Agrium and Potash Corp. have agreed to an all-share merger that would control two-thirds of North American potash capacity and one-third of phosphate and nitrogen capacity. Unfortunately, both companies finished lower. Agrium’s and Potash’s shares fell 2.7 percent and 1.2 percent, respectively. For more on this merger, stick with Sentifi.
Former official of the U.S. Justice Department Seth Bloom said the deal “has some real antitrust concerns,” and the antitrust review will have to wait past January when a new U.S. president takes office.
4/ Weight Watchers: CEO resigns
CEO Jim Chambers has resigned and will leave the company by the end of September after three years taking the helm of the company. A search for a new CEO will start soon, but in the meantime, CFO Nicholas Hotchkin and two other board members will run the company on an interim basis.
5/ Perrigo Co PLC: Shares rise more than 7 percent on investor disclosure
Investor Starboard Value revealed it had taken a 4.6 percent stake in Perrigo, jolting the company’s share up more than 7 percent. Perrigo is also rumored to be a possible takeout target for Reckitt Benckiser.
6/ Praxair Inc: Ends merger talks with Linde
America’s Praxair and Germany’s Linde revealed today they have put an end to their $60 billion merger talks as they could not reach a mutual understanding in discussions regarding details and governance aspects. Linde was afraid that the merger would result in the loss of many of its key functions.
Acquisition and collaboration have become a trend in the biotech industry as it braces for an impact from a mini correction stemmed from potential U.S. rate hike. Horizon acquired Raptor for that reason, to forestall the mini correction. Horizon will also be able to expand in Europe and maintain its expertise.
8/ Samsung Electronics: Submits new Note7 batttery to the government for evaluation
South Korean government is taking extra caution as its Consumer Product Safety Commission will evaluate the battery Samsung uses to replace the faulty battery in Note7. The government sees this evaluation as a key step if it wants to issue an official recall of the Note7, which will ban the sale of the phone and require Samsung to offer a remedy to consumers.
10/ Wells Fargo: CEO is ordered to testify in Senate panel for cross-selling scandal
CEO John Stumpf will answer to a Senate panel in Washington on the opening of 2 million unauthorized accounts scandal. Moody’s Investors Service also showed evidence that Wells Fargo “encouraged pervasive inappropriate practices and didn’t provide oversight of employees.”
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