– Johnson & Johnson will urge a judge on Monday to disqualify certain votes in favor of a reorganization plan proposed by its former talc supplier, saying the votes were improperly changed in an attempt to secure necessary creditor support for the deal. The dispute is the latest between the pharmaceutical giant and Imerys Talc America, which filed for bankruptcy in February 2019 to deal with about 15,000 lawsuits alleging its products caused ovarian cancer…"Johnson & Johnson gears up for showdown over reorg votes with ex-talc supplier"
– French businessman Gerard Sillam and French lawyer Aldric Saulnier have sued the shareholder firm Labaton Sucharow in federal court in Manhattan for allegedly defrauding them out of fees they earned for introducing Labaton partners to billion-dollar European money management firms that Labaton was eager to represent in shareholder class actions. The Sillam and Saulnier complaint claims that between 2006 and 2009, Sillam helped Labaton secure client relationships with, among other funds, AGF Asset Management,…"Former Labaton consultant’s suit details firm’s big-money recruiting of Euro clients"
MADRID – Naturgy said on Friday its main shareholders will not tender their shares, although its board considers the 4.9 billion euros ($5.76 billion) bid from the Australian fund IFM to acquire a 22.69% stake in the Spanish energy group to be reasonable. The bid is subject to securing at least 17% in the Spanish energy group, although IFM said in its prospectus filed last week it could decide to lower the minimum threshold to…"Naturgy’s main shareholders not selling, although IFM bid is “reasonable” board says"
FRANKFURT – Daimler AG’s truck business, the world’s largest, has seen the supply of crucial chips tighten further in recent weeks, the division’s chief executive said in a Frankfurter Allgemeine Sonntagszeitung report. “Since the summer months the situation has intensified again,” Martin Daum told the weekly newspaper, adding this had affected production in Germany and the United States. Excerpts of the interview were made available on Friday, ahead of its publication on Sunday. Daum said…"Daimler Truck boss says chip supply has tightened further"
MILAN -Italian energy group Eni is working with JP Morgan to sell a minority stake in its power generation unit Enipower to help it fund its shift to a low-carbon business, sources said. Non-binding bids are expected in two to three weeks, one of the sources said, adding the group was looking to sell a stake of around 40%. The second source said infrastructure and investment funds had expressed an interest in the deal but…"Eni working with JP Morgan to sell minority stake in power unit – sources"
-Royal Bank of Canada on Friday appointed two women, already in senior roles at the country’s largest lender, to its executive team, joining other banks at home and globally that are increasing diversity in their top ranks. Investor relations head Nadine Ahn will become Royal Bank’s new finance chief starting Nov. 1, taking over from Rod Bolger, who will leave after a decade-long stint at the lender, RBC said in a statement. General Counsel Maria…"Royal Bank of Canada names Nadine Ahn CFO, Maria Douvas chief legal officer"
JOHANNESBURG – A consortium led by South African investment company Brait Plc has revived plans to exit glass bottle maker Consol Glass, two sources said, possibly via an initial public offering (IPO) three years after a previous failed attempt. The private equity investors took Consol, which describes itself as sub-Saharan Africa’s largest glass manufacturer, private in 2007 for 6.1 billion rand, worth around $1 bln at the time. They pulled the planned 2018 listing in…"Exclusive-Investors launch fresh attempt to exit S.African bottle maker Consol – sources"
SIENA, Italy – Italy’s government expects to find a solution to help ailing bailed-out lender Monte dei Paschi di Siena in “fairly rapid” time, Industry Minister Giancarlo Giorgetti said on the sidelines of an event in Siena. UniCredit, Italy’s second-largest bank, in July entered into exclusive talks with the Treasury to evaluate buying “selected parts” of Monte dei Paschi (MPS), which is 64% owned by the state following a 2017 bailout. Asked about alternatives for…"Italy govt sees “fairly rapid” solution for Monte dei Paschi – industry minister"
LONDON – British clothing retailer Next has struck a deal with Gap Inc, to run the Gap brand’s business in the UK and Ireland as a franchise partner. The deal will allow the U.S. firm to retain a presence in the UK and Ireland having closed its shops in those markets earlier this year. Shares in Next were up 1% at 0842 GMT. Under the plan the two groups will form a joint venture to…"Next to operate Gap brand in Britain"
LONDON -JPMorgan is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase. The venture – JPMorgan’s first overseas retail bank – is set to launch its smartphone app initially offering current accounts on Tuesday, a JPMorgan spokesperson confirmed. Sanoke Viswanathan, head of the online venture, told the Times and Financial Times newspapers on Friday the bank planned…"JPMorgan to launch digital bank Chase in Britain next week"