Feb 11 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.
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For years Indian businesses have lobbied for a nationwide sales tax, hoping to replace a chaotic structure that inflates costs and halts their trucks at state borders for duty payments, and to unify the country into one of the world's largest single markets. But after political compromises that finally got a goods and services tax (GST) bill before parliament, they have turned wary. Full Article