By Philip Blenkinsop BRUSSELS (Reuters) - Anheuser-Busch InBev , the world's largest brewer, launched an improved offer for SABMiller on Wednesday, offering just over 68 billion pounds ($104 billion) for its largest rival to extend its reach into Africa and other markets. The company said in a statement it was offering 42.15 pounds per SABMiller share, having already made two prior offers at 38 and 40 pounds. AB InBev said it believed the offer would be attractive to SABMiller shareholders, adding it was disappointed the UK-based company's board had rejected both previous approaches.
By Lionel Laurent LONDON (Reuters) - A recovery in oil prices spread to stock markets and emerging market currencies on Wednesday, with the prospect of more support from the world's central banks offsetting more disappointing economic data. After a dismal summer, which saw the worst quarter for global equities since 2011, traders say fund managers are ready to pile back in, hoping the recent market reversal was a hiccup rather than the end of a six-year bull market. Mining and energy shares were the big winners in Europe, up 2 to 4 percent. ...
JPMorgan Chase & Co, looking to stem falling revenue in its mortgage business as fewer Americans refinance, is increasingly buying loans from smaller lenders, a practice that competitors including Bank of America view as risky. While other big banks buy mortgages from other lenders, known as correspondents, JPMorgan has racked up the biggest increase among its peers in the proportion of loans it buys from others, according to data from trade publication Inside Mortgage Finance. JPMorgan is fighting for business in what has been a shrinking market.
Embattled miner and commodities trader Glencore Plc on Wednesday called on delegates meeting for a global climate summit later this year to adopt a policy that recognizes coal as an important energy source. "We need global policy that acknowledges the global energy reality that fossil fuels including coal will continue to be used," Glencore head of global coal assets Peter Freyberg said in prepared remarks for a speech in Australia. "We also need a policy which addresses the funding gap to facilitate the build of high-efficiency, low emission power stations," Freyberg said.
The Australian unit of Volkswagen said on Wednesday some 77,000 vehicles sold in the country had been fitted with devices designed to mask the level of emissions, widening a global scandal engulfing the German automaker. The unit said it had set up a website for customers to see if their vehicles, including almost 55,000 Volkswagen branded passenger cars, 5,000 Skodas and more than 17,000 Volkswagen commercial vehicles, had the affected EA 189 diesel engines. "Volkswagen Group Australia takes this issue extremely seriously and is continuing to gather all the facts from our head office to support any rectification plans in Australia," Managing Director John White said in a statement.