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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Jun 26, 2017
Nestle Targeted by Dan Loeb in Activist’s Biggest- Ever Bet

·Loeb’s Third Point builds $3.5 billion position in food giant
·Nestle urged to sell L’Oreal stake, repurchase shares

Dan Loeb has amassed a $3.5 billion stake in Nestle SA, targeting Europe’s
largest company in the biggest bet of his two-decade career as an activist
investor.
Third Point, Loeb’s hedge fund, owns about 40 million shares in the Vevey,
Switzerland-based company, according to an investor letter released Sunday
after Bloomberg first reported the position. The fund encouraged Nestle to sell
its stake in cosmetics maker L’Oreal SA, increase leverage for share buybacks
and adopt a formal profitability target, among other suggestions. The shares
rose as much as 4.7 percent in early Zurich trading.
By Ed Hammond and Beth Jinks
June 25, 2017, 9:46 PM GMT+3 June 26, 2017, 10:22 AM GMT+3
Source: https://bloom.bg/2rRO7Pz

Toshiba Chip-Unit Bidders Said to Push Back Final Agreement

·Deal may be delayed because of due diligence, Western Digital
·Toshiba seeking to sell memory chip unit to make up for losses

Toshiba Corp.’s announcement of a final agreement to sell its memory chip
business may be delayed beyond the electronics maker’s self-imposed deadline
this week, as Bain Capital and Japanese investors work out the structure of the
deal, people with knowledge of the matter said Monday.
When announcing the preferred bidders last week, Toshiba said it planned to
reach an agreement by Wednesday, June 28, and then close the transaction by
March.
By Takako Taniguchi
June 26, 2017, 10:52 AM GMT+3 June 26, 2017, 12:27 PM GMT+3
Source: https://bloom.bg/2scS0hl

Italy Commits $19 Billion for Veneto Banks in Biggest Rescue

·Government plans to split lenders up into good and bad banks
·Italy No. 2 lender Intesa Sanpaolo to take over good assets

Italy will commit as much as 17 billion euros ($19 billion) to clean up two failed
banks in one of its wealthiest regions, the nation’s biggest rescue on record.
The intervention at Banca Popolare di Vicenza SpA and Veneto Banca
SpA includes state support for Intesa Sanpaolo SpA to acquire their good assets
for a token amount, Finance Minister Pier Carlo Padoan said Sunday after an
emergency cabinet meeting in Rome. Milan-based Intesa can initially tap
about 5.2 billion euros to take on some assets without hurting capital ratios,
Padoan said. The European Commission approved the plan.
By Sonia Sirletti and Alexander Weber
June 25, 2017, 7:01 PM GMT+3 June 26, 2017, 12:33 PM GMT+3
Source: https://bloom.bg/2sQmk2Z

Roiled by Airbag- Recall Crisis, Takata Files for Bankruptcy

·Chapter 11 filing lists liabilities of over $10 billion
·China-backed Key Safety Systems agrees to buy Takata assets

Takata Corp. filed for bankruptcy protection in the biggest postwar Japanese
corporate failure in the manufacturing industry, as the 84-year-old company
buckled under liabilities from millions of recalled air bags that have been
linked to more than a dozen deaths.
The Tokyo-based company and its units filed for creditor protection in the U.S.
and Japan. The Chapter 11 bankruptcy in Delaware listed more than $10
billion in liabilities, including claims from automakers including Honda Motor
Co. — the biggest user of the air bags — and Toyota Motor Corp. as well as
individuals who have brought class-action lawsuits.
By Jie Ma, Emi Nobuhiro, Dawn McCarty and Tiffany Kary
June 26, 2017, 2:42 AM GMT+3 June 26, 2017, 10:11 AM GMT+3
Source: https://bloom.bg/2tKKFYm