HALIFAX, Nova Scotia (Reuters) – A Canadian naval officer who handed over secrets to Russia for more than four years, damaging Canada’s relations with the United States and other key allies, was jailed for 20 years on Friday.
Sub-Lt. Jeffrey Delisle had pleaded guilty to breach of trust and handing information to a foreign entity that could harm national interests. He was also fined $111,817 ($111,817), the sum he received from his Russian spymasters.
Zynga plans to sell an 11.1 percent stake in a scaled-back initial public offering that would value the Facebook game maker at as much as $9 billion on a fully diluted basis.
For US Airways, the merger-hungry fifth-largest U.S. airline, a bankrupt American Airlines may present an irresistible takeover target, but many in the aviation world think the headaches and hassles of consolidation are not worth the payoff of such a tie-up.
Blackstone Group and Bain Capital are preparing a bid for all of Yahoo with Asian partners in a deal that could value the Internet company at about $25 billion, a source familiar with the matter said.
“Yahoo’s directors are leaning toward selling a minority stake in the company to an investor group instead of selling the business outright, after a meeting of the company’s board on Wednesday, according to people briefed on the matter,” reports the NYT’s DealBook.
“A group of investors led by private- equity firm Silver Lake offered to buy a minority stake in Yahoo! Inc. for about $16.60 a share,” Bloomberg reports.
AT&T will struggle to find buyers for any asset sale big enough to salvage its $39 billion deal to buy T-Mobile USA, with most likely buyers Leap Wireless and MetroPCS Communications lacking the cash, writes Sinead Carew.
American Airlines and its parent company AMR Corp filed for bankruptcy after failing to win a labor deal with pilots and suffering from mounting fuel costs.
Thomas H. Lee Partners is interested in buying the U.S. operations of Yahoo, breaking away from other bidders that are for now eyeing either a minority stake or teaming up with the Internet giant’s partners in Asia, sources familiar with the matter said.
Mobile carrier KDDI Corp said it would sell up to $2.6 billion of convertible bonds and use the money to buy back its own shares from Tokyo Electric. Tokyo Electric is selling off assets under a restructuring plan to raise funds to compensate victims of the Fukushima crisis.
China is preparing to buy up plum assets in Europe, the commerce minister said, as the escalating debt crisis leaves countries in the region increasingly vulnerable to the deep pockets of Chinese firms.
AT&T said it would take a $4 billion charge in case its takeover of T-Mobile USA fails, a tacit recognition of the dwindling chances that the deal will get through U.S. regulators. If the deal collapses, Deutsche Telekom may be forced to sell assets closer to home and take a knife to its cost base, reports Victoria Howley and Georgina Prodhan.
Australia’s government approved SABMiller’s $11.2 billion deal to acquire Foster’s Group under foreign acquisitions laws, but imposed conditions requiring the company to keep brewing operations in Australia.
Former Olympus Corp CEO Michael Woodford said that Tokyo police were best able to get to the truth behind one of Japan’s biggest accounting scandals, as speculation mounts of possible links to organized crime.
AT&T was dealt a blow as the top U.S. communications regulator sought to have its planned $39 billion purchase of T-Mobile USA sent to an administrative law judge for review.
The Tokyo Stock Exchange will take over its smaller rival in Osaka in 2013 to create the world’s third-biggest bourse, aiming to build scale to cope with a weak home market and compete with a flurry of global tie-ups.
KKR and Japanese trading house Itochu Corp have joined forces in a roughly $7 billion bid for U.S. oil and gas group Samson Investment, in a rare link-up between a major private equity firm and a Japanese company.
Gilead Sciences struck a deal to buy Pharmasset for about $11 billion in a huge bet on hepatitis C treatments to diversify its portfolio.
Property and casualty insurer Alleghany said it would buy reinsurer Transatlantic Holdings for $3.4 billion in cash and stock, possibly putting an end to the months-long buyout battle for the reinsurer.