Texas Pacific drops bid for Australia's Coles

(Reuters) - Shares in Wesfarmers rose 2 percent on increasing chances of grabbing Coles with its A$19.7 billion bid. Coles shares were down just 0.2 percent at A$16.25, below the A$16.47 per share Wesfarmers' offer.




"It looks increasingly like a fire sale rather than a competitive bidding process," said ABN AMRO Asset Management analyst Matthew Hoult. "Suddenly Wesfarmers holds all the cards."


Read more at Reuters.com Mergers News

Diageo says profits growth on target, sees sales uptick

(Reuters) - It expects to publish its full-year results on Aug. 30.




Read more at Reuters.com Market News

Australia court clears Citigroup of insider trading

(Reuters) - Australian regulators had charged the bank with breaching its "Chinese Walls" after a chat between two Citigroup dealers over a cigarette break on a Sydney street led one trader -- Andrew Manchee -- to believe his firm was involved in the A$6.3 billion takeover of stevedoring firm Patrick by rival Toll Holdings Ltd. in 2005.




That trader, then in possession of "inside information", sold a parcel of Patrick shares later that day, the Australian Securities and Investments Commission told the court.


Read more at Reuters.com Business News

European Government Bond Rally May Stall on View Interest Rates Will Rise

(Bloomberg) -- European bonds may drop, snapping
their longest winning run in two months, as expectations the
European Central Bank will lift interest rates outweigh
speculation a weaker U.S. house market will slow global growth.

Yields on 10-year bunds may rise from a three-week low as
investors bet on two more interest-rate increases by the ECB.
Euro-region money supply growth probably held near the fastest in
24 years in May, a Bloomberg survey showed. The Federal Reserve
will probably keep its key rate on hold today citing inflation,
which may halt debt market gains worldwide.


Read more at Bloomberg Bonds News

Bauer, Escada, Grammer, IKB Deutsche Industriebank: German Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in German markets.

Germany's X-DAX Index climbed 1.1 percent to 7865.38. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
declined 0.8 percent to 7801.23 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Total Is Selected to Market AED's Puffin Crude Oil Pumped From Timor Sea

(Bloomberg) -- Total SA, Europe's third-largest oil
company, won a selection process to market crude oil from AED Oil
Ltd.'s Puffin project in the Timor Sea, which is due to start
production next month.

The agreement for the marketing of Puffin North East Crude
Oil is with Total Oil Trading SA, or Totsa, Melbourne-based AED
said today in a statement to the Australian Stock Exchange. The
oil is a ``premium-quality light sweet crude,'' the company said.


Read more at Bloomberg Energy News

Copper Rises in Shanghai as Contract Workers Strike at Codelco; Zinc Gains

(Bloomberg) -- Copper prices in Shanghai rose for
the first day in five on concern that supply may lag behind
demand as a strike by contract workers at Chile's Codelco, the
world's largest producer, reduced output.

Protesters throwing rocks delayed employees as they went to
work at the company's Andina and El Teniente divisions,
Executive President Jose Pablo Arellano said yesterday. Output
at Codelco's Ventanas smelter was also cut, although the amount
of lost production could not be estimated.


Read more at Bloomberg Commodities News

Asian Stocks Rebound From a Two-Week Low as Crude Oil Climbs, Yen Weakens

(Bloomberg) -- Asian stocks rebounded from a two-
week low after crude oil prices advanced and the yen weakened.

Woodside Petroleum Ltd., Australia's second-largest oil
explorer, gained for the first time in six days. Honda Motor Co.
rose by the most in almost three weeks, leading gains among
Japanese exporters, as concern eased that the value of their
overseas sales will be eroded.


Read more at Bloomberg Stocks News

South Korea's Kospi Climbs, Led by Hyundai Heavy and Korea Electric Power

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.82 percent at 9:05 a.m.

The index of 730 companies traded on the Korea Exchange rose
14.28 to 1,747.38. Among the stocks in the index, 421 rose, 107
fell and 201 were unchanged.


Read more at Bloomberg Stocks News

TEXT-Bluescope sells Vistawall business for US$190 mln

(Reuters) - BlueScope Steel has owned Vistawall since April 2004 when
it acquired Butler Manufacturing Company for US$206 million.
This acquisition included Butler Buildings and The Vistawall Group .
BlueScope Steel will continue to own and operate the Butler
Buildings and Vistawall China businesses.




On announcing the transaction, Managing Director and CEO of
BlueScope Steel, Mr Kirby Adams, said, "The time is right for
BlueScope Steel to divest Vistawall North America in order to
realise the outstanding value created in this non-steel
business which was included in the strategic acquisition of
Butler Manufacturing Company in 2004. The sale price represents
a strong financial return for our shareholders and reflects the
excellent work by BlueScope Steel and Vistawall's management
and employees in creating a successful and strong business."


Read more at Reuters.com Mergers News

China Merchants Energy to Buy Two Oil Tankers for $232 Million From Dalian

(Bloomberg) -- China Merchants Energy Shipping Co.,
the country's largest operator of international oil tankers,
plans to order two supertankers from Dalian Shipbuilding Industry
Co. for $232 million.

The two 300,000-ton very large crude carriers will be
delivered by 2011, the Shanghai-based company said in a statement
to the city's stock exchange today.


Read more at Bloomberg Energy News

Silver Lake says going public not on radar

(Reuters) - "I'm not ruling anything out," said Glenn Hutchins, co-founder
and managing director of Silver Lake, on the sidelines of a
conference held by the Wall Street Journal. "But, look, we are
nine years old. Blackstone is over 20 years old. There's a lot
that you do in terms of developing your business over the course
of that time period. It's just not something that is on our radar
screen."




Blackstone became the first major U.S. private-equity firm to
go public, debuting last week and rising 13 percent in its first
day of trading, minting billions of dollars of new wealth for its
founders.


Read more at Reuters.com Mergers News

Polypore International raises $285 mln in IPO

(Reuters) - Underwriters, led by J.P. Morgan Securities Inc., have the
option to purchase 2.25 million additional shares to cover
overallotments, according to a filing with the U.S. Securities
and Exchange Commission.




Charlotte, North Carolina-based Polypore makes polymer
membranes used in separation and filtration processes,
primarily for the energy and health-care sectors.


Read more at Reuters.com Mergers News

Unions vow to crank up the heat on buyout firms

(Reuters) - And now labor unions are jumping in.




While more than a hundred bankers and investors attended a
dealmaker conference at the New York Stock Exchange, two union
groups on Wednesday brought a handful of people to protest the
growing and, in their view, unchecked power of these
well-heeled and secretive investment firms.


Read more at Reuters.com Mergers News

Schroder's Parbrook Likes China, Not Stocks, for Top Fund in Hong Kong

(Bloomberg) -- Robin Parbrook's fund has beaten its
rivals in Hong Kong in the past year by steering away from
companies in China, the world's fastest growing major economy and
home to the world's top-performing stock market.

Parbrook instead has focused on companies such as Hong Kong-
based Jardine Matheson Holdings Ltd., which runs hotels worldwide,
and Standard Chartered Plc, a London-based bank that makes most of
its money in Asia and is expanding in China.


Read more at Bloomberg Exclusive News

US STOCKS-Indexes end 3-day decline; energy, tech lead

(Reuters) - NEW YORK, June 27 - U.S. stocks rose on Wednesday
as investors snapped up beaten-down shares after a three-day
slide and a nearly 2 percent jump in oil prices boosted demand
for energy companies.




Major indexes had fallen earlier in the day after
weaker-than-expected durable goods data.


Read more at Reuters.com Bonds News

Aspreva, Crocs, Data Domain, Given Imaging, McCormick: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 3:05 p.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $1.08, or 1.5 percent, to $73.58.
Sunoco lost $1.21 to $79.12 and Tesoro retreated $1.21 to $56.70.


Read more at Bloomberg Stocks News

TSX Venture to appeal panel ruling on murderer

(Reuters) - Nichols, who was convicted of murder in 1976 and spent 18
years in jail, failed to disclose full details of his multiple
crimes in a regulatory filing to TSX Venture Exchange.




The exchange, run by Toronto Stock Exchange operator TSX
Group , said Nichols' "history of dishonesty" made him
unsuitable for an investor relations role, and argued that his
association with the listed company could hurt the junior
market's reputation.


Read more at Reuters.com Government Filings News

Husky to review needs for Ohio refinery, CEO says

(Reuters) - Speaking to Reuters after shareholders approved a share
split, John Lau said Husky will start an extensive review of
the 165,000 barrel-a-day refinery's operations when the deal
closes next week.




"We will look at...all alternatives," Lau said. "Crude
purchases, sales, expansions... Hopefully within six months we
should have a more definite idea. We won't change something we
don't know."


Read more at Reuters.com Mergers News

Conrad Black jury gets case, begins deliberating

(Reuters) - Judge Amy St. Eve of the U.S. District Court handed the case to the 12 men and women who will decide the fate of Black and the others after both sides made final pleas over the course of more than six days. The jury began deliberating immediately.




There was no clue as to which way the jury was leaning after hearing from about 50 witnesses in a case involving complex business transactions that prosecutors say amounted to common thievery.


Read more at Reuters.com Bonds News

UPDATE 4-Iberdrola share issue raises $4.5 bln for takeover

(Reuters) - MADRID, June 27 - Spanish utility Iberdrola
raised 3.375 billion euros on Wednesday
in a share issue to fund its cash purchase of U.S. power supply
company Energy East .




The issue was one of the biggest by a Spanish company in the
past decade.


Read more at Reuters.com Mergers News

House Democrats vow to press auto fuel economy

(Reuters) - "We will pass a fuel economy standard soon, just as the Senate has done," Rep. Edward Markey told members of the Energy and Commerce Committee. "We have reached a historic moment."




The statement by the Massachusetts Democrat, a senior member of the panel, came as the committee began considering amendments to the package that does not include fuel economy or global warming provisions.


Read more at Reuters.com Government Filings News

NYSE CEO says full subprime effect not yet seen

(Reuters) - "I think there still are more problems to be seen -- but on
the other hand the financial system is very resilient. But I
don't think we have seen the full effect yet."
To view additional stories about the subprime lending crisis,
click on [ID:nN16195443]





Read more at Reuters.com Bonds News

Treasury to review financial services rules

(Reuters) - The Treasury said it would release a "blueprint" for regulatory reforms by early next year.




The review will seek to "combine high standards of market integrity, stability and investor protection with a strong foundation for innovation, growth, and competitiveness," it said in a statement that offered few details.


Read more at Reuters.com Business News

UPDATE 1-CBOT, ICE keep pressure on ahead of CME vote

(Reuters) - Members and shareholders of the Chicago Board of Trade's
parent will vote on July 9 on whether to accept a merger deal
with Chicago Mercantile Exchange , the largest U.S.
futures mart.




ICE, an Atlanta-based exchange whose stronghold has been
energy derivatives trading, ICE made a higher bid for CBOT in
March which was rejected by CBOT's board.


Read more at Reuters.com Mergers News

UPDATE 2-Activist Breeden seeks 3 H&R Block board seats

(Reuters) - The news sent shares of H&R Block as much as 6.8 percent higher. H&R Block did not immediately return a call seeking comment.



Breeden Capital Management LLC, which said it controls 1.86 percent of H&R Block shares, said it will propose directors for election at the company's Sept. 6 annual meeting. Just three of 11 incumbent directors are up for reelection, Breeden said.


Read more at Reuters.com Mergers News

U.S. Stocks Retreat on Drop in Durable Goods; GE, Countrywide Shares Fall

(Bloomberg) -- U.S. stocks fell for a fourth day
after a government report said orders for durable goods
declined more than forecast and concerns lingered that losses
may worsen in bonds tied to mortgage loans.

General Electric Co., which makes products ranging from
appliances to jet engines, retreated. Countrywide Financial
Corp., the biggest U.S. mortgage lender, helped push a gauge of
financial shares to its lowest since April.


Read more at Bloomberg Stocks News

UPDATE1-Herley's two facilities suspended from federal contracts

(Reuters) - Shares of Herley, which designs and develops microwave
technology, were down more than 13 percent to $15.42 in morning
trade Wednesday on the Nasdaq.




The suspension arises out of certain discrepancies in the
test data for some equipment manufactured by Herley at its
Lancaster facility, the company said.


Read more at Reuters.com Government Filings News

AT&T Embrace of IPhone Threatens to Torpedo Sprint's Recovery, Share Price

(Bloomberg) -- Cary Fabrikant's devotion to Apple
Inc. spells trouble for his cellular carrier, Sprint Nextel Corp.

Fabrikant, a Miami sports agent, plans to forfeit $200 and
switch to AT&T Inc. to get an iPhone, Apple's blend of an iPod
music player with a mobile phone, when it goes on sale June 29.


Read more at Bloomberg Exclusive News

Activist Breeden seeks 3 H&R Block board seats

(Reuters) - The news sent shares of H&R Block as much as 6.8 percent higher. H&R Block did not immediately return a call seeking comment.



Breeden Capital Management LLC, which said it controls 1.86 percent of H&R Block shares, said it will propose directors for election at the company's Sept. 6 annual meeting. Just three of 11 incumbent directors are up for reelection, Breeden said.


Read more at Reuters.com Bonds News

RadioShack, Amazon.com Burn Short Sellers by Posting Top Gains in S&P 500

(Bloomberg) -- RadioShack Corp. and Amazon.com Inc.
have defied short sellers and Wall Street analysts this year by
posting the top gains in the Standard & Poor's 500 Index.

Shares of RadioShack, the third-largest U.S. electronics
chain, and Amazon, the world's biggest online retailer, were
among the 10 most-shorted in the S&P 500 as of June 15,
according to data from the New York Stock Exchange and the
Nasdaq Stock Market. Short sellers try to profit from stock
declines by selling borrowed shares and buying them back at a
lower price.


Read more at Bloomberg Exclusive News

Andrew, Jones Soda, Mosaic, Nuvelo, Valero Energy: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 9:30 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $2.34, or 3.1 percent, to $72.32.
Sunoco lost $2.30 to $78.03 and Tesoro retreated $2.64 to $55.27.


Read more at Bloomberg Stocks News

TREASURIES-Prices jump on sharp drop in durable orders

(Reuters) - Gains, however, were limited as market attention shifted to
the outcome of the Federal Reserve's two-day policy meeting,
which starts on Wednesday.




"Treasury prices have popped higher after a worse than
expected durable goods report. Some of are a
reaction to the number, while we are also getting some support
from global bond markets as well," said Beth Malloy, bond
market analyst with Briefing.com in Chicago.


Read more at Reuters.com Bonds News

Copper Futures Decline in New York on Concern U.S. Metal Demand May Ease

(Bloomberg) -- Copper fell for the second straight
day in New York on concern that slowing growth in the U.S., the
world's second-largest consumer of the metal, will damp demand.

Orders for U.S. durable goods fell more than forecast in
May, casting doubt on the prospects for a projected increase in
business investment. Before today, copper, which sometimes moves
in line with economic growth, had gained 16 percent this year
during a global expansion.


Read more at Bloomberg Commodities News

Egyptian shares slip, hit by foreign markets

(Reuters) - Egyptian shares slipped on Wednesday under the influence of depressed foreign markets and because Egypt's financial year ends this week, brokers said.

Major housing stocks fell on sentiment and Ezz Steel dropped 4.5 percent after the Ezz Group sold 10 percent at a large discount on the London GDR market.


Read more at Reuters Africa

Gold Rises in London on Speculation Dollar's Rally Will End; Silver Falls

(Bloomberg) -- Gold snapped two days of declines in
London on speculation the dollar will stop strengthening against
other currencies, reviving demand for the precious metal as an
alternative investment. Silver also increased.

Bullion has dropped in five of the past seven weeks as
higher global interest rates and a strengthening U.S. currency
eroded the metal's investment appeal. The dollar dropped against
the yen today and the yield on the U.S. 10-year note fell.


Read more at Bloomberg Commodities News

ViroPharma hepatitis drug put on fast track in US

(Reuters) - ViroPharma's HCV-796 is currently in mid-stage studies and
is being developed with drugmaker Wyeth .




Read more at Reuters.com Government Filings News

CORRECTED-UPDATE 1-Reuters Summit-Shimao sees benefit in cooling

(Reuters) - By Joseph Chaney and Umesh Desai




HONG KONG, June 26 - Shimao Property Holdings Ltd.
, an arm of Chinese billionaire Xu Rongmao's real
estate empire, says China's measures to cool the country's
booming construction industry will benefit larger property
firms, but worries over a land appreciation tax loom.


Read more at Reuters.com Bonds News

Oil Falls to Nine-Day Low on Forecasts for Rising U.S. Gasoline Supplies

(Bloomberg) -- Crude oil fell to a nine-day low in New
York on forecasts U.S. gasoline supplies rose for an eighth
straight week.

An Energy Department report today will probably show U.S.
gasoline stockpiles gained 1 million barrels last week, according
to a Bloomberg News survey of analysts. A record 41.1 million
Americans may travel next week for the Independence Day holiday,
the AAA said in a survey released yesterday.


Read more at Bloomberg Energy News

European Emission Permits Rise for First Day in Three on Expected Demand

(Bloomberg) -- European Union emission permits rose
for the first time in three days on speculation power utilities
may buy more allowances as governments cut free allocations.

EU carbon dioxide emission permits for December 2008 rose
13 cents, or 0.6 of a percent, to 21.20 euros ($28.47) a metric
ton on the European Climate Exchange in Amsterdam at 11 a.m.
local time. They had traded today as high as 21.33 euros a ton.


Read more at Bloomberg Energy News

Iraqi Outhouse Is a Sign of Progress to Marines Seeking to Secure Country

(Bloomberg) -- After a tense drive in an armored
convoy, on constant lookout for roadside bombs and other
potential hazards, U.S. Marine Captain Jeffrey McCormack directed
a giant forklift to set down the wooden outhouse.

``It may be an outhouse to you,'' said McCormack. ``It's
progress for us.''


Read more at Bloomberg Exclusive News

U.K. Gilts Rise to Two-Week High as Risk-Averse Investors Seek Safer Debt

(Bloomberg) -- U.K. government bonds rose by the
most in two months as risk aversion among investors drove them to
switch out of risker assets, like stocks, and seek the relative
safety of debt.

Debt's advance pushed 10-year gilt yields to a two-week low
as investors wagered that a probable interest rate increase by
the Bank of England next week is already reflected in prices.
European stock markets for a fifth day, following losses
elsewhere in the world, amid concern a slump in the U.S. housing
market will hurt global growth.


Read more at Bloomberg Bonds News

UPS selling $59 mln in Sinotrans shares -source

(Reuters) - Citigroup is the sole bookrunner on the transaction.




Read more at Reuters.com Mergers News

Yen Rises Most in 10 Weeks Against Euro as Investors Reduce Carry Trades

(Bloomberg) -- The yen rose the most in 10 weeks
against the euro as investors pared holdings of emerging-market
bonds and stocks funded by loans in the Japanese currency.

Japan's yen gained against all 16 of the most-active
currencies, extending its rally after Finance Minister Koji Omi
yesterday stressed the risk of one-way foreign-exchange bets.
Stocks in Europe and Asia declined as investors shunned riskier
assets, prompting an unwinding of the so-called carry trade.


Read more at Bloomberg Currencies News

Yen up broadly as risk appetite ebbs

(Reuters) - The yen rose broadly on Wednesday and high yielders dipped as worries about the U.S. subprime mortgage sector dimmed appetite for the carry trade.

Falling stock markets, due partly to concerns about the exposure of U.S. lenders to subprime mortgages, have reduced investor interest in risky assets around the world.


Read more at Reuters Africa

OECD plays down emerging markets sell-off risk

(Reuters) - Organisation for Economic Co-operation and Development (OECD) Secretary General Angel Gurria said on Wednesday he did not believe there was a risk of an emerging markets selloff due to global monetary tightening.

"I don't think the whole situation today is conducive to any kind of very dramatic or very unexpected events," Gurria told Reuters at a conference when asked about whether there was a risk of an emerging markets selloff amid global tightening.


Read more at Reuters Africa

French Stocks Retreat; Danone, Arcelor Mittal and Axa Lead the Decline

(Bloomberg) -- French stocks declined, paced by
Groupe Danone SA, Arcelor Mittal and Axa SA.

The CAC 40 Index lost 43.27, or 0.7 percent, to 5910.09 in
Paris at 9:09 a.m. The SBF 120 Index dropped 0.7 percent.


Read more at Bloomberg Stocks News

US stock indexes dip again as subprime fears weigh

(Reuters) - U.S. stocks closed down for a third session on Tuesday as higher bond yields raised concerns about borrowing costs and more fallout from the subprime mortgage market kept investors on edge.

But a drop in oil prices eased worries about inflation and takeovers in health care and chemicals increased optimism about share valuations, limiting the market's decline.


Read more at Reuters Africa