The music industry may have a bit of life left in it after all. At least that’s the impression one is left with this week after Citigroup scored a better-than-expected $4.1 billion from two deals that mark the end of a months-long auction to sell off the parts of 114-year-old British music company EMI Group.
A examination of a cross-section of 122 Chinese reverse mergers on U.S. markets found that between each stock’s peak trading price and July 10, 2011, those companies saw a total of $18 billion of their market capitalization vanish. Reuters is exploring the extent and impact of corporate secrecy in the United States in a series of articles.
For a self-described nerdy accountant who shuns attention, Express Scripts chief George Paz just thrust himself into the limelight, reports Lewis Krauskopf. The company’s planned buy of Medco Health Solutions met with swift opposition from consumer advocates and drug stores, signaling the beginning of what could be an ugly fight for antitrust approval.
News and views on the asset management industry from Reuters and elsewhere:
Cars dominate headlines again, with a GM bankruptcy looming and Chrysler CEO Nardelli saying he expects a deal with Fiat on Friday. In other news, Chartered Semiconductor denies a newspaper report that Advance Technology Investment has bid for Temasek’s majority stake in the firm. For today’s headlines, click here.