VW to buy rest of Porsche for €4.46bn
Volkswagen has agreed to buy the remaining half of Porsche’s carmaking operations that it does not already own for €4.46bn. The two car groups yesterday finalised plans to speed up the creation of the combined car group. The integration will take effect from 1 August.
Etihad to hold on to Aer Lingus stake
Etihad Airways is not willing to sell its 3 per cent stake in Aer Lingus, raising fresh doubts over Ryanair’s takeover bid for the Irish flag carrier. James Hogan, chief executive of the fast-growing Gulf airline, said that Etihad was backing Aer Lingus’s current management and its strategy. “We are not selling,” he said.
Fiat warns Italian plant at risk
Fiat’s chief executive said the carmaker may need to close another plant in Italy if he does not secure further cost-cutting concessions from its workforce. Sergio Marchionne’s warning came amid signs that PSA Peugeot Citroën and Ford Motor are also preparing to break Europe’s longstanding taboo on closing car plants.
King of the pension funds to sign off after investor piles in
The private equity entrepreneur Edi Truell who founded Pension Corporation plans to stand down after securing an investment that values his buyout business at more than £1 billion.
Malaysians win Battersea
It was confirmed last night that Malaysian developers have bought London’s derelict Battersea Power Station for £400 million, dashing Roman Abramovich’s hopes.
The Daily Telegraph
Ulster bank customers still waiting for problems to end
Royal Bank of Scotland has admitted some Ulster Bank customers will continue to face problems with their bank accounts almost a month after computer glitches sparked a crisis at the lender.
Italy’s deficit to double
Italy has almost doubled its deficit forecast as Germany halved its, underscoring the lag of “sinner states.”
THE WALL STREAT JOURNAL
Doubts Arise Over Proposal For EU Banking Regulator
European leaders, who last week set an end-year deadline to create a new policeman to oversee Eurozone banks, have set themselves a timetable that officials admit they will struggle to meet.
EU Gives Universal Music More Time
Universal Music Group was granted more time to respond to concerns from European Union regulators over its proposed acquisition of EMI’s recording arm.