TOKYO - The Bank of Japan kept policy steady on Wednesday despite concerns over recent volatility in bond market, saying growth is starting to pick up even as risks loomed from an uncertain global outlook.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
MacDonald Dettwiler to buy Loral subsidiary for $875 million
TORONTO (Reuters) - Loral Space & Communications Inc (LORL.O) said on Tuesday it has agreed to sell its satellite manufacturing subsidiary, Space Systems/Loral to Canadian communications rival MacDonald, Dettwiler and Associates Ltd (MDA.TO) for about $875 million.
The deal is set to enhance Macdonald Dettwiler's position in the communications arena and creates potential for increased business with both commercial and government clients.
"The combination is a very good strategic fit for both companies," John Celli, President of Space Systems/Loral said in a statement.
The boards of both companies have approved the deal, which is expected to close later this year after certain regulatory approvals.
Loral said in addition to the $875 million it will also receive cash dividends and other payments from its SS/L subsidiary, which are expected to be in excess of $135 million.
(Reporting by Euan Rocha; Editing by Edwina Gibbs)
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