CHRONOLOGY-Texas Pacific pulls out of bidding for Coles

(Reuters) - Following is a chronology of events leading up to the TPG
consortium's decision to withdraw.




Aug. 22, 2006 - Coles board confirms it has received a
"highly conditional" takeover proposal from a group of private
investment funds led by KKR.


Read more at Reuters.com Mergers News

Callebaut looks to sell struggling Brach's unit

(Reuters) - "The continued unsatisfactory performance of Barry Callebaut's North American consumer business prompted the company to put the business unit under strategic review," the group said in a statement.




The company said it was looking at a joint venture or a partial or a full sale of the Brach's business and that a sale would be the most favorable outcome.


Read more at Reuters.com Mergers News

Japan's Victor Credit Default Swaps May Decline to 2007 Low, BNP Says

(Bloomberg) -- The perceived risk of owning the
debt of Victor Co. of Japan Ltd., the country's fourth-largest
television and stereo maker, may fall to the lowest this year
because investors overestimate the chance of credit downgrades,
according to BNP Paribas SA.

Matsushita Electric Industrial Co., which owns more than 52
percent of Victor, plans to sell the unit to Kenwood Corp.,
people familiar with the matter said June 23. Japan's largest
consumer electronics manufacturer will sell some of the stake to
Sparx Group Co., Kenwood's biggest shareholder, Nikkei English
News reported. Matsushita and Victor are ``desperately''
considering the best way to raise corporate value, Matsushita
President Fumio Ohtsubo told investors yesterday.


Read more at Bloomberg Bonds News

Turkish Interest Rates to Fall After July Elections, Akbank's Dincer Says

(Bloomberg) -- Turkish interest rates may fall as
next month's general election restores political stability to an
economy bigger than two-thirds of European Union members, Akbank
TAS's managing director said.

The July 22 vote should bring down borrowing costs provided
the new government can end a dispute over the presidency that's
kept rates high, Suzan Sabanci Dincer said in an interview at
Akbank's Istanbul headquarters. That could revive a credit boom
that's attracted Citigroup Inc. and ING Groep NV to the nation of
72 million.


Read more at Bloomberg Emerging Markets News

Axa, Total, Danone, Partouche, L'Oreal, Total: French Equity Preview

(Bloomberg) -- Shares of the following companies
may rise or fall on the Paris stock exchange. Symbols are in
parentheses after company names and prices are from the last
close.

The CAC 40 Index today lost 11.69, or 0.2 percent, to
5941.67 in Paris. The SBF 120 Index slipped 0.2 percent.


Read more at Bloomberg Stocks News

Visa to sponsor 2010 and 2014 soccer world cups

(Reuters) - The deal between Visa and FIFA, soccer's governing body, follows the $90 million settlement on June 21 of a legal fight between FIFA and Visa rival MasterCard Inc. , which had sponsored the tournament for 16 years.




MasterCard had sued FIFA in April 2006 after the soccer group awarded the coveted sponsorship for the next two World Cups to Visa. MasterCard claimed it had right of first refusal on future sponsorship of the tournament, the world's most watched sports event.


Read more at Reuters.com Bonds News

Indonesian Rupiah, Peso, Ringgit Vulnerable to Risk Reduction, SMBC Says

(Bloomberg) -- Indonesia's rupiah, the Malaysian
ringgit and the Philippine peso may suffer the most among Asian
currencies from a sell-off in emerging-market assets, said Tetsuo
Yoshikoshi at Sumitomo Mitsui Banking Corp.

These currencies are most at risk because the respective
stock markets were the biggest beneficiaries of foreign capital
this quarter, said Yoshikoshi, a Singapore-based market analyst.
The peso this month reached the strongest since September 2000,
the rupiah rose to a three-year high in May and the ringgit
touched a nine-year peak as equity indexes climbed to records.


Read more at Bloomberg Currencies News

Japanese September Bond Futures Decline as Nikkei 225 Halts Four-Day Slide

(Bloomberg) -- Japan's bond futures fell as the
Nikkei 225 Stock Average halted a four-day slide.

Ten-year bond futures for September delivery dropped 0.22
to 131.72 as of 9:39 a.m. in Tokyo.


Read more at Bloomberg Bonds News

Japan's Nikkei 225 Stock Average, Topix Rise; Toyota, Honda Lead Advance

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 63.98, or 0.4 percent, to 17,913.26 at 9:02 a.m. in Tokyo.
The broader Topix index added 10.21, or 0.6 percent, to
1751.29.

Toyota Motor Corp. and Honda Motor Co. led the advances.


Read more at Bloomberg Stocks News

Investor Carl Icahn says LBO boom has "peaked"

(Reuters) - "They've had a walk in the park for years, but now
shareholders are waking up to the fact that we're not going to
sell it to you so cheap," Icahn told a "Deals and Dealmakers"
conference sponsored by Dow Jones, referring to LBO firms that
take companies private. "And interest rates could start
creeping up."




Icahn, who is known for pressuring companies for strategic
and management changes, said "I think it's peaked," referring
to the private equity boom.


Read more at Reuters.com Mergers News

Oil Trades Little Changed After Surging on Drop in U.S. Gasoline Stocks

(Bloomberg) -- Crude oil was little changed in New
York after jumping $1 a barrel yesterday on a report showing U.S.
gasoline supplies unexpectedly declined for the first time in
eight weeks.

Stockpiles of the motor fuel fell 749,000 barrels after
imports plunged to a 10-week low last week, the U.S. government
said yesterday. Gasoline production rose as refiners raised
operating rates to a three-week high. Oil inventories, already at
a nine-year high, gained an extra 1.56 million barrels.


Read more at Bloomberg Energy News

Corporate Bond Risk in U.S. Retreats After Reaching Highest in 10 Months

(Bloomberg) -- The perceived risk of owning U.S.
corporate bonds retreated from a 10-month high as concerns eased
about companies' inability to get financing, according to traders
who bet on corporate creditworthiness in the credit-default swap
market.

Credit-default swaps based on $10 million of debt in the CDX
North America Crossover Index was unchanged at $184,000 at 5:09
p.m. in New York after rising to $192,000 earlier today,
according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

New Zealand Dollar Drops as Central Bank Says It May Sell Currency Again

(Bloomberg) -- The New Zealand dollar fell to its
lowest in more than a week after the central bank said it may
continue to sell the currency.

Intervention is an ``ongoing process'' and the currency
will eventually fall to a ``more sustainable level,'' Deputy
Governor Grant Spencer said yesterday.


Read more at Bloomberg Currencies News

Charoen, HSBC, Keppel, Noble, Sinotrans: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
today in Asian markets, excluding Japan. This preview includes
news that broke after markets closed. Prices are from the local
market's last close. Stock symbols are in parentheses after
company names.

PT Charoen Pokphand Indonesia (CPIN IJ): Indonesia's second-
biggest chicken feed maker by sales said it will pay 40 percent
of its 2006 profit as dividend. Charoen Pokphand allocated 62.4
billion rupiah ($6.7 million), or 38 rupiah a share, from its 157
billion rupiah profit last year for the dividend payment, the
company said. The shares were unchanged at 980 rupiah.


Read more at Bloomberg Stocks News

New York City Suffers Power Loss in Sections of Manhattan, Police Report

(Bloomberg) -- Scattered power failures occurred in
parts of Manhattan and the Bronx in New York City, the police
department said.

Three police precincts reported that they lost power, a
spokesman for the police, Detective Kevin Czartoryski, said in a
phone interview. WABC Television said power was cut to about
135,000 customers after an explosion at a substation in the
Bronx. About 78,000 customers in Manhattan have since had their
power restored, the television station said.


Read more at Bloomberg Energy News

U.S. senators battle over immigration overhaul

(Reuters) - Backers were able to block a number of amendments they said
would have undermined the fragile compromise negotiated by a
group of Democratic and Republican senators and the White
House.




Republican opponents engaged in a procedural jousting match
with Senate Majority Leader Harry Reid, a Nevada Democrat,
throughout the day on Wednesday in an effort to kill the bill.


Read more at Reuters.com Bonds News

Procter & Gamble Int'l Funding $2 bln 2-part notes

(Reuters) - The joint lead managers on the sale were Citigroup Global
Markets and JP Morgan.




Read more at Reuters.com Bonds News

Brazil's Bovespa Gains, Led by Petrobras, on Oil: Tenaris Rises on Merval

(Bloomberg) -- Brazil's stock index rose for the first
time in four days, led by state-controlled oil company Petroleo
Brasileiro SA, as oil prices rose on declining U.S. gasoline
stockpiles.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 249.46, or 0.5 percent, to 54,101.14. Petrobras
accounted for more than one-fourth of the gain.


Read more at Bloomberg Stocks News

Soybeans Fall for First Day This Week as Rains Revive Crops in Midwest

(Bloomberg) -- Soybeans in Chicago fell for the
first time this week as rains restore soil moisture in Midwest
fields, aiding the growth of crops.

As much as twice the normal rain may fall from Kansas to
Ohio in the next five days, wetting fields depleted by six weeks
of heat and dryness, said Mike Tannura, a meteorologist for T-
Storm Weather in Champaign, Illinois. Some fields have received
three times normal rain the past seven days.


Read more at Bloomberg Commodities News

UPDATE 1-NYSE CEO says full subprime effect not yet seen

(Reuters) - NEW YORK, June 27 - The full effect of the
subprime lending crisis has not yet been seen, the chief
executive of stock exchange group NYSE Euronext
said on Wednesday.




"We haven't yet seen the full extent of the problems," John
Thain said on the sidelines of a Wall Street Journal conference
at the New York Stock Exchange building.


Read more at Reuters.com Mergers News

Treasury's Paulson-Need for comprehensive tax reform

(Reuters) - But he urged against focusing on one particular industry in
the tax code. "There's a lot of focus today on private equity,
on hedge funds, he said, but added "I don't believe it makes
sense to single out any one industry."




)


Read more at Reuters.com Bonds News

Terra Firma likely to extend EMI bid: sources

(Reuters) - It can, however, extend the offer twice in two-week blocs.




Terra Firma declined to comment.


Read more at Reuters.com Mergers News

Gold Futures Fall on Technical Signs Price May Decrease; Silver Declines

(Bloomberg) -- Gold in New York extended losses to a
three-month low after technical signals suggested the price may
be poised to fall. Silver also declined.

Gold traded below its 200-day moving average yesterday, a
technical signal that the price may have further to fall. Gold
lost 1.4 percent yesterday and silver plunged 4.7 percent. Gold
has fallen 7.7 percent since reaching this year's high of $698 on
April 20.


Read more at Bloomberg Commodities News

Canadian Financial Stocks Fall on U.S. Report; Energy Shares, Suncor, Gain

(Bloomberg) -- Canadian financial stocks fell, led by
Bank of Montreal, on concern that slower economic growth in the
U.S., Canada's main trade partner, will curb profit growth.

Industrial companies including Finning International Inc.
declined on a U.S. report showing demand for durable goods
unexpectedly fell last month. Such energy companies as Suncor
Energy Inc. rose along with rebounding crude oil prices.


Read more at Bloomberg Stocks News

UPDATE 1-Brazil banks' bets against dollar hit record high

(Reuters) - Banks more than doubled short dollar positions to $15.79
billion at the end of May, compared with $7.52 billion at the
end of April. The short positions were the biggest since the
central bank began compiling the data in 1994.




A short position on the dollar is a bet that the currency
will weaken.


Read more at Reuters.com Economic News

Guitar Center to be bought by Bain Capital

(Reuters) - As of March 31, the company had 30.17 million diluted shares outstanding, as reported in its first-quarter earnings report.




Total value of the transaction, expected to close in the fourth quarter, is approximately $2.1 billion including assumed debt, the company said.


Read more at Reuters.com Bonds News

UPDATE 3-Wells Fargo names Stumpf CEO; Kovacevich stays chair

(Reuters) - NEW YORK, June 27 - Wells Fargo & Co. , the fifth-largest U.S. bank, on Wednesday named John Stumpf chief executive, replacing Richard Kovacevich, who will remain chairman.



Stumpf, 53, has been president and chief operating officer since August 2005, and was long considered to be a leading candidate to replace Kovacevich. Last June, Stumpf joined Kovacevich as the only inside directors on Wells Fargo's board.


Read more at Reuters.com Mergers News

Northwest Airlines shares fall after cancellations

(Reuters) - On average from Friday to Monday, Northwest canceled 10.7 percent of mainline flights, according to a statement released by the airline on Tuesday. In May, Northwest completed 99.1 percent of its scheduled mainline flights.




The No. 5 U.S. airline blamed the cancellations on air traffic control restrictions, severe summer weather and a high level of pilot absenteeism.


Read more at Reuters.com Hot Stocks News

Blockbuster, Netflix settle patent dispute

(Reuters) - Netflix sued Blockbuster last year for refusing to pay the online DVD rental company royalties. Blockbuster countersued Netflix on fraud and antitrust claims and said Netflix's patents were so broad as to be unenforceable.




Terms of the settlement were confidential, Blockbuster said in a regulatory filing on Wednesday. The company gave no further details, but said the settlement would have not material effect on its future earnings.


Read more at Reuters.com Business News

Chile's Andina outlines dividend payments

(Reuters) - Andina, which has operations in Argentina and Brazil as
well as Chile, posted a net profit of $41.3 million in the
first quarter, up 3 percent from a year earlier.





Read more at Reuters.com Market News

US STOCKS-Blue chips trim losses as energy shares recover

(Reuters) - The Nasdaq rose, helped by Oracle Corp. after the
world's third-largest software company reported a higher
quarterly profit. For details, see [ID:nN26384527].




The Dow Jones industrial average was down 34.79
points, or 0.26 percent, at 13,302.87. The Standard & Poor's
500 Index was down 1.59 points, or 0.11 percent, at
1,491.30. The Nasdaq Composite Index was up 4.24
points, or 0.16 percent, at 2,578.40.


Read more at Reuters.com Bonds News

UPDATE 1-Osprey receives C$404 million bid from Black Press

(Reuters) - Osprey said Black Press would pay C$8.25 in cash for each
Osprey unit. That represents a deal worth about C$404 million
and tops a bid from Quebecor Media earlier this
month that offered C$7.25 per unit.




The income fund's units rose 94 Canadian cents, or 13.02
percent, to C$8.16 on the Toronto Stock Exchange in early trade
on Wednesday.


Read more at Reuters.com Mergers News

U.S. Stocks Retreat on Drop in Durable Goods; GE, ConocoPhillips Decline

(Bloomberg) -- U.S. stocks fell for a fourth day
after a government report showed orders for durable goods
declined more than forecast and energy producers slipped on a
drop in oil.

General Electric Co., which makes products ranging from
appliances to jet engines, retreated. ConocoPhillips, the
third-largest U.S. oil company, slid after it said it will
record a $4.5 billion charge to write off Venezuela projects.


Read more at Bloomberg Stocks News

People's United to buy Chittenden

(Reuters) - Chittenden shareholders will receive $20.35 plus 0.8775 times the average closing price of People's United in the five days prior to closing.




People's United said it will pay 55 percent of the purchase price, or roughly $1 billion, in cash.


Read more at Reuters.com Bonds News

Crude Oil Declines on Signs U.S. Refineries Bolstered Gasoline Production

(Bloomberg) -- Crude oil fell on speculation that an
Energy Department report today will show that U.S. refineries
bolstered production of gasoline and other fuels.

Gasoline stockpiles increased 1.04 million barrels in the
week ended June 22, according to the median of responses by 16
analysts surveyed by Bloomberg News. Inventories of distillate
fuel, a category that includes heating oil and diesel, rose
550,000 barrels. Refineries increased operating rates for the
first time in five weeks, the survey showed.


Read more at Bloomberg Commodities News

Morocco launches Maroc Telecom share sale

(Reuters) - Morocco's government is putting up for sale a 4 percent stake in telecoms operator Maroc Telecom with a share offer to local and foreign institutional investors, the Finance Ministry said on Wednesday.

Morocco's state owns 34 percent of the company, with French media and telecoms group Vivendi holding 51 percent and the remaining 15 percent traded on the Paris and Casablanca bourses.


Read more at Reuters Africa

Copper Falls in London on Slowing U.S Demand, China Rates; Nickel Declines

(Bloomberg) -- Copper fell to a two-week low in
London on signs of sluggish demand in the U.S. and speculation
that China, the world's biggest consumer of the metal, will
raise interest rates. Aluminum and nickel also dropped.

New home purchases in the U.S., the second-biggest user of
the metal, fell in May, a government report showed yesterday,
signaling demand is still weak in the second year of a housing
slump. Builders are the biggest copper consumers.


Read more at Bloomberg Commodities News

Iberdrola Completes $4.7 Billion Share Sale to Buy Energy East, People Say

(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, completed a share sale aimed at raising
3.5 billion euros ($4.7 billion) to pay for U.S. utility Energy
East Corp., two people with direct knowledge of the offering said.

The Spanish utility planned to sell 85 million new shares
through a so-called accelerated offering, the Bilbao-based power
producer said earlier today in an e-mailed statement. The people
declined to be identified before Iberdrola makes an announcement.


Read more at Bloomberg Stocks News

US STOCKS-Wall St set for lower start on liquidity jitters

(Reuters) - NEW YORK, June 27 - U.S. stock index futures
indicated a lower open on Wednesday on concern over a rising
Japanese yen, a signal that free-flowing liquidity that has
fueled gains in global equity markets could dry up.




On the economic agenda, the government will release data on
durable goods orders for May at 8:30 a.m. .
Economists forecast orders for long-lasting manufactured goods
to have fallen 1 percent last month.


Read more at Reuters.com Bonds News

Iberdrola Completes Share Sale, People Say; Aimed to Raise $4.7 Billion

(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, completed a share sale aimed at raising
3.5 billion euros ($4.7 billion) to pay for U.S. utility Energy
East Corp., two people with direct knowledge of the offering said.

The Spanish utility planned to sell 85 million new shares
through a so-called accelerated offering, the Bilbao-based power
producer said earlier today in an e-mailed statement. The people
declined to be identified before Iberdrola makes an announcement.


Read more at Bloomberg Energy News

Czech Koruna Rallies From 15-Month Low Versus Euro as Carry Trades Unwound

(Bloomberg) -- The Czech koruna rose against the
euro for the first day eight as a drop in global equity markets
prompted investors to unwind so-called carry trades, moving to
low interest-rate currencies.

In carry trades, investors borrow in low interest-rate
currencies, such as the Japanese yen or the Czech koruna, and buy
other higher yielding assets. The yen today rose the most in 10
weeks versus the dollar after Japanese Finance Minister Koji Ami
warned investors yesterday they were taking risks in making one-
way bets against the currency in carry trades.


Read more at Bloomberg Currencies News

Global mobile phone use to pass record 3 billion

(Reuters) - Global mobile phone use will pass the 3 billion mark -- equivalent to half the world's population -- for the first time in 2007 as cell phone demand booms in China, India and Africa, a survey said on Wednesday.

From African farmers to Chinese factory workers, mobile operators will have notched up more than 3.25 billion mobile phone subscriptions worldwide by the end of the year, according to a report by UK-based telecoms analysis company The Mobile World.


Read more at Reuters Africa

Tohoku Electric eyes S.Africa coal panamax cargoes

(Reuters) - Tohoku Electric Power Co. is planning to buy up to two panamax (65,000 tonne) cargoes of South African coal to meet a shortfall in supply, a company source said on Wednesday.

The source said Tohoku was in talks with traders to buy South African coal for delivery in July.


Read more at Reuters Africa

UPDATE 1-UPS selling $59 mln in Sinotrans shares -source

(Reuters) - UPS is selling roughly 125 million Sinotrans shares at
HK$3.56 to HK$3.71 each, a discount of 2 to 6 percent below its
Wednesday closing price of HK$3.79, the source said.




Sinotrans is a unit of Sinotrans Co., which is
injecting core assets into the Hong Kong-listed unit under a plan
to eventually list the entire group.


Read more at Reuters.com Mergers News

U.K. Natural Day-Ahaead Gas Little Changed After Imports Satisfy Demand

(Bloomberg) -- U.K. natural gas for delivery today
was little changed after an increase in imports via the Langeled
pipeline from Norway yesterday helped ensure supply was
sufficient to match consumption.

Gas for intraday delivery traded at 22.6 pence a therm,
compared with a last trade for day-ahead gas at 22.45 pence a
therm yesterday, according to prices on Bloomberg from Icap Plc.
The latest price is equivalent to $4.51 a million British
thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

Investors dump risk as subprime worries weigh

(Reuters) - The risk premium on emerging market debt rose while the Japanese yen strengthened as investors moved away from popular "carry" trades funded by borrowing low-yielding currencies.




"The issue of U.S. subprime mortgages is flaring up again. It's not an atmosphere where people can aggressively take positions in risky assets," said one currency trader for a Japanese bank.


Read more at Reuters.com Hot Stocks News

Blackstone pulls out of bidding for Coles: source

(Reuters) - Investors pushed Wesfarmers' shares up as much as 1.7 percent on hopes its A$19.7 billion offer for the troubled supermarket chain will be successful. Wesfarmers shares ended in negative territory amid a broader market selloff.




If it succeeds, the takeover would be the largest in Australian corporate history.


Read more at Reuters.com Business News

U.K.'s FTSE 100 Slips; Northern Rock Plummets on Lower Profit Forecast

(Bloomberg) -- U.K. stocks declined, led by Northern
Rock Plc. Britain's seventh-largest bank said profit will
probably miss analysts' estimates this year after interest rates
rose more than expected.

The benchmark FTSE 100 Index retreated 38.6, or 0.6 percent,
to 6520.70 as of 8:09 a.m. in London. The FTSE All-Share Index
slid 0.6 percent to 3364.29. Ireland's ISEQ Index decreased 0.7
percent to 9318.55.


Read more at Bloomberg Stocks News