Canada's CIBC completes $5 billion PrivateBancorp buy
TORONTO Canadian Imperial Bank of Commerce has completed the $5 billion acquisition of Chicago-based PrivateBancorp , which will help it diversify from its domestic market, it said on Friday.
CANBERRA Telecommunications company Telstra (TLS.AX) has secured a A$1.1 billion ($1.1 billion), six-year contract to overhaul communications for Australia's Defense Department, improving links between terrestrial, satellite and tactical networks.
Telstra said the contract to link the defense department's civilian and military telecommunications needs into a single high-speed network will create 350 new jobs, with work to be carried out at 430 Defense sites across Australia.
Telstra beat rival telecommunication company Optus, a unit of Singapore Telecommunications (STEL.SI), as well as IT supplier Fujitsu (6702.T) for the contract.
Australia's Defense Department is planning a series of major technology upgrades for ageing desktop technology as well as data transmission and networks. ($1 = 0.9702 Australian dollars)
(Reporting by Rob Taylor; Editing by Richard Pullin)
Miner and trader Glencore on Friday hit back with an increased offer of $2.675 billion in cash to buy Australian coal assets from Rio Tinto that earlier this week said it was favoring a Chinese bid.