news blog from Lesia

[loraxulshumpert-blog]

UTC's Pratt to buy Rolls share of engine venture

Pratt, a unit of United Technologies Corp (UTX.N), and Britain's Rolls Royce also said they would form a new company in which each partner will hold an equal share to develop new engines for mid-size aircraft. The companies added the venture will focus on high-bypass ratio geared turbofan technology.Rolls Royce will also make a "modest financial investment" in the geared turbofan engine made by Pratt that is an option for the Airbus A320neo narrowbody program.Pratt's geared turbofan engine has secured more than 1,000 orders.

[loraxulshumpert-blog]

M & A wrap: Bidders emerge for HSBC unit

European insurers Allianz and AXA are among the potential bidders for HSBC’s sale of its general insurance business, which could fetch more than $1 billion, sources said. Spain’s ruling Socialists abruptly shelved plans to boost public coffers by selling part of the lucrative state lottery, in the face of tough market conditions, political opposition and banks’ funding concerns. Interest in the London Metal Exchange as a takeover target has snowballed and the number of suitors has risen to double digits because business is booming with volumes at record levels, its chief executive Martin Abbott said. “In the age of globalization, with a slowdown in developed economies, emerging markets — once considered the final frontier — are beginning to bear fruit for those patient investors and firms,” reports the NYT in a series of articles. “Companies canceled or postponed $8.9 billion in initial public offerings in the third quarter as stocks plunged, putting the market on pace to set a record for pulled deals,” reports Bloomberg. For your morning distraction, read Oracle’s press release about whether or not Autonomy CEO Mike Lynch “shopped” his company to Oracle.