General Motors Co posted a $2 billion third-quarter profit on Wednesday, driven by an accelerating turnaround in North America as it rushes to complete an initial public offering of stock set for next week.
The quarterly profit was the largest for GM since it emerged from bankruptcy in July 2009 and provides the last piece of financial data for investors evaluating the automaker’s $13 billion IPO.
The Sanofi-Aventis hostile bid for Genzyme is likely an anomaly in the pharmaceutical M & A scene, according to Reuters’ Jessica Hall. “Barring Sanofi’s overture for Genzyme, few large-scale mergers above $20 billion are likely afterward,” writes Hall.
There have been $152.7 billion in healthcare deals so far this year, down from $203.4 billion in the same period last year, according to data from Thomson Reuters.
China should relax its protectionist policies toward foreign investment and allow British alcoholic beverage giant Diageo to pursue its $1.1 billion bid for producer Shui Jing Fang, says Reuters Breakingviews columnist Wei Gu. “Approving the deal would send a positive message about openness, which may win China friends at a time when it is under attack for its trade imbalances,” writes Gu.