News Corp will withdraw its bid for British broadcaster BSkyB, the company said. Breakingviews columnist Chris Hughes writes James Murdoch should stage his own tactical retreat and resign from News Corporation.
General Motors’ momentous return to the stock market last week was helped in part by the automaker’s own executives. Several top managers at the top U.S. automaker acquired shares in the IPO and some added to their stakes afterward, led by Chief Executive Dan Akerson and Chairman Ed Whitacre.
Apparel company Phillips-Van Heusen agreed to buy fashion brand Tommy Hilfiger from London-based Apax Partners in a cash and stock deal for about $3 billion to boost its presence in Europe and Asia. It expects to use $3.05 billion debt, $385 million cash at hand, $200 million perpetual convertible preferred stock and $200 million from a common stock offering to finance the deal and refinance certain other debt.