2. -- Japanese airbag maker Takata Corp. (TKTDF) filed for bankruptcy protection in Tokyo and Delaware on Sunday, June 25, after paying out more than $1 billion in fines for the largest auto safety recall in U.S. history.
Takata, whose faulty airbags led to the recall of 42 million cars, said in a statement that excluding costs related to the recalls, the company has "continued to produce healthy profits and cash flows from its existing businesses." Safety technology company Key Safety Systems Inc. agreed to buy the bulk of Takata's assets for 175 billion yen ($1.588 billion). Japan's Ningbo Joyson Electronics Corp. acquired KSS for $920 million on Feb. 2, 2016.
As of October, 11 American fatalities had been attributed to the airbags, according to the National Highway Traffic Safety Administration.
So far 100 million inflators have been recalled worldwide. That includes 69 million in the U.S., affecting 42 million vehicles.
3. -- Nestle SA (NSRGY) shares rose 3.8% in Zurich after activist investor Third Point LLC revealed it had built a stake in the world's biggest food company and pressed for asset sales and increased buybacks.
Dan Loeb's Third Point hedge fund said it had built a 1.3% stake in Nestle, worth more than $3.5 billion, making it one of the company's top 10 shareholders. The activist investor is calling for Nestle to shed assets, including the sale of its 23% stake in L'Oreal SA (LRLCY) .
L'Oreal shares rose 3.8% in Paris to a record high.
Nestle acquired a 29% stake in L'Oreal in 1974 and sold 6% of its stake in 2014, leaving a 23% stake worth more than $25 billion or roughly 10% of Nestle's market capitalization, Third Point said.
"However, having L'Oreal in the portfolio is not strategic and shareholders should be free to choose whether they want to invest in Nestle or some combination of Nestle and L'Oreal," the investor said. "Current conditions make this the right time to exit the remainder and we believe the stake can be monetized with limited tax or other consequences."
4. -- Facebook Inc. (FB) is talking to Hollywood studios and agencies about producing TV-quality shows with a goal of launching original programming by late summer, people familiar with the matter told The Wall Street Journal.
In meetings with major talent agencies including Creative Artists Agency, United Talent Agency, William Morris Endeavor and ICM Partners, Facebook has indicated it is willing to commit to production budgets as high as $3 million per episode, people familiar with the situation told the Journal.
Facebook also is interested in producing shows in the mid-to-high six-figure-per-episode range, the people said. The company will be aggressive about trying to own as much of that content as possible, according to the report.
The stock rose slightly in premarket trading on Monday.
Shares of Pandora rose 5% in premarket trading.
Westergren has been running Pandora since 2016.
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