November 3, 2015 / 1:28 AM / 2 years ago

PRESS DIGEST- Financial Times - Nov 3

Nov 3 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

PFIZER TURNED TO ALLERGAN AFTER GSK SNUB

(on.ft.com/1MtKOA6)

AIG CUTS COSTS TO DEFLECT ICAHN PRESSURE

(on.ft.com/1MtRA8V)

BILL GROSS LOSES $500 MLN SOROS BACKING

(on.ft.com/1MtS7rn)

VW CHEATING SCANDAL SPREADS TO PORSCHE

(on.ft.com/1MtSyC8)

Overview

Pfizer approached GlaxoSmithKline for a possible takeover in recent weeks. However, a cool reception from the UK-listed company made Pfizer approach Allergan instead. Talks with Glaxo are now dead.

New York-based insurer American International Group said it would cut $400 million in costs to deflect pressure from shareholders, notably from Carl Icahn, to break up the company.

George Soros, who invested $500 million in Janus Capital after the appointment of “bond king” Bill Gross, has withdrawn his investment from the fund.

U.S. Environmental Protection Agency said it has uncovered excessive emission levels in thousands of luxury Porsche and Audi cars. The revelation extends the cheating scandal to diesel sports utility vehicles which were not previously admitted by Germany’s Volkswagen AG. (Compiled by Ankush Sharma in Bengaluru; Editing by Cynthia Osterman)

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