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Apple to boost share buyback and split stock

Apple on Wednesday said that it plans to buy back an additional $30 billion worth of shares and split its stock. The moves backed by the Apple board were announced as the California company reported a profit of $10.2 billion on $45.6 billion in revenue in the first three months of this year. The earnings figures came with Apple chief Tim Cook hinting that new products are on the way from the maker of iPhones, iPads, iPods, and Macintosh computers.

Valeant to replace three board members; Allergan adopts poison pill defence

Valeant Pharmaceuticals International says three of its directors will not stand for re-election this year as it pursues the acquisition of Botox maker Allergan, which has adopted a "poison pill" defence while it considers the offer. The announced departures come after Valeant (TSX:VRX, NYSE:VRX) teamed with activist investor Bill Ackman to make a hostile takeover offer for Allergan (NYSE:AGN), which has since announced it has erected a shareholder rights plan that will allow its board time to consider alternatives and potentially block the bid.

China pork firm scales down IPO in volatile market

Chinese pork producer WH Group has slashed a planned initial public offering in Hong Kong by almost two-thirds blaming concerns about the strength of the city's stock market, a report said Wednesday. The firm, which last year bought US giant Smithfield Foods in a landmark multi-billion-dollar deal, said this month it hoped to raise up to US$5.3 billion with a share sale and listing on April 30. It would have made it the biggest IPO globally in a year and Hong Kong's largest since US insurer AIA raised $20.5 billion in 2010.

Japan's Seibu Holdings valued at $5.6bn on relisting

Japanese railway and hotels giant Seibu Holdings returned to the stock market Wednesday after aggressive restructuring following its delisting more than nine years ago, with early trade valuing the group at $5.6 billion. Seibu was changing hands at 1,685 yen after the first 30 minutes of trading, up 5.3 percent from its initial public offering (IPO) price. The price put the total value of the company's shares at 576 billion yen ($5.6 billion).

Next batch of companies hope to raise $3.6 billion through China IPOs

SHANGHAI (Reuters) - China's regulator posted draft initial public offering (IPO) prospectuses for 18 Chinese firms on Monday, bringing the total number of potential issuers up to 46, with state media estimating they could raise as much as 22.6 billion yuan ($3.6 billion) from investors. The anticipated resumption follows a two-month flurry of IPOs in January and February this year, after regulators let the IPO market go dark for 14 months beginning in 2014, which some said was an attempt to boost sagging mainland stock indexes.

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.

Resignation of Smart Technologies cofounders triggers change of voting structure

CALGARY - Smart Technologies Inc. (NASDAQ:SMT) (TSX:SMA), a developer of electronic white boards used for education and business applications, says co-founders David Martin and Nancy Knowlton have resigned from the board of directors — triggering the end of the company's multiple-vote shares. As a result, the largest group of votes is now held by funds advised by Apax partners, with 31.1 per cent. About 31 per cent of its shares were widely held as of Thursday, ahead of the holiday weekend.

Chinese shares fall on IPO worries

Chinese stocks tumbled 1.52 percent Monday on fears of a possible market glut after authorities revealed a list of several firms planning initial public offerings (IPOs). The benchmark Shanghai Composite Index dropped 31.92 points to 2,065.83 on turnover of 81.7 billion yuan ($13.1 billion). The Shenzhen Composite Index, which tracks stocks on China's second exchange, fell 1.34 percent, or 14.58 points, to 1,074.78 on turnover of 92.3 billion yuan. Hong Kong was closed Monday for a public holiday.

U.S. investors warming up to Air Canada's promise, says New York analyst

MONTREAL - Air Canada's financial promise is piquing the interest of U.S. institutional investors seeking a way to profit from the turnaround of another North American carrier, according to a New York analyst. Helane Becker of Cowen and Company is optimistic that Air Canada's drive to cut costs by 15 per cent — which she estimates will net nearly $2 billion in the next few years — will improve earnings and help reduce its share discount compared with U.S. network carriers.

Shares of Travelocity owner Sabre rise in debut

(Reuters) - Shares of Sabre Corp <SABR.O>, the airline ticketing technology provider that also owns online travel agency Travelocity, rose as much as 7 percent in their market debut after the company sold fewer shares than expected in its initial public offering and priced them below the targeted range. China's Weibo Corp <WB.O>, which is set to start trading later on Thursday, has also cut the size of its IPO and priced shares at the lower end of the expected range.
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