MILAN Italian bank Monte dei Paschi di Siena has secured underwriters to back a turnaround plan involving the sale of 9.2 billion euros ($10.3 billion) in bad loans and a 5 billion euros capital increase, the lender said in a statement on Friday. The country’s... More »
LONDON Japan’s SoftBank Group Corp (9984.T) has agreed to buy British chip designer ARM Holdings (ARM.L) for 24.3 billion pounds ($32 billion), in a deal that will retain the company’s management and grow its workforce. Arm, Britain’s preeminent technology com... More »
FRANKFURT The European Central Bank would publicly pledge to backstop financial markets in tandem with the Bank of England should Britain vote to leave the European Union, officials with knowledge of the matter told Reuters. The preparations illustrate the hei... More »
FRANKFURT Central banks around the globe are preparing financial backstops to mitigate market turmoil in case Britons vote next week to leave the European Union, hoping to buffer the real economy from any short-term impact. Operating with so-called swap lines,... More »
TRENTO, Italy Excessive capital requirements can backfire, Italy’s economy minister said on Saturday, defending a joint French-Italian proposal to cap the amount of reserves that euro zone banks should have to wipe out before they can be rescued. Rules in forc... More »
DHAHRAN Saudi Aramco is in the final stages of preparing options for its initial public offer of shares before presenting the options soon to its Supreme Council for consideration, chief executive Amin Nasser said on Tuesday. Aramco has a huge team working on ... More »
The lackluster market debut of SecureWorks Corp, the cyber unit of Dell Inc, failed to rally the battered technology U.S. IPO market on Friday, a reminder that Wall Street does not welcome cash-burning companies without profits. “I don’t think it encourages an... More »
LONDON Investors withdrew $7.3 billion from stocks in the week to April 20, the largest outflows in nine weeks, while continuing to shovel money into corporate and emerging market debt, Bank of America Merrill Lynch (BAML) (BAC.N) said on Friday. The equity re... More »
CHICAGO Bonds valued at up to $1.5 billion would be issued under Mayor Rahm Emanuel’s proposal to bring a museum, proposed by “Star Wars” filmmaker George Lucas, to Chicago, the city said on Monday. The museum will feature Lucas’ collection of paintings, illus... More »
An obscure corner of the U.S. IPO market is getting a new lease on life as more Wall Street banks and institutional investors turn to blank-check acquisition vehicles, once the domain of only a few underwriters and hedge funds, for better fortunes. These speci... More »
BOSTON An influential group representing top U.S. pension funds on Wednesday urged companies that go public to stop using a maneuver that gives insiders extra control and makes other investors second-class corporate citizens. Members of the Council of Institut... More »
The Financial Industry Regulatory Authority’s board of governors has approved a plan that would require brokerage firms to disclose how much they mark up the price of most bonds they sell to retail customers, the Wall Street watchdog said on Friday. FINRA’s co... More »
SINGAPORE Goldman Sachs’ (GS.N) senior investment banker and chairman of its Southeast Asia business Tim Leissner has left the bank, a spokesman said. Leissner helped arrange the sale of U.S. dollar bonds for Malaysian state investor 1Malaysia Development Bhd ... More »
HONG KONG Credit conditions for Asia-Pacific borrowers could become less favorable in the coming years, raising refinancing risk as weak commodities and slow growth take their toll against the backdrop of a strong dollar, rating agency Standard & Poor’s warned... More »
TOKYO The Japanese government fund may reduce its stake in Tokyo Electric Power Co to below 50 percent in 2017 if the company achieves its goals including its first bond issuance in six years, the company’s president said. Tepco was saved from bankruptcy by th... More »
NEW YORK BlackRock Inc said on Friday it will change the benchmarks on four iShares Treasury exchange-traded funds (ETFs) from Barclays’ Treasury bond indexes to ICE’s Treasury bond indexes, effective on or after March 31. The four iShares ETFs affected by the... More »
LONDON Drugmaker Shire Plc clinched its six-month pursuit of Baxalta International Inc on Monday by agreeing a $32 billion cash and stock offer that will make it one of the world’s leading rare disease specialists. The London-listed group, which first approach... More »
Dell Inc’s cybersecurity unit SecureWorks Corp filed for an initial public offering with U.S. regulators on Thursday. SecureWorks named Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs & Co and JPMorgan among the underwriters to the IPO, according ... More »
SEOUL The heir apparent of Samsung Group will buy up to 300 billion won worth of shares to be sold by affiliate Samsung Engineering Co Ltd should existing shareholders not fully take up the firm’s 1.2 trillion won rights issue, Samsung Group said on Monday. In... More »
LONDON/NEW YORK/FRANKFURT Investment bank Lazard is working with Sanofi’s management to prepare a sale or listing of its Merial animal health unit, aiming to land the leading advisory job for the deal, which could value the business at up 12 billion euros ($12... More »
NEW YORK Executives of consumer-products giant Procter & Gamble Co (PG.N), the maker of Tide detergent and other household goods, should consider breaking up the company to improve its beleaguered performance, Barron’s financial newspaper said. The “radical ac... More »
SAN FRANCISCOMobile payments company Square Inc set a price range on Friday for its highly anticipated initial public offering that values the company at up to $4.2 billion, a 30 percent discount to its valuation at its last fundraising round. San Francisco-ba... More »
NEW YORKWells Fargo & Co will likely need to issue an additional $20 billion to $40 billion of long-term debt to comply with new rules designed to help banks better weather a crisis, Chief Financial Officer John Shrewsberry said on Friday. The debt issuance wo... More »
NEW YORK High-yield energy bonds are on track for their worst year since the global financial crisis yet some funds are holding on, convinced that markets underestimate the ability of many oil companies to ride out the crude price slump. Some money managers su... More »
Dell Inc is planning to use equity in cloud software company VMware Inc (VMW.N) to help pay for its acquisition of EMC Corp (EMC.N) in a deal valuing the data storage company at more than $55 billion, according to people familiar with the matter. While the bul... More »
ZURICH Swiss bank Credit Suisse plans to tap investors for a “substantial” capital raising to fund a restructuring of the bank under new Chief Executive Tidjane Thiam, the Financial Times said on Thursday. Since taking charge of Credit Suisse in July, Thiam ha... More »
NEW YORK U.S. fund managers, hoping that a bit of Hollywood magic goes a long way in China, have been rushing to invest in IMAX Corp, best known for enormous movie screens. Prospects for growth in China, alongside upcoming releases of expected blockbusters tha... More »
Google Inc has morphed into Alphabet Inc. After U.S. markets closed on Friday, Alphabet replaced Google as the publicly traded company that will house Google’s search and Web advertising businesses, maps, YouTube and its “moonshot” ventures such as driverless ... More »
TORONTO Royal Bank of Canada led a rise in the value of Canadian equity issues for the first nine months of 2015, overcoming a slowdown in the third quarter due to increased choppiness in equity markets. Equity financings rose to C$36 billion ($27.23 billion) ... More »
SAN FRANCISCO The much anticipated initial public offering from Silicon Valley payments company Square could take a price hit if its chief executive, Jack Dorsey, takes a second and possibly more demanding job: running Twitter. A distracted CEO juggling two co... More »
JPMorgan Chase & Co is set to pay almost a third of a $1.86 billion settlement to resolve claims that a dozen big banks conspired to limit competition in the credit-default swaps market, Bloomberg reported. JPMorgan is paying $595 million, Bloomberg said, citi... More »
NEW YORK U.S. pensions may add $21 billion to $26 billion in stocks and sell $19 billion to $24 billion in bonds in the third quarter as they seek to rebalance their portfolios as the stock market has fared poorly in the quarter, according to UBS analysts. Wit... More »
PARIS Altice NV (ATCA.AS), one of the most acquisitive European telecoms groups, made a major move into the U.S. market on Thursday with a deal to buy fourth-largest operator Cablevision Systems Corp (CVC.N) for $17.7 billion including debt. Altice founder Pat... More »
CERNOBBIO, Italy A common euro zone budget should initially be funded through joint debt issuance and taxpayers’ money should only be used at a later stage, French Economy Minister Emmanuel Macron said on Saturday. France wants the euro zone to have its own jo... More »
NEW YORK Growing pension obligations at Precision Castparts Corp (PCP.N), which Berkshire Hathaway has agreed to buy for $32 billion, highlight an issue that large U.S. corporations still face, almost a decade into a low-interest rate environment. Berkshire’s ... More »
Media company Twenty-First Century Fox Inc (FOXA.O) on Wednesday reduced its profit expectation for the coming year, citing foreign currency impacts, the timing of film releases, and sports and digital investments in India. Fox had projected earnings in the mi... More »
TOKYO Sony Corp said it plans to raise up to 440 billion yen ($3.6 billion) by issuing new shares and convertible bonds to invest in its fast-growing image sensors business. Sony said it expects to raise 321 billion yen from a public offering and 119 billion f... More »
NEW YORK Jeffrey Gundlach, a widely followed investor who oversees DoubleLine Capital, said in an interview on Monday his firm had purchased “lots of Treasuries and Ginnie Maes” on Friday, ahead of new developments in the Greek and Puerto Rico crises. The U.S.... More »
Pedestrians walk past the NASDAQ MarketSite in New York’s Times Square in this June 4, 2012 file photo. REUTERS/Eric Thayer/Files Private equity firm KKR & Co LP (KKR.N) plans to allow investors to sell parts of their stake in buyout funds through a new privat... More »
Square Inc has been in talks with several rivals for a possible sale as the mobile payments startup looks to stem widening losses and dwindling cash, the Wall Street Journal reported, citing people familiar with the matter. More »