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Industrial Conglomerates

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  • MILAN, Feb 24- Italian aerospace and defence group Finmeccanica has agreed to sell its rail business to Hitachi Ltd in a deal which will cost the Japanese conglomerate up to 1.9 billion euros and cut Finmeccanica's debt by 15 percent. For Hitachi the acquisition will give it a stronger foothold in Europe where it competes with the world's top three train makers-...

  • MILAN, Feb 24- Italian conglomerate Finmeccanica has agreed to sell its rail assets to Japan's Hitachi in a potential 1.9 billion euro deal that will cut its debt by 15 percent and help it to refocus on aerospace and defence. Hitachi, meanwhile, will gain a stronger foothold in Europe to compete with bigger rivals such as Germany's Siemens and France's Alstom,...

  • LONDON/ MILAN, Feb 23- Hitachi Ltd has agreed to buy Italian conglomerate Finmeccanica's rail and signal assets, sources close to the matter said, a deal expected to top $2 billion and give the Japanese firm a stronger foothold in Europe to compete with bigger rivals. For Hitachi, which relocated its rail division to London last year, the main focus of the deal is rail...

  • BRUSSELS— The European Union opened an in-depth probe of General Electric's $14.1 billion takeover of the power division of French company Alstom on Monday fearing higher prices and less choice. In international business, the European Commission wields major power since its rejection of a multinational deal has thwarted mergers and takeovers in the past,...

  • *Bidvest seeks role in pharmaceutical market. JOHANNESBURG, Feb 23- South African conglomerate Bidvest has offered about $515 million for the shares it does not already own in drugmaker Adcock Ingram in a new attempt to build a big presence in the pharmaceutical market. Bidvest already owns a 34.5 percent stake in the drugmaker, which it acquired a year ago,...

  • ABU DHABI, Feb 23- Russia's military budget may shrink by around 10 percent in 2015, the chief executive of state-owned defence conglomerate Rostec said on Monday. Russia denies it has troops in eastern Ukraine. However, even favoured "power ministries" are beginning to feel the pressure of Russia's economic crisis and Sergei Chemezov-- a key ally of Putin and...

  • ABU DHABI, Feb 23- Sanctions imposed on Russia have had an impact on its defence industry, with the country planning to substitute all its current imports with home-made options by 2017, the chief executive of state-owned defence conglomerate Rostec said on Monday. "Sanctions have given us a kick to produce our own," Sergei Chemezov told a news conference on the...

  • ABU DHABI, Feb 23- Russia's military budget may shrink by around 10 percent in 2015, the chief executive of state-owned defense conglomerate Rostec said on Monday. "It could shrink a bit, within 10 percent, but a decision is not yet made," Sergei Chemezov told a news conference on the sidelines of a defense conference in Abu Dhabi, the capital of the United Arab...

  • HONG KONG, Feb 23- Hong Kong shares ended little changed on Monday, with gains in Tencent Holdings offsetting weakness in casino operators and oil firms and as most investors stuck to the sidelines awaiting major corporate earnings later in the week. Conglomerate Hutchison Whampoa as well as property firms including Cheung Kong, Sun Hung Kai Properties and New...

  • *HSBC to announce earnings on Monday, Cheung Kong later the week. HONG KONG, Feb 23- Hong Kong shares dipped on Monday, with oil firms and casino operators leading the slide, as investors awaited direction from major corporate earnings later the week, marking a weak start to the Year of Goat. Property group Cheung Kong and conglomerate Hutchison Whampoa are set to...

  • Indian corporate espionage scandal deepens Sunday, 22 Feb 2015 | 9:22 AM ET

    The probe into alleged attempts to steal documents from India's oil ministry is raising wider questions about access to market-sensitive information.

  • SAN FRANCISCO/ NEW YORK, Feb 18- Federal authorities in San Francisco are probing U.S.-based Mirach Capital Group, two sources familiar with the situation told Reuters, amid allegations that the group gave a forged bank letter to Indian conglomerate Sahara as part of financing negotiations. Sahara had sought to borrow more than $1 billion from Mirach to help...

  • OTTAWA, Feb 17- Canada is imposing sanctions against top Russian oil firm NK Rosneft OAO and the head of conglomerate Rostec, among others, in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Tuesday. In all, Canada- which said it was acting in coordination with the European Union and the United States- imposed sanctions against 37...

  • NEW YORK, Feb 17- Warren Buffett's Berkshire Hathaway Inc on Tuesday disclosed a new stake in agricultural and construction equipment maker Deere& Co, one of a handful of changes in its stock holdings during the fourth quarter. Berkshire reported a 17.1 million-share stake, according to a U.S. Securities and Exchange Commission filing that detailed its...

  • OMAHA, Neb.— Billionaire Warren Buffett's company unloaded its 41 million shares of Exxon Mobil Corp. and sold a smaller stake in ConocoPhillips as oil prices fell last fall. Berkshire Hathaway Inc. filed an update on the stocks it held at the end of 2014 with the Securities and Exchange Commission Tuesday. Berkshire had only held the Exxon Mobil investment...

  • KAMPALA, Feb 17- A consortium led by Russia's RT Global Resources has won the contract to build and operate Uganda's $2.5 billion crude oil refinery, the energy ministry said on Tuesday, in a vital step to hasten oil production. RT Global Resources, owned by Russian defence conglomerate Rostec, leads a consortium that also includes Russian oil producer Tatneft...

  • DUBAI, United Arab Emirates— State-backed conglomerate Dubai World says it has reached a deal with creditors to rework terms on $14.6 billion of debt, giving it more breathing room as it works to move beyond its financial challenges. The company said Sunday it will pay back $2.92 billion worth of the debt earlier than scheduled this year and extend repayment of...

  • UPDATE 2-Peltz softens stance on splitting DuPont Wednesday, 11 Feb 2015 | 11:14 AM ET

    *Trian Fund "open-minded" about keeping portfolio together. Feb 11- Activist investor Nelson Peltz's hedge fund said it was "open-minded" about keeping DuPont together, after agitating for months to break up the chemical conglomerate. Trian Fund Management LP detailed the change in strategy on Wednesday, while urging DuPont shareholders to vote Nelson Peltz...

  • Feb 11- Trian Fund Management LP urged DuPont shareholders to vote Nelson Peltz and three other nominees to the board, days after the chemical company named two of its own nominees as directors. The activist investor also noted that DuPont Chief Executive Ellen Kullman had sold more than half of her holdings in the company since the fund first disclosed its...

  • MUMBAI, Feb 11- Officials at India's market regulator, which is seeking redress for millions of investors it says were burnt in conglomerate Sahara's illegal bond scheme, say the group may not wholly own some of the properties in India it listed as proof of its ability to repay the savers. Questions over Sahara's ownership of the properties could severely...