M & A wrap: Lehman plan offers 20 cents on the dollar

August 30, 2011

Lehman Brothers Holdings Inc. will ask a bankruptcy judge to let creditors vote on its $65 billion payout plan, a key step toward ending the biggest bankruptcy in U.S. history.

Hong Kong-listed shares of China Construction Bank rose more than four percent after Bank of America said it will sell about half of its stake in the Chinese lender, providing relief to investors by removing uncertainty surrounding the stake.

Facing limited domestic growth options because of their inability to merge, Canadian banks are finding opportunity to build domestic market share in the troubles of capital-challenged European and U.S. banks.

Andrew Ross Sorkin looks into the mystery of Steve Jobs’s philanthropy.

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