• Land and Buildings, which wants the owner of Saks to consider selling its real estate — and perhaps to make the department store’s iconic Fifth Avenue location in New York into a hotel.
Third Point’s stake in Nestlé, about 40 million shares, is worth around $3.5 billion, making it the company’s sixth-largest shareholder, according to Standard & Poor’s Global Market Intelligence.
A slimming of the Swiss conglomerate may already be in progress. Last week, the company said that it was weighing a sale of its United States candy business — which makes Gobstoppers, Butterfinger bars and more — as fewer Americans have displayed an appetite for sweets.
Takata Files for Bankruptcy Protection
Takata as it has long been known — one of Japan’s most notable auto parts makers — will soon be no more.
The company at the center of one of the furthest-reaching auto safety crises in history has filed for bankruptcy protection in the United States and will sell its surviving operations to a Chinese-owned American rival, Key Safety Systems.
The sale, for about $1.6 billion, brings an end to Takata, which has been crippled as carmakers recalled tens of millions of airbags.
Takata owes billions of dollars to banks and automakers, which have been paying to replace potentially dangerous airbag inflaters. Takata has promised the United States government that it will pay $125 million in compensation to victims. The costs from the recalls are continuing to rise. Takata said it could not yet estimate the scale of the liabilities that it would ultimately face, but the figure is expected to be more than $10 billion.
The bankruptcy is thought to be the largest by a Japanese manufacturing company.
The sale to Key Safety, a company based in Michigan but owned by a Chinese company called Ningbo Joyson Electronic Corporation, is noteworthy because Japanese politicians and officials have often cajoled domestic businesses to save competitors rather than let them fail or be scooped up by foreigners.
E.U. Approves Aid for 2 Italian Banks
The European Commission has approved plans by the Italian government to provide 4.8 billion euros, or about $5.4 billion, in cash, and €12 billion in guarantees to protect the depositors of two troubled lenders, Banca Popolare di Vicenza and Veneto Banca.
The European Central Bank said on Friday that the banks had failed or were likely to fail — a precondition for winding them down.
The two banks account for 2 percent of Italian deposits, but there was a risk that their troubles could undermine confidence in Italy’s fragile financial system.
The money for the rescue plan will come from a fund established by the Italian government for the banking system, which has been criticized for being at odds with officials’ vows not to spend taxpayer money to save sick banks.
But there was fear that imposing losses on middle-class depositors and investors, like those who bought the troubled banks’ senior bonds, might drive people who suffered losses into the arms of extremist parties and add to political turmoil in the country.
And there were concerns that the failure of these banks could imperil the economies of the northern Italian regions they serve.
The rescue plan protects depositors from losses and will spare investors who own senior bonds in the two banks.
Owners of junior bonds, which earn a higher interest rate but are riskier, will lose their money. As will shareholders in the banks, which will be liquidated. Intesa Sanpaolo, Italy’s second-largest bank, after UniCredit, is expected to buy the healthy operations of the two banks for a symbolic purchase price.
Next Stop for Preet Bharara
After President Trump fired Preet Bharara as United States attorney in March, speculation swirled about Mr. Bharara’s next move. Would it be to a white-shoe law firm? Would he run for office?
As it turns out, Mr. Bharara is becoming something of a media Renaissance man. And on Monday, he will officially announce that he is joining his younger brother’s media company, Some Spider Studios.
He will become executive vice president at the company, which Vinit Bharara started in 2014, and he will host a podcast called “Stay Tuned with Preet.”
The show will explore justice and fairness issues, as well as providing in-depth analysis on legal cases.