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Tuesday Papers: Harbinger Capital to halve Inmarsat holding - tips, comment and bids
by Himanshu Singh on Oct 05, 2010 at 04:30
* Harbinger Capital has ruled out an offer for Inmarsat after announcing plans to offload just less than half of its holding in the UK satellite operator.
* RSA, the non-life insurer, has offered C$420 million (£259 million) to takeover GCAN, a Canadian commercial insurer.
* China’s hopes of derailing BHP Billiton’s $39bn hostile takeover bid for PotashCorp of Canada have suffered a setback after a report commissioned by Saskatchewan warned authorities against a takeover from a state-owned enterprise.
* AIG, the US insurer, plans to press ahead with the sale of at least half of its Asian businesses in spite of a valuation of $28.5 billion - $30.5 billion that is at the lower end of expectations.
* Bank of America Merrill Lynch has sold loans it made to Foxtons estate agents at the peak of the London property bubble to Haymarket Financial, a corporate lender launched last year.
The Lex Column
* Sanofi/Genzyme - The French drugmaker claims shareholder support for talks with its acquisition target.
* UK bank reform - The moment for an intellectual revolution looks to have passed.
* The business cycle - US manufacturers survey suggests that recession may be looming again.
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iShares: Time to shatter the ETF myths
As result of industry changes - the retail distribution review - and a growing focus on cost-efficient solutions, we anticipate the number of investors using ETFs will rise significantly over the coming years.
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