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Ethiopia's salt trails

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Wall Street Week Ahead: Correction talk gets old as rally sails along

NEW YORK - With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old.

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Families edging out private equity in consumer deals

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.

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China denounces EU airline carbon law, seeks talks

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.

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Taro rejects India's Sun Pharma buyout bid

Thu Jul 19, 2012 10:26am EDT

(Reuters) - Taro Pharmaceutical Industries has rejected a $367 million bid from Indian drugmaker Sun Pharmaceutical Industries for the one-third stake of the Israeli company it does not already own.

Taro said in a statement on Thursday the $24.50-per-share offer by Sun Pharma was inadequate and "not in the best interests" of its minority shareholders.

Grand Slam Asset Management, one of Taro's minority shareholders, said last October that a fair offer would be at least $48.50 per share.

Mumbai-based Sun Pharma, which holds 66.32 percent of Taro, made a non-binding offer for remaining stake last year.

Sun Pharma, which could not immediately be reached for comments, has said it will stick to its current offer.

Shares in Sun Pharmaceutical Industries fell 0.12 percent to 625.95 rupees. The broader Mumbai market was up 0.51 percent.

(Reporting by Kaustubh Kulkarni in MUMBAI; Editing by David Cowell)
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