Sherwin-Williams wins U.S. antitrust approval to buy Valspar: FTC
WASHINGTON Paint-maker Sherwin-Williams has won U.S. antitrust approval to buy U.S. rival Valspar Corp , the Federal Trade Commission said on Friday.
Carl Icahn increased his stake in Navistar International Corp (NAV.N) to 11.87 percent on Thursday, taking advantage of a sharp fall in the truck and engine maker's shares after the company reported a quarterly loss.
Icahn, who had pushed for a merger of Navistar and rival Oshkosh Corp (OSK.N), had earlier reported a stake of 9.99 percent in Navistar.
The billionaire investor bought 883,200 Navistar shares on Thursday, when the company's shares fell as much as 28 percent to $20.21.
Navistar's results have been hit over the last two quarters by warranty costs related to engines built in 2010 and 2011. It is also facing delays in receiving regulatory approval for a new engine that does not comply with current U.S. emission rules.
The company warned investors in March that costs for repairing the engines were taking a heavy toll on profit, but said warranty claims had peaked. Claims, however, have shot up since then.
Navistar Chief Executive Daniel Ustian had said he was open to a merger with Oshkosh, in which Icahn also holds an about 10 percent stake, but the idea was rejected by Oshkosh shareholders.
(Reporting by A. Ananthalakshmi in Bangalore; Editing by Saumyadeb Chakrabarty)
MUNICH German industrial gases group Linde's supervisory board is due to vote on a merger agreement with U.S. peer Praxair on June 1, two people close to the matter told Reuters on Friday.
Soft drink maker PepsiCo Inc is in talks to acquire All Market Inc, the owner of coconut water brand Vita Coco, whose celebrity investors include Madonna and Matthew McConaughey, people familiar with the matter said on Friday.