Dell shareholder Yacktman Asset Management threw its support behind Carl Icahn and Southeastern Asset Management’s buyout proposal for the PC maker. Yacktman, which holds 14.8 million shares of Dell, said it believes Dell founder and chief executive Michael Dell’s $24.4 billion buyout offer is depressing the stock. “A change in the board of directors could significantly improve this and other issues and lead to enhanced shareholder value,” Yacktman said in statement on Tuesday. Dell is at the centre of a battle, with Michael Dell and private equity firm Silver Lake on one side, and Icahn and Southeastern Asset Management on the other.
Facing more threats from China, N Korea: Japan
Japan faces increasingly serious threats to its security from an assertive China and an unpredictable North Korea, the defence ministry said in its first annual report since hawkish Prime Minister Shinzo Abe took office. The report was harshly critical of China’s recent actions and prompted a sharp response from Beijing. “There are various issues and destabilising factors in the security environment surrounding Japan, some of which are becoming increasingly tangible, acute and serious,” said the defence white paper, issued as ruling party politicians call for the Japanese military to beef up its ability to respond.
Myanmar law for central bank autonomy due soon
Myanmar is expected to enact a law within days that will give more autonomy to the central bank, which is currently part of the finance ministry, a senior official in the President’s office said on Tuesday. The new law is part of a series of economic and political reforms pushed through by the quasi-civilian government of President Thein Sein, in office since nearly half a century of military rule ended in March 2011. Parliament passed the law on Monday and it would now go to the President.
EU lets Bank of Ireland keep insurance business
Bank of Ireland won European Union approval on Tuesday to keep its insurance arm, but will have to sell other businesses and will also be banned from paying dividends beyond 2015 in line with a restructuring related to its bailout four years ago. Irish authorities pumped 3.5 billion euros into the bank in 2009 in a rescue after the financial crisis. The bank subsequently had to sell assets and to stop paying dividends in return for securing the European Commission’s clearance for the aid. Bank of Ireland had promised to sell its insurance business in 2011 under