Tesco to raise store staff wages by 10.5 percent over two years
LONDON Tesco, Britain's biggest private sector employer, is to raise pay for hourly paid store staff by an inflation-beating 10.5 percent over the next two years, it said on Friday.
Private equity investment firm Clayton, Dubilier & Rice Inc is selling Mauser Group NV to Stone Canyon Industries LLC for $2.3 billion in cash, a day before the packaging products maker was to list on the New York Stock Exchange.
The investment firm had planned to list Mauser, which manufactures plastic, fibre and composite packaging, through an initial public offering that valued the company at more than $1 billion.
The Mauser deal is the second such transaction this year, coming just ahead of a planned listing, as firms find more value in buyouts amid a still-tepid IPO market.
Software maker AppDynamics agreed last month to a $3.7 billion takeover by Cisco Systems Inc (CSCO.O), just two days before its market debut.
Mauser's sales rose 9 percent annually in the past three years and debt fell to 5.4 times EBITDA from over six times since it was acquired by Clayton, Dubilier & Rice (CDR) in 2014, a person familiar with the deal told Reuters.
The investment firm had acquired Mauser for 1.2 billion euros ($1.28 billion).
Stone Canyon will not merge its existing rigid metal and plastic containers business BWAY Corp with Mauser, the source said.
Mauser declined to comment, while Stone Canyon could not be reached immediately for a comment.
Bank of America Merrill Lynch and Citigroup were financial advisers to CDR, while Latham & Watkins LLP was legal counsel. Goldman Sachs was financial adviser to Stone Canyon, while Gibson, Dunn & Crutcher LLP was legal counsel.
(This version of the story corrects source in paragraph 7.)
(Reporting by Rahul B and Sanjeeban Sarkar in Bengaluru; Editing by Saumyadeb Chakrabarty)
LONDON A group of four international investment funds offered to inject 1.6 billion euros (1.4 billion pounds) of fresh capital into two ailing Italian banks in Veneto at the end of May, sources told Reuters, but their plan was not pursued by Rome along with more recent approaches to be part of a rescue deal.
LONDON World stocks could be about to record their best start to a year since 1998, when global markets were recovering from the Asian crisis, while oil and the dollar are facing their worst first-half in years.