Reckitt clinches deal to buy Schiff for $1.4 billion
Reckitt Benckiser has signed a deal to acquire US group Schiff Nutrition for $1.4 billion, winning an entry into the $30-billion vitamins and nutrition supplements market after beating out Germany's Bayer. The deal brings Reckitt a new portfolio including MegaRed for heart care, Move Free for joints and Tiger’s Milk nutrition bars to add to existing over-the-counter (OTC) health products like Gaviscon for heartburn and Strepsils for sore throats. The OTC healthcare market is an increasingly attractive space for consumer companies and prescription drugmakers alike, due to its steady growth, even though the medical value of certain products has sometimes been disputed.
Glencore gets conditional EU nod for Xstrata deal
Commodity trader Glencore clinched EU regulatory approval for its $31-billion bid for miner Xstrata on Thursday after agreeing to cut its European Union zinc market share to below 40%. The world’s largest diversified commodities trader must scrap an exclusive zinc sales deal and sell its 7.8% stake in world No. 1 zinc producer Nyrstar, the European Commission said in a statement. The proposed remedy ensures that competition in the European zinc metal market is preserved, so that European customers such as steel galvanisers and carmakers can continue to produce valuable consumer goods at low prices and good quality, EU Competition Commissioner Joaquin Almunia said.
Spain starts 2013 funding with 3.9 bn-euro bond sale
Spain sold nearly 4 billion euros of bonds with ease at an auction on Thursday that kicked off its funding programme for a daunting 2013 when Madrid must shoulder regional debt needs and will struggle to meet deficit targets. The Treasury beat the top end of the target of 2.5-3.5 billion euros at borrowing costs that were slightly down on previous outings of the same paper but remain too high for comfort. The average yield on the 2021 bond was 5.517%, compared with around 5.6% for the benchmark 10-year on the secondary market, a long way from over 7% levels in July.
Santander weighs sale of US car finance unit
Spain’s Santander is considering a listing of its car financing division in the US