Bid & Ask
FINANCE: $1.6 BN
Amount Britain's Man Group, the world's No. 1 hedge fund firm, is paying for GLG (GLG), a smaller competitor, in what is its biggest acquisition ever. The combined firm will oversee about $63 billion in assets worldwide across a variety of funds.
Honeywell International, a maker of aerospace equipment and other products, bid $1.1 billion for Sperian, a French company that manufactures protective goggles and respirators. The all-cash offer bested a rival bid from private-equity firm Cinven. The deal should help New Jersey-based Honeywell boost sales outside the U.S.
A London auction of Chinese ceramics and artworks put on by Bonhams raised $30.1 million, propelled by strong demand from Asian buyers. The main attraction was a collection of 35 white jade carvings, which sold for more than double its pre-auction estimate.
Punitive damages awarded by a Federal Court in a gender-bias case involving 5,600 female employees at a U.S. unit of the Swiss drugmaker Novartis, the second-largest verdict of 2010. A Manhattan jury found that Novartis (NVS) had discriminated against women on pay and promotion, and because of pregnancy.
A painting of a blue-eyed nurse by artist Richard Prince was among the works sold by Halsey Minor, founder of CNET Networks. The sale raised $21.1 million to pay creditors. Minor's collection accounted for just 22 of the 74 lots on offer at the New York auction organized by Phillips de Pury & Co., and took in more than half of the $37.9 million total.
Former McKinsey director Anil Kumar is paying almost $2.8 million to settle civil allegations of insider trading brought by the U.S. Securities & Exchange Commission. Kumar pleaded guilty in the Galleon Group insider-trading case, the largest ever involving a hedge fund.
Nine chipmakers agreed to pay $403.5 million in the first settlement of a price-fixing case with European Union antitrust regulators. Samsung Electronics and Infineon Technologies (IFX) received the biggest fines, $176.3 million and $68.6 million, respectively. Hynix Semiconductor, Toshiba (TOSBF.PK), and Mitsubishi Electric also admitted participating in the cartel.
Universal Health Services (UHS) offered $3.1 billion, including debt, for Psychiatric Solutions (PSYS), in the largest health-care services deal of 2010. The acquisition will more than double UHS's revenues from mental health operations, which last year totaled $1.3 billion.