Pilgrim’s Pride bid disrupts deal
Poultry company Pilgrim’s Pride has offered to buy Hillshire Brands for $6.4bn (£3.8bn) including debt, in a deal meant to head off Hillshire’s recent bid for Pinnacle Foods and create one of the US’s largest meat producers. Pilgrim’s offer of $45 a share – a roughly 22 per cent premium to Hillshire’s Friday closing price – “offers superior value and far greater certainty to Hillshire shareholders than the contemplated Pinnacle transaction”, said Bill Lovette, chief executive. Hillshire said it would “thoroughly review” the proposal, but said it believed in “the strategic merits and value creation potential provided by the proposed transaction with Pinnacle Foods”.
McCulley to be Pimco chief economist
Pimco has lured back Paul McCulley, a high-profile former member of the bond fund manager’s investment committee, as it bulks up its senior ranks following the departure of Mohamed El-Erian earlier this year. McCulley will rejoin the firm in a new role as chief economist, reporting to Pimco’s founder and investment supremo, Bill Gross.
Lawyers seek judicial review over aid
The legal profession’s battle over cuts to the legal aid budget intensified yesterday when solicitors specialising in criminal law issued judicial review proceedings in an effort to challenge the ministry of justice.
Builders can’t meet new homes target
Britain’s housing crisis is deepening as a new survey shows that only six per cent of the country’s top housebuilders believe that official targets can be met. Despite a nearly unprecedented level of support via George Osborne’s Help to Buy scheme, less than one in ten builders believe the country can build the 200,000 homes a year needed to satisfy demand, according to Knight Frank.
Brack to list on London Stock Exchange
A property group that owns the Citizen M hotel in New York will list on the London Stock Exchange today as it prepares to ramp up its investment in Britain.
The Daily Telegraph
iPhones and iPads frozen by hackers
Owners of iPhones and iPads have been targeted by a hacker who is freezing iOS devices and demanding a ransom of up to £55 to unlock them. The majority of the attacks have taken place in Australia although there are also reports of Britons being affected.
Independent Scots would get currency
An independent Scotland would be twice as likely to adopt its own currency as continue using the pound, according to an analysis produced yesterday by Barclays for its investors. The banking giant estimated there was a 60 per cent chance of Scotland being forced to start its own currency.
THE WALL STREET JOURNAL
Goldman trader won’t appeal verdict
Fabrice Tourre, the former Goldman Sachs Group trader found liable for civil securities fraud last year, said he would not seek an appeal challenging the federal jury’s verdict. Lawyers for Tourre had until yesterday to file a notice of appeal, or 60 days after a federal judge ordered the former trader to pay $825,000 (£490,800) in penalties.
Obama will pull troops after two years
President Barack Obama has decided to keep nearly 10,000 US troops in Afghanistan after 2014, but then quickly pull them out over two years, he announced yesterday.