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The statement from Charter, the cable giant, follows a report by the Journal last week that Sprint Chairman Masatoshi Son had been in talks with both Charter and Comcast Corp. about possible business combinations but was pushing for an outright merger with Charter. Bloomberg also reported Friday that Charter was cool on the proposal but that talks were continuing.
The complex proposal called for the creation of a new publicly traded entity that would combine Sprint and Charter and be controlled by Japan's SoftBank Group Corp. (SFTBY , people familiar with the matter had told the Journal. SoftBank, whose chairman is also Son, already controls Sprint.
3. -- A quartet of well-known activist investors, including Third Point LLC and Trian Fund Management LP, has lined up to challenge the plans taking shape to break apart the $150 billion chemicals giant that will be created by merging Dow Chemical Co. (DOW and DuPont (DD , according to reports.
The merger is expected to be closed next month.
The investors' unrest could spur an unprecedented attack on Andrew Liveris, who has led Dow Chemical for 13 years and whom the activists view as a roadblock, Fox Business reported. An escalating dispute could further complicate the task of splitting up DowDuPont within the 18-month timeline set by executives.
The investors are concerned that the final plan won't deviate much from the original one outlined when the deal was announced in December 2015. Fox Business said their main complaint is that the materials company expected to emerge from the breakup, the new version of Dow Chemical, looks too much like the current Dow and needs to shrink.
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4. -- HSBC Group PLC (HSBC posted stronger-than-expected first-half earnings and launched an additional $2 billion share buyback program as Europe's biggest bank continues to see firmer growth in Asian markets.
HSBC said pretax profit for the first six months of the year wast $10.2 billion, up 5.15% from the same period last year. Revenue for the first half was $26.2 billion, down 11% from last year "primarily due to currency translation differences, the absence of fair value movements on our own debt and revenue from the operations in Brazil that we sold," HSBC said.
The bank also said it would add a further $2 billion to its existing share buyback program, taking it to $5.5 billion since the second half of 2016.
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