Business news with words acquisition+billion+commission. 15 news.

HARRAH'S Entertainment Inc has received final regulatory approval needed to complete the largest casino buyout ever, a year after Apollo Management LP and TPG Inc agreed to the US$17.1 billion purchase. The National Indian Gaming Commission approved the acquisition, removing the last regulatory hurdle to the purchase, Las Vegas-based Harrah's said in a statement. The transaction will be completed in early 2008, the company said. Harrah's, the world's largest casino company, received permission from Illinois, Nevada, Indiana and six other regulators in the states where it operates. The buyout firms agreed in December 2006 to acquire Harrah's for US$90 a share, attracted by its real-estate holdings and ability to generate cash, according to Bloomberg News. Indian approval was needed because Harrah's runs tribal casinos. Founded in 1937 in Reno, Nevada, Harrah's owns the Bally's, Caesars and Flamingo casinos in Las Vegas as part of its holdings, most of which are in the United

WITH US antitrust clearance for its DoubleClick purchase, Google's focus now turns to European regulators, who are expected to be more critical of the top search engine linking up with a market leader in online advertising. The proposed US$3.1-billion transaction, which is strongly opposed by privacy advocates, cannot be completed without approval from the European Commission, whose review deadline is April 2. The Federal Trade Commission said that the deal would not significantly lessen competition in the online advertising market, rebuffing complaints from Microsoft Corp and AT&T Inc that it would give Google a dominant position. "The FTC's strong support sends a clear message - this acquisition poses no risk to competition and will benefit consumers," Eric Schmidt, Google Inc's chief executive, said. "We hope that the European Commission will soon reach the same conclusion." The European Commission declined to comment on the FTC's decision, spokesman

After an eight-month investigation, the Federal Trade Commission gave the green light to Google's $3.1 billion acquisition of Web ad firm DoubleClick. The proposed merger still needs the approval of European regulators, who have until April 2 to...

Federal antitrust regulators approved Google Inc.'s $3.1 billion acquisition of DoubleClick Inc. Thursday, removing a key barrier to the marriage of two online advertising giants. In a 4-1 vote, the Federal Trade Commission closed its high-profile, eight-...

SAN FRANCISCO (MarketWatch) -- The Federal Trade Commission said Thursday morning that it has closed its investigation into Google's proposed buyout of DoubleClick. In a statement, the agency said it will not seek to block the $3.1 billion acquisition after concluding - in a 4-1 vote - that the deal "is unlikely to substantially lessen competition." Noting that the deal has raised concerns about consumer privacy, the FTC "observed that such issues are not unique to Google and DoubleClick, and extend to the entire online advertising marketplace," the statement read.

Two high-ranking senators Monday told the Federal Trade Commission they were concerned that Google's planned $3.1 billion acquisition of DoubleClick carries "profound and potentially far-reaching" implications for the Internet ad market, and "raises fundamental consumer privacy concerns."

GOOGLE Inc, owner of the world's most-used Internet search engine, received approval from the Australian government for its US$3.1-billion acquisition of DoubleClick Inc. The purchase by California-based Google is "unlikely to result in a substantial lessening of competition" in the country's Web advertising market, the Australian Competition and Consumer Commission said on its Website yesterday. Regulators in the United States, European Union and Canada are also reviewing Google's agreement to buy New York-based DoubleClick, Bloomberg News said. Microsoft Corp and AT&T Inc have expressed concerns that the combination would hurt competition in the global online advertising market. Google in April announced the proposed acquisition of DoubleClick, which sells software that helps Web publishers and firms manage online advertising.

The European Union said Monday that Thomson’s plan to buy the Reuters Group raised competition concerns for the supply of financial information. The European Commission, Europe’s antitrust authority in Brussels, told the companies it needed more time to study the 8.7 billion pound ($17.7 billion) acquisition. Thomson and Reuters said in a separate statement that they [...]

CHINA Minsheng Banking Corp will buy up to 20 percent of UCBH Holdings Inc in its first overseas expansion move. Minsheng, China's seventh-largest bank by market value, will initially buy 5.4 million shares of UCBH for between US$97 million and US$145 million, representing a 4.9 percent stake, Minsheng said in a statement to the Shanghai Stock Exchange yesterday. Next year, Minsheng will increase its ownership to 9.9 percent for between US$115 million and US$172 million. The bank also has the right to increase its UCBH stake to 20 percent, the statement said. Minsheng will pay up to a combined US$317 million for the 9.9 percent stake. "The strategic investment offers Minsheng a platform to step into the US markets and also marks Minsheng's first foray overseas," the Beijing-based bank said. The lender has no overseas network now, and UCBH's 70 branches on the east and west coast of the United States and its sound base in the Chinese community in America will help boost Minsheng's business. The investment is pending approval from the China Banking Regulatory Commission and the State Administration of Foreign Exchange. UCBH is the biggest bank serving the Chinese community in the US. UCBH, the holding company for United Commercial Bank, has US$10.7 billion in assets and 70 branches in the US and one in Hong Kong. UCBH will use the proceeds for an acquisition in China, the US bank said. That part of the deal will close in the fourth quarter. In March, UCBH said it would buy China's Business Development Bank Ltd. Meanwhile, Minsheng plans to acquire a 26.58 percent stake in Shaanxi International Trust & Investment Corp for 2.34 billion yuan (US$311.6 million). The deal represents the second move by a lender to buy a stake in a trust company in China. The deal awaits approval by the CBRC and the China Securities Regulatory Commission. Minsheng Bank shares closed at 16.30 yuan yesterday in Shanghai, up 3.1 percent. The benchmark Shanghai Composite Index rose 2.53 percent to 5,692.76.

CHINA Minsheng Banking Corp will buy up to 20 percent of UCBH Holdings Inc as its first attempt at overseas expansion. Minsheng, China's seventh-largest bank by market value, will first buy 5.4 million shares of UCBH for between US$97 million and US$145 million, representing a 4.9 stake, Minsheng said in a statement to the Shanghai Stock Exchange yesterday. Next year, Minsheng will increase its ownership to 9.9 percent for between US$115 million to US$172 million. The bank also has the right to increase its UCBH stake to 20 percent, the statement said. Minsheng will pay up to a combined US$317 million for the 9.9 percent stake. ``The strategic investment offers Minsheng a platform to step into the US markets and also marks Minsheng's foray into the overseas market,'' the Beijing-based bank said. The bank has no overseas network now and UCBH's 70 outlets on the east and west coast of the United States and its sound base in the Chinese community in America will help boost Minsheng's business. The investment is pending approval from the China Banking Regulatory Commission and the State Administration of Foreign Exchange. UCBH is the biggest bank serving the Chinese community in the US. UCBH, the holding company for United Commercial Bank, has US$10.7 billion in assets and 70 branches in the US and one in Hong Kong. UCBH will use the proceeds for a pending acquisition in China, the US bank said. That part of the deal will close in the fourth quarter. In March, UCBH said it will buy China's Business Development Bank Ltd. Minsheng plans to buy a 26.58 percent stake of Shaanxi International Trust & Investment Corp for 2.34 billion yuan (US$311.6 million). It is also the second move from a lender to buy stake of a trust company in China. The deal is pending approval from CBRC and the China Securities Regulatory Commission. Minsheng Bank closed at 16.30 yuan today in Shanghai or a rise of 3.1 percent. The benchmark Shanghai Composite Index rose 2.53 percent to 5,692.76.

SHANGHAI stocks rallied to a new high on the first trading day after a weeklong holiday spurred by robust growth in the banking sector. The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, jumped 2.53 percent, or 140.45 points, to close at 5,692.75. The Shenzhen Composite Index, which covers the smaller mainland stock market, rose 0.57 percent, or 8.69 points, to 1,541.35. Turnover in the morning amounted to 158 billion yuan (US$21 billion). Industrial and Commercial Bank of China, the biggest Chinese lender, surged by the daily-limit 10 percent to 7.27 yuan per share. China Merchants Bank rose 6.9 percent to 40.91 yuan and Bank of China advanced 6.24 percent to 6.30 yuan. China Minsheng Banking Corp grew 3.1 percent to 16.30 yuan after it announced plans to buy 20 percent of UCBH Holdings Inc by 2009, the first stake purchase by a mainland bank of an American bank. Minsheng, China's first non-state-owned bank and the seventh-largest bank by market value, will buy 5.4 million shares of UCBH shares for US$96 million, taking up a 4.9 percent stake this year as the first step of its three-year acquisition plan. China Life, the biggest insurer on the mainland, surged 8.65 percent to 67.81 yuan and Ping An Insurance rose 4.77 percent to 141.39 yuan. Real estate companies reported widespread growth thanks to a booming property market during the Golden Week, apparently unaffected by the latest government efforts to cool the market. On September 27, the People's Bank of China and the China Banking Regulatory Commission announced that mortgage holders who applied for another home loan would be required to produce a down payment of at least 40 percent and pay a 10 percent premium on their interest rate. China Vanke, the No. 1 publicly traded real estate developer, climbed 10 percent to 33.22 yuan and Poly Real Estate also jumped 10 percent to 82.04 yuan. Air China dropped 6.74 percent to 22 yuan and China Eastern Airlines dropped 6.65 percent to 17.13 yuan. China Southern Airlines lost 6.81 percent to 22.31 yuan and Hainan Airlines declined 5.43 percent to 11.14 yuan.

SHANGHAI stocks rallied to a new intraday high on the first trading day after a weeklong holiday as investors build their positions due to a lack of new tightening measures. The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, jumped 2.99 percent, or 166.19 points, to 5,718.49 at 11:30am. The Shenzhen Composite Index, which covers the smaller mainland stock market, rose 0.7 percent, or 10.74 points, to 1,543.41. Turnover in the morning amounted to 86.8 billion yuan (US$11.56 billion). Robust growth in the banking sector contributed a lot to the market's surge. Industrial and Commercial Bank of China, the biggest Chinese lender, surged 9.38 percent to 7.23 yuan per share. China Merchants Bank rose 7.39 percent to 41.10 yuan and Bank of China advanced 6.41 percent to 6.31 yuan. China Minsheng Banking Corp grew 4.36 percent to 16.50 yuan after it announced plans to buy 20 percent of UCBH Holdings Inc by 2009, the first stake purchase by a mainland bank of an American bank. Minsheng, China's first non-state-owned bank and the seventh-largest bank by market value, will buy 5.4 million shares of UCBH shares for US$96 million, taking up a 4.9 percent stake this year as the first step of its three-year acquisition plan. China Life, the biggest insurer on the mainland, surged 9.85 percent to 68.56 yuan and Ping An Insurance rose 7.45 percent to 145 yuan. Real estate companies reported widespread growth thanks to a booming property market during the Golden Week, apparently unaffected by the latest government efforts. On September 27, the People's Bank of China and the China Banking Regulatory Commission announced that mortgage holders who applied for another home loan would be required to produce a down payment of at least 40 percent and pay a 10 percent premium on their interest rate. China Vanke, the No. 1 publicly traded real estate developer, climbed 5.2 percent to 31.77 yuan and Poly Real Estate jumped 5.39 percent to 78.60 yuan. Air China dropped 5.93 percent to 22.19 yuan and China Eastern Airlines dropped 5.99 percent to 17.25 yuan. China Southern Airlines lost 3.93 percent to 23 yuan and Hainan Airlines declined 4.92 percent to 11.2 yuan.

WHOLE Foods Market Inc, the largest US natural-foods grocer, has said it's backing Chief Executive Officer John Mackey after completing a probe of his financial postings on Internet message boards. The grocer said it turned over the findings to the US Securities and Exchange Commission, which is continuing its investigation. Mackey, 54, wrote anonymous messages on Yahoo! Inc's financial chat boards from 1999 to 2006 using the name "rahodeb." Some of his comments praised his company's performance while others criticized rivals such as Wild Oats Markets Inc, which Whole Foods bought in August for US$565 million. "The board has reaffirmed its support of John Mackey," Austin, Texas-based Whole Foods said in a statement. The grocer didn't disclose what was uncovered, and Whole Foods spokeswoman Kate Lowery declined to comment beyond the statement. The identity of "rahodeb" was disclosed in court documents released by the US Federal Trade Commission, which unsuccessfully sued to block the Wild Oats acquisition, Bloomberg News said. In a March 10, 2006, posting, "rahodeb" touted Whole Foods' growth plans and said the company might top a sales goal it announced a month earlier. "The upgraded prediction of US$12 billion is most likely conservative," he wrote, "Won't surprise me if the number ends up closer to US$14 billion in five years." "Rahodeb" is an anagram for Deborah, which is Mackey's wife's name. Mackey, who is also the co-founder of the company, apologized then for his "error in judgment in anonymously participating on online financial message boards."

TXU Corp, the largest power producer in Texas, said its US$32 billion sale to Kohlberg Kravis Roberts & Co and TPG Inc will be completed on Wednesday, marking the biggest US leveraged buyout. The sale will be completed this week subject to the satisfaction of certain conditions, the Dallas-based company said in a regulatory filing, Bloomberg News reported. Shareholders on September 7 voted more than 74 percent in favor of the deal, topping the two-thirds majority needed for approval. Rival bids did not develop after the transaction was announced in February. Including assumed debt, the sale is valued at about US$45 billion, a record for a leveraged buyout of a US company. The transaction cleared one of its biggest hurdles when Texas lawmakers failed to pass legislation that could have threatened the deal. Investment advisers such as Institutional Shareholder Services Inc had recommended approval of the buyout, which values TXU at US$69.25 a share. "There have been times when I thought this would be derailed, possibly due to legislation or turmoil in the markets," said Tom Smith, the director of the Texas office of Public Citizen, a consumer advocacy group that opposed the takeover. "When you have that much money offered for a company, it's kind of hard to stop a deal like this." The sale may lead to higher electricity prices for Texans as the buyout firms seek to recoup their investments, Smith said. Texas consumes more power than any other state. TXU's campaign to win support for the sale received a boost in late August, when Franklin Resources Inc, the company's largest stockholder as of June 30, dropped its opposition. Franklin, which said in July that the price was "significantly below" TXU's value, cited "changing market conditions" in deciding to back the deal. Losses on subprime mortgages shut down the market for high-yield, high-risk debt in July. Sales of US leveraged loans dropped to US$12 billion in September from more than US$50 billion in June, according to data compiled by Bloomberg. Demand picked up after the Federal Reserve lowered its benchmark interest rate by a half-percentage point on September 18. The loans arranged for the acquisition include a US$2.7 billion revolving credit line, a US$1.25 billion letter of credit, a US$16.5 billion term loan and a US$4.1 billion delayed draw term loan, according to the TXU filing with the Securities and Exchange Commission. Banks also agreed t

SAN FRANCISCO (MarketWatch) -- TXU Corp. said Friday its shareholders have approved the company's $45-billion acquisition by Texas Energy Future Holdings Limited Partnership, a group of private-equity investors led by Kolhberg Kravis Roberts and Texas Pacific Group. More than 340 million shares, or about 74% of the 461 million total outstanding shares of TXU common stock, were voted in favor of the deal, the Dallas-based energy company said. Approval required a vote of two-thirds of the outstanding shares. Of the shares voted on the merger, more than 95% were cast in favor of it, TXU said. The merger, which requires approval by the Nuclear Regulatory Commission and completion of other closing conditions, is expected to close in the fourth quarter, the company said.