Colombians are cautiously awaiting a peace deal in the South American nation after Bogota and the Revolutionary Armed Forces of Colombia (FARC) announced an agreement on a bilateral ceasefire and the end to hostilities at peace talks in Cuba on Wednesday. 
 
Authorities said the formal accord on the point will be signed today by President Juan Manuel Santos and FARC rebel leader Rodrigo Londono, better known by his nom de guerre Timochenko. 
 
&quot;It&#39;s always something important when it becomes concrete because there are a lot of doubts about what was really agreed in Havana and which hasn&#39;t yet surfaced. Citizens still don&#39;t know (about the peace agreement). We all want peace and hopefully this (deal) is good,&quot; said citizen, Terencio Poo. 
 
Agreement on a third point of the negotiating agenda would be a major step forward in efforts by the two sides to end 50 years of war that have killed 220,000 people and displaced millions. 
 
Santos has promised the final accord will be put to the Colombian people in a plebiscite, and must win over those sceptical of FARC promises to rejoin civil society, including supporters of hard-line former President Alvaro Uribe who claims a deal will grant guerrillas impunity for war crimes. 
 
&quot;Hopefully the announcement tomorrow tells us that there will be jail for those who have committed heinous crimes and crimes against humanity,&quot; said co-President of the Democratic Centre opposition party, Oscar Ivan Zuluaga, 
 
Once there is agreement on the third agenda point, the only remaining topic is how exactly the referendum will be organised. 
If approved by the public, it would bring to an end Latin America&#39;s longest armed conflict. 
 
&quot;There are a lot generations, like mine, who never seen a single day of peace and tomorrow will be practically the end of the war,&quot; said Senator Mauricio Lizcano from Santos` ruling party. 
 
President Santos has said this week the government and the rebels will complete negotiations for a final deal by July 20. The ceasefire, which includes terms for the FARC&#39;s demobilisation, laying down of arms, and security for former fighters, does not begin until the final deal is signed. 
 
Colombian citizen Mariana Hoyos said Wednesday&#39;s ceasefire announcement is the first of many steps of a peace to come. 
&quot;This is the first step and I think there is still a lot to be done, but this is the start,&quot; she said. 
 
Cuban President Raul Castro, United Nations Secretary-General Ban Ki-moon, Venezuelan President Nicolas Maduro and Chilean President Michelle Bachelet are also expected to attend the signing ceremony in Havana the two sides said.&nbsp; 
 
(Reuters)

If approved, it would bring to an end Latin America's longest armed conflict

Colombians are cautiously awaiting a peace deal in the South American nation after Bogota and the Revolutionary Armed Forces of Colombia (FARC) announced an agreement on a bilateral ceasefire and the end to hostilities at peace talks in Cuba on Wednesday. Authorities said the formal accord on the point will be signed today by President Juan Manuel Santos and FARC rebel leader Rodrigo Londono, better known by his nom de guerre Timochenko. "It's always something important when it becomes concrete because there are a lot of doubts about what was really agreed in Havana and which hasn't yet surfaced. Citizens still don't know (about the peace agreement). We all want peace and hopefully this (deal) is good," said citizen, Terencio Poo. Agreement on a third point of the negotiating agenda would be a major step forward in efforts by the two sides to end 50 years of war that have killed 220,000 people and displaced millions. Santos has promised the final accord will be put to the Colombian people in a plebiscite, and must win over those sceptical of FARC promises to rejoin civil society, including supporters of hard-line former President Alvaro Uribe who claims a deal will grant guerrillas impunity for war crimes. "Hopefully the announcement tomorrow tells us that there will be jail for those who have committed heinous crimes and crimes against humanity," said co-President of the Democratic Centre opposition party, Oscar Ivan Zuluaga, Once there is agreement on the third agenda point, the only remaining topic is how exactly the referendum will be organised. If approved by the public, it would bring to an end Latin America's longest armed conflict. "There are a lot generations, like mine, who never seen a single day of peace and tomorrow will be practically the end of the war," said Senator Mauricio Lizcano from Santos` ruling party. President Santos has said this week the government and the rebels will complete negotiations for a final deal by July 20. The ceasefire, which includes terms for the FARC's demobilisation, laying down of arms, and security for former fighters, does not begin until the final deal is signed. Colombian citizen Mariana Hoyos said Wednesday's ceasefire announcement is the first of many steps of a peace to come. "This is the first step and I think there is still a lot to be done, but this is the start," she said. Cuban President Raul Castro, United Nations Secretary-General Ban Ki-moon, Venezuelan President Nicolas Maduro and Chilean President Michelle Bachelet are also expected to attend the signing ceremony in Havana the two sides said. (Reuters)

Colombians cautiously optimistic about peace deal with FARC

China&#39;s biggest gaming group Tencent Holdings Ltd is to buy a majority stake in Finland&#39;s Supercell, which makes the &#39;Clash of the Clans&#39; mobile game, from SoftBank Group Corp, in a deal valued at roughly $8.6 billion. 
 
The purchase will expand Tencent&#39;s interests overseas, as the Chinese video game and social network group still relies mainly on its home market even though it has stakes in various foreign studios like Epic Games and Riot Games. 
 
Tencent will acquire about 84.3 per cent of Supercell via a wholly-owned consortium, including all of SoftBank&#39;s 72.2 per cent stake, it said on Tuesday. The sale is the biggest ever deal in gaming merger and acquisitions. 
 
The consortium will open up to co-investors, though Tencent expects to maintain a 50 per cent voting interest, it said. 
 
Supercell, also creator of Boom Beach and Hay Day, has a handful of successful games and gets a significant amount of revenue from in-game purchases, helping it to avoid the problems faced by the likes of rival Rovio Entertainment, which has failed to create a new hit game since its 2009 launch of Angry Birds. 
 
The Finnish company will now receive Tencent&#39;s backing as it pushes more aggressively into China&#39;s large online gaming market. 
 
With just 180 employees, Supercell had pre-tax profit of 880 million Euros with sales of 2.1 billion Euros ($2.38 billion) last year, putting the six-year-old firm into the list of largest Finnish companies measured by earnings. 
 
Clash of Clans, the world&#39;s number one grossing mobile game last year, is a war strategy game in which players build fortresses, form clans and battle it out with other clans in a Medieval-style fantasy world. 
 
Supercell&#39;s current management will keep their operational independence and the company will remain in Finland, Tencent&#39;s statement said. 
 
For SoftBank, the Tencent deal will mark its third major asset reshuffle in the past month. Softbank is seeking to bolster its finances following its 2013 acquisition of a majority stake in struggling US wireless carrier Sprint Corp. 
 
SoftBank said the latest sale would yield a return of around 2.9 times its original investment. It expects to book a 600-billion Yen ($5.74 billion) pre-tax profit this financial year from the sale. 
 
The Japanese media and telecoms company this month said it would sell $10 billion worth of shares in Chinese e-commerce giant Alibaba Group Holding Ltd to cut debt, as well as a decision to sell its stake in GungHo Online Entertainment Inc back to the mobile game maker for 73 billion Yen. 
 
In a surprise move, SoftBank said on Tuesday, President Nikesh Arora would resign as of its Wednesday shareholder meeting, less than two years since he joined the group. 
 
Tencent said it expected the Supercell deal to close in the third quarter of 2016. The Chinese company made 32 billion Yuan ($4.86 billion) revenues in the first three months of 2016, of which over half came from gaming. 
 
(Reuters)

The maker of hit games Boom Beach and Hay Day now has Tencent's backing as it pushes into China's large gaming market

China's biggest gaming group Tencent Holdings Ltd is to buy a majority stake in Finland's Supercell, which makes the 'Clash of the Clans' mobile game, from SoftBank Group Corp, in a deal valued at roughly $8.6 billion. The purchase will expand Tencent's interests overseas, as the Chinese video game and social network group still relies mainly on its home market even though it has stakes in various foreign studios like Epic Games and Riot Games. Tencent will acquire about 84.3 per cent of Supercell via a wholly-owned consortium, including all of SoftBank's 72.2 per cent stake, it said on Tuesday. The sale is the biggest ever deal in gaming merger and acquisitions. The consortium will open up to co-investors, though Tencent expects to maintain a 50 per cent voting interest, it said. Supercell, also creator of Boom Beach and Hay Day, has a handful of successful games and gets a significant amount of revenue from in-game purchases, helping it to avoid the problems faced by the likes of rival Rovio Entertainment, which has failed to create a new hit game since its 2009 launch of Angry Birds. The Finnish company will now receive Tencent's backing as it pushes more aggressively into China's large online gaming market. With just 180 employees, Supercell had pre-tax profit of 880 million Euros with sales of 2.1 billion Euros ($2.38 billion) last year, putting the six-year-old firm into the list of largest Finnish companies measured by earnings. Clash of Clans, the world's number one grossing mobile game last year, is a war strategy game in which players build fortresses, form clans and battle it out with other clans in a Medieval-style fantasy world. Supercell's current management will keep their operational independence and the company will remain in Finland, Tencent's statement said. For SoftBank, the Tencent deal will mark its third major asset reshuffle in the past month. Softbank is seeking to bolster its finances following its 2013 acquisition of a majority stake in struggling US wireless carrier Sprint Corp. SoftBank said the latest sale would yield a return of around 2.9 times its original investment. It expects to book a 600-billion Yen ($5.74 billion) pre-tax profit this financial year from the sale. The Japanese media and telecoms company this month said it would sell $10 billion worth of shares in Chinese e-commerce giant Alibaba Group Holding Ltd to cut debt, as well as a decision to sell its stake in GungHo Online Entertainment Inc back to the mobile game maker for 73 billion Yen. In a surprise move, SoftBank said on Tuesday, President Nikesh Arora would resign as of its Wednesday shareholder meeting, less than two years since he joined the group. Tencent said it expected the Supercell deal to close in the third quarter of 2016. The Chinese company made 32 billion Yuan ($4.86 billion) revenues in the first three months of 2016, of which over half came from gaming. (Reuters)

China's Tencent buys Finland's Supercell for $8.6 billion in the biggest ever deal in gaming merger and acquisitions

Wal-Mart Stores Inc said on Monday it plans to sell its Chinese e-commerce business Yihaodian to Chinese online retailer JD.com Inc for a 5 per cent equity stake in JD.com, a strategic alliance that aims to expand WalMart&#39;s reach in China. 
 
Under the deal, JD.com will issue about 145 million new class A shares to Wal-Mart, worth about $1.5 billion at JD.com&#39;s current valuation. 
 
Shares of Wal-Mart rose 26 cents, or 0.4 per cent, to $71.21 in afternoon New York Stock Exchange trading. JD.com&#39;s ADRs were up nearly 8 per cent, or $1.56, at $21.58 
 
Wal-Mart took a stake in Yihaodian, which has focussed on online grocery sales and caters to affluent female customers, in 2011 before taking full ownership last July. 
 
That deal combined Yihaodian&#39;s local expertise with Wal-Mart&#39;s global sourcing and supply chain capabilities, but growth was hindered when Wal-Mart narrowed the number of sellers on the site, according to a note from Barclays issued on Monday. 
 
In the latest agreement, JD.Com, China&#39;s second-largest online retailer, will control the Yihaodian brand and website, while Walmart will continue to operate the Yihaodian direct sales business and will sell on the Yihaodian marketplace. 
 
The deal will give Walmart access to JD.Com&#39;s online traffic and expand its reach into the Chinese market. Sam&#39;s Club China will open a flagship store on JD.Com and utilise its delivery network, the companies said. Walmart&rsquo;s China stores will be listed as a preferred retailer on JD.com&rsquo;s crowd-sourced platform, O2O JV Dada. 
 
Brian Yarbrough, an analyst with Edward Jones, said the deal with JD.com was a more cost-effective way for Wal-Mart to get its products and name in the marketplace by partnering with a large, experienced player. 
 
&quot;It doesn&#39;t mean that they&#39;ve pulled away, but to me it tells me they are trying to make smarter investments,&quot; said Yarbrough. 
 
Walmart&rsquo;s financial adviser on the deal was Morgan Stanley &amp; Co. LLC and its legal advisor was Morrison &amp; Foerster LLP. JD.com&rsquo;s legal advisors were Orrick Herrington Sutcliffe LLP and Han Kun Law Offices. 
 
(Reuters)

The deal will give Walmart access to JD.Com's online traffic and expand its reach into the Chinese market

Wal-Mart Stores Inc said on Monday it plans to sell its Chinese e-commerce business Yihaodian to Chinese online retailer JD.com Inc for a 5 per cent equity stake in JD.com, a strategic alliance that aims to expand WalMart's reach in China. Under the deal, JD.com will issue about 145 million new class A shares to Wal-Mart, worth about $1.5 billion at JD.com's current valuation. Shares of Wal-Mart rose 26 cents, or 0.4 per cent, to $71.21 in afternoon New York Stock Exchange trading. JD.com's ADRs were up nearly 8 per cent, or $1.56, at $21.58 Wal-Mart took a stake in Yihaodian, which has focussed on online grocery sales and caters to affluent female customers, in 2011 before taking full ownership last July. That deal combined Yihaodian's local expertise with Wal-Mart's global sourcing and supply chain capabilities, but growth was hindered when Wal-Mart narrowed the number of sellers on the site, according to a note from Barclays issued on Monday. In the latest agreement, JD.Com, China's second-largest online retailer, will control the Yihaodian brand and website, while Walmart will continue to operate the Yihaodian direct sales business and will sell on the Yihaodian marketplace. The deal will give Walmart access to JD.Com's online traffic and expand its reach into the Chinese market. Sam's Club China will open a flagship store on JD.Com and utilise its delivery network, the companies said. Walmart’s China stores will be listed as a preferred retailer on JD.com’s crowd-sourced platform, O2O JV Dada. Brian Yarbrough, an analyst with Edward Jones, said the deal with JD.com was a more cost-effective way for Wal-Mart to get its products and name in the marketplace by partnering with a large, experienced player. "It doesn't mean that they've pulled away, but to me it tells me they are trying to make smarter investments," said Yarbrough. Walmart’s financial adviser on the deal was Morgan Stanley & Co. LLC and its legal advisor was Morrison & Foerster LLP. JD.com’s legal advisors were Orrick Herrington Sutcliffe LLP and Han Kun Law Offices. (Reuters)

Wal-Mart to sell its China e-biz to JD.com for 5% stake

Iran and US aerospace giant Boeing have reached a deal for the purchase of 100 aircraft to renew the country&#39;s ageing fleet, the head of Tehran&#39;s civil aviation authority announced today. 
 
&quot;We have 250 planes in the country, 230 need to be replaced,&quot; said Ali Abedzadeh, the head of the civil aviation body, adding that the deal still needed approval from the US government. 
 
(AFP)

Iran and US aerospace giant Boeing have reached a deal for the purchase of 100 aircraft to renew the country's ageing fleet, the head of Tehran's civil aviation authority announced today. "We have 250 planes in the country, 230 need to be replaced," said Ali Abedzadeh, the head of the civil aviation body, adding that the deal still needed approval from the US government. (AFP)

Iran, Boeing reach deal on purchase of 100 planes: Tehran

Microsoft Corp agreed to buy LinkedIn Corp for $26.2 billion in its biggest-ever deal, combining the software giant&#39;s fast-growing cloud services business with the world&#39;s largest online network for professionals. 
 
The offer of $196 per share represents a premium of 49.5 per cent to LinkedIn&#39;s Friday closing price. 
 
LinkedIn&#39;s shares jumped by 48 per cent to $194.28 before the opening bell on Monday. Microsoft&#39;s shares were down 3.3 per cent. 
 
&quot;Today is a re-founding moment for LinkedIn,&quot; Reid Hoffman, chairman of LinkedIn&#39;s board, said in a statement. 
 
Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella. 
 
&quot;I have always had a great admiration for LinkedIn,&quot; Nadella said in a video on Microsoft&#39;s website. &quot;I have been talking with Reid and Jeff for a while ... I have been thinking about this for a long time.&quot; 
 
The deal is expected to close in 2016, the companies said in a joint statement. 
 
Microsoft said it would issue new debt to fund the deal. 
 
After the deal, LinkedIn will become part of Microsoft&#39;s productivity and business processes unit

There has been speculation that the next acquistion target could be Twitter

Microsoft Corp agreed to buy LinkedIn Corp for $26.2 billion in its biggest-ever deal, combining the software giant's fast-growing cloud services business with the world's largest online network for professionals. The offer of $196 per share represents a premium of 49.5 per cent to LinkedIn's Friday closing price. LinkedIn's shares jumped by 48 per cent to $194.28 before the opening bell on Monday. Microsoft's shares were down 3.3 per cent. "Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement. Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella. "I have always had a great admiration for LinkedIn," Nadella said in a video on Microsoft's website. "I have been talking with Reid and Jeff for a while ... I have been thinking about this for a long time." The deal is expected to close in 2016, the companies said in a joint statement. Microsoft said it would issue new debt to fund the deal. After the deal, LinkedIn will become part of Microsoft's productivity and business processes unit

Microsoft to buy LinkedIn for $26.2 billion in its biggest-ever deal

Turkey&#39;s president warned Germany on Tuesday that its plans to declare the 1915 mass killing of Armenians a genocide would damage bilateral ties, raising new concerns about an EU-Turkey migrant deal championed by Chancellor Angela Merkel.

German lawmakers are expected to approve a symbolic resolution on Thursday that labels the killings of up to 1.5 million Armenians by Ottoman forces &quot;genocide&quot;, a description that Turkey strongly rejects.

The vote had been scheduled to take place over a year ago, on the 100th anniversary of the massacre, but Merkel&#39;s allies in parliament pushed it back repeatedly out of concern that it could hurt relations with Ankara.

Now they have run out of time and may be wishing they had let the vote take place sooner.

The opposition Greens have pushed the resolution onto the agenda at an extremely awkward time for Merkel, the driving force behind an agreement between the EU and Ankara that has helped slash the number of illegal migrants entering Europe.

The deal has eased political pressure on Merkel at home. But it has been under a cloud since its strongest proponent in the Turkish government, Ahmet Davutoglu, was pushed out as prime minister this month. Since then, President Tayyip Erdogan has questioned aspects of the agreement and some of his allies have even threatened to unleash a new wave of refugees on Europe.

In comments to reporters before he left for an official visit to&nbsp;Africa, Erdogan lashed out at those who he said were trying to &quot;deceive&quot; Germany over the 1915 events, without accusing anyone in particular.

&quot;If Germany is to be deceived by this, then bilateral diplomatic, economic, trade, political, and military ties - we are both NATO countries - will be damaged,&quot; he said.

The comments came after he spoke to Merkel by telephone to express his concern about the resolution. Sources in both capitals said Erdogan had initiated the call.

&nbsp;

GERMAN HISTORY

The resolution, which is formally supported by Merkel&#39;s conservative bloc, the centre-left Social Democrats and the Greens, uses the word &quot;genocide&quot; in the headline and text.

&quot;The fate of the Armenians is exemplary in the history of mass exterminations, ethnic cleansing, deportations and yes, genocide, which marked the 20th century in such a terrible way,&quot; it reads.

The resolution also touches on the &quot;inglorious&quot; role of the German Empire, a military ally of the Ottomans, because it did nothing to stop the massacre.

Turkey argues that the there was no organised campaign to wipe out the Armenians, who are Christian, and no evidence of any such orders from the Ottoman authorities.

Cem Oezdemir, a leader of the Greens with Turkish roots, told Reuters he had experienced weeks of personal attacks from Turkish nationalists on social media and via email because of his role in championing the resolution.

&quot;It wasn&#39;t our goal to hold this vote now,&quot; Oezdemir said. &quot;But the timing is not that important. The Bundestag is doing this because this is also a part of German history. The Ottoman and German empires were essentially brothers in arms.&quot;

The vote coincides with deepening public scepticism in Germany towards Turkey and Erdogan in particular. Critics accuse Merkel of going soft on Ankara over human rights because of her desire to stem the flow of migrants.

Last month she drew fire for allowing German prosecutors to look into charges against a comedian who mocked Erdogan in a crude poem. The comedian, Jan Boehmermann, has accused Merkel of serving him &quot;up for tea to a highly strung despot&quot;.

Merkel and other top ministers are expected to vote for the resolution, although some, including Foreign Minister Frank-Walter Steinmeier, have questioned the wisdom of it in public.

Some officials fear it could stir tensions with the roughly 3 million people of Turkish origin who live in Germany.

Last year, German President Joachim Gauck condemned the killings of Armenians as &quot;genocide&quot; in a speech to mark the 100th anniversary of the massacres. Germany had previously avoided using the term in connection with the massacre.

Turkey's president warned Germany on Tuesday that its plans to declare the 1915 mass killing of Armenians a genocide would damage bilateral ties, raising new concerns about an EU-Turkey migrant deal championed by Chancellor Angela Merkel

Turkey's president warned Germany on Tuesday that its plans to declare the 1915 mass killing of Armenians a genocide would damage bilateral ties, raising new concerns about an EU-Turkey migrant deal championed by Chancellor Angela Merkel. German lawmakers are expected to approve a symbolic resolution on Thursday that labels the killings of up to 1.5 million Armenians by Ottoman forces "genocide", a description that Turkey strongly rejects. The vote had been scheduled to take place over a year ago, on the 100th anniversary of the massacre, but Merkel's allies in parliament pushed it back repeatedly out of concern that it could hurt relations with Ankara. Now they have run out of time and may be wishing they had let the vote take place sooner. The opposition Greens have pushed the resolution onto the agenda at an extremely awkward time for Merkel, the driving force behind an agreement between the EU and Ankara that has helped slash the number of illegal migrants entering Europe. The deal has eased political pressure on Merkel at home. But it has been under a cloud since its strongest proponent in the Turkish government, Ahmet Davutoglu, was pushed out as prime minister this month. Since then, President Tayyip Erdogan has questioned aspects of the agreement and some of his allies have even threatened to unleash a new wave of refugees on Europe. In comments to reporters before he left for an official visit to Africa, Erdogan lashed out at those who he said were trying to "deceive" Germany over the 1915 events, without accusing anyone in particular. "If Germany is to be deceived by this, then bilateral diplomatic, economic, trade, political, and military ties - we are both NATO countries - will be damaged," he said. The comments came after he spoke to Merkel by telephone to express his concern about the resolution. Sources in both capitals said Erdogan had initiated the call. GERMAN HISTORY The resolution, which is formally supported by Merkel's conservative bloc, the centre-left Social Democrats and the Greens, uses the word "genocide" in the headline and text. "The fate of the Armenians is exemplary in the history of mass exterminations, ethnic cleansing, deportations and yes, genocide, which marked the 20th century in such a terrible way," it reads. The resolution also touches on the "inglorious" role of the German Empire, a military ally of the Ottomans, because it did nothing to stop the massacre. Turkey argues that the there was no organised campaign to wipe out the Armenians, who are Christian, and no evidence of any such orders from the Ottoman authorities. Cem Oezdemir, a leader of the Greens with Turkish roots, told Reuters he had experienced weeks of personal attacks from Turkish nationalists on social media and via email because of his role in championing the resolution. "It wasn't our goal to hold this vote now," Oezdemir said. "But the timing is not that important. The Bundestag is doing this because this is also a part of German history. The Ottoman and German empires were essentially brothers in arms." The vote coincides with deepening public scepticism in Germany towards Turkey and Erdogan in particular. Critics accuse Merkel of going soft on Ankara over human rights because of her desire to stem the flow of migrants. Last month she drew fire for allowing German prosecutors to look into charges against a comedian who mocked Erdogan in a crude poem. The comedian, Jan Boehmermann, has accused Merkel of serving him "up for tea to a highly strung despot". Merkel and other top ministers are expected to vote for the resolution, although some, including Foreign Minister Frank-Walter Steinmeier, have questioned the wisdom of it in public. Some officials fear it could stir tensions with the roughly 3 million people of Turkish origin who live in Germany. Last year, German President Joachim Gauck condemned the killings of Armenians as "genocide" in a speech to mark the 100th anniversary of the massacres. Germany had previously avoided using the term in connection with the massacre.

Erdogan warns Germany ahead of Armenian genocide vote

Michael Dell and Silver Lake Partners underpriced their 2013 $24.9 billion buyout of Dell Inc [DI.UL] by about 22 per cent, and may have to pay tens of millions to investors who opposed the deal for the computer maker, a Delaware judge ruled on Tuesday. 
 
The ruling, which applies to about 5.5 million Dell shares, is a victory for the specialized hedge funds that have increasingly tried to squeeze more money from mergers using a type of lawsuit known as appraisal. 
 
The lawsuits allow investors who oppose a deal, such as the bitterly contested Dell buyout, to sue and ask a Delaware judge to determine a fair deal price. 
 
Activist investor Carl Icahn urged Dell shareholders to vote down the deal and take their case for fair value to court. Initially around 40 million shares sought appraisal, although the bulk were removed for procedural reasons.&nbsp; 
 
In Tuesday`s ruling, Vice Chancellor Travis Laster said fair value was $17.62 per share, not the $13.75 per share deal price. 
With interest, investors who sought appraisal will collect about $20.84 per share. 
 
The Dell investors presented evidence that fair value was $28.61 per share, which would have cost Michael Dell and Silver Lake hundreds of millions of dollars. The buyers` contended fair value was $12.68. 
 
Dell and a lawyer for the stockholders, Stuart Grant, declined to comment. Tuesday`s ruling can be appealed.&nbsp; 
Laster said the Dell buyout took advantage of a dip in the company`s stock price and its board never determined the intrinsic value before negotiating. 
 
&quot;The original merger consideration was dictated by what a financial sponsor could pay and still generate outsized returns,&quot; wrote Laster. 
The judge dedicated much of the opinion to explaining why deal price was not a fair value indicator, particularly in a management-led buyout. Delaware judges had used deal price in appraisals involving the closely watched buyouts of Ancestry.com in 2012 and BMC Software Inc in 2013. 
 
The added cost to the buyers from Tuesday`s ruling is about $36 million. 
 
About 3.9 million appraised shares were held by affiliates of Magnetar Capital.&nbsp; 
 
A small number of hedge funds have built a strategy of swooping in just before a deal closes, when there is less risk a deal would collapse, and buying stock for the sole purpose of seeking appraisal. 
 
Investors who seek appraisal do not get paid at the deal`s closing, but they collect interest of 5 percentage points above the federal discount rate while the case is pending. The U.S. Chamber of Commerce has complained that encourages hedge funds to bring cases because they can earn a return even when a deal price is found to be fair. 
 
One of the biggest losers from the Dell case may be T Rowe Price, one of the few mutual fund managers to test the appraisal strategy. 
Dell was able to knock out T Rowe Price`s stock, which was the bulk of the shares in the case, because the fund manager mistakenly voted in favour of the buyout. 
 
T Rowe Price stood to collect around $190 million if its Dell stock had been appraised. Laster also ruled on Tuesday the fund manager was not entitled to interest on its shares. 
 
&quot;T Rowe Price runs mutual funds and allocates capital, but they may regret trying to do this themselves,&quot; said Minor Myers, a professor at Brooklyn Law School in New York. &quot;This is just one of the pitfalls with appraisal, and it`s not for novices&quot;.

Michael Dell and Silver Lake Partners hugely underpriced their 2013 $24.9 billion buyout of Dell Inc, and may have to pay tens of millions to investors

Michael Dell and Silver Lake Partners underpriced their 2013 $24.9 billion buyout of Dell Inc [DI.UL] by about 22 per cent, and may have to pay tens of millions to investors who opposed the deal for the computer maker, a Delaware judge ruled on Tuesday. The ruling, which applies to about 5.5 million Dell shares, is a victory for the specialized hedge funds that have increasingly tried to squeeze more money from mergers using a type of lawsuit known as appraisal. The lawsuits allow investors who oppose a deal, such as the bitterly contested Dell buyout, to sue and ask a Delaware judge to determine a fair deal price. Activist investor Carl Icahn urged Dell shareholders to vote down the deal and take their case for fair value to court. Initially around 40 million shares sought appraisal, although the bulk were removed for procedural reasons. In Tuesday`s ruling, Vice Chancellor Travis Laster said fair value was $17.62 per share, not the $13.75 per share deal price. With interest, investors who sought appraisal will collect about $20.84 per share. The Dell investors presented evidence that fair value was $28.61 per share, which would have cost Michael Dell and Silver Lake hundreds of millions of dollars. The buyers` contended fair value was $12.68. Dell and a lawyer for the stockholders, Stuart Grant, declined to comment. Tuesday`s ruling can be appealed. Laster said the Dell buyout took advantage of a dip in the company`s stock price and its board never determined the intrinsic value before negotiating. "The original merger consideration was dictated by what a financial sponsor could pay and still generate outsized returns," wrote Laster. The judge dedicated much of the opinion to explaining why deal price was not a fair value indicator, particularly in a management-led buyout. Delaware judges had used deal price in appraisals involving the closely watched buyouts of Ancestry.com in 2012 and BMC Software Inc in 2013. The added cost to the buyers from Tuesday`s ruling is about $36 million. About 3.9 million appraised shares were held by affiliates of Magnetar Capital. A small number of hedge funds have built a strategy of swooping in just before a deal closes, when there is less risk a deal would collapse, and buying stock for the sole purpose of seeking appraisal. Investors who seek appraisal do not get paid at the deal`s closing, but they collect interest of 5 percentage points above the federal discount rate while the case is pending. The U.S. Chamber of Commerce has complained that encourages hedge funds to bring cases because they can earn a return even when a deal price is found to be fair. One of the biggest losers from the Dell case may be T Rowe Price, one of the few mutual fund managers to test the appraisal strategy. Dell was able to knock out T Rowe Price`s stock, which was the bulk of the shares in the case, because the fund manager mistakenly voted in favour of the buyout. T Rowe Price stood to collect around $190 million if its Dell stock had been appraised. Laster also ruled on Tuesday the fund manager was not entitled to interest on its shares. "T Rowe Price runs mutual funds and allocates capital, but they may regret trying to do this themselves," said Minor Myers, a professor at Brooklyn Law School in New York. "This is just one of the pitfalls with appraisal, and it`s not for novices".

US court rules $24.9 billion Dell buyout underpriced by 22 per cent

Nestle, the world&#39;s biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants.

The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow&rsquo;s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday.

Shares in the French biotech company rose 5 percent on the news.

The deal underscores Nestle&#39;s ambitions for its&nbsp;Health&nbsp;Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales.

It also complements the company&#39;s market-leading infant formula business and could help lift sales of products designed for babies with food intolerance.

Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer&#39;s.

CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test.

Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales.

&ldquo;This innovation can become the breakthrough diagnostic for CMPA,&quot; said Greg Behar, chief executive of Nestl?&nbsp;Health&nbsp;Science.

The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021.

Behar&#39;s division, which employs around 3,000 people, is an expanding part of Nestle&#39;s operations.

Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in&nbsp;health&nbsp;- but the initiative also poses new challenges by taking it into the highly regulated medical field.

Strategically the shift towards&nbsp;health&nbsp;offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems.

The milk allergy test dovetails with Nestle&#39;s presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow&rsquo;s milk.

For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants

Nestle, the world's biggest food company, is stepping up its push into medicine with a global deal worth up to 100 million euros ($111 million) to develop and market an experimental milk allergy test for infants. The Swiss group will pay DBV Technologies 10 million euros upfront for rights to its skin patch test for cow’s milk protein allergy (CMPA), with the balance depending on successful development, the two companies said on Tuesday. Shares in the French biotech company rose 5 percent on the news. The deal underscores Nestle's ambitions for its Health Science division, which it believes could eventually generate more than 10 billion Swiss francs ($10 billion) in annual sales. It also complements the company's market-leading infant formula business and could help lift sales of products designed for babies with food intolerance. Nestle has signed a series of similar deals with other small companies in its bid to create a new kind business that is midway between food and pharmaceuticals. The goal is to find new ways to treat, diagnose and prevent a range of diseases, from gastrointestinal problems to Alzheimer's. CMPA affects up to 2 or 3 percent of infants and toddlers, according to the companies. Many others, however, have symptoms suggestive of the condition, creating a need for a simple diagnostic test. Under the terms of the agreement, DBV will be eligible to receive up to 90 million euros in development, regulatory and commercial milestones - on top of the upfront payment - and will also collect royalties on eventual product sales. “This innovation can become the breakthrough diagnostic for CMPA," said Greg Behar, chief executive of Nestl? Health Science. The new test will need to go through extensive clinical trials before it is cleared for sale and DBV expects it to be submitted for approval to regulators worldwide by 2021. Behar's division, which employs around 3,000 people, is an expanding part of Nestle's operations. Given ageing populations around the world and spiralling cases of lifestyle diseases, the Swiss group sees big opportunities in health - but the initiative also poses new challenges by taking it into the highly regulated medical field. Strategically the shift towards health offers Nestle a hedge against slowing growth in packaged foods and may also offset crackdowns on unhealthy foods blamed for obesity and other lifestyle problems. The milk allergy test dovetails with Nestle's presence in infant formula, where it had 22 percent of the market in 2015, according Euromonitor International. It already has a range of products called Althera, Alfare and Alfamino that are designed for infants allergic to cow’s milk. For DBV, the deal is a vindication of its Viaskin patch technology. The company also has a patch to treat peanut allergy in clinical trials, as well as an earlier-stage programme for egg allergy.

Nestle, on health kick, moves into milk allergy testing

As they struggle to deal with more extreme weather, a range of food crops are generating more of chemical compounds that can cause&nbsp;healthproblems for people and livestock who eat them, scientists have warned.

A new report by the United Nations Environment Programme (UNEP) says that crops such as wheat and maize are generating more potential toxins as a reaction to protect themselves from extreme weather.

But these chemical compounds are harmful to people and animals if consumed for a prolonged period of time, according to a report released during a United Nations Environment Assembly meeting in Nairobi.

&quot;Crops are responding to drought conditions and increases in temperature just like humans do when faced with a stressful situation,&rdquo; explained Jacqueline McGlade, chief scientist and director of the Division of Early Warning and Assessment at UNEP.

Under normal conditions, for instance, plants convert nitrates they absorb into nutritious amino acids and proteins. But prolonged drought slows or prevents this conversion, leading to more potentially problematic nitrate accumulating in the plant, the report said.

If people eat too much nitrate in their diets, it can interfere with the ability of red blood cells to transport oxygen in the body, the report said.

Crops susceptible to accumulating too much nitrate in times of stress include maize, wheat, barley, soybeans, millet and sorghum, it said.

&nbsp;

DROUGHT, THEN RAIN

Some drought-stressed crops, when then exposed to sudden large amounts of rain that lead to rapid growth, in turn accumulate hydrogen cyanide, more commonly known as prussic acid, the report said.

Prussic acid &ndash; one of the ingredients used in some types of chemical warfare - interferes with oxygen flow in humans. Even short-term exposure can be debilitating for people, McGlade said.

Plants such as cassava, flax, maize and sorghum are most vulnerable to dangerous prussic acid accumulation, the report said.

Cases of nitrate or hydrogen cyanide poisoning in humans were reported in Kenya in 2013 and in the Philippines in 2005, McGlade said. In Kenya, two children died in coastal Kilifi after eating cassava that had raised levels of prussic acid in it following extreme rainfall, according to local media reports.

Aflatoxins, molds that can affect plant crops and raise the risk of liver damage, cancer and blindness, as well as stunting foetuses and infants, also are spreading to more areas as a result of shifting weather patterns as a result of climate change, scientists said.

McGlade said about 4.5 billion people in developing countries are exposed to aflatoxins each year, though the amounts are largely unmonitored, and the numbers are rising.

&quot;We are just beginning to recognise the magnitude of toxin- related issues confronting farmers in developing countries of the tropics and sub-tropics,&quot; the report noted.

&quot;As warmer climate zones expand towards the poles, countries in more temperate regions are facing new threats,&quot; it added.

In 2004, Kenya suffered severe outbreaks of aflatoxin poisoning, which affected more than 300 people and killed more than 100 following a prolonged drought, according to the International Livestock Research Institute.

&nbsp;

EUROPE AT RISK

The UNEP report said Europe will be at growing risk from aflatoxins in locally grown crops if global temperatures rise by at least 2 degrees Celsius. The world is currently on a path to a more than 3 degree Celsius temperature rise, scientists believe.

An increase in toxic compounds in crops is likely to impact heavily on the world&rsquo;s&nbsp;health&nbsp;system, which are already struggling with the effects of food insecurity, Dorota Jarosinska of the WorldHealth&nbsp;Organization&rsquo;s European Center for Environment and&nbsp;Health&nbsp;said in an interview with the Thomson Reuters Foundation.

Alex Ezeh, executive director of the African Population&nbsp;Health&nbsp;and Research Center, said the increase in toxins in crops was a big concern.

&quot;Toxic crops can lead to neurological diseases among humans but the greatest challenge is the incidence of cancer,&rdquo; he said in an interview.

The report proposes a list of eight ideas farmers and agricultural experts can adopt to try to limit damage from more crop toxins, such as mapping contamination hotspots and building better evidence about what is happening now with the toxins in their area.

Scientists also suggest that developing crop varieties designed to cope with extreme weather could help reduce the levels of toxic chemicals in food.

&quot;Research centers with the Consultative Group on International Agricultural Research are developing seeds that are suitable in various regions that have been hit by climate change,&rdquo; McGlade said.

As they struggle to deal with more extreme weather, a range of food crops are generating more of chemical compounds that can cause?healthproblems for people and livestock who eat them, scientists have warned

As they struggle to deal with more extreme weather, a range of food crops are generating more of chemical compounds that can cause healthproblems for people and livestock who eat them, scientists have warned. A new report by the United Nations Environment Programme (UNEP) says that crops such as wheat and maize are generating more potential toxins as a reaction to protect themselves from extreme weather. But these chemical compounds are harmful to people and animals if consumed for a prolonged period of time, according to a report released during a United Nations Environment Assembly meeting in Nairobi. "Crops are responding to drought conditions and increases in temperature just like humans do when faced with a stressful situation,” explained Jacqueline McGlade, chief scientist and director of the Division of Early Warning and Assessment at UNEP. Under normal conditions, for instance, plants convert nitrates they absorb into nutritious amino acids and proteins. But prolonged drought slows or prevents this conversion, leading to more potentially problematic nitrate accumulating in the plant, the report said. If people eat too much nitrate in their diets, it can interfere with the ability of red blood cells to transport oxygen in the body, the report said. Crops susceptible to accumulating too much nitrate in times of stress include maize, wheat, barley, soybeans, millet and sorghum, it said. DROUGHT, THEN RAIN Some drought-stressed crops, when then exposed to sudden large amounts of rain that lead to rapid growth, in turn accumulate hydrogen cyanide, more commonly known as prussic acid, the report said. Prussic acid – one of the ingredients used in some types of chemical warfare - interferes with oxygen flow in humans. Even short-term exposure can be debilitating for people, McGlade said. Plants such as cassava, flax, maize and sorghum are most vulnerable to dangerous prussic acid accumulation, the report said. Cases of nitrate or hydrogen cyanide poisoning in humans were reported in Kenya in 2013 and in the Philippines in 2005, McGlade said. In Kenya, two children died in coastal Kilifi after eating cassava that had raised levels of prussic acid in it following extreme rainfall, according to local media reports. Aflatoxins, molds that can affect plant crops and raise the risk of liver damage, cancer and blindness, as well as stunting foetuses and infants, also are spreading to more areas as a result of shifting weather patterns as a result of climate change, scientists said. McGlade said about 4.5 billion people in developing countries are exposed to aflatoxins each year, though the amounts are largely unmonitored, and the numbers are rising. "We are just beginning to recognise the magnitude of toxin- related issues confronting farmers in developing countries of the tropics and sub-tropics," the report noted. "As warmer climate zones expand towards the poles, countries in more temperate regions are facing new threats," it added. In 2004, Kenya suffered severe outbreaks of aflatoxin poisoning, which affected more than 300 people and killed more than 100 following a prolonged drought, according to the International Livestock Research Institute. EUROPE AT RISK The UNEP report said Europe will be at growing risk from aflatoxins in locally grown crops if global temperatures rise by at least 2 degrees Celsius. The world is currently on a path to a more than 3 degree Celsius temperature rise, scientists believe. An increase in toxic compounds in crops is likely to impact heavily on the world’s health system, which are already struggling with the effects of food insecurity, Dorota Jarosinska of the WorldHealth Organization’s European Center for Environment and Health said in an interview with the Thomson Reuters Foundation. Alex Ezeh, executive director of the African Population Health and Research Center, said the increase in toxins in crops was a big concern. "Toxic crops can lead to neurological diseases among humans but the greatest challenge is the incidence of cancer,” he said in an interview. The report proposes a list of eight ideas farmers and agricultural experts can adopt to try to limit damage from more crop toxins, such as mapping contamination hotspots and building better evidence about what is happening now with the toxins in their area. Scientists also suggest that developing crop varieties designed to cope with extreme weather could help reduce the levels of toxic chemicals in food. "Research centers with the Consultative Group on International Agricultural Research are developing seeds that are suitable in various regions that have been hit by climate change,” McGlade said.

Extreme weather increasing level of toxins in food, scientists warn

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests. 
The company also faced plummeting sales in Russia and Brazil due to those countries&#39; troubled economies. 
Profits for the January-March period fell to 2.37 billion euros from 2.93 billion euros a year earlier, the company said today. Revenue fell 3.4 per cent to 50.96 billion euros due in part to exchange rate effects. 
The net profit figure fell short of the 2.44 billion euros expected by analysts surveyed by financial information provider FactSet. 
Earnings and profit margins slipped at luxury brand Audi, one of the company&#39;s major money-makers. Operating profit eased to 1.3 billion euros from 1.4 billion euros a year earlier. The profit margin fell to 9.0 per cent from 9.7 per cent in the first quarter of 2015. Things went better at the company&#39;s Porsche brand. 
Operating profits, which exclude financial items such as interest and taxes, rose 14 per cent to 895 million euros. The sportscar and luxury SUV division turned in a fat profit margin of 16.6 per cent, up from 15.1 per cent. 
Sales fell 35 per cent in Russia, which has seen its currency plummet along with the price of oil, and 17 per cent in Brazil, which is in a deep recession. 
Volkswagen, based in Wolfsburg, Germany, faces heavy costs recalling and fixing cars that are equipped with engine-control software that could detect when a car was on a test stand and turned off the emissions controls during everyday driving. 
CEO Matthias Mueller said in a statement that the company &quot;managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions.&quot; The company set aside 16.2 billion euros from its earnings last year to deal with recalls and other costs. 
The company has reached a tentative agreement in federal court in San Francisco with US authorities, who first uncovered the cheating, to buy back or repair some 500,000 vehicles. 
Volkswagen, the US Department of Justice and attorneys for Volkswagen owners have until June 21 to file a final settlement with the court. 
The company reaffirmed its forecast for the full year, saying that it expects sales revenue to fall 5 per cent for all of this year compared to 2015 and an operating return on sales of 5.0 to 6.0 per cent.(AP)

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests.

German automaker Volkswagen saw net profit fall 19 per cent in the first three months of the year as it struggled to deal with a costly scandal over cars equipped to cheat on diesel emissions tests. The company also faced plummeting sales in Russia and Brazil due to those countries' troubled economies. Profits for the January-March period fell to 2.37 billion euros from 2.93 billion euros a year earlier, the company said today. Revenue fell 3.4 per cent to 50.96 billion euros due in part to exchange rate effects. The net profit figure fell short of the 2.44 billion euros expected by analysts surveyed by financial information provider FactSet. Earnings and profit margins slipped at luxury brand Audi, one of the company's major money-makers. Operating profit eased to 1.3 billion euros from 1.4 billion euros a year earlier. The profit margin fell to 9.0 per cent from 9.7 per cent in the first quarter of 2015. Things went better at the company's Porsche brand. Operating profits, which exclude financial items such as interest and taxes, rose 14 per cent to 895 million euros. The sportscar and luxury SUV division turned in a fat profit margin of 16.6 per cent, up from 15.1 per cent. Sales fell 35 per cent in Russia, which has seen its currency plummet along with the price of oil, and 17 per cent in Brazil, which is in a deep recession. Volkswagen, based in Wolfsburg, Germany, faces heavy costs recalling and fixing cars that are equipped with engine-control software that could detect when a car was on a test stand and turned off the emissions controls during everyday driving. CEO Matthias Mueller said in a statement that the company "managed to limit the economic effects of the diesel issue and achieve respectable results under difficult conditions." The company set aside 16.2 billion euros from its earnings last year to deal with recalls and other costs. The company has reached a tentative agreement in federal court in San Francisco with US authorities, who first uncovered the cheating, to buy back or repair some 500,000 vehicles. Volkswagen, the US Department of Justice and attorneys for Volkswagen owners have until June 21 to file a final settlement with the court. The company reaffirmed its forecast for the full year, saying that it expects sales revenue to fall 5 per cent for all of this year compared to 2015 and an operating return on sales of 5.0 to 6.0 per cent.(AP)

Scandal-hit Volkswagen sees profits fall in 1st quarter

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