What the other papers say this morning - 14 January 2014


McKesson bid for Celesio fails
McKesson admitted defeat in its $8.6bn bid for Celesio, the German-based medicines distribution group, after a battle with Elliott Associates , the activist hedge fund, over the deal. The US drugs wholesaler said it had failed to reach the 75 per cent acceptance threshold among Celesio shareholders required for the acquisition to go ahead. McKesson raised its bid last Thursday after an initial offer was rejected by Elliott, which had built a 25 per cent stake in the German group.

EU reconsiders 2030 targets
European commissioners are considering scrapping the targets for 2030 in a move that would please big utility companies but infuriate environmental groups. The energy and climate targets, which the commission is due to propose on 22 January, are stoking acrimony among countries and between commissioners and have become a subject of intense lobbying.

Fiat-Chrysler leans towards US listing
Fiat-Chrysler is leaning heavily towards a new US headquarters and public listing, its chief executive has suggested, as the newly-combined carmaker eyes New York capital markets.

Fiat took full control of Chrysler in a long-awaited buyout announced on New Year’s day, creating the world’s seventh-largest carmaker by sales, with a heavy focus on the North American market. Fiat-Chrysler’s board will consider the options drawn up by chief Sergio Marchionne and the company’s executives at a board meeting on 29 January. Current plans do not include the issuance of new shares, Marchionne said.


Microsoft to delete Windows 8
Microsoft plans to cut its losses on Windows 8, the latest version of the software that runs the majority of the world’s computers, jettisoning the brand in an attempt to appease millions of disgruntled users. Industry sources believe that the world’s biggest software company will announce a new operating system, codenamed “Threshold”, at an event in April.

Jaguar Superbowl ad shows bad side
Jaguar will become the first British car brand to buy television advertising space during the American Super Bowl next month, with an ad starring another great export from Britain, the actor Sir Ben Kingsley, playing an archetypal Hollywood villain.

The Daily Telegraph

Indonesia bans key metal exports
Indonesia has kicked off the new year with a total ban on exports of nickel, tin and bauxite, a warning that resource nationalism remains a potent force despite the commodity slump.
Nickel prices jumped to a two-week high of $14,190 a tonne in London as markets brace for a 20pc loss in global supply, restricting a vital alloy for stainless steel production.

SodaStream in profit warning
SodaStream International is cutting its fiscal 2013 forecast, after a tough US holiday season and increased product costs. The company now anticipates full-year net income of about $41.5m on revenue of approximately $562m. Its prior outlook was for net income of $54m.


Three executives leaving Heinz
Heinz said three more longtime executives are leaving, in the second major shake-up of top management in the seven months since the food company was bought by private-equity firm 3G Capital and Berkshire Hathaway Inc. The departing executives include Brendan Foley, Fernando Pocaterra and Kristen Clark.

German breweries fined after probe
Five breweries in Germany, Europe's biggest beer market, face fines totaling more than €100m million for price fixing following an investigation launched when Anheuser-Busch InBev blew the whistle on the case. Germany’s Federal Cartel Office said yesterday it would fine the five firms €106.5m in total.