Siteserv sale to Millington gets OK
THE Competition Authority has approved the sale of Siteserv to the Denis O'Brien-controlled Millington. Siteserv said the proposed disposal was "classified by the Irish Competition Authority as a media merger". "Accordingly, as is the case with all transactions so classified and in compliance with the act, the Minister for Jobs, Enterprise and Innovation may, up to and including May 31, direct the Irish Competition Authority to carry out an investigation under the act in relation to the proposed disposal. Siteserv does not envisage that such an intervention will occur in this case".
Morgan may face Facebook probe
Morgan Stanley may face regulatory scrutiny over claims that an analyst shared negative news about Facebook with institutional investors before that firm's initial public offering last week, according to the head of the Financial Industry Regulatory Authority. "If true, the allegations are a matter of regulatory concern" to the brokerage watchdog and the US Securities and Exchange Commission, Finra chairman and CEO Richard Ketchum said.
Tesco boss Clarke opts out of bonus
TESCO boss Philip Clarke has opted not to take an annual bonus of about £372,000 (€461,000). This follows a poor performance by the world's third-biggest retailer in its main British market. Shares in Tesco, which issued a shock profit warning in January, have lost almost a quarter of their value this year. The company is now investing about £1bn in a bid to stem a declining market share in Britain.
Google buyout of Motorola Mobility
GOOGLE completed its €9.8bn deal to buy Motorola Mobility, a key manufacturer of smartphones and other devices. Chief executive Larry Page said the deal had been completed and he sees the unit producing "the next generation of mobile devices that will improve lives for years to come". The completion follows approval by Chinese, US and European regulators. Conditions from China included Google keeping its Android software for gadgets such as smartphones and tablet computers free and open for at least five years. Regulators have stressed they will be watching to make sure that Google does not use Motorola Mobility to obtain unfair advantage in the market.