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Tuesday Papers: Rosneft finalise $13bn takeover of India’s Essar

Tuesday Papers: Rosneft finalise $13bn takeover of India’s Essar

Top stories

  • Financial Times: Russia’s Rosneft and partners including Swiss commodity house Trafigura have finalised their $13 billion takeover of Indian refiner Essar Oil, giving the two companies a foothold in the fast-growing Asian market.
  • The Daily Telegraph: The Murdoch family's bid for full control of Sky faces a legal challenge after a US campaign group said it will take the media regulator to the High Court over its finding that 21st Century Fox is a fit and proper broadcaster.
  • The Times: Eric Daniels, the former chief executive of Lloyds Banking Group, and Truett Tate, former head of the wholesale banking division, are suing the bailed-out lender for hundreds of thousands of pounds in unpaid bonuses in a move that risks sparking public outrage.
  • The Daily Telegraph: British families are putting aside more money than was previously thought, indicating that the savings crisis may not be as acute as feared.
  • Financial Times: Chinese carmaker Great Wall has expressed interest in buying Fiat Chrysler Automobiles, an audacious ambition that would meet significant political and financial hurdles even if the Italian-American car giant agreed to negotiations.
  • Financial Times: The world’s biggest hedge fund manager Ray Dalio is turning more defensive on concerns the political drama in Washington will impair the US government’s ability to function and weigh on already-wobbly financial markets.

Business and economics

  • The Daily Telegraph: Britain is to keep all of Europe’s business standards after Brexit by applying to remain a full member of Europe’s three business standards agencies after March 2019, the head of the UK’s official standards agency has said.
  • The Daily Telegraph: Brevan Howard's billionaire co-founder Alan Howard has returned to London after seven years in Geneva, resurfacing in the City just as it fights to retain its crown as Europe's financial centre post-Brexit.
  • Financial Times: Herbalife shares surged higher on Monday after the nutrition drinks company announced that it would buy back $600 million of its stock, adding more pressure on Bill Ackman, the hedge fund manager who has been betting the shares will fall.
  • The Daily Telegraph: American payroll giant ADP has rejected an attempt by Bill Ackman's Pershing Square to add candidates to its board, saying the nominees - including Mr Ackman himself - would not be an improvement.
  • The Daily Telegraph: Political unrest in one of its biggest markets has meant that maiden results from cruise and cargo port operator Global Ports Holding proved a washout.
  • Financial Times: South Korea’s Samsung group has announced it is to start producing original prescription drugs, heralding its shift into a risky but potentially lucrative business area.
  • The Guardian: India’s main opposition party has called for a fresh, supreme court-monitored probe into allegations mining giant the Adani Group fraudulently siphoned nearly $235 million into overseas tax havens.
  • Financial Times: T Rowe Price has become the latest investment group to announce it will pay for external research from banks and brokerages itself in response to sweeping European reforms of the industry due in early 2018.
  • Daily Mail: Bank of England Governor Mark Carney is to skip a key summit of top central bankers in Jackson Hole this week, sending a potential successor in his stead.

Share tips, comment and bids

  • The Times (Tempus share tips): SELL Provident; BUY Balfour Beatty; BUY ITM Power.
  • Financial Times: Total has agreed to buy $7.45 billion of mature oil exploration and production assets from Danish conglomerate AP Moller-Maersk, boosting the French oil group’s presence in the North Sea and rebalancing its portfolio in geopolitically stable countries.
  • The Daily Telegraph: The Co-operative Group will slash its stake in Co-op Bank after shareholders approved a £700 million rescue of the lender.
  • Financial Times: Sempra Energy has gatecrashed Warren Buffett’s deal to buy Oncor, reaching an agreement worth $18.8 billion, including taking on more than $9 billion in debt, with the owner of the Texas utility.
  • The Daily Telegraph: Mayfair-based Silchester International Investors, which is a major backer of supermarket Morrisons and publisher Pearson, has taken a stake in the under-pressure bookmaker William Hill.
  • The Daily Telegraph: AstraZeneca has invested €25 million (£23 million) into gene messenger drug development, through a research tie-up with German biotech Ethris.
  • The Times: Shaftesbury has snapped up the long leaseholds on various properties on Berwick Street, for £38.5 million from PMB Holdings, the investment group that has been developing parts of the street, takes Shaftesbury’s control of Berwick Street’s frontages to 50%.
  • The Times: HC-One is poised to acquire about 120 homes from Bupa, possibly through a debt and equity deal amid unease about the implications for the group’s debt levels and with memories of Southern Cross’s collapse fresh in the memory.
  • The Times: BHP Billiton has put its US shale oil and gas business up for sale as it attempts to placate shareholder unease over its petroleum division.
  • Financial Times (Lex): AP Moller-Maersk: a drilling unit is next piece of ballast the Danish group will need to sling overboard.
  • Financial Times (Lex): Fiat Chrysler: Sergio Marchionne and family shareholders need to look for another way to unlock value.

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