Valeant goes hostile in bid for rival Allergan June 18, 2014 Valeant Pharmaceuticals International yesterday launched a hostile takeover bid for rivals Allergan, proposing that Allergan shareholders exchange each of their shares for $72 and 0.83 of a Valeant share, valued at roughly $52.7bn (£31bn) in cash and stock. The offer is contingent on Botox-maker Allergan’s shareholders approving the issuance of Valeant common shares in the [...]
What the other papers say this morning – 16 June 2014 June 16, 2014 FINANCIAL TIMES GSK spin-off set for possible listing A British biotech company spun out of GlaxoSmithKline is gearing up for a possible stock market flotation after strong trial results for a new painkiller. Convergence Pharmaceuticals was set up in 2010 as part of a restructuring of GSK’s research and development operations. The UK’s biggest drugmaker [...]
Medtronic nears deal for pharma rival Covidien June 16, 2014 THE WORLD’S biggest medical devices maker Medtronic is on the verge of clinching the largest cross-border drug merger ever after nearing an agreement with Irish rival Covidien. Medtronic, listed on the New York Stock Exchange, could announce as soon as today a stock and cash deal worth between $45bn (£26.5bn) and $50bn to takeover the [...]
Time Inc slides on debut June 9, 2014 Time Inc, the magazine company that is home to People, Sports Illustrated and Time, saw its shares fall 0.7 per cent on the New York Stock Exchange yesterday in its first trading session following a spinoff from its parent, Time Warner. Time will now operate on its own, no longer buffered by pay-TV channel HBO [...]
United chief Glazer dies in Florida home at age of 85 May 28, 2014 MANCHESTER United were last night mourning the loss of owner Malcolm Glazer, who died aged 85. The Glazer family purchased 90 per cent of shares in the 20-time Premier League champions in 2005 and sons Joel and Avi have most recently acted as United’s co-chairmen. Their father’s death is thought unlikely to have a significant [...]
What the other papers say this morning – 28 May 2014 May 27, 2014 FINANCIAL TIMES 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 [...]
Euronext to list on its markets as ICE gets out May 27, 2014 EURONEXT is to list shares on four of its own stock exchanges across Europe as it becomes an independent company, its American owner Intercontinental Exchange (ICE) said yesterday. The firm will float on the Euronext markets in Paris, Amsterdam and Brussels in the next few months, before listing shares in Lisbon later in the year. [...]
What you need to know before the US open May 22, 2014 Investors will be taking time to digest the latest job numbers today, with stocks futures flat ahead of the weaker-than-expected numbers. Initial jobless claims for last week rose more than expected – to 326,000 from 298,000 the week before. Analysts had been expecting 310,000 people to sign on for the first time. Focus will shift [...]
RBS kicks off stock market sale of US arm Citizens May 12, 2014 RBS PRESSED ahead with its plan to sell off its US arm Citizens, last night filing the first official documents in the process of floating the bank on the New York stock market. Analysts believe Citizens could be worth as much as $15bn (£8.9bn), and RBS is floating off at least 25 per cent this [...]
What the other papers say this morning – 09 May 2014 May 8, 2014 FINANCIAL TIMES Apple in talks for $3.2bn Beats deal Apple will acquire Beats’ streaming music service, which launched this year, and its audio equipment business, which includes its brand of headphones and audio equipment. The Beats management team will report to Mr Cook, sources said. Apple and Beats did not comment. The deal is likely [...]