ConocoPhillips, the third-largest U.S. oil company, said it might double its planned sale of less-desirable assets to $20 billion, with proceeds going to buy back stock.
Check out federal regulator’s warning to green tea sellers.
The U.S. Food and Drug Administration issued warning letters to Dr Pepper Snapple Group and Unilever over their use of health claims to sell green tea products.
Australia’s competition watchdog blocked National Australia Bank’s $13 billion agreed deal for wealth manager Axa Asia Pacific Holdings, opening the door for rival bidder AMP to make a comeback. Australia’s competition regulator defied expectations it would give conditional approval for a deal, instead issuing a flat rejection on the grounds a tie-up would hurt competition for retail investors.
More big consumer brands are being dealt across the Atlantic. With Kraft’s bid for Cadbury churning, consumer goods giant Unilever plans to pay 1.275 billion euros ($1.87 billion) for a chunk of Sara Lee’s personal care brands, helping the cake maker sheds non-core businesses to focus on food. Sara Lee shareholders are sweet on the deal – bidding the stock up more than 9 percent in early trade. In a space reserved for winners and losers, this deal looks like it has natural benefits for both parties.
Europe-based Unilever, one of the world’s largest consumer products companies, said on Monday that it has inked an exclusive licensing deal with Asian-themed restaurant chain P.F. Chang’s China Bistro to come up with a line of frozen entrees.
Kohlberg Kravis Roberts‘s plan to IPO is nothing new – the company filed its paperwork to do so a year ago. So why should the storied firm of private equity titan Henry Kravis (pictured) choose now to tap this battered market? Problems at its Amsterdam-listed fund are also hardly new. Shares of the fund, set to be exchanged for new NYSE-listed KKR shares as part of the offering, jumped 27 percent during morning trade. They had fallen about 30 percent since the beginning of May, and had lost more than half their value since late February last year as the credit crisis bit. It’s hard to see the deal framed as a statement of confidence that IPO investors are going to step up to the bar, given all the grim news swirling capital markets. What else might be prompting this move? Carlyle Capital Corp, an affiliate of U.S.-based buyout firm Carlyle Group and mainly invested in mortgage-backed assets, went bankrupt in March and liquidated its assets as it could not meet margin calls from its lenders. KPE said in March it had no exposure to residential real estate loans, but its net asset value dropped 3.4 percent in the second quarter amid investment losses and foreign currency transactions after a 5.4 percent drop in net assets from operations in the first quarter.