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High Oil Prices Boost Shell Profit, Offsetting Lower Refining Margins
Royal Dutch Shell (NYSE:RDS.A) and BP PLC (NYSE:BP) posted sharp net profit rises for the first quarter as the top two listed European oil companies continue to benefit from higher oil prices.
Mars’s Takeover of Wrigley Creates Global Powerhouse
Discussions between Wm. Wrigley Jr. Co. (NYSE:WWY) and Mars Inc. to blend two of the best-known names in sweets into the world’s largest candy maker began, like any important family gathering, around the kitchen table.
Daimler Net Falls 32% on Chrysler, Lower Truck Sales
Daimler AG (NYSE:DAI), the world’s second- largest maker of luxury vehicles, said first-quarter profit dropped 32 percent, more than estimated, after a stake in former U.S. unit Chrysler dragged down earnings and truck sales fell.
European Stocks Fall, Led by Michelin; U.S. Futures Decline
European stocks fell for the first time in five days as some earnings forecasts disappointed investors and lower metal prices weighed on mining shares. U.S. index futures dropped, while shares advanced in China.
United, US Airways May Give It Another Go
Thanks to the process of elimination, now may be the time for the airlines that most want to merge to go ahead and find a deal, despite the high risk. That likely means putting together United with US Airways (NYSE:LCC), whose leaders have been the two biggest advocates for industry consolidation over the past three years.
Strapped Airlines Seen Pushing Fares Higher
Airfares are on the rise as airlines keep a tighter rein on flights and seats — and that rise could accelerate if industry merger efforts bear fruit.
HBOS to Reinforce Capital Through Rights Issue
The United Kingdom’s largest mortgage lender, HBOS PLC, said Tuesday that it would launch a £4 billion ($7.96 billion) rights issue to reinforce its capital and bolster the bank against a worsening market.
Kerkorian Acquires 4.7% of Ford, Plans Offer for More
Kirk Kerkorian, a film and casino mogul with a history of investing in Detroit, is betting Ford Motor Co.(NYSE:F) is on track for a turnaround and poised to deliver big returns. Mr. Kerkorian’s investment company, Tracinda Corp., said it has amassed 100 million shares of Ford, a 4.7% stake, and announced a tender offer Monday for 20 million more at $8.50 each, a 13% premium to the stock’s closing price Friday.
Archer Daniels Profit Rises 42% on Grain Trading
Archer Daniels Midland Co. (NYSE:ADM), the world’s largest grain processor, said third-quarter profit rose 42 percent, topping analyst estimates, as it traded more grains and crushed more soybeans.
FDA’s Cholesterol-Drug Rejection Is Blow to Merck
The Food and Drug Administration rejected one of the most promising drugs in Merck & Co.’s (NYSE:MRK) development pipeline, the cholesterol medicine Cordaptive, delivering a big blow to efforts to reinvigorate the company’s turnaround and shore up its faltering share price.
CBS Profit Rises 14 Percent on Temporary Cut in TV Production
CBS Corp. (NYSE:CBS), owner of the second-most watched U.S. broadcast network, reported first-quarter profit rose 14 percent as the company temporarily cut production costs during the 100-day writers strike.
HSBC, Lone Star Extend Deadline on KEB Deal
HSBC Holdings PLC (NYSE:HBC) and a U.S.-based investment group will try for another three months to finish a deal under which HSBC would get controlling stake in a major South Korean bank, a transaction that’s become emblematic of the difficulties international investors face in South Korea.
Circuit City Gets Pressure From Big Investor for a Deal
Circuit City Stores Inc.’s (NYSE:CC) largest shareholder called on the consumer-electronics retailer to put itself up for sale, tacitly endorsed an unsolicited bid by Blockbuster Inc. (NYSE:BBI) and raised the prospect of financing the acquisition.
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