* Says has bought 24 retail outlets from Agriliance * Terms of the transaction not disclosed TORONTO, Nov 24 (Reuters) – Canadian fertilizer maker and agricultural products retailer Agrium Inc ( AGU.TO ) said on Tuesday it has expanded its retail operations in Texas and New Mexico with the acquisition of 24 retail outlets from Agriliance. The terms of the transaction were not disclosed. “We are committed to deliver on our strategic growth objectives of doubling the size of our retail business, and this acquisition is a reaffirmation of that commitment,” Agrium Chief Executive Mike Wilson said in a statement. The company also reaffirmed its commitment to acquiring rival fertilizer maker CF Industries ( CF.N ). CF has been fending off Agrium’s overtures since February and is itself locked in a hostile campaign to acquire U.S. fertilizer maker Terra Industries ( TRA.N ). Agrium’s roughly $5 billion bid for CF is contingent on CF dropping its takeover bid for Terra. [ID:nN23240167] (Reporting by Euan Rocha ; editing by Peter Galloway) ((euan.rocha@thomsonreuters.com; +1 416 941 8185; Reuters Messaging: euan.rocha.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved View original post here: UPDATE 1-Agrium expands retail presence in Texas, New Mexico
Citigroup sought to sell stake to Brazil-minister
NEW YORK, Nov 24 (Reuters) – Citigroup ( C.N ) offered a stake in the bank to the Brazilian government in the beginning of the year, when the financial crisis crippled the U.S. banking system, Brazilian Energy Minister Edison Lobao said on Tuesday. The Brazilian government passed on the offer, however, as it understood that the economy needed to recover from the crisis first, Lobao told an investor conference in New York. “I think it was a good opportunity that we missed,” Lobao said during the conference, organized by the Brazilian-American Chamber of Commerce in New York. “But any prudent government would have been cautious at that time. And Brazil was cautious,” he added. (Reporting by Walter Brandimarte , Editing by Gerald E. McCormick) ((walter.brandimarte@thomsonreuters.com; +1 646 223-6319; Reuters Messaging: walter.brandimarte.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Citigroup sought to sell stake to Brazil-minister
European shares turn negative after US GDP data (at Reuters)
LONDON, Nov 24 (Reuters) – European shares turned negative in afternoon trading on Tuesday after U.S. GDP data showed the economy grew more slowly than initially thought in the third quarter. By 1335 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was down 0.2 percent at 1,021.86 points after rising as high as 1,025.17 earlier in the session. In its second reading of third-quarter gross domestic product, the Commerce Department said the U.S. economy grew at a 2.8 percent annual rate, rather than the 3.5 percent pace it estimated last month. [ID:nN23258482] Banks featured among the worst performers. HSBC ( HSBA.L ), BNP Paribas ( BNPP.PA ), Societe Generale ( SOGN.PA ) and UBS ( UBSN.VX ) were down 1.2 to 1.9 percent. (Reporting by Joanne Frearson) ((joanne.frearson@thomsonreuters.com; +44 207 542 2773, Reuters Messaging:joanne.frearson.thomsonreuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the article here: European shares turn negative after US GDP data (at Reuters)
Marsh & McLennan eyes HSBC’s insurance arm -Telegraph
LONDON, Nov 24 (Reuters) – Marsh & McLennan ( MMC.N ) ( MMC.N ), the second-largest global insurance broker by assets, is exploring a deal to buy part of HSBC’s ( HSBA.L ) insurance business, the Daily Telegraph reported in its Tuesday editions. MMC is thought to be closing in on HSBC Insurance Brokers, which analysts have valued at between 150-200 million pounds, according to industry insiders, the newspaper said. The newspaper added that talks between the two groups are at an advanced stage. MMC and HSBC were not immediately available for comment. (Reporting by Michael Taylor; editing by Carol Bishopric) ((michael.taylor@reuters.com; +44 207 542 0919; Reuters messaging: michael.taylor.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Read more: Marsh & McLennan eyes HSBC’s insurance arm -Telegraph
UPDATE 2-Icahn outbids Penn for Fontainebleau Las Vegas
LOS ANGELES, Nov 23 (Reuters) – Financier Carl Icahn has offered $156.5 million to acquire the partially-built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, according to a spokesman for rival bidder Penn National Gaming ( PENN.O ). Penn, which said last week that it had offered $101.5 million, including $51.5 million of debtor-in-possession financing, for Fontainebleau, has raised its bid to $145 billion, said spokesman Joe Jaffoni. Both of the bids dwarf the $2 billion that has already been spent on the 3,800-room casino resort, which sits toward the northern end of the Las Vegas Strip. The property is expected to go to auction in January. Icahn, whose bid could represent a “stalking horse” floor for the auction, was not immediately available for comment. The financier acquired in 1998 the Strip’s Stratosphere hotel and casino out of bankruptcy, but in 2007 sold that property, along with three smaller casinos, to Goldman Sachs ( GS.N ) for $1.3 billion. (Reporting by Deena Beasley; Editing by Tim Dobbyn ) ((deena.beasley@thomsonreuters.com; 1-213-955-6746)) © Thomson Reuters 2009 All rights reserved Read more: UPDATE 2-Icahn outbids Penn for Fontainebleau Las Vegas
UPDATE 1-RioCan REIT to raise C$100.9 mln via public offering
* To sell about 5.5 mln units at C$18.35/unit * Public issue price at 2 pct discount to Monday close * To use proceeds for improving liquidity, acquisitions Nov 23 (Reuters) – Canada’s RioCan Real Estate Investment Trust ( REI_u.TO ) said it plans to sell about 5.5 million units at C$18.35 apiece for gross proceeds of C$100.9 million ($94.7 million). The sale price represents a 2 percent discount to the unit’s Monday close of C$18.70 on the Toronto Stock Exchange. RioCan said it reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets, BMO Capital Markets and TD Securities Inc for the public issue. The company also granted the underwriters an option to buy an additional 550,000 units at the same price. RioCan said it will use the proceeds to provide additional financial flexibility to its liquidity position, to fund development activities and future property acquisitions and for general trust purposes. The offering is expected to close on or about Dec. 1, the company said in a statement. ($1=1.066 Canadian Dollar) (Reporting by Koustav Samanta in Bangalore; Editing by Maju Samuel) ((koustav.samanta@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: koustav.samanta.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved See the original post: UPDATE 1-RioCan REIT to raise C$100.9 mln via public offering
Google’s buying display advertising start-up
SAN FRANCISCO, Nov 23 (Reuters) – Web search leader Google Inc ( GOOG.O ) said it is buying Silicon Valley display advertising technology start-up Teracent, which expands its competition with display leader Yahoo Inc ( YHOO.O ). Online advertising is divided into search — usually text ads related to content on a Website — and display, such as banner ads that are often used as branding tools by corporations. Teracent’s technology customizes graphic advertisements based on who is watching them, so that a retailer’s closest store could become part of an ad, for example, or new products could be swapped into a company’s standard ad with minimal effort. Ads can also be changed based on the time of day and a person’s language, the company said. Yahoo Inc is the top display advertiser, with 14.5 percent market share in September, according to comScore. Google ranked sixth at just 2.2 percent, although the figures do not include display ads that the companies sell through ad networks or exchanges. This is the latest moves by the giant Web search company, which purchased AdMob earlier this month [ID:nN09266163] and re-launched its advertising exchange built to include technology from display ad company DoubleClick [ID:nN18262808]. Google Chief Executive Eric Schmidt said this summer that display advertising is likely to be “the next billion dollar business” at Google. Google did not disclose the terms of the Teracent deal. (Reporting by Ian Sherr , editing by Gerald E. McCormick) ((ian.sherr@thomsonreuters.com; +1 415.677.2542; Reuters Messaging: ian.sherr.thomsonreuters.com@reuters.net)) ((See blogs.reuters.com/mediafile/ for Media and Technology — Reuters’ media and technology blog)) © Thomson Reuters 2009 All rights reserved See the original post here: Google’s buying display advertising start-up
Agrium to continue pursuit of CF Industries
TORONTO (Reuters) – Canadian fertilizer maker Agrium Inc ( AGU.TO ) said on Monday it would persist in its hostile bid for U.S. rival CF Industries Holdings ( CF.N ), a move that could prolong the already drawn-out three-way merger battle in the sector. CF has been fending off Agrium’s overtures since February and is itself locked in a hostile campaign to acquire U.S. fertilizer maker Terra Industries ( TRA.N ). Agrium’s roughly $5 billion bid for CF is contingent on CF dropping its bid for Terra. CF came a step closer toward reaching a deal with Terra, when Terra’s shareholders voted a slate of three CF nominees to its board on Friday. However, Agrium argued that the support that CF’s slate received at the Terra shareholder meeting was weaker than CF’s own shareholder support for Agrium’s offer. More than 60 percent of CF Industries’ shares were tendered into Agrium Inc’s “best and final” offer last week. Despite the results of the tender, CF can continue to stymie a deal, as it has a poison pill and other defense mechanisms in place to prevent Agrium from completing the transaction. “We look forward to meeting with CF to conclude a transaction and will continue to reach out directly to CF’s management and board as well as to their financial advisers,” Agrium’s Chief Executive Mike Wilson said in a statement. In the meanwhile, Terra has again rejected CF’s latest proposal to buy it, saying the new offer was at the same price as CF’s already-rejected proposal from November 1. CF has offered to pay $24.50 in cash and 0.1034 share of its stock for every Terra share. The offer also includes a $7.50 per-share special cash dividend, which Terra shareholders will receive whether the deal is accepted or not. CF’s latest bid continues to value Terra at about $4.05 billion, but it includes a 30-day “go shop” provision subject to a break-up fee and expense reimbursement. “We have proposed a process through which Terra and CF Industries could negotiate the terms of a transaction, while preserving Terra’s ability to seek higher offers,” CF’s Chief Executive Stephen Wilson said in a statement on Monday. The two chief executives are not related. (Reporting by Euan Rocha , editing by Maureen Bavdek) © Thomson Reuters 2009 All rights reserved Read the original here: Agrium to continue pursuit of CF Industries
UPDATE 1-Zions sees tax refund from cut in securities value
* To cut value of some securities in portfolio * Adjustment to result in pre-tax losses of $423 mln * Expects tax refunds * Stock up 15 pct Nov 23 (Reuters) – Zions Bancorp ( ZION.O ) said it will reduce the value of certain securities in its investment portfolio, resulting in a pretax loss of about $423 million on the securities, and expects a tax refund, sending shares up as much as 15 percent. The transactions will have no material impact on consolidated net income, but will impact the balance sheet by reducing net federal deferred tax assets by about $148 million, the company said. As a result of the adjustments, the company will receive a cash refund of a substantial majority of the total $340 million of federal income taxes paid in 2007, it said. The adjustments will be recognized on the company’s consolidated tax return for 2009. Separately, Zions said it will exchange about 5.6 million depositary shares for common shares to boost its common tangible equity ratio, a measure of capital increasingly important to stock investors and debt rating agencies. Deutsche Bank Securities Inc and Goldman Sachs & Co are the financial advisers for the exchange offer, the company said in a statement. Shares of the company were trading up 14 percent at $14.31 in morning trade on Nasdaq. They earlier touched a high of $14.42. (Reporting by Sweta Singh in Bangalore; Editing by Anil D’Silva) ((sweta.singh@thomsonreuters.com ; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: sweta.singh.reuters.com@reuters.net)) © Thomson Reuters 2009 All rights reserved Visit link: UPDATE 1-Zions sees tax refund from cut in securities value
GM’s Reilly says would cost 3.3 bln euros to fund Opel
BRUSSELS, Nov 23 (Reuters) – It would cost 3.3 billion euros ($4.9 billion) to rehabilitate struggling German car-maker Opel, the European head of its owner, General Motors, said on Monday. “Our total financing requirements are around 3.3 billion euros,” Opel’s interim chief executive Nick Reilly told reporters after a meeting with European economy officials to discuss the matter in Brussels. ((Reporting by John O’Donnell , +32 2 287 6817 or +32 473 92 48 90; john.odonnell@thomsonreuters.com)) ($1=.6679 Euro) © Thomson Reuters 2009 All rights reserved Visit link: GM’s Reilly says would cost 3.3 bln euros to fund Opel