Fortis Encountering Regulatory Issues in Wisconsin in its Deal for ITC Holdings

Canadian energy giant Fortis, Inc.’s $11.3 billion bid to acquire Michigan-based ITC Holdings, Inc. is encountering regulatory issues in Wisconsin over whether Fortis needs state approval to form a holding company in that state and attention also focusing on the Fortis’s  financial links to the government of Singapore.featured

California PUC Reform Package Could Hurt Regulated Utilities in the State

Regulated utilities like Pacific Gas & Electric Co. and Southern California Edison along with whoever serves as president of the California Public Utilities Commission are likely to be the big losers if a package of CPUC reforms are enacted later this month by the California Legislature, commission observers told CTFN.featured

Pharol Fights Back Against Oi Minority Shareholder Claims

Portuguese holding company Pharol, the largest shareholder in Brazilian distressed telco Oi, is taking action to defend itself from the accusations put forward by opportunistic minority shareholder Société Mondiale, which has called for two shareholders meetings on September 8 to discuss, among other items, the replacement of Pharol-linked board members. Pharol, which holds a 27.5% … Read Morefeatured

St. Jude/Abbott Deal Highlights Boston Scientific’s Acquisition Appeal

Abbott Labs’ $30 billion cash-and-stock merger with St. Jude Medical is likely to make rival Boston Scientific more vulnerable and turn it into the next acquisition target, Cliff Murphy, a UK-based partner at healthcare-focused M&A advisory ConAlliance Group and a former executive at Abbott Vascular, told CTFN. According to Murphy, the combination, which is not expected to … Read Morefeatured

Stronger IPO Activity Predicted in the Fourth Quarter

Sources polled by CTFN expect stronger initial public offering activity in the fourth quarter than has been the case so far this year. One source arrived at this prediction optimistically, pointing to strong performances from the likes Twilio and Talend. Otherfeatured

IRS Races to Complete Inversion Rules

Despite a backlog of public comments, the Internal Revenue Service is racing to finalize its proposed rules on earnings stripping by mid-October, lest the election of Republican Donald Trump upsets the Obama administration’s efforts to rein in tax inversions. Republicans in Congress are gearing up to block the rules, amending Section 385 of the tax … Read Morefeatured

LSE/Deutsche Börse Confident of Reaching 60% Threshold in Germany

Bankers working on the merger of London Stock Exchange and Deutsche Börse are confident that 60% of Deutsche Börse shareholders will tender their shares into the offer. LSE shareholders have already separately voted in favor. On July 13, the companies said that Deutsche Börse had received approximately 53% acceptances for the offer that ends on Julyfeatured

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Treasury’s Inversion Proposals Delayed to Year End

During a public hearing Thursday at the Internal Revenue Service the business community overwhelmingly panned the Treasury Department’s proposals to rein in corporate tax inversions by barring most forms of earnings stripping, making it likely a final rule will not be enacted until near year-end. Senior Treasury officials briefing Congress earlier this week confirmed a … Read Morefeatured

Ex-CEO’s Testimony Was Critical in 2002 Hershey Case

When state officials were trying to block the 2002 sale of Hershey Co. (then known as Hershey Food Corp.) they turned to the company’s retired CEO who testified in court that after Hershey completed three corporate takeovers on his watch it quickly closed down local manufacturing plants and laid off a large number of employees. … Read Morefeatured

Monsanto Progresses Soybean Business in Brazil

Monsanto is likely to profit from Brazil’s economic crisis, as the country − the world’s largest soybean exporter − strives to boost production and retain foreign investors amid an uncertain political and financial outlook. Sources told CTFN that Brazilian regulators are expected to approve Monsanto’s recent licensing agreement with rival Dupontfeatured

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