Reuters - Before the Bell

Click to View in Browser

Monday, February 4, 2019

Merger partners need to look closer to home to win over EU regulators

As Siemens and Alstom face EU rejection of their plan to create a European rail champion to fight foreign rivals, the lesson for other companies is to play up the domestic benefits of their merger deals and be prepared to sell assets.

Euronext may sweeten offer for Oslo Bors as Nasdaq makes rival bid

Stock markets operator Euronext said on Monday it may increase its offer for Oslo Bors VPS after Nasdaq made a higher rival bid.

DSV's $4 billion offer for Panalpina gets shareholder cold shoulder

Danish logistics company DSV's $4-billion-plus bid for Panalpina hit a roadblock on Monday when the Swiss freight forwarder's top shareholder rejected the offer, saying Panalpina should stick to its own "consolidator strategy".

DNB maintains support for Nasdaq's bid for Oslo Bors VPS

Norwegian bank DNB, the largest owner of Oslo Bors VPS, will continue to support Nasdaq's bid for the stock market operator even if Euronext were to raise its rival offer, a spokesman said on Monday.

World stocks muted, dollar firms on fading U.S. job's bounce

World stocks clung to near two-month highs on Monday, with the dollar strengthening and oil prices racing to a 2019 peak, though some European bourses struggled as momentum provided by U.S. employment and manufacturing data started to fade.

Starboard chief Smith steps in at Papa John's

Starboard Value LP will make a $200 million investment in Papa John's International Inc and the activist hedge fund's chief executive officer will become the chairman of the troubled pizza chain, the company said on Monday.

From cars to quakes: Italy's banks take on insurance

An aging population and struggling state finances could turn into an unlikely boon for Italy's banks, which have turned to a growing market for insurance to brighten their prospects.

Toyota reports fall in U.S. auto sales in January

(This Feb 1 story corrects headline to say only Toyota's sales fell in January, not Fiat's)

Australia vows to clean up financial sector after landmark misconduct inquiry

A special government-appointed inquiry excoriated Australia's financial sector for misconduct on Monday, referring two dozen cases to regulators for possible legal action but leaving the structure of the country's powerful banks in place.

Julius Baer to cut jobs as profitability lags

Julius Baer plans to axe 130-140 jobs, or around 2 percent of its workforce, as part of a cost-cutting plan announced on Monday, after a tough end to 2018 caused the Swiss private bank to scale back growth targets.