Washington Mutual to Get $5 Billion (WSJ) Will the markets rally today, because WaMu is set to raise $5 billion? That would seem to be the pattern. The thrift, which apparently hasn't been so thrifty, will get a $5 billion cash infusion from PE firm TPG and other investors, reports WSJ. The investement would cause a massive dilution for WaMu shareholders, since their market cap is only $9 billion -- shares are off 74 percent in the last year. Of course, while they'd be diluted, they'd also have another $5 billion in cash on the books.
Novartis Buys Alcon Stake, Eyes Majority (AP) Swiss drug firm Novartis plans to buy its countrymate's stake in US eyecare firm Alcon for a cool $39 billion. First Novartis will just by a 25 percent stake, with an eye towards acquiring another 52 percent down the road. Those Swiss: pretty soon they're going to own the whole damn country.
Yahoo!'s Board of Directors Responds to Latest Microsoft Letter Microsoft sent a threatening letter to Yahoo's board on Saturday, saying that if Yahoo didn't start talking, it'd go hostile. Yahoo has responded, basically saying "no". Seriously, that's about it.
Buffett Pressed To Dump Chief Of General Re (WSJ) Berkshire Hathaway's re-insurance arm, General Re, continues to be a thorn. After four top execs were found guilty of some sort of fraud, Warren Buffett is being pressured by the Feds to dump the unit's CEO, Joseph P. Brandon. But basically, at this point, nobody has really accused of Brandon of doing anything wrong. It mainly looks like guilt by association, and rather than take matters into its own hands, prosecutors would rather have Buffett do their job for 'em.
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