NEW YORK (
) -- Here are the top stock market headlines for the morning of Monday, Dec. 14, 2009.
Monday's Early Headlines
- Citigroup Has Deal to Repay $20 Billion in TARP Funds -- Citigroup (C) - Get Report said Monday it has reached an agreement with the U.S. government and its regulators to pay back $20 billion it received in bailout aid. The bank will immediately issuie $20.5 billion of capital and debt. The U.S. Treasury has agreed to sell up to $5 billion of Citigroup stock it holds in a secondary offering.
- Dubai Gets $10 Billion from Abu Dhabi -- Dubai's government said it has received $10 billion in emergency funds from Abu Dhabi that it will use to pay debts owed by its Dubai World conglomerate. About $4.1 billion of the emergency funds will be used to pay off debt from Dubai World's Nakheel property division, which comes due Monday.
- Cadbury Defends Itself Against Kraft Bid -- Cadbury (CBY) said its board unanimously rejected a takeover offer from Kraft Foods (KFT) , reiterating that the offer is "wholly inadequate" and recommending shareholders reject the $16.3 billion bid. "Cadbury is an exceptional business worth much more than the offer put forward by Kraft. It is clear to all that Cadbury is a particularly attractive asset in the sector with iconic brands, a sharp category focus and an enviable geographic footprint," said Cadbury Chairman Roger Carr in a statement Monday
- New Bank of America CEO Announcement Held Up Over Pay -- The Wall Street Journal reports that Bank of America (BAC) - Get Report has picked a front-runner to take the CEO spot, but compensation questions are holding up an agreement. The Journal reports that Bank of New York Mellon (BK) - Get Report CEO Robert Kelly told directors of his bank he was in discussions to replace the departing Ken Lewis for the top job at Bank of America. Kelly's status as the leading candidate hasn't changed. But negotiations between Bank of America and Kelly are fluid, with a person close to Kelly saying it might not be possible for the parties to reach a deal.
- Visa Shares Jump on S&P 500 Inclusion -- Visa (V) - Get Report rose nearly 4% in Monday's premarket session after Standard & Poor's said it will add the company, along with four others, to the S&P 500 index. The changes will become effective after the close of trading on Dec. 18, which the S&P says come as several companies currently in the index are no longer representative of the market indicator.
-- Written by Robert Holmes in Boston
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