Spyker NV (SWAN), the Dutch owner of the
Saab brand of cars, sued General Motors Co. (GM) in the U.S. for $3
billion over claims it sought to drive the company into
bankruptcy by avoiding competition in the Chinese market.
GM?s actions had the ?direct and intended objective? of
forcing Saab into bankruptcy in December, Spyker said in a
statement. The lawsuit was filed in federal court in
Detroit, where GM is based.
The complaint accuses GM of ?interfering with a
transaction with Chinese investors that would have permitted
Saab to restructure and remain a solvent, going concern.?
Saab hasn?t built cars since last year and filed for
bankruptcy in December. Saab has been unprofitable for most of
two decades, and GM, which acquired full control of the
manufacturer in 2000, sold it in February 2010 to Spyker.
?Ever since we were forced to file for Saab Automobile?s
bankruptcy in December of last year, we have worked relentlessly
on the preparation for this lawsuit which seeks to compensate
Spyker and Saab for the massive damages we have incurred as a
result of GM?s unlawful actions,? Spyker Chief Executive
Officer Victor Muller said in the statement.
Too-Big-to-Fail Prevention Is Tested in Post-Crisis Iceland
Iceland was brought to the brink of bankruptcy when its
biggest banks failed four years ago. Now, the site of the
world?s most spectacular financial collapse is becoming a
pioneer in banking reform.
?We?ve been burned by this and that?s why we have to look
very closely at what we need to do to prevent it happening
again,? Economy MinisterSteingrimur J. Sigfusson said in an
interview. ?Icelanders are more interested in taking greater
steps than small steps when it comes to regulating banking.?
His party, the junior member in Prime Minister Johanna Sigurdardottir?s coalition, has submitted a motion to parliament
to stop banks using state-backed deposits to finance risky
investments. The move puts Iceland on course to become the first
western nation since the global financial crisis hit five years
ago to force banking conglomerates to split their business.
It?s a proposal that?s gaining traction elsewhere. Even
Sanford ?Sandy? Weill, whose 1998 creation of New York-based
Citigroup Inc. (C) triggered the Gramm-Leach-Bliley Act that paved
the way for financial behemoths, now says investment banks
should be separated from deposit-taking banks. Opponents
including JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon say diverse businesses are needed to spread risk across
divisions and stay competitive.
The Icelandic lawmaker who presented the motion, Alfheidur
Ingadottir, says the best way to stop banks creating asset
bubbles is to pass laws akin to the 1933 Glass-Steagall Act,
which separated commercial and investment banking in the U.S.
for more than six decades.
VTB Venture to Buy Vivacom for 130 Million Euros, Capital Says
Russia?s VTB Capital Plc. and Sofia-based Corporate
Commercial Bank AD (6C9) reached an agreement with the creditors of
Vivacom AD, Bulgaria?s second-biggest telecommunications company
in terms of clients, to buy the company for 130 million euros
($160.6 million) and pay debts worth 588 million euros, Capital
newspaper reported.
Vivacom creditors, which include Deutsche Bank AG, UBS AG (UBSN)
and UniCredit SpA (UCG), along with Royal Bank of Scotland Group Plc,
have agreed to write off 64 percent of the company?s 1.6 billion
debt, Capital said, citing unidentified people. The transaction
is complicated and may take several months to complete, the
newspaper said.
Sports Direct Chairman Ashley to Buy Rangers Stake, Herald Says
Mike Ashley, chairman of Sports Direct International Plc (SPD)
and owner of Newcastle United Football Club, is in talks to buy
a 10 percent stake in Rangers Football Club, the Herald
newspaper said, without saying where it got the information.
A deal between Ashley and Charles Green, who headed the
group that bought the Scottish soccer club?s assets from the
administrators in June for 5.5 million pounds ($8.6 million), is
expected to be completed in days, the Glasgow-based newspaper
said.
Ashley, whose 69 percent stake in Sports Direct is valued
at 1.2 billion pounds, and Green are also planning to form a
venture to sell the club?s replica kit in Sports Direct stores,
the Herald said.
Japan Air Seeks $8.5 Billion IPO in Turnaround From Bankruptcy
Japan Airlines Co. will seek 663 billion yen ($8.5 billion)
in the second-biggest initial public offering this year,
completing a two-year turnaround from bankruptcy into the
world?s most profitable carrier.
The airline will list on the Tokyo Stock Exchange on Sept.
19, it said in a Ministry of Finance filing. Its government-
backed owner will sell 175 million shares at a tentative price
of 3,790 yen apiece. That values the carrier at about five times
projected profit, less than half All Nippon Airways Co.?s about
12-times valuation.
The biggest initial public offering since Facebook Inc.?s
marks JAL?s return after former Chairman Kazuo Inamori slashed
jobs, cut debt and retired older, less fuel-efficient aircraft
to revive profit. The proceeds will be used to return a 350
billion yen to the state-backed turnaround body that invested in
the airline, while the government will get the remainder, a
windfall of as much as 313 billion yen at the tentative price.
?The turnaround has been done extremely well,? said Peter Harbison, executive chairman at the Sydney-based Centre for Asia
Pacific Aviation. ?They?ve done a lot of sensible things in
reducing routes and corporate complexity that dragged it down.?
To contact the reporter on this story:
Erik Larson in London at
elarson4@bloomberg.net
To contact the editor responsible for this story:
Christopher Scinta at
cscinta@bloomberg.net
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