GlaxoSmithKline has asked for the approval of India's Foreign Investment Promotion Board for its planned acquisition of a 24.33% stake in its Indian arm GlaxoSmithKline Pharmaceuticals Ltd. GSK will fund the stake hike by investing INR6,400 crore.
Legal & Regulatory
Vietnam ups foreign bank ownership caps to 20%
Vietnam has increased the foreign ownership caps in banks from the previous 15% to 20% in a bid to boost the country's ailing banking system, according to a government statement.
Lenders oppose American broadband company LightSquared's new financing arrangement
Some of LightSquared's lenders, including US Bank and MAST Capital Management,are against its decision to seek a new financing arrangement with Fortress Investment Group as part of its bankruptcy exit plan.
Murray Goulburn anticipates regulator decision on A$530M Warrnambool offer by end-February
Murray Goulburn Co-operative Co. Ltd. expects a decision from the Australian Competition Tribunal on its bid for Warrnambool Cheese and Butter Factory Holdings Co. by the end of February. Murray Goulburn raised its offer to A$530 million as it faces strong competition with Canada's Saputo Inc.
China's State Council publishes guidelines to strengthen shadow banking regulation-report
Citing a copy it obtained of Document 107, Reuters reported that the State Council of China has published guidelines that aim to fortify regulation against the risky practice of shadow banking.
Latest News
A Mississippi bankruptcy judge on Friday approved the sale of bankrupt car rental company Advantage Rent A Car to Canadian private equity firm Catalyst Capital Group.
The Permanent Court of Arbitration in The Hague, Netherlands has pushed back an arbitration claim hearing involving Chevron Corp. and Ecuador to February. Chevron was indicted for environmental damage done in Amazon by Texaco.
China said it would give more support to the domestic solar power industry as the government seeks to revamp a sector that is plagued with overcapacity and lower prices, Reuters reported.
Canada resurrected a $4.7 billion agreement to buy Sikorsky helicopters from United Technologies Corp which Ottawa nearly scrapped due to delays and complications it encountered, Reuters reported.
Sources said that no settlement talks are currently taking place between department store chains Macy's and J.C. Penney Co. on their dispute over Martha Stewart-branded home goods.
The US 6th Circuit Court of Appeals on Friday ruled against food and beverage company Dean Foods Co. in an antitrust case. The said lawsuit alleged that Dean Foods conspired to restrict competition for bottled milk in southeastern states in the US after its 2001 merger with Suiza Foods Corp.
RJ Lane filed a case against Deutsche Bank, BDO Seidman and a former partner of BDO Seidman over claims that they formed a fraudulent tax shelter that caused him losses, Bloomberg reported.
The New York Federal Reserve Bank filed a motion in a federal court in the Southern District of New York seeking a dismissal of the lawsuit filed by former employee Carmen Segarra.
Argentina's stock regulator CNV on Friday rejected Braskem's $1.35 per share bid to buy roughly 30% of the shares of plastics maker Solvay Indupa that are traded on the Buenos Aires bourse. CNV said that the offer was below Solvay Indupa's book value of $2.81 per share as of September.
