May 21, 2013 / 12:45 AM / 4 years ago

PRESS DIGEST - Financial Times - May 21

May 21 (Reuters) - Headlines

U.S. senators accuse Apple of avoiding billions in taxes

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Actavis to acquire Warner Chilcott in $5 bln deal

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ENRC co-founders in line to win with lowball bid

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Essar Oil to sign fuel-for-cash deal with China Development Bank

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Oil inquiry widens to trading houses

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Overview

The U.S. Senate accused Apple Inc of paying little or no taxes to governments around the world by using loopholes and Irish units that are not tax residents of any country.

Actavis said it would by rival Warner Chilcott in a $5 billion deal that would see the combined company become the world’s third-largest generic drug company by sales.

ENRC’s co-founders, who are bidding to take control of the miner, are likely to be able to buy the company for a low price, analysts said.

India’s Essar Oil will sign a loan-for-oil deal with state-run China Development Bank under which the bank will provide the company with a loan in exchange for oil shipments to PetroChina.

The European Commission is seeking new information from trading houses, including Glencore, as part of its probe into the manipulation of energy price benchmarks.

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