Sun, Apr 26, 2015 - Page 15 News List

World Business Quick Take



Investors reject Wynn bid

Shareholders of Wynn Resorts Ltd on Friday rejected the bid by Elaine Wynn, cofounder and former wife of CEO Stephen Wynn, to remain on the company’s board, ending the most public and awkward proxy battle in the company’s 13-year history. Elaine Wynn, 72, is the third-largest shareholder. She appeared sanguine and poised as the results were announced at a shareholder meeting, aware that the odds had been against her. “While I am certainly disappointed by the result of today’s vote, I am hopeful that I have once again served as an agent for change and improvement for this company, which I love so deeply,” she said in a statement.


Mylan bid for Perrigo official

Generic drugmaker Mylan NV is making official its offer for over-the-counter medicines maker Perrigo Co as it remains at the center of a three-way battle: Mylan wants to buy Perrigo, while a larger rival wants to buy Mylan. Perrigo has already rejected Mylan’s offer and on Friday reiterated it feels the bid, worth more than US$30 billion, is too low. Meanwhile, Israeli drugmaker Teva Pharmaceutical Industries Ltd on Friday said it is committed to acquiring Mylan, which in turn has expressed skepticism about Teva’s plan. Teva is offering US$40.1 billion for Mylan.


Economy grows by 7.2%

The nation’s economy posted growth of 7.2 percent last year, the IMF said on Friday, in an encouraging sign of recovery from the chaos of a coup and long-running armed conflict. Christian Josz, the IMF’s mission chief in the capital, Bamako, compared the figure with weak 1.7 percent growth in 2013 and stagnation in 2012. He praised the government for making “major efforts to strengthen the management of public finances, insisting on compliance with fiscal rules and reversals of markets” in the final months of last year.


EU approves Lafarge sale

The EU on Friday removed a key hurdle to the merger between French cement giant Lafarge SA and Swiss rival Holcim Ltd, approving the sale of assets demanded for the deal to go through. Lafarge and Holcim agreed to their 40 billion euro (US$43.5 billion) tie-up to form the world’s biggest cement company last year, but EU regulators said they would have to sell assets worth 6.5 billion euros to ease fears the new firm would hurt competition. The European Commission said it has approved the sale of those assets to Irish building materials group CRH PLC, finding that it posed no separate competition risk.


Ex-minister confirms case

A former transportation minister confirmed in an interview released on Friday that officials have filed a corruption complaint against him. Local media have reported that a warrant is out for his arrest. Major General Hebert Garcia Plaza said the allegations involve a deal to buy three ferries from Europe on behalf of the South American country. He told the weekly newspaper Quinto Dia that he is still deciding whether to present himself for a hearing. Garcia Plaza denied any involvement in corrupt deals, and said he does not trust the country’s justice system.

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