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EU clears Suntory $16 bn Jim Beam takeover

The European Commission cleared on Tuesday Suntory of Japan's $16 billion bid for the US maker of Jim Beam bourbon whisky. The Commission said the deal, which will make Suntory the world's third-biggest liquour firm, would not have an adverse impact on the European market. The two companies have limited overlap and are "mainly complementary," it said. In addition, "a number of strong competing players would remain ... customers would therefore still have sufficient alternative suppliers," a statement said.

EU clears Suntory $16 bn Jim Beam takeover

The European Commission cleared on Tuesday Suntory of Japan's $16 billion bid for the US maker of Jim Beam bourbon whisky. The Commission said the deal, which will make Suntory the world's third-biggest liquour firm, would not have an adverse impact on the European market. The two companies have limited overlap and are "mainly complementary," it said. In addition, "a number of strong competing players would remain ... customers would therefore still have sufficient alternative suppliers," a statement said.

EU clears Suntory $16 bn Jim Beam takeover

The European Commission cleared on Tuesday Suntory of Japan's $16 billion bid for the US maker of Jim Beam bourbon whisky. The Commission said the deal, which will make Suntory the world's third-biggest liquour firm, would not have an adverse impact on the European market. The two companies have limited overlap and are "mainly complementary," it said. In addition, "a number of strong competing players would remain ... customers would therefore still have sufficient alternative suppliers," a statement said.

Hit by 'hard times', Mugabe accepts $4,000 a month

Zimbabwean President Robert Mugabe has said he gets by on a modest salary of $4,000 a month because of the "hard times" facing the country, state media reported Tuesday. Zimbabwe is still recovering from years of economic collapse attributed mainly to government policies under Mugabe, who has run the country since independence in 1980.

Eli Lilly to buy part of Novartis for $5.4 bn

US pharmaceutical giant Eli Lilly said Tuesday it has reached an agreement to acquire the animal health division of Novartis of Switzerland for $5.4 billion (3.9 billion euros). In a statement Eli Lilly said the deal will strengthen and diversify its animal health unit, Elanco, and make it the world's second largest in the sector in terms of global revenue. Under the terms of the agreement, Lilly will acquire all assets of Novartis Animal Health for a total purchase price of approximately $5.4 billion, including anticipated tax benefits, Eli Lilly said.

China's Shandong Airlines orders 50 Boeing 737s worth $4.6 bn

China's Shandong Airlines said it has agreed to buy 50 737 passenger airplanes worth $4.6 billion from US manufacturer Boeing. Shandong "signed an agreement with Boeing on April 21 to purchase 50 Boeing 737 planes", it said in a statement dated Monday. The planes include 16 737-800s and 34 737MAX models, the statement said, adding that the base price of the planes was $4.6 billion. tjh/cdh/dan

Caterpillar cut CEO's 2013 compensation 32 per cent to $12 million as profit and sales fell

DALLAS - Caterpillar Inc. cut the value of its CEO's pay package by 32 per cent to $12 million in 2013, a year when the heavy machinery maker saw its profits fall by a third, according to an Associated Press analysis. Chairman and CEO Douglas Oberhelman got a small raise in salary last year, but the more important parts of his compensation — cash incentives and stock options — fell.

Valeant joins activist investor Ackman in bid for Botox maker Allergan

Shares in Valeant Pharmaceutical International Inc. (TSX:VRX) (NYSE:VRX) soared in after-hours trading in New York on Monday after the Quebec-based company announced it had teamed with activist investor Bill Ackman in what looked to be a US$40-billion bid for Botox maker Allergan. Valeant said intends to propose a merger with Allergan using a combination of Valeant stock and cash. The transaction size was not been disclosed, but Valeant said it expected the cash portion of the deal to be at least US$15 billion.

Brookfield Office reports lower Q1 net income; revenue down slightly at $125.6M

TORONTO - Commercial property owner and manager Brookfield Canada Office Properties (TSX:BOX.UN) has reported lower first-quarter net income and a small drop in revenue compared with the same year-earlier period. The company, whose assets include interests in 28 premier office properties totalling 20.8 million square feet in the downtown cores of Toronto, Calgary, Ottawa and Vancouver, said Monday that its net income in the three months ended March 31 was $42.1 million or 45 cents per unit, down from $46.5 million or 50 cents per unit in the comparable year earlier period.

Australia's Crown prepares $2 billion Las Vegas casino bid: report

SYDNEY (Reuters) - Australia's Crown Resorts Ltd is set to bid for a $2 billion casino complex in Las Vegas, according to media report, underscoring the Melbourne-based casino operator's ambition to expand to more markets. Crown will lodge an expression of interest for three-year-old casino and hotel complex The Cosmopolitan of Las Vegas, which is owned by Deutsche Bank, the Australian Financial Review said on Tuesday, citing unnamed industry sources. The sale was expected to fetch $1.5 billion to $2 billion, AFR added.
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