Nokia’s plunging share price and persistent speculation it might be a takeover target is far from attracting real suitors interested in saving the struggling mobile phone company, write Victoria Howley and Tarmo Virki.
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.
General Motors prepared for a dramatic return to the stock market with what is set to become the world’s largest initial public offering, less than a year and a half after emerging from bankruptcy. “I think it shows that investors think that the worst is over and I agree,” said Morningstar analyst David Whiston about the oversubscribed IPO.
General Motors raised the common stock portion of its initial public offering by 31 percent, putting the deal on track to raise as much as $22.7 billion. For details on GM’s IPO click here. The NYT reports the IPO does not mark the end of the bailout era and the WSJ takes a look at the numbers behind GM’s valuation.
General Motors has increased the preferred stock on offer by 25 percent and raised the price for common stock in its landmark IPO, bringing the U.S. government closer to break-even on a still-controversial bailout of the automaker. NYT’s Andrew Ross Sorkin looks into who should get the credit for GM’s IPO and Dow Jones Newswires cautions investors with a look back to Blackstone’s IPO.
BHP Billiton’s boss is likely to face calls next week for a massive share buyback when he faces shareholders in Australia after his third straight failure to pull off a major acquisition.
Australia’s farm sector would have too much of an advantage if BHP Billiton was allowed to buy Potash Corp, argued Canada’s farm minister. While Canada’s decision to block the deal stunned many, most Potash Corp investors seem unperturbed, eying its long-term growth prospects.
Top Chinese automaker SAIC Motor Corp is close to making a decision on whether to buy a stake in its long-time partner General Motors, sources told Reuters. The WSJ reports General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years. *View WSJ’s timeline on GM