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The (early) Lunch Wrap |
Posted 2013-11-11 10:51:00 by Dan McCrum Good morning New York, FT ALPHAVILLE With the stock market seemingly unsure of whether more jobs are good or bad, Dan has a look at some technical indicators that a correction might arrive, and the recent switch from buy-backs to new stock issuance. NEWS RSA, the UK's largest non-life insurer, said that it had suspended three top executives at its Irish operations, prompting the biggest fall in its share price for nine years. The company has hired PWC to report on oversight and controls at the unit by year end ( Bloomberg). London listed Shire Pharmaceuticals will pay $4.2bn to acquire ViroPharma, a specialist in developing treatments for rare diseases. The US group, expected to report sales of less than $500m this year, had been the target of interest from several pharma companies ( Reuters , Bloomberg). Novartis is to sell its blood transfusion test unit to Grifols for $1.7bn, as new chairman Joerg Reinhardt conducts a wider review of the Swiss pharmaceutical firms operations. The sale comes ahead of a November 22 investor day where the group will give more detail on plans to allocate capital to its three core businesses, pharmaceuticals, eyecare and generic drugs ( Reuters , Wall Street Journal). The foundation that blocked a recent $10bn deal to sell Dutch Telecom group KPN to Carlos Slim's America Movil said on Monday that it plans to redeem shares it acquired in the manouver. However the Foundation Preference Shares B KPN, said that it remains entitled to exercise the option to dilute existing shareholders, "if there is reason... to do so" ( Wall Street Journal). Iran and western nations are close to a deal on Tehran's nuclear programme, the French foreign minister Laurent Fabius said on Monday. He rejected claims that his country had scuppered a proposed agreement, after a meeting between six governments and Iran in Geneva failed to reach what would have been the first such accord in a decade ( Financial Times). See this article online and view or leave comments
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