NEW YORK ( TheStreet) -- U.K. bank Barclays (BCS) scrapped its dividend target despite posting a sharp rise in net profit, as the bank tries to reshape its business. Second-quarter net profit at Barclays increased to 1.15 billion pounds ($1.8 billion) from 161 million pounds in the second quarter of last year, helped by a one-time, 496 million pounds gain on Barclays's acquisition of parts of Lehman Brothers in 2008.

  • Belgian chemicals firm Solvay said it would buy U.S. rival Cytec Industries (CYT) for $5.5 billion, 29% above the Tuesday closing price for the Cytec shares. Solvay swung to a net profit of 143 million euros ($158.2 million) in the second quarter, compared with a loss of 292 million euros a year earlier.
  • Private equity group Lone Star reached a deal to buy U.K.-based real estate firm Quintain Estates for 700 million pounds ($1.1 billion), to get exposure to the buoyant London residential and commercial property sector.
  • Chinese stocks ended the day higher, with the Shanghai Composite closing up 3.4% following three days of losses that knocked 11% off its value. This after regulators said on Tuesday afternoon they would investigate to see if there was collusion in Monday's selling, which saw stocks posting their biggest one-day loss in eight years.
  • Private equity group Carlyle (CG) has closed its fourth European buyout fund, sticking to a hard cap of 3.5 billion euros ($3.87 billion). The fund attracted far more commitments than it was seeking, with around 140 investors putting money in.