PRESS DIGEST - Wall Street Journal - June 26

June 26 Thu Jun 26, 2014 12:53am EDT

June 26 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

** International Business Machines Corp and Lenovo Group Ltd are grappling with ways to resolve U.S. security concerns over IBM's proposed $2.3 billion sale of its computer-servers business to the Chinese company. (on.wsj.com/TyLkso)

** John Paulson's hedge-fund firm Paulson & Co has built a $1 billion stake in Allergan Inc and supports a takeover of the Botox maker by Valeant Pharmaceuticals International Inc , according to a person familiar with the matter. (on.wsj.com/1rASEQ9)

** General Motors Co on Wednesday temporarily halted U.S. and Canadian sales of its best-selling car, the Chevrolet Cruze, over potential problems with air bags made by Japanese supplier Takata Corp. (on.wsj.com/1iI7dBo)

** Bank of America Corp on Wednesday gave layoff notices to 540 workers in its hometown of Charlotte, N.C. (on.wsj.com/1qK80nE)

** Barnes and Noble Inc is to split in two, separating its unprofitable Nook digital business from its consumer bookstores, an acknowledgment of the difficulties the retailer faces in competing with bigger companies like Amazon.com Inc in the e-book and hardware sector. (on.wsj.com/1mq1NdW)

** General Mills Inc announced plans Wednesday for a cost-cutting initiative, joining other packaged-food companies that are shrinking factory capacity and otherwise slashing expenses to make up for lackluster sales in the United States. (on.wsj.com/1pCTjPG)

** Omnicare Inc agreed to pay $124 million to settle allegations the nursing-home pharmacy company offered improper discounts to skilled-nursing facilities and made false billings to federal health programs, the Justice Department said Wednesday. (on.wsj.com/1mgxukU) (Compiled by Anannya Pramanick in Bangalore)

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