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Saturday Papers: Infosys chief resigns after stand-off with founders

And Cinven and Bain secure Stada for €4.1 billion in Europe’s largest leveraged buyout in four years.

Saturday Papers: Infosys chief resigns after stand-off with founders

Top stories

  • The Times: A feud between the founders of one of India’s biggest companies and its present directors was thrust into the open yesterday when Vishal Sikka resigned as chief executive and managing director of Infosys, blaming a series of “false, baseless, malicious and increasingly personal attacks” made against his leadership.
  • Financial Times: Private equity groups Cinven and Bain Capital have agreed the largest leveraged buyout of a European-listed company in four years with a €4.1 billion deal to acquire Stada, the German generic drugmaker.
  • The Daily Telegraph: The "Brexit effect" has seen the biggest increase in US tourists coming to the UK since the 1980s, figures from the Office for National Statistics revealed; the past six months have seen a 25% rise in visitors from North America compared to the first half of last year.
  • Financial Times: Calpine, one of the largest electricity generation companies in the US, has agreed a $5.6 billion deal to be bought by private equity firm Energy Capital Partners and a consortium of investors, in the latest sign of the trend for power producers to leave the public markets.
  • Financial Times: Steve Bannon is out as White House chief strategist in a dramatic and abrupt exit for one of Donald Trump’s most controversial aides.
  • Financial Times: Cambridge University Press, the world’s oldest publisher, has blocked access to more than 300 articles from its leading China-focused journal at the behest of Beijing censors.

Business and economics

  • The Guardian: Stock markets in Europe have fallen after the Barcelona attack, with shares in airline, hotel and travel companies among the hardest hit.
  • The Guardian: The Chinese government has served notice on the country’s foreign investment spree in football clubs, skyscrapers and Hollywood as it moves to curb rising levels of debt among domestic companies.
  • The Times: Falling demand for basketball shoes and a drop in spending on trainers have led to Foot Locker reporting second-quarter revenue of $1.7 billion against expectations of $1.8 billion.
  • Financial Times: A rally in the share price of nutrition drinks marketing business Herbalife has contributed to a lacklustre performance at activist investor Bill Ackman’s London-listed hedge fund Pershing Square Holdings, which shorts the stock.
  • Daily Mail: Former Uber boss Travis Kalanick has branded efforts to oust him from his company’s board ‘a public and personal attack’.
  • Financial Times: US regulators have dropped their investigation into two former JP Morgan Chase traders accused of falsifying the bank’s books to hide its $6.2 billion “London whale” losses.
  • The Daily Telegraph: Apple chief executive Tim Cook is due to receive a $89.6 million (£69.4 million) bonus after interest in the iPhone 8 boosted the company's share price.
  • The Times: ITV has lost a key legal challenge which may make it more difficult for the broadcaster to walk away from pension promises made to 2,800 employees of a long-defunct subsidiary.
  • The Times: Brexit could allow Berlin to take over from London as Europe’s technology powerhouse, according to a cofounder of Google’s research and development laboratory.
  • Financial Times: Atari, the company behind one of the first video arcade games, Pong, has accused Swiss food group Nestlé of copyright infringement for using its retro video game Breakout in a KitKat advert.
  • Financial Times: Chevron has settled a tax dispute with Australian authorities over transfer pricing rules in a landmark case that could have implications for multinationals in Australia and elsewhere.

Share tips, comment and bids

  • The Times (Tempus share tips): Building on shaky foundations.
  • Daily Mail: Heineken’s £403 million takeover of Punch Taverns has been given the thumbs up after the competition watchdog accepted plans to sell off some the almost 1,900 newly-acquired pubs to allay fears it could reduce competition.
  • Financial Times: Macquarie says its £2.3 billion takeover of the Green Investment Bank will support globalisation of the renewable energy industry as the Australian financial group prepares to expand its newly acquired UK fund into the rest of Europe.
  • Financial Times: Jack Ma, Asia’s richest man, is extending the global reach of his financial services empire with a $1.68 billion cash-and-stock buyout of Massachusetts Mutual Life Insurance’s Hong Kong unit.
  • Financial Times (Lex): Heineken: Dutch brewer’s acquisition of Punch Taverns’ pubs makes sense.
  • Financial Times (Lex): Infosys: beware the boss who always knows best.
  • Financial Times (Lex): Chinese share indices: extending index eligibility beyond H shares makes sense.
  • Financial Times (Lex): Equity research: tougher scrutiny of banks’ analysis makes finance a cleaner business.

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