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Tuesday Papers:Ackman in bid for Botox maker Allergan

by Himanshu Singh on Apr 22, 2014 at 04:32

Tuesday Papers:Ackman in bid for Botox maker Allergan

Top stories

  • Financial Times: Bill Ackman and Valeant Pharmaceuticals have teamed up to launch a bid worth more than $50 billion for Allergan, the maker of Botox, in a watershed moment in the relationship between activist investors and big business.
  • The Daily Telegraph: Goldman Sachs and Morgan Stanley are understood to have been hired by AstraZeneca amid speculation the drug maker could receive a new approach from Pfizer.
  • Financial Times: Energy companies are to be given the freedom to “frack” for shale gas under private land in a move that is set to provoke a backlash from environmentalists, residents and some MPs.
  • Financial Times: The European car industry is lobbying to delay the introduction of a tough new emissions testing regime designed to combat fears that carmakers are gaming the system to boost their efficiency ratings.
  • Financial Times: The Bank of England is this year helping to oversee an unprecedented programme of “ethical hacking” as part of a broader assessment of the resilience of the computer systems of more than 20 major banks and other financial players in the UK.
  • The Guardian: Barclays is to announce on Tuesday that it is pulling out of commodities trading as its boss Antony Jenkins attempts to focus the investment banking arm on its most profitable and least controversial areas.
  • The Guardian: Three of Scotland's leading universities have quit the CBI employers' federation in protest at its decision to register as a formal anti-independence campaign for September's referendum.
  • The Daily Telegraph: The recovery 'could let Osborne cut tax by £7 billion’ before election, according to the Centre for Economics and Business Research.

Business and economics

  • Financial Times: Anglo American is preparing the ground for an exit from part of its South African platinum business, in what would be one of the miner’s most decisive shifts away from troublesome assets since Mark Cutifani became chief executive last year.
  • Financial Times: Nike is considering pulling its FuelBand device out of the competition ahead of Apple’s entry later this year.
  • Financial Times: Strong demand from global investors for the bonds of former crisis-hit eurozone economies has pushed foreign ownership of Spanish government debt back almost to the peak level reached three years ago.
  • Financial Times: Netflix has traded barbs with Comcast over the cable company’s $40 billion takeover of Time Warner Cable in a sign of potential hurdles in the path of a deal that faces scrutiny from antitrust authorities.
  • Financial Times: Italy’s two biggest banks are teaming up with a US private equity house and a restructuring adviser to pool some of their bad loans into a vehicle that will provide fresh capital for the struggling companies.
  • Financial Times: Leading UK energy-intensive industries are set to miss out on tens of millions of pounds from a government scheme to compensate them for the impact of green taxes because of an EU state aid ruling.
  • Financial Times: Leading UK energy-intensive industries are set to miss out on tens of millions of pounds from a government scheme to compensate them for the impact of green taxes because of an EU state aid ruling.
  • Financial Times: Fresh evidence of the UK’s accelerating recovery propelled the pound to a five-year high against the dollar last week – just as Burberry became the latest in a string of companies to warn that the exchange rate would hit 2014 profits.
  • Financial Times: Consumers are beginning to spend on non-essential items again as confidence in the UK’s economic recovery strengthens.
  • Financial Times: Broadcasters ABC, CBS, NBC and Fox, among others, are suing to shut down Aereo, that allows subscribers to stream free-to-air broadcast television to smartphones, tablets, laptops and web-connected televisions.
  • Financial Times: Britain’s biggest listed property companies are selling riskier assets and consolidating their borrowings amid rapidly rising property prices and enthusiastic demand from mainly overseas investors.
  • Financial Times: Pfizer approach to AstraZeneca has prompted intense debate over whether UK takeover rules left British companies too open to foreign takeover.
  • Financial Times: A revival of interest among privately held companies in becoming publicly quoted is pushing up the cost of listing on Aim, London’s junior stock market.
  • The Guardian: Retailers suffered a drop in shopper numbers over the crucial Easter weekend, according to figures that deal a blow to hopes of a bounceback this month after a tough March.
  • The Daily Telegraph: Tech staffs have taken Silicon Valley giants to court over alleged pacts to limit pay with lawsuits claiming companies colluded in 'no poach' deals to suppress salaries.
  • The Daily Telegraph: Legal experts warn recent developments regarding GSK scandals will have drawn more scrutiny from the Serious Fraud Office.
  • The Daily Telegraph: Profits of the motor racing series, Formula One, controlled by private equity firm CVC fell by $137 million (£82 million) last year, driven by accelerating payments under a new deal with the sport's 11 teams.
  • The Independent: Ford Motor Co. chief executive Alan Mulally is expected to announce his retirement from the company before the end of 2014 and be succeeded by the carmaker’s chief operating officer Mark Fields.
  • Daily Mail: BP refused to pay £88 million to the US government last year for studies into the effect of its 2010 Gulf of Mexico oil spill on dolphins, oysters and shrimp.
  • Daily Mail: Consumers are going to see their spending power boosted by around 1.5% this year thanks to wage growth and lower inflation, an economic think tank predicts.

Share tips, comment and bids

  • Financial Times: Microsoft has confirmed the acquisition of Nokia’s handset business will complete on Friday although the US technology group also revealed a few changes to the original terms of the €5.4 billion deal agreed last year.
  • Daily Express: Bioventix, a specialist developer of antibodies used in ­disease diagnosis and drug testing, is moving from ISDX to the Aim market.
  • Financial Times (Lex): Arm Holdings: chip designer looks to power network equipment.
  • Financial Times (Lex): Pfizer / AstraZeneca: commitment to diverse R&D clashes with cost savings objective.
  • Financial Times (Lex): ADP: payroll processing group knows which credit ratings matter.
  • Financial Times (Lex): Cement makers: case for letting Lafarge and Holcim merge is already at risk.
  • Financial Times (Lex): Carmakers: a tricky play on environmental regulation.

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