RPT-Market Chatter-Corporate finance press digest
Feb 11 (Reuters) - The following corporate finance-related stories were reported by media on Monday:
* Barclays will target at least 2 billion pounds ($3.17 billion) in savings from its 20 billion pounds annual cost base when it announces a strategic overhaul on Tuesday, the Financial Times reported, adding that the overhaul includes cutting about 2,000 investment bank jobs and shuttering some operations in parts of Europe.
* The U.S. Treasury, under pressure to quickly wind down its crisis-era bailouts, believes it cannot rush the sale of auto lender Ally Financial because the company's mortgage lending unit is in a messy bankruptcy, a person familiar with the matter told Reuters.
* US Airways Group Inc and AMR Corp are nearing an $11 billion merger that would create the world's largest airline and could announce a deal within a week, after resolving key differences on valuation and management structure, people familiar with the matter said.
* Three of Dell Inc's largest investors joined Southeastern Asset Management on Friday in objecting to a $24.4 billion buyout of the No. 3 PC maker led by Chief Executive Michael Dell, sources said, as opposition grows to the largest buyout since the start of the financial crisis.
* Montagu Private Equity has sold the ghd hair styling brand to Lion Capital, with two sources close to the deal putting the purchase price at nearly 300 million pounds.
* Credit Suisse's top investment banker for Qatar has resigned, three banking sources said, in a move that comes as the Swiss bank tries to bolster operations in the Gulf state, home to its second-largest shareholder.
* CIT Group Inc had preliminary talks over the past year and a half to sell itself to banks, including Toronto-Dominion Bank and Wells Fargo & Co, but nothing came of the conversations, according to three people familiar with the speciality finance company.
* Bidders competing for ThyssenKrupp AG's loss-making U.S. and Brazilian steel mills are teaming up in an effort to make the investment more digestible, according to people familiar with the transaction.
* Royal Bank of Scotland will pay Chief Executive Stephen Hester a 780,000 pounds bonus deferred from three years ago while other executives see pay clawed back in the wake of the Libor rate rigging scandal, the Sunday Times newspaper said.
- Tweet this
- Share this
- Digg this
- Actress Jennifer Lawrence contacts authorities after nude photos hacked
- NATO to create new "spearhead" force to respond to crises
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- EU seeks rivals' feedback on Facebook, WhatsApp deal
- "We told you so" - Baltic jitters grow over former ruler Russia
The Nifty surged past the psychologically important 8,000 level for the first time on Monday as blue-chips such as ICICI Bank gained after better-than-expected quarterly economic growth data. Full Article
Government urges Supreme Court to not cancel some 'illegal' coal mines Full Article