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JCI looks to private equity to sell auto electronics unit: sources
By Soyoung Kim and Deepa Seetharaman NEW YORK/DETROIT (Reuters) - Johnson Controls Inc is speaking to private equity firms about selling its roughly $1 billion automotive electronics unit, after buyout interest from many rival auto parts suppliers faltered, according to several people familiar with the matter. The unit's performance was weaker than industry bidders had expected, disappointing some interested parties and prompting Johnson Controls to reach out to a broader group of buyers, the people said. ...
Starboard's battle with Smithfield over China-deal adds to activist image
By Nadia Damouni and Olivia Oran NEW YORK (Reuters) - Since Starboard Value LP was spun off as a separate hedge fund just over two years ago it has been fast gaining a reputation for aggressive shareholder activism, pushing for change in household names including AOL and Office Depot Inc . Initially investing in small cap value companies, Starboard quickly gained a reputation in Silicon Valley as a corporate raider, targeting mostly technology companies including Agilysys Inc , Openwave Systems and Extreme Networks Inc among several others. ...
JCI looks to private equity to sell auto electronics unit: sources
By Soyoung Kim and Deepa Seetharaman NEW YORK/DETROIT (Reuters) - Johnson Controls Inc is speaking to private equity firms about selling its roughly $1 billion automotive electronics unit, after buyout interest from several rival auto parts suppliers faltered, according to several people familiar with the matter. The unit's performance was weaker than industry bidders had expected, disappointing some interested parties and prompting Johnson Controls to reach out to a broader group of buyers, the people said. ...
Kabel Deutschland confirms preliminary offer from Liberty Global
(Reuters) - Kabel Deutschland - Germany's biggest cable operator - confirmed on Monday that they have received a preliminary approach from U.S. media group Liberty Global Plc after a British newspaper reported that the company had put forward a 7.5-billion-euro bid for the company. Kabel Deutschland did not provide any details of the proposal. A spokesman for Liberty Global confirmed that the company had made a preliminary approach but declined to comment further. ...
Chesapeake hires former SEC lawyer as compliance officer
HOUSTON (Reuters) - Chesapeake Energy Corp on Monday named as chief compliance officer a lawyer the oil and gas company had previously hired to respond to an investigation by the Securities and Exchange Commission. Patrick Craine, a partner with the law firm Bracewell & Giuliani and former attorney in the SEC's Fort Worth, Texas, office, was hired to augment the company's regulatory and legal compliance efforts, Chesapeake's new chief executive officer, Doug Lawler, said in a statement. ...
Tim Hortons faces pressure from another activist investor
TORONTO (Reuters) - Restaurant chain Tim Hortons Inc , which recently outlined plans to address the concerns of activist investor Highfields Capital, now faces pressure from another activist investor. Scout Capital Management, a U.S. hedge fund, disclosed on Monday that it has raised its stake in the Canadian chain. The fund now owns 5.5 percent of Tim Hortons' stock, up from about 1.5 percent, as of the end of March. ...
Embraer launches next E-Jets to strong demand, SkyWest orders up to $9.4 billion
By Brad Haynes PARIS (Reuters) - Brazilian planemaker Embraer SA launched a bigger and more efficient lineup of commercial E-Jets at the Paris Airshow, with a robust show of demand as it pushed deeper into a segment that rival Bombardier had staked out with its new narrow-body CSeries. The world's largest regional airline group, SkyWest , signed an order for 100 upgraded E-175s and options for 100 more -- worth a combined $9.36 billion at list price -- confirming a Reuters report earlier on Monday as the Brazilians gained momentum in a long-running regional jet duel. ...
EU, U.S. leaders launch free-trade talks
By William Schomberg and Roberta Rampton ENNISKILLEN, Northern Ireland (Reuters) - The United States and the European Union launched negotiations for the world's most ambitious free-trade deal on Monday, promising thousands of new jobs and accelerated growth on both sides of the Atlantic. Trade between Europe and the United States is worth almost $3 billion a day and a pact could boost both the EU and U.S. economies by more than $100 billion a year each - an attractive prospect after the devastating impact of Europe's debt crisis. ...
Detroit default, plan, break ground in muni market: Moody's
(Reuters) - Detroit's default and debt-restructuring plan are precedent-setting in the U.S. municipal market, Moody's Investors Service said on Monday, because the city is looking to bondholders, as well as labor unions and pensioners, to share the pain. The city on Friday defaulted on a $39.7 million payment on certificates of participation and presented a plan to restructure its finances. "The restructuring plan is unconventional and precedent-setting in the municipal market. ...
Exclusive: EU to approve ICE's $8.2 billion NYSE buy without conditions - sources
By Foo Yun Chee BRUSSELS (Reuters) - IntercontinentalExchange (ICE) is set to win unconditional EU approval for its $8.2 billion bid for NYSE Euronext after antitrust regulators found no competition concerns, two people familiar with the matter said on Monday. The deal will give ICE control of Liffe, Europe's second-largest derivatives market, and boost its presence in the interest rate futures business. "The deal is expected to be approved by the European Commission without any conditions," said one of the people, who declined to be identified because of the sensitivity of the matter. ...
June home builder sentiment index above 50, first time in seven years
NEW YORK (Reuters) - Homebuilder sentiment jumped in June, rising above a key milestone for the first time since the start of the housing crisis in a vote of confidence for the sector's recovery, data from the National Association of Home Builders showed on Monday. The NAHB/Wells Fargo Housing Market index surged to 52 from 44 in May, handily topping forecasts for 45. Readings above 50 mean more builders view market conditions as favorable than poor. It was the first time the index has been above that dividing line since April 2006 and was its highest level since March of the same year. ...
Stock futures jump after weekly loss, Fed eyed
By Rodrigo Campos NEW YORK (Reuters) - Stock futures rose on Monday after major equity indexes on Friday closed their third negative week in four, with traders focused on this week's Federal Reserve policy meeting. While consensus is building among policy-makers that the time is nearing for the U.S. central bank to scale down its quantitative easing, or $85 billion-a-month asset purchase program, divisions remain over when to start the tapering. ...
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