing a timely boost ahead of a stock market listing expected later this year...

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. high-yield issuers rush to market

Mon, 20 May 2013 11:41:09 EDT

It's looking like another busy week for high-yield as issuers rush in ahead of the long Memorial Day weekend to take advantage of the current window for issuance...

Tiger Asia ruling could lead to earlier settlements as Hong Kong SFC’s powers are broadened

Mon, 20 May 2013 10:30:00 EDT

A recent court ruling in Hong Kong could have a significant impact on companies’ willingness to settle disputes…

StanChart to buy Morgan Stanley India wealth management arm

Mon, 20 May 2013 10:26:51 EDT

Standard Chartered has agreed to buy the Indian wealth management unit of Morgan Stanley, helping the British bank expand its private banking business in Asia's third-largest economy...

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...

High speed trading a stiff challenge for U.S. regulators

Mon, 20 May 2013 07:00:01 EDT

Financial trading in world markets has grown so lightning-fast that effective regulation is growing tougher by the second, increasing the threat of crashes sparked by hoaxes, electronic glitches or yet-unknown causes...

Goldman exits China's ICBC, seven years and billions later

Mon, 20 May 2013 06:43:06 EDT

Goldman Sachs launched on Monday the sale of about $1.1 billion worth of Hong Kong-traded shares in Industrial and Commercial Bank of China, offering to sell its entire remaining stake in the world's biggest bank by market value...

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...

Breakingviews: Danone gets China dairy deal, but not the cream

Mon, 20 May 2013 05:44:37 EDT

Danone has struck a dairy deal in China – but too late to get the cream. The French group will invest $417 million for a minority stake in China Mengniu, the country's biggest milk producer...

European leveraged loan market under threat from United States

Mon, 20 May 2013 05:26:44 EDT

The European leveraged loan market has suffered from diminishing deal flow as financings opt to go to the US or high-yield bond markets, calling into question the significance and relevance of European syndicate desks and their ability to withstand the loss of business...

Breakingviews: So what if LVMH sought control of Hermes?

Mon, 20 May 2013 05:19:30 EDT

Luxury magnate Bernard Arnault started acquiring a 14 percent stake in Hermes almost 10 years before he revealed it in 2010. That - and the complex methods used by Arnault to skirt around French disclosure rules...

FirstGroup launches rights issue as profit collapses

Mon, 20 May 2013 03:33:16 EDT

Bus and rail operator FirstGroup said it hoped to raise 615 million pounds ($934 million) through a rights issue to cut its 2 billion pounds debt as full-year profit collapsed...

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...

French food group Danone takes second chance with China Mengniu

Mon, 20 May 2013 01:15:04 EDT

Danone Group has agreed to invest 325 million euros ($417 million) in two deals with China Mengniu Dairy Co Ltd, marking a comeback for the French group in China where scandals have hurt confidence in food safety...

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…

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...

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...

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!...

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…

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...

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...

Ares Management to buy real estate investor AREA Property

Thu, 9 May 2013 22:30:02 EDT

Investment firm Ares Management will acquire AREA Property Partners, gaining the New York-based real estate investor's $6 billion in assets, the Wall Street Journal reported, citing people briefed on the matter...

CR Power to pay $553 mln for China wind farms

Thu, 9 May 2013 21:05:27 EDT

China Resources Power Holdings Co Ltd said on Friday it would buy wind farms in 10 provinces in China from its controlling shareholder, sate-owned conglomerate China Resources (Holdings) Co Ltd, for HK$4.3 billion ($553 million)...

Congo loses out on $1.4 bln as mine assets sold cheap

Thu, 9 May 2013 20:00:01 EDT

The Democratic Republic of Congo lost at least $1.36 billion in potential revenues between 2010 and 2012 due to cut-price sales of mining assets to offshore companies, according to a panel led by former U.N. secretary general Kofi Annan...

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...

Private equity 2013: advisory services and fee structures

Thu, 9 May 2013 15:00:00 EDT

In the private equity industry, investments typically pay off in one of three ways: an initial public offering, a merger or acquisition…

Apache plans to sell $4 bln in assets by year-end

Thu, 9 May 2013 13:33:44 EDT

Oil and gas producer Apache Corp said it plans to sell assets worth $4 billion, doubling its divestiture program for the year, to reduce debt and buy back shares...

Offering watch: IBM completes $2 billion debt offering

Thu, 9 May 2013 13:00:00 EDT

IBM Corp filed a final prospectus with the SEC related to its $2.25 billion debt offering on May 6…

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...

U.S. unveils $150 mln healthcare enrollment initiative

Thu, 9 May 2013 12:29:36 EDT

The Obama administration said on Thursday it is making $150 million available to community health centers to enroll uninsured Americans in healthcare coverage under President Barack Obama's reform law...

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...

Fund manager Falcone's star dims with tentative US SEC settlement

Thu, 9 May 2013 11:50:40 EDT

Philip Falcone's fall from hedge fund stardom deepened on Thursday when a public company he controls disclosed that the billionaire investor...

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...

Canadian Tire plans C$3.5 bln REIT, shares soar

Thu, 9 May 2013 10:45:45 EDT

Canadian Tire Corp, best-known for its namesake automotive and homeware stores, said it plans to create a C$3.5 billion ($3.5 billion) real estate investment trust...

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...

Portugal's BES eyes full-scale return to bond market

Thu, 9 May 2013 10:05:00 EDT

Encouraged by Portugal's first 10-year bond issue since 2011, the country's second-largest listed bank, BES, hopes to return to the corporate debt market on a regular basis and is looking at a range of potential bond issues.

Brazil seeks to raise $500 mln with reopening of global bond

Thu, 9 May 2013 09:44:49 EDT

Brazil aims to raise $500 million with the reopening on Thursday of a dollar-denominated global bond due in 2023, a source with direct knowledge of the transaction told Reuters, taking advantage of rising appetite for emerging-market debt...

IPO watch: Portola is latest biopharma company to use JOBS Act status to go public

Thu, 9 May 2013 08:00:00 EDT

On May 7, Portola Pharmaceuticals Inc filed a registration statement setting the pricing terms for its $100 million…

Dubai nears last big debt restructuring as crisis fades

Thu, 9 May 2013 07:21:57 EDT

The Dubai Group investment firm said on Thursday it expected a $10-billion restructuring of its debt within weeks, sealing the Gulf emirate's recovery from...

Philippines' San Miguel to revive power unit's IPO plan, eyes $700 mln

Thu, 9 May 2013 05:49:17 EDT

Philippine conglomerate San Miguel Corp is reviving a plan to list its power generation unit this year, which may raise as much as $700 million, its president said on Thursday...

EU ponders energy tariffs freeze for steelmakers

Thu, 9 May 2013 05:30:44 EDT

The European Commission has asked EU member states to consider removing tariffs on energy intensive industry, in an action plan drawn up for the steel industry, EU sources said...

TPG's Asian bank triumphs will be hard to repeat

Thu, 9 May 2013 05:10:07 EDT

Banks tend to make poor investments for private equity, but TPG's latest deal confirms Asia is the exception. The buyout firm has just sold part of its stake in Indonesia's BTPN at a valuation for many times its original outlay...

Cameron says Britain must stay in EU, dismisses sceptics

Thu, 9 May 2013 04:20:20 EDT

British Prime Minister David Cameron took on critics in his own Conservative party on Thursday, saying it would be wrong for Britain to leave the European Union...

SoftBank expects Sprint deal to save $3 bln a year

Thu, 9 May 2013 04:06:15 EDT

Japanese telecoms group SoftBank Corp expects more than $3 billion in annual cost savings by 2017 if it succeeds in its battle with Dish Network Corp to buy Sprint Nextel, a securities filing showed...

Eni places Snam stake in 3.69-3.77 euro range

Thu, 9 May 2013 03:38:45 EDT

Italian oil and gas group Eni placed an 11.69 percent stake in gas transport group Snam on Thursday in a move that could net the oil major up to 1.49 billion euros ($1.96 billion)...

SMFG pays top dollar for Indonesia bank stake in retail push

Thu, 9 May 2013 03:11:51 EDT

Sumitomo Mitsui Financial Group's deal to buy a $1.5 billion stake in Indonesia's BTPN at high valuations marks the beginning of an aggressive push by cash-rich Japanese lenders into retail banking in other Asian markets...

India's bickering lawmakers test investors' faith

Thu, 9 May 2013 02:39:23 EDT

The $12 billion foreign investors have poured into Indian equities this year is not a gift: it's a bet that Finance Minister Palaniappan Chidambaram will keep his promise to lift the country's GDP growth from its 10-year low. But the government can't deliver without lawmakers doing their part...

Facebook in talks to buy Israel's Waze for up to $1 bln

Thu, 9 May 2013 02:00:44 EDT

Facebook Inc is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for $800 million to $1 billion, business daily Calcalist reported on Thursday...

U.S. House set to pass tactical Republican debt bill

Thu, 9 May 2013 01:00:00 EDT

U.S. House Republicans are expected to pass a bill on Thursday that would require the Obama administration to prioritize government debt payments and retirement benefits if Congress fails to reach a deal to raise the U.S. debt ceiling...

Metlife, Manulife said to bid for Malaysia AMMB life insurance unit

Thu, 9 May 2013 00:45:39 EDT

Manulife Financial Corp and Metlife Inc are among companies that have made bids for a controlling stake in the life insurance unit of Malaysian lender, AMMB Holdings Bhd, the third insurance deal in the country over the past year...

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...

PBOC auctions 3-month bills at 2.9089 pct, injects 84 bln yuan for week

Wed, 8 May 2013 22:03:59 EDT

China's central bank auctioned 10 billion yuan ($1.63 billion) of three-month bills in its open market operations on Thursday at a yield of 2.9089 percent, traders said...

Quintiles IPO raises more-than-planned $947 mln as stocks rally

Wed, 8 May 2013 21:03:28 EDT

Drug researcher Quintiles Transnational Holdings raised a more-than planned $947 million in its IPO, the latest listing from a private equity-backed company as record highs for U.S. stocks encourage more exits from investments...

Derivatives watch: ETFS shorts U.S. dollar against Aussie counterpart

Wed, 8 May 2013 14:00:00 EDT

ETFS Foreign Exchange Ltd, a Jersey incorporated exchange traded fund, has issued final terms for derivative securities that offer investors…

IPO watch: BRP implements dividend recap, prepares to go public

Wed, 8 May 2013 12:00:00 EDT

BRP Inc, the maker of snowmobiles, all-terrain vehicles and watercraft, has filed an amended and restated preliminary prospectus…

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...

Allflex buyout backed with $810 mln of covenant-lite debt

Wed, 8 May 2013 09:50:58 EDT

BC Partners' $1.3 billion acquisition of animal identification company Allflex will be backed with an$810 million debt financing, banking sources said on Wednesday...

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...

Turkey in talks with LSE, Nasdaq on bourse partnership

Wed, 8 May 2013 08:41:35 EDT

Turkey is in talks with the London Stock Exchange and Nasdaq about a partnership deal that could see it sell a stake in the Istanbul bourse as part of a drive to promote the city as a financial hub, its deputy prime minister said...

Stemcor in talks on standstill on $850 mln loan

Wed, 8 May 2013 08:17:26 EDT

Privately-owned Stemcor, the world's largest independent steel trading company, is discussing a standstill agreement on a maturing $850 million loan with lead banks after failing to refinance the loan, banking sources said...

Asian oil and gas companies go global to finance M&A

Wed, 8 May 2013 08:00:00 EDT

International oil companies have been tapping global debt markets to pay their cross-border acquisition bills, as low U.S. interest rates…

India's top generic drugmakers look to U.S. as patents end

Wed, 8 May 2013 07:34:48 EDT

India's top drugmakers, among the world's biggest producers of cheap generic medicines, are looking beyond their own shores to generate revenue, seeking to profit from big-selling drugs going off-patent this year in the lucrative U.S. market...

SMBC to buy up to 40 pct of Indonesian bank BTPN

Wed, 8 May 2013 07:30:39 EDT

Sumitomo Mitsui Banking Corp (SMBC) said it agreed to acquire as much as 40 percent of Indonesian lender BTPN, giving the Japanese bank a foothold in the fast-growing Southeast Asian economy...

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...

Saudi dairy firm Almarai eyes $500 mln sukuk sale

Wed, 8 May 2013 05:42:07 EDT

Saudi Arabian dairy producer Almarai Co plans to raise at least $500 million from the sale of a debut international Islamic bond to help to finance ambitious growth plans, a senior executive said on Wednesday...

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...

Chevron to appeal imprisonment of Indonesia contractor

Wed, 8 May 2013 04:13:37 EDT

Oil firm Chevron on Wednesday criticised the sentencing of one of its Indonesian subcontractors to five years in jail for breaching environmental laws, citing irregularities in the investigation and trial, and said it would appeal the verdict...

China Mengniu to pay $410 mln for stake in KKR's Modern Dairy

Wed, 8 May 2013 03:37:12 EDT

China Mengniu Dairy Co Ltd's deal to buy a $410 million stake in China's largest unpasteurised milk producer is a strategic move to rebuild trust after a series of scandals left local brands' reputations in tatters...

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...

Petronas bolsters Brazil's Batista with $850 mln oilfield buy

Wed, 8 May 2013 01:59:15 EDT

Malaysian state oil firm Petronas has agreed to pay $850 million for a stake in a Brazilian offshore oil field, bolstering its billionaire owner Eike Batista who is unloading assets to keep his energy businesses afloat...

ING prepares European insurance arm for listing in 2014

Wed, 8 May 2013 01:44:37 EDT

Dutch banking and insurance group ING will speed up preparations for a stock market listing of its European insurance business next year after just completing the spin-off of its U.S. insurance and investment arm...

Hedge funds in search of distress take a look at Detroit

Wed, 8 May 2013 01:00:00 EDT

In the past two decades, a group of specialized hedge funds have transformed corporate bankruptcies, injecting much-needed capital while at the same time drawing fire as "vultures."...

Senator Paul offers bill to weaken U.S. anti-tax evasion law

Wed, 8 May 2013 00:00:16 EDT

U.S. Senator Rand Paul introduced a bill late on Tuesday that would repeal parts of a 2010 law designed to fight offshore tax evasion by Americans with assets hidden in foreign banks...

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...

Timken shareholders support splitting company in two

Tue, 7 May 2013 15:21:57 EDT

Almost half of Timken Co's shareholders backed an activist investor's drive to split the steel and ball-bearing company into two, and the board said...

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...

Quicksilver Resources cancels IPO because of weak NGL prices

Tue, 7 May 2013 09:44:31 EDT

Quicksilver Resources Inc reported a loss for the fifth straight quarter due to weak prices for natural gas liquids, and said it would withdraw the $250 million initial...

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...

Kosmos to invest $400 mln in Ghana oil development in 2013

Tue, 7 May 2013 09:21:24 EDT

Kosmos Energy will invest $400 million in its Ghana operations in 2013 as part of its commitments to the West African nation's Jubilee oil field and other projects, the firm's CEO said on Tuesday...

Cantab closes hedge fund as EU rules curb commodity investing

Tue, 7 May 2013 09:01:42 EDT

Cantab Capital Partners is to close a retail investor-friendly version of its flagship hedge fund because of new European guidelines regulating investment in commodities, underlining the growing difficulty firms face in trading metals, grains and oil...

Lehman puts Ritz-Carlton Maui resort up for sale

Tue, 7 May 2013 09:00:00 EDT

Lehman Brothers Holdings has put the Ritz-Carlton, Kapalua Resort, a 54-acre luxury condo and hotel resort in Maui, Hawaii, on the block as it continues to sell off its real estate holdings to pay off creditors, said two sources familiar with the deal...

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...

Quicksilver Resources posts another loss, cancels IPO

Tue, 7 May 2013 08:22:32 EDT

Quicksilver Resources Inc reported a loss for the fifth straight quarter due to weak prices for natural gas liquids, and said it would withdraw a $250 million initial public offering of a master limited partnership (MLP)...

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...

Solvay casts off PVC unit with INEOS deal

Tue, 7 May 2013 07:40:42 EDT

Belgium's Solvay took a first step towards casting off its PVC business by agreeing a joint venture with privately-hold INEOS, which will ultimately take full control of the unit...

EU targets banks with rules to help consumers switch

Tue, 7 May 2013 06:11:37 EDT

The European Commission will propose new rules to make it easier for consumers to open and switch bank accounts, as well as see what banking fees they are being charged...

Hochtief sells airports business for $1.4 bln

Tue, 7 May 2013 05:54:23 EDT

Hochtief said it sold its airports unit to Canada's Public Sector Pension Investment Board for 1.1 billion euros ($1.4 billion), to help fund a shift towards ground transportation and energy infrastructure...

Portugal on track to issue first bond since bailout

Tue, 7 May 2013 05:40:16 EDT

The Republic of Portugal is set to issue its first new benchmark bond since its bailout in 2011 later on Tuesday, keeping it on track to exit the programme next year...

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...

Fish piracy costs $10 billion to $23 billion a year

Tue, 7 May 2013 00:01:00 EDT

Fish piracy - seafood caught illegally, not reported to authorities or outside environmental and catch regulations - represents as much as $10 billion to $23 billion in global losses each year, a non-profit conservation group estimated Wednesday...

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...

SEC charges Pennsylvania's Harrisburg with fraud

Mon, 6 May 2013 20:35:42 EDT

Federal regulators on Monday accused Pennsylvania's beleaguered capital, Harrisburg, of committing fraud, in a move that officials said is meant to send a warning to local officials about the accuracy of financial information they provide to investors and taxpayers...

U.S. regulator mulls setting rules for digital currency Bitcoin

Mon, 6 May 2013 18:24:45 EDT

The top U.S. derivatives regulator is considering whether the Bitcoin virtual currency should be subject to its rules, a top official at the agency said...

IPO watch: Apollo Management plans PE exit from Claire’s Stores Inc

Mon, 6 May 2013 17:30:00 EDT

Claire’s Stores Inc, a retailer of jewelry and accessories for young women, filed an initial registration statement to begin an initial public offering…

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...

Breakingviews: BMC deal shows how activist playbook brings profit

Mon, 6 May 2013 14:55:58 EDT

Elliott Management has once again pushed a technology firm into selling itself. This time BMC Software is going for $6.9 billion to a private...

Brazil wants shareholders to pay for rescue of troubled banks

Mon, 6 May 2013 13:59:34 EDT

The Brazilian government, concerned about systemic risk in the rapid growth of banking assets, will propose legislation to make shareholders...

BMC to go private in $6.9 bln deal led by Bain, Golden Gate

Mon, 6 May 2013 13:58:38 EDT

Business software maker BMC Software Inc, whose anemic growth has been a source of frustration for its largest shareholder, said it would be taken private...

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...

Inergy, Crestwood to merge to form $7 bln firm to tap shale boom

Mon, 6 May 2013 12:25:17 EDT

Inergy LP, Inergy Midstream LP and Crestwood Midstream Partners LP said on Monday they have agreed to merge in a series of complex deals to form a $7 billion entity...

U.S. regulator says Fannie, Freddie to buy only "qualified" loans

Mon, 6 May 2013 12:19:44 EDT

Mortgage financiers Fannie Mae and Freddie Mac will limit their purchases to loans that meet a new federal definition of a "qualified mortgage" starting next year...

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...

Boutique investment bank Ledgemont seeks Chapter 7 bankruptcy

Mon, 6 May 2013 11:50:32 EDT

Ledgemont Capital Group LLC, a boutique investment bank, filed for Chapter 7 bankruptcy to liquidate its assets, which it estimated at between $10 million...

Clearwire says Sprint offer best option for minority stockholders

Mon, 6 May 2013 09:11:11 EDT

Wireless service provider Clearwire Corp said on Monday its proposed buyout by majority owner Sprint Nextel Corp was the best option for Clearwire's minority stockholders...

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…

Asia can learn from implementation challenges faced by U.S. OTC derivatives practitioners, lawyer says

Mon, 6 May 2013 08:00:00 EDT

Every jurisdiction, including those in Asia, involved in over-the-counter (OTC) derivatives trades may benefit from the lessons that U.S. market practitioners have...

Onex to buy Nielsen Holdings' expositions business for $950 mln

Mon, 6 May 2013 07:36:21 EDT

Canadian private equity firm Onex Corp said it will buy TV ratings company Nielsen Holdings NV's expositions business for $950 million in cash...

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...

Breakingviews: Galaxy IPO hangs on Chinese equity market lift-off

Mon, 6 May 2013 05:36:32 EDT

China's equity markets are in the gutter but looking up at the heavens. The initial public offering of China Galaxy Securities, the country's biggest broker...

China Resources to merge gas, power units as demand booms

Mon, 6 May 2013 05:02:27 EDT

State-owned conglomerate China Resources (Holdings) Co Ltd plans to merge its Hong Kong-listed power producer with its natural gas distribution unit to...

Commercial Bank of Dubai plans first-ever bond issue

Mon, 6 May 2013 03:06:17 EDT

Commercial Bank of Dubai (CBD) plans to tap international debt markets for its first dollar-denominated bond, taking advantage of attractive pricing on the back...

China plans to allow yuan trade settlement for individuals this year

Mon, 6 May 2013 01:08:57 EDT

China is looking into how individuals and small businesses can settle trade using yuan this year, a People's Bank of China official told Reuters on Monday...

HK IPO market heats up with $3.5 bln Sinopec unit, Galaxy Sec deals

Sun, 5 May 2013 17:00:15 EDT

A unit of Sinopec Group and brokerage China Galaxy Securities are launching Hong Kong IPOs on Monday seeking to raise up to $3.5 billion in total...

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...

Breakingviews: PepsiCo resistance against activists looks futile

Fri, 3 May 2013 13:02:21 EDT

A PepsiCo breakup looks like a matter of time. Investors with a hankering for corporate restructurings have taken stakes in the $128 billion snacks and drinks conglomerate...

U.S regulator warns about misleading investors in non-traded REITs

Fri, 3 May 2013 12:50:31 EDT

The Financial Industry Regulatory Authority is cautioning brokerage firms about the way they market some real estate investment trusts after a review by...

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...

U.S. SEC chief White remains mum on money market fund rules

Fri, 3 May 2013 09:20:03 EDT

The top U.S. securities regulator remained tight-lipped on Friday about the details of her agency's efforts to craft reforms for money market funds, probably disappointing an audience of fund industry executives who gathered in Washington for an annual conference...

Investment funds seen getting up to $3.6 bln in Kelda stake sale

Fri, 3 May 2013 08:12:40 EDT

Infracapital and Citi Infrastructure could reap up to 2.3 billion pounds ($3.6 billion) from the sale of a 30 percent stake in Kelda Group, which controls Yorkshire Water, bankers specialising in utilities said...

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...

Breakingviews: Welcome to the era of perpetual private equity

Fri, 3 May 2013 07:49:19 EDT

Welcome to the era of perpetual private equity. After 14 years in PE hands, Allflex, which makes electronic tags for livestock, is being sold for $1.3 billion...

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…

BBVA scores with Tier 1 bond despite shaky fundamentals

Fri, 3 May 2013 07:05:30 EDT

A USD9bn-plus order book for BBVA's Additional Tier 1 bond this week, at a time when economic fundamentals are at their worst, has proved that the hunt for yield is transcending any fears about a potentially calamitous market correction down the road...

Ofgem confirms SSE 10.5 mln stg fine for mis-selling

Fri, 3 May 2013 07:02:37 EDT

British energy regulator Ofgem said on Friday utility SSE has until July 17 to pay a 10.5 million pound ($16 million) fine for mis-selling energy contracts to customers...

Debt watch: Nestle hits the market with its serial debt offerings

Fri, 3 May 2013 07:00:00 EDT

Swiss food company Nestle SA is feasting on European debt markets with a €500 million ($650.1 million) seven-year bond paying just 1.250 percent in interest…

Vivendi, Iliad's Niel make bids for Dailymotion-report

Fri, 3 May 2013 05:04:24 EDT

PARIS, May 3 (Reuters) - Entertainment group Vivendi <VIV.PA> has offered to buy France Telecom's <FTE.PA> Dailymotion, an online video-sharing service at the centre of a row over political interference in French companies, news website Wansquare reported on Friday.

Verizon says will not pay a premium for Vodafone stake

Fri, 3 May 2013 04:10:53 EDT

Verizon Communications would like to buy out Vodafone from their Wireless joint venture but will not do so at any cost, its chief executive has told JP Morgan analysts..

Hedge fund firm Man Group shares surge on debt buyback

Fri, 3 May 2013 03:47:39 EDT

Last summer, euro zone member Spain was struggling to borrow money for 10 years at a yield below 7 percent. Last week, Rwanda had no trouble...

U.S. consumer watchdog expands probe into auto lender industry

Fri, 3 May 2013 01:44:40 EDT

The Consumer Financial Protection Bureau (CPFB) expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products like extended warranties, the Wall Street Journal reported on Thursday, citing people familiar with the investigation...

U.S. investigators say JPMorgan "manipulated" power trading

Fri, 3 May 2013 00:31:12 EDT

U.S. government investigators have found that JPMorgan Chase & Co had manipulated trading in the California and Michigan electricity markets, the New York Times reported...

Qatar extends buying spree to India with $1.3 bln Bharti deal

Fri, 3 May 2013 00:20:04 EDT

Gulf state Qatar has bought a 5 percent stake in Indian telecoms firm Bharti Airtel Ltd for $1.26 billion, the firm said on Friday, extending an overseas buying spree...

China says illegal rare earth production, smuggling still rife

Fri, 3 May 2013 00:06:38 EDT

Illegal production and smuggling still dog China's rare earth industry despite a long campaign to clean up the sector, contributing to a supply glut that has depressed global prices, a senior industry official said on Friday...

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...

Manila's Asia United prices $204 mln IPO, offer oversubscribed

Thu, 2 May 2013 21:02:01 EDT

Philippine lender Asia United Bank (AUB) has priced its $204 million initial public offer at the midpoint of an indicative range to ensure after-market support, although the issue was oversubscribed after the Philippines bagged its second investment grade rating...

Cerberus raises $2.61 billion private equity fund

Thu, 2 May 2013 19:56:19 EDT

Cerberus Capital Management LP has completed fundraising for its latest flagship private equity fund, raising $2.61 billion to invest in distressed assets, two people familiar with the matter said on Wednesday...

SEC settles charges with Nebraska mutual fund trustees and servicers

Thu, 2 May 2013 18:03:57 EDT

Trustees for a pair of Nebraska mutual fund trusts and two fund services firms on Thursday settled civil charges alleging they provided misleading disclosures...

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...

Regulators eye troubling credentials for advising seniors

Thu, 2 May 2013 15:36:33 EDT

Financial advisers may need to be more careful then ever when using special "senior" credentials to market themselves to older Americans after...

M&A watch: Kulczyk Oil acquires Winstar Resources using a plan of arrangement

Thu, 2 May 2013 15:00:00 EDT

Kulczyk Oil Ventures, a Canadian company listed on the Warsaw Stock Exchange, has agreed to acquire Winstar Resources in a deal that…

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...

Private equity 2013: regulatory changes draw PE firms to healthcare industry

Thu, 2 May 2013 10:00:00 EDT

Private equity firms are actively seeking to acquire target companies in industries experiencing rapid growth…

AU Optronics plans $350mln share offering

Thu, 2 May 2013 08:54:37 EDT

Taiwan's AU Optronics Corp, the world's No.4 LCD maker, plans to sell $350 million of stock to fund the purchase of raw materials and components from overseas, according to a term sheet of the deal seen by Reuters on Thursday...

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...

Unicredit completes sale of Kazakh unit

Thu, 2 May 2013 06:54:57 EDT

UniCredit, Italy's biggest bank by assets, said on Thursday it had completed the sale of Kazakh unit ATF Bank to a firm owned by Kazakh businessman Galimzhan Yesenov...

Hedge fund Centaurus to return cash, shut Asia office-source

Thu, 2 May 2013 06:52:47 EDT

Hedge fund firm Centaurus Capital is returning external investors all of their money after clashes with them over where the best money-making opportunities lay...

Taiwan cable firm leans on Soros, Och-Ziff in $1.1 bln Singapore IPO

Thu, 2 May 2013 06:34:51 EDT

Asian Pay Television Trust, backed by funds linked to Australia's Macquarie Group Ltd, plans to raise up to $1.1 billion in a Singapore IPO, betting on investor...

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...

BBC preps debut capital markets debt issue

Thu, 2 May 2013 06:11:50 EDT

The British Broadcasting Corporation is in discussions with banks to arrange a private placement of debt, marking its first foray into the capital markets, market sources said...

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...

Junked Slovenia resumes crucial bond sale

Thu, 2 May 2013 05:09:57 EDT

The Republic of Slovenia has reopened books on the dual-tranche US dollar bond offering it was forced to postpone two days ago, and is now offering a slightly higher yield following a Moody's downgrade earlier this week...

Lagardere says ready to buy Vivendi's Canal+ stake

Thu, 2 May 2013 05:09:13 EDT

French media group Lagardere is ready to buy back the 80 percent of Canal+ owned by Vivendi and then float the pay-TV group, Chief Executive Arnaud Lagardere said in a newspaper interview...

Hedge fund Centaurus to return cash to investors

Thu, 2 May 2013 04:57:06 EDT

Hedge fund firm Centaurus Capital is returning all money to external investors after disagreements with clients about where the best money-making opportunities lie, a source familiar with the firm said...

JP Morgan, Greenhill advising GSK on sale of soft drinks brands

Thu, 2 May 2013 04:33:19 EDT

JP Morgan and Greenhill have been appointed to advise GlaxoSmithKline on the sale of its soft drinks brands Lucozade and Ribena, which analysts believe will fetch more than 1 billion pounds ($1.6 billion)...

Ireland's NAMA sells Irish portfolio to Starwood consortium

Thu, 2 May 2013 04:32:50 EDT

Ireland's "bad bank" has sold its first portfolio of Irish commercial property loans to a consortium led by private real estate investor Starwood Capital Group, but the National Asset Management Agency declined to say what discount it gave...

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...

Australia's Ramsay in talks to test China's private healthcare market

Thu, 2 May 2013 03:13:57 EDT

Ramsay Health Care Ltd, Australia's largest private hospital operator, is in talks to invest in China's private healthcare market, banking on increasing demand for quality healthcare from the country's growing middle class...

Smith & Nephew unveils $300 mln share buyback

Thu, 2 May 2013 02:58:47 EDT

Medical devices maker Smith & Nephew is to hand back cash to shareholders through a $300 million share repurchase programme...

Commodity traders could face regulation for role as lenders

Thu, 2 May 2013 02:30:00 EDT

The world's little-regulated and often secretive commodity trading houses could face new disclosure rules, and even capital requirements...

Greece kicks off privatisations with $860 mln OPAP sale

Thu, 2 May 2013 02:03:45 EDT

Greece has secured the first of the privatisation deals required under its international bailout, with the sale of its 33 percent stake in betting firm OPAP to a Greek-Czech investment fund...

Lehman Brothers sues Intel over $1 bln in seized collateral

Thu, 2 May 2013 01:09:09 EDT

Bankrupt investment bank Lehman Brothers has sued Intel Corp, accusing the chip maker of seizing $1 billion in collateral in breach of a swap agreement, a court filing showed...

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...

Cerberus raises $2.61 billion private equity fund -sources

Wed, 1 May 2013 23:19:02 EDT

Cerberus Capital Management LP has completed fundraising for its latest flagship private equity fund, raising $2.61 billion to invest in distressed assets...

Goldman comes to aid of Ebix with buyout offer

Wed, 1 May 2013 18:29:42 EDT

A Goldman Sachs Group Inc affiliate plans to spend $743 million to buy Ebix Inc, an insurance software provider that has been a target of allegations...

ING U.S. Inc raises $1.3 bln in IPO, less than expected

Wed, 1 May 2013 18:27:50 EDT

Dutch financial services group ING Groep NV's U.S. unit raised $1.3 billion in its initial public offering on Wednesday, less than expected, though the offering...

Sun Capital to merge five of its plastic packaging businesses

Wed, 1 May 2013 17:39:35 EDT

Private equity firm Sun Capital Partners plans to merge five of its plastic packaging portfolio companies to form what it says will be the sixth-largest...

Offering watch: Apple’s record debt offering proceeds will pay dividends and repurchase shares

Wed, 1 May 2013 17:00:00 EDT

Apple Inc completed a $17 billion bond offering on April 30, the largest corporate bond offering on record...

New ‘too big to fail’ mandates place burdens on small banks

Wed, 1 May 2013 16:30:00 EDT

Small banks are feeling the weight of a new wave of regulations intended to rein in their so-called “too big to fail” counterparts…

New venture aims at $100 bln 'zombie' fund market

Wed, 1 May 2013 16:00:26 EDT

Merchant bank Kirchner Group and Crestline Investors Inc, a hedge fund secondary buyer with $7.3 billion under management, have teamed up to launch a joint venture...

DreamWorks Animation to buy YouTube channel AwesomenessTV

Wed, 1 May 2013 15:58:49 EDT

DreamWorks Animation SKG Inc has agreed to buy teen- oriented YouTube network AwesomenessTV to secure an online platform to showcase family-focused...

French minister says Yahoo wanted to "devour" website

Wed, 1 May 2013 13:35:42 EDT

France's industry minister said he had blocked Yahoo Inc's plan to buy a majority stake in online video website Dailymotion because the U.S. group wanted to "devour" its smaller competitor...

M&A watch: Birch Hill to acquire Toronto’s Softchoice

Wed, 1 May 2013 13:30:00 EDT

Private equity firm Birch Hill Equity Partners has agreed to acquire Softchoice Corporation in a deal that values the…

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...

T-Mobile U.S. shares rise in NYSE debut

Wed, 1 May 2013 12:33:05 EDT

T-Mobile US Inc shares rose 5.1 percent in their debut on the New York Stock Exchange on Wednesday, after the company was created by the merger of MetroPCS Communications...

U.S. SEC proposes rules for cross-border swap trades

Wed, 1 May 2013 12:23:59 EDT

The Securities and Exchange Commission proposed new rules on Wednesday for the over-the-counter derivatives business of foreign banks, with the U.S. regulators saying...

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…

Berkshire buys rest of Israel's Iscar for $2.05 bln

Wed, 1 May 2013 10:21:48 EDT

Warren Buffett's Berkshire Hathaway Inc on Wednesday said it would acquire the 20 percent of IMC International Metalworking Cos BV it does not...

Gulf expansion push buoys Middle East banking M&A

Wed, 1 May 2013 10:00:00 EDT

For years, Dubai's top bank Emirates NBD (ENBD) relied on its home base and cosy relationship with leading government-related entities in the emirate to drive profit growth...

UK government broke EU air quality law, supreme court says

Wed, 1 May 2013 07:16:17 EDT

British judges ruled on Wednesday that the UK government has breached European Union air quality law and asked the European Court of Justice (ECJ) for guidance on what action needs to be taken, delaying immediate improvements to air pollution...

Fund set to win stake in Greece's OPAP after higher bid

Wed, 1 May 2013 06:00:33 EDT

Investment fund Emma Delta has met Athens' demand to raise its offer for a stake in gambling monopoly OPAP, sources said, meaning Greece could seal its first big privatisation as early as May 1...

Bain, Golden Gate in the lead to buy BMC Software

Wed, 1 May 2013 06:00:00 EDT

A private equity group made up of Bain Capital LLC and Golden Gate Capital Corp has emerged as the lead contender to buy BMC Software Inc...

Breakingviews: BBVA's hybrid hit is bet on health of Spanish bull

Wed, 1 May 2013 05:03:53 EDT

A bank from the euro zone's debt-challenged periphery has been the first to issue a new breed of loss-absorbing bonds. It is proof that central bank-whipped bondholders, shrugging off the euro crisis, are desperate for yield. A 9 percent coupon looks juicy, but it pays investors less than equity, with no upside...

Breakingviews: Barclays in capital fog after Deutsche U-turn

Wed, 1 May 2013 04:55:26 EDT

Barclays is under the spotlight after Deutsche Bank's capital U-turn. Having trumpeted an organic capital strategy since being appointed co-chief executives of the German bank last year, Juergen Fitschen and Anshu Jain finally opted for a 3 billion pound equity placing to bolster capital. Barclays new boss Antony Jenkins...

U.S. electric car maker Coda files for bankruptcy

Wed, 1 May 2013 03:16:47 EDT

U.S. green car startup Coda Holdings Inc filed for Chapter 11 bankruptcy protection on Wednesday after selling just 100 of its all-electric sedans...

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...

Kodak expects to exit bankruptcy as soon as July

Tue, 30 Apr 2013 23:21:00 EDT

Eastman Kodak Co said on Tuesday it expects to emerge from bankruptcy as soon as July as a commercial imaging business under the control of its creditors...

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...

Liquidators cleared to sue Australian mining tycoon Tinkler

Tue, 30 Apr 2013 22:39:14 EDT

Liquidators of Nathan Tinkler's Mulsanne Resources were given the go-ahead by the court to sue the struggling Australian tycoon for allegedly letting Mulsanne trade while insolvent, said one of Tinkler's creditors, Blackwood Corp...

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...

Yahoo scraps Dailymotion bid after French govt concerns

Tue, 30 Apr 2013 20:44:50 EDT

Yahoo Inc has abandoned an effort to acquire a majority stake in online video website Dailymotion due to objections by the French government, according to media reports, scrapping what would have been the biggest deal in the 10-month tenure of Yahoo CEO Marissa Mayer...

Apple's mega deal pushes US daily high-grade volume to $19.45 bn

Tue, 30 Apr 2013 18:17:09 EDT

Apple Inc priced the largest non-bank bond deal in history on Tuesday and pushed the day's volume to a whopping USD19.45bn, making it the second busiest day ever...

Mexican Congress passes telecoms overhaul in swipe at Slim, rivals

Tue, 30 Apr 2013 15:27:19 EDT

Mexico's Congress on Tuesday gave overwhelming final approval to an expansive overhaul of the telecommunications sector, which aims to...

Deal maker Valeant reaches for biggest prize yet

Tue, 30 Apr 2013 15:25:59 EDT

After five years and some 60 deals that have turned Valeant Pharmaceuticals International Inc into a stock market darling with a market capitalization of $22 billion...

Apple wows market with record $17bn bond deal

Tue, 30 Apr 2013 14:39:30 EDT

Apple Inc wowed the debt markets on Tuesday with the largest non-bank bond deal in history, offering a whopping $17 billion for sale as the U.S. computer...

Portugal Telecom sells bonds as sentiment improves

Tue, 30 Apr 2013 14:05:37 EDT

Portugal Telecom placed one billion euros in seven-year bonds on Tuesday in the largest debt issue by a Portuguese company since the country's 2011 bailout...

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...

Breakingviews: Unilever defies buyback vigilantes

Tue, 30 Apr 2013 12:20:22 EDT

Unilever is breaking some of the basic rules of corporate finance. Investors, being keen on financial logic, aren't impressed...

Breakingviews: Carphone Warehouse gets better of Best Buy deal

Tue, 30 Apr 2013 12:14:41 EDT

Europe was hardly Best Buy's best buy. The world's largest consumer electronics group paid 1.1 billion pounds in 2008 to form a joint venture with Carphone Warehouse...

Breakingviews: Apple, Fed and IRS conspire to set debt records

Tue, 30 Apr 2013 12:14:36 EDT

Apple is breaking new ground again – but this time in finance. The iPhone and iPad maker launched a giant bond issue on Tuesday and may borrow...

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...

Shell fends off Total to become UAE's sour gas partner

Tue, 30 Apr 2013 11:58:49 EDT

Royal Dutch Shell has beaten France's Total to a multi-billion-dollar project to develop a tricky gas field with Abu Dhabi National Oil Co...

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...

UK cinema merger referred to competition regulator

Tue, 30 Apr 2013 10:50:15 EDT

The tie-up between British multiplex owner Cineworld and smaller arthouse chain Picturehouse has been referred to the competition regulator over fears it could restrict choice in some areas...

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...

Jawbone acquires BodyMedia for more than $100 mln

Tue, 30 Apr 2013 09:00:00 EDT

Jawbone acquired BodyMedia Inc, the maker of weight-monitoring arm bands, for more than $100 million, according to a person familiar with the matter...

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...

UK's Osborne urges BoE bank regulators to focus on recovery

Tue, 30 Apr 2013 08:35:36 EDT

A new Bank of England body to regulate Britain's financial system should ensure it does not impede an economic recovery while it works for longer-term stability, finance minister George Osborne said on Tuesday...

Court stops EU regulator releasing drug company data

Tue, 30 Apr 2013 08:30:00 EDT

Europe's medicines regulator has been stopped from releasing clinical trial data about drugs made by AbbVie and Intermune, following a court ruling favouring the two U.S. companies...

Eurobank first to fall under state control in Greek bailout

Tue, 30 Apr 2013 07:56:42 EDT

Greece's fourth-biggest lender Eurobank won approval on Tuesday from its main shareholder National Bank for a capital injection that makes it the first major Greek bank to fall under state control as a result of the debt crisis...

BBVA's complicated Tier 1 structure fails to deter investors

Tue, 30 Apr 2013 07:40:17 EDT

BBVA's inaugural Additional Tier 1 bond got off to a strong start on Tuesday as investors piled into the new deal despite a complicated structure that has drawn criticism from market observers...

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...

Slovenia taps bond market to avoid bailout

Tue, 30 Apr 2013 06:42:58 EDT

Slovenia will sell two dollar bonds on Tuesday to raise cash to help it bail out its ailing state-owned banks, cover its budget deficit until next year and avoid joining the euro zone's bailout queue...

Investcorp sells Armacell for over 500 mln euros

Tue, 30 Apr 2013 06:19:38 EDT

Bahrain-based private equity firm Investcorp has agreed a sale of its German insulation firm Armacell to Charterhouse Capital Partners for over 500 million...

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...

Imperial Tobacco starts JV to develop e-cigarettes as profits drop

Tue, 30 Apr 2013 04:07:49 EDT

Imperial Tobacco, the world's fourth-largest cigarette group by market share, said it had set up a venture to develop electronic cigarettes, as it battles an increasingly tough consumer environment in Europe...

EU considers protecting savers against future bank collapses

Tue, 30 Apr 2013 03:47:56 EDT

Depositors should be the very last to suffer losses when a bank collapses, according to a proposal being discussed by European Union countries and seen by Reuters, which would shield savers from the kind of losses they face in Cyprus...

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...

Unilever offers $5.4 bln to raise stake in Indian unit

Tue, 30 Apr 2013 03:02:58 EDT

Anglo-Dutch consumer goods giant Unilever Plc offered to pay as much as $5.4 billion to raise its stake in its Indian unit, banking on fast-growing spending power in Asia's third-largest economy...

Deutsche Bank: capital measures enough to cover regulatory need

Tue, 30 Apr 2013 02:53:08 EDT

Deutsche Bank co-Chief Executive Anshu Jain said the capital measures announced on Monday would be sufficient to help Germany's flagship lender meet stricter bank safety rules, although some of these rules are not yet finalised...

Telefonica sells Central American assets for $500 mln

Tue, 30 Apr 2013 02:49:16 EDT

Spain's Telefonica has signed a deal to sell 40 percent of its assets in four Central American countries to Corporacion Multi Inversiones (CMI) for $500 million, as part of its drive to cut debt...

Islamic Bank of Britain narrows loss, gets capital from QIIB

Tue, 30 Apr 2013 02:16:56 EDT

Islamic Bank of Britain (IBB) narrowed its losses in 2012, Britain's only sharia-compliant retail lender said, a week after it raised 10 million pounds ($15.5 million) from majority shareholder Qatar International Islamic Bank...

Best Buy plans to exit Europe by selling stake to Carphone

Tue, 30 Apr 2013 02:00:00 EDT

U.S. retailer Best Buy Co Inc is selling its 50 percent stake in a joint venture with Europe's biggest independent mobile phone retailer Carphone Warehouse Group PLC back to its European partner for about 500 million pounds (or $775 million)...

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...

Australia's Woodside in tech deal with Shell for Browse floating LNG

Tue, 30 Apr 2013 00:37:19 EDT

Australia's Woodside Petroleum Ltd has signed a preliminary technology agreement with shareholder Royal Dutch Shell to develop its Browse gas field using Shell's floating liquefied natural gas (LNG) technology in case it finally opts for that route...

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...

Level Global in $21.5 mln SEC insider trading settlement

Mon, 29 Apr 2013 16:37:25 EDT

Level Global Investors LP agreed to pay $21.5 million to settle U.S. Securities and Exchange Commission civil charges that its co-founder and an analyst engaged in insider trading...

Qiagen buys genetic data processor Ingenuity for $105 mln

Mon, 29 Apr 2013 16:04:47 EDT

Genetic testing specialist Qiagen NV said it bought privately held U.S. software developer Ingenuity Systems Inc for $105 million to expand further into genetic sequencing technology...

Insight Ventures raises $1.49 billion

Mon, 29 Apr 2013 15:59:10 EDT

Two years after closing on roughly $2 billion in new commitments, the venture capital firm Insight Venture Partners is raising more money...

Singapore bets on Glencore shares with $250 mln swap

Mon, 29 Apr 2013 15:06:04 EDT

Singaporean sovereign wealth fund GIC is seeking to swap a $250 million portion of its holding in Glencore International Plc convertible bonds into shares in the company...

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…

KKR steps into bank lending vacuum with Spanish deal

Mon, 29 Apr 2013 11:42:30 EDT

The U.S. private equity giant Kohlberg Kravis Roberts has agreed to lend the Spanish construction materials firm Uralita 320 million euros after banks refused to loan it any more cash...

Alibaba pushes into social networking with Weibo investment

Mon, 29 Apr 2013 11:39:54 EDT

Chinese e-commerce firm Alibaba Group acquired an 18 percent stake in web portal Sina Corp's microblogging service Weibo in its first big move into selling advertising...

Apple lays groundwork for first debt sale ever

Mon, 29 Apr 2013 10:05:32 EDT

Apple took initial steps Monday for what would be its first debt sale ever, as the US computer giant lays the groundwork for what would be one of the most anticipated bond sales of the year...

RCS MediaGroup sees cash call completed by end-July

Mon, 29 Apr 2013 09:47:22 EDT

Italy's RCS MediaGroup will complete a planned rights issue of up to 500 million euros ($650 million) by the end of July, it said on Monday...

Kodak to sell 2 imaging businesses to its UK pension for $650 mln

Mon, 29 Apr 2013 09:16:46 EDT

Bankrupt photography pioneer Eastman Kodak Co said it will sell two of its remaining imaging businesses to its UK pension fund for $650 million...

SoftBank amends Sprint deal terms for Dish inquiry

Mon, 29 Apr 2013 08:31:29 EDT

Sprint Nextel Corp on Monday said its merger partner SoftBank Corp has waived some terms of their agreement so that Sprint can seek more information from potential suitor Dish Network Corp...

Broadcaster CME seeks $400 mln to cut debt as ad revenues plunge

Mon, 29 Apr 2013 08:11:52 EDT

Loss-making broadcaster Central European Media Enterprises (CME) plans to raise around $400 million gross, mostly from top shareholder Time Warner, to cut debt amid plunging advertising revenues...

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...

Retrenching HSBC strikes deal no.52 with Korean insurance sale

Mon, 29 Apr 2013 07:27:18 EDT

HSBC Holdings is selling its half stake in the South Korean insurance firm Hana HSBC Life Insurance Co to its partner in the venture, the 52nd deal it has struck...

Russia's VTB wins sovereign backing for $3.3 bln share issue

Mon, 29 Apr 2013 07:19:27 EDT

Russia's second-largest bank VTB said on Monday investors have subscribed for the entirely of its 102.5 billion rouble ($3.3 billion) share offering...

PAI Partners buys ice cream maker R&R for 850 mln euros

Mon, 29 Apr 2013 06:28:11 EDT

French private equity firm PAI Partners will buy R&R Ice Cream from rival Oaktree Capital in a deal financed by a form of debt popular during the credit boom...

Bayer to buy birth-control devices maker for $1.1 bln

Mon, 29 Apr 2013 04:25:45 EDT

Germany's Bayer AG has agreed to buy U.S. contraceptive devices maker Conceptus for $1.1 billion, aiming to underpin its position as the world's largest women's healthcare provider...

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...

Dubai retailer MAF moves closer to Egypt supermarket deal

Mon, 29 Apr 2013 03:29:14 EDT

Dubai retail firm Majid Al Futtaim (MAF) is in advanced discussions to buy Egypt's largest supermarket chain from family-owned Mansour Group, two sources said on Monday...

Sabadell buys Lloyds' Spanish retail unit for 84 mln euros

Mon, 29 Apr 2013 02:56:00 EDT

State-backed British bank Lloyds is to sell its Spanish retail banking business to Banco Sabadell in exchange for an approximate 1.8 percent stake in the Spanish lender and will take a 250 million pound loss on the disposal...

The maze behind EU "treaty change"

Mon, 29 Apr 2013 01:50:00 EDT

If there are two words that tense the jaws of European policymakers and prompt a concerned sucking of teeth, they are treaty change...

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...

BHP Billiton sells Arizona copper mine for $650 mln

Sun, 28 Apr 2013 22:42:25 EDT

BHP Billiton has agreed to sell its Pinto Valley copper mine and a railroad in Arizona to Capstone Mining Corp for $650 million, reaping far more than expected as the top global miner tightens its belt in a weaker market...

Asian insurance M&A gets pricey as region's promise beckons

Sun, 28 Apr 2013 21:50:30 EDT

A deal-making frenzy in Asia's insurance industry is turning up the heat on buyers to fork out huge sums or miss out on a prime chance to tap into the sector's fastest growing market, and few predict a slowdown despite the eye-popping prices...

IPO flurry to give investors pick of new UK banks

Sun, 28 Apr 2013 19:01:00 EDT

Investors will have their pick of British banks in the next couple of years with up to five lenders looking to float on the stock market, offering a potentially lucrative...

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…

Greece's OTE sells Bulgarian unit to Telenor to cut debt

Fri, 26 Apr 2013 15:31:58 EDT

Greek telecoms company OTE struck a deal on Friday to sell its Bulgarian unit to Norway's Telenor and will use the proceeds to reduce its debt and fight for clients in its recession-hit home market...

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…

Russia's VTB approves terms of $3.3 bln share sale

Fri, 26 Apr 2013 11:55:52 EDT

Russia's second-largest bank VTB is pushing ahead with a 103 billion rouble ($3.3 billion) share sale in the coming weeks to bolster its capital, even as...

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...

KBC to sell Serbian unit to Telenor, Societe Generale

Fri, 26 Apr 2013 07:37:25 EDT

Belgian banking and insurance group KBC said on Friday it had agreed to sell its Serbian unit KBC Banka to Societe Generale Srbija and Telenor Serbia, one of the final divestments required by the European Commission...

Delaware proposal could prompt two-step merger structures in going-private transactions

Fri, 26 Apr 2013 07:30:00 EDT

The Delaware State Bar Association has proposed an amendment to the Delaware General Corporation Law (DGCL) that may significantly change…

Offering watch: CARs and PARs program replenished

Fri, 26 Apr 2013 07:00:00 EDT

The investment banking arms of Canada’s Big Six banks have filed a base shelf prospectus to renew the CARS and PARS program for retail investors…

UK financial watchdog rewrites fund supermarket rules

Fri, 26 Apr 2013 05:23:31 EDT

Britain's financial watchdog is rewriting the rules on how fund supermarkets operate to make it easier for investors to compare the costs of buying savings products from them...

BBVA to sell first CRR-compliant Tier 1 bond

Fri, 26 Apr 2013 05:20:09 EDT

BBVA is poised to be the first European bank to sell Additional Tier 1 bond securities that comply with the region's new Capital Requirements Regulation (CRR)...

Permira should tough out relegation

Fri, 26 Apr 2013 05:07:22 EDT

LONDON, April 26 (Reuters Breakingviews) - Permira should be able to tough out its relegation. The European buyout giant has taken 19 months to pull just 2.2 billion euros ($2.9 billion) at the "first close", or initial round of fundraising, for its new warchest. That is despite swearing off identikit, debt-driven buyouts. Permira's strategy is right. It mustn't be deterred by a few duff deals and bad timing.

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...

Capita rises on government joint venture

Fri, 26 Apr 2013 03:57:53 EDT

Shares in Capita rise 1.5 percent in early trade after it says it its joint venture with the British government to sell management training tools developed by civil servants will generate 120 million pounds in revenue a year after ten years...

Turkey's Pegasus Airlines rises on $1 bln market debut

Fri, 26 Apr 2013 03:25:40 EDT

Shares in Turkish low-cost carrier Pegasus Airlines rose on their stock market debut on Friday, valuing it at more than $1 billion in a listing closely watched by peers also considering flotations...

Independent News secures debt deal, plans rights issue

Fri, 26 Apr 2013 03:18:32 EDT

Ireland's Independent News & Media has struck a deal to cuts its debt by two thirds, its second restructuring in four years that will see its lenders take...

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...

IPO watch: ING Group spins off U.S. insurance business in billion-dollar offering

Thu, 25 Apr 2013 23:30:00 EDT

Dutch financial services group ING Group NV filed a preliminary prospectus with the SEC in connection with a $1.54 billion…

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...

Japan regulators may pursue charges against US-based asset manager MRI

Thu, 25 Apr 2013 22:06:22 EDT

Japanese regulators have stripped U.S.-based MRI International Inc of its registration as an asset manager and may pursue criminal charges against the firm, accusing it of mismanaging client funds and falsifying reports...

Microsoft to raise $2.7 billion via bond sale

Thu, 25 Apr 2013 19:32:08 EDT

Microsoft Corp priced its $2.7 billion bond offering, sold in the U.S. and Euro markets, as it is rushing in before larger rival Apple Inc looks to raise money...

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...

Watchdogs to focus on new media in Nielsen/Arbitron deal

Thu, 25 Apr 2013 13:25:06 EDT

U.S. antitrust regulators are likely to scrutinize new forms of advertising as they mull the planned purchase by television rating giant Nielsen Holdings NV...

CoreLogic acquires Case-Shiller from Fiserv

Thu, 25 Apr 2013 13:19:45 EDT

CoreLogic has acquired Case-Shiller from Fiserv for $6 million, taking over its prestigious index business in a deal that closed on March 20...

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...

Detroit Electric forms EV venture with China's Geely

Thu, 25 Apr 2013 12:41:33 EDT

Detroit Electric, the Michigan-based startup electric-car maker, said Thursday it will partner with China's Geely Automobile to develop electric cars for the Chinese market...

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...

Acquisition finance watch: Pure Industrial finances a $359 million portfolio acquisition

Thu, 25 Apr 2013 12:00:00 EDT

Pure Industrial REIT has filed a preliminary short-form prospectus in connection with a bought deal offering of $160 million in…

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...

Friendly mergers, hostile deals and IPOs – low interest rates fuel REIT transactions

Thu, 25 Apr 2013 11:00:00 EDT

From friendly acquisitions to hostile tender offers and initial public offerings, real estate investment trusts (REITs) have been showing…

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...

BoE's Haldane: tough bank capital rules won't stifle credit

Thu, 25 Apr 2013 07:44:03 EDT

Forcing banks to hold adequate levels of capital won't hamper their ability to feed credit to the economy, a senior Bank of England policymaker said on Thursday...

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...

China's Sinopec sells Myanmar energy stake to Taiwan's CPC

Thu, 25 Apr 2013 06:32:31 EDT

China's Sinopec Group, Asia's largest oil refiner, said on Thursday it agreed to sell a stake of 30 percent in an oil and gas block in Myanmar to Taiwan's CPC Corp...

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...

Hong Kong banking regulator beefs up anti-money laundering push

Thu, 25 Apr 2013 04:13:25 EDT

Hong Kong's banking regulator said on Thursday it was doubling the size of its anti-money laundering team to strengthen supervision amid intensifying scrutiny...

Playtech hunts for deals with William Hill cash

Thu, 25 Apr 2013 03:43:08 EDT

Flush with cash from the sale of its stake in its joint venture with William Hill, gaming software company Playtech is looking at bid targets, Chief Executive Mor Weizer said on Thursday...

KPN launches 3 bln euro share issue at 35 pct discount

Thu, 25 Apr 2013 03:14:03 EDT

KPN launched a 3 billion euros ($3.90 billion) rights issue at a 35 percent discount on Thursday to help the debt-laden telecoms firm fight tough competition and recover from a costly frequency auction...

Croesus bets on Japan growth, REIT demand with $292 mln Singapore IPO

Thu, 25 Apr 2013 01:31:27 EDT

Japan-focused Croesus Retail Trust (CRT) launched a $292 million Singapore IPO on Thursday, looking to benefit from demand for high-yield securities...

Why Alibaba could be China's next $100bln IPO

Thu, 25 Apr 2013 00:17:41 EDT

Could Alibaba be China's next $100 billion stock market listing? The Hangzhou-based e-commerce giant continues to be coy over when it will take the plunge. But sooner or later founder Jack Ma will need to offer some kind of exit for his backers, not to mention employees, and an initial public offering...

Republicans slam U.S. bet on electric carmaker Fisker

Wed, 24 Apr 2013 20:55:00 EDT

Republican lawmakers said the U.S. government missed early warning signs that its loans to electric carmaker Fisker Automotive could be in trouble, and kept money flowing even after the startup missed a key 2011 production deadline...

FINRA withdraws plan requiring broker disclosure link

Wed, 24 Apr 2013 18:30:38 EDT

The Financial Industry Regulatory Authority (FINRA) has withdrawn a proposal designed to make it easier for investors to research the backgrounds of...

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...

UK supervisor warns derivatives clearers of tough fee policing

Wed, 24 Apr 2013 11:46:30 EDT

Britain's new regulator for market operators warned clearers of tougher policing of fees to stamp out cut-throat competition that risks undermining financial stability...

France launches push to expose wealthy lawmakers' assets

Wed, 24 Apr 2013 11:05:14 EDT

France unveiled draft legislation on Wednesday aimed at making hundreds of parliamentarians and other elected officials disclose their wealth and business activities to a new watchdog...

Private equity 2013: UK limited partnerships’ (legal) personality makeover raises tax issues

Wed, 24 Apr 2013 11:00:00 EDT

The UK and Luxembourg are squaring off to become the top jurisdiction for private equity investments…

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...

UK supervisor warns derivatives clearers of tough fee policing

Wed, 24 Apr 2013 10:21:50 EDT

Britain's new regulator for market operators warned clearers of tougher policing of fees to stamp out cut-throat competition that risks undermining financial stability...

Dubai's Arabtec to buy electrical services unit for $45 mln

Wed, 24 Apr 2013 10:03:34 EDT

Dubai-based builder Arabtec will buy the 45-percent of Emirates Falcon Electromechanical Co (EFECO) it does not already own for $45 million as it expands...

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...

U.S. audit regulator offers carrot to cooperators

Wed, 24 Apr 2013 09:00:00 EDT

Auditors and audit firms that offer "extraordinary" cooperation to their primary U.S. regulator will be in line for special accommodations under a policy announced on Wednesday...

India's Jet Airways in $379 mln stake sale to Etihad

Wed, 24 Apr 2013 06:20:33 EDT

India's Jet Airways will sell a minority stake to fast-growing Abu Dhabi-based Etihad Airways for roughly $379 million after months of negotiations, giving a lift to India's embattled aviation industry...

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...

PPR buys Italian jeweller Pomellato

Wed, 24 Apr 2013 04:38:59 EDT

French luxury and sports brand group PPR said it bought a majority stake in profitable Milanese jeweller Pomellato to boost its portfolio of luxury brands in the high-growth jewellery market...

UK firm buys cancer-zapping spin-off from CERN collider

Wed, 24 Apr 2013 03:47:30 EDT

The giant particle-smashing machine run by CERN outside Geneva is not only unravelling the mysteries of the universe, it may also be opening up new avenues to treat cancer...

AXA to buy 50 pct of Chinese insurer Tian Ping

Wed, 24 Apr 2013 03:35:53 EDT

Europe's No. 2 insurer, AXA, has agreed to pay 485 million euros ($631 million) to buy 50 percent of Chinese insurer Tian Ping, betting the country's...

OPKO Health to buy Israel's Prolor Biotech for $480 mln

Wed, 24 Apr 2013 03:21:53 EDT

OPKO Health Inc will buy Israel-based biopharmaceutical company Prolor Biotech Inc in an all-stock deal valued at $480 million to expand its portfolio of specialty drugs...

Standard Life assets boosted by pension sales and funds arm

Wed, 24 Apr 2013 02:54:08 EDT

British insurance group Standard Life saw the net flow of new money it administers more than double in the first quarter from a year earlier, helped by a rise in pension savings...

Lloyds' sale of bank branches to Co-op collapses

Wed, 24 Apr 2013 02:30:11 EDT

The planned sale of 630 UK bank branches by Lloyds Banking Group to the Co-Operative Group has fallen through, leaving state-backed Lloyds to pursue a flotation of the business...

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...

Nevada governor denies patient dumping amid probe by officials in California

Wed, 24 Apr 2013 01:16:38 EDT

Nevada Governor Brian Sandoval on Tuesday defended his state against a report that a Las Vegas psychiatric hospital improperly sent hundreds of discharged patients by bus to California and other states, a practice known as patient dumping...

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...

U.S. government loan to Fisker to be scrutinized in congressional hearing

Wed, 24 Apr 2013 00:12:33 EDT

The U.S. Department of Energy's (DOE) 2009 decision to grant Fisker Automotive a $529 million loan will be heavily scrutinized on Wednesday during a congressional hearing that is being held as the automaker verges on collapse...