LONDON — Argentina and Repsol (REP.MC) will sign a definitive $5 billion settlement over the 2012 nationalization of the Spanish oil firm’s majority stake in Argentine energy group YPF (YPFD.BA) within days, a source involved in the talks said on Thursday.
Under the terms of the deal, Repsol will receive various bonds with a total nominal value of around $5.5 billion, including already-issued Argentine dollar-denominated bonds and a new ad-hoc 10-year bond worth $3 billion, the source said.
DETROIT/MILAN — Sergio Marchionne has pledged to stay on as chief executive of Fiat-Chrysler for at least three years to see through the full merger of the Italian carmaker and its U.S. business, and a new strategy to turn around its loss-making operations in Europe.
Marchionne, who took the helm of Fiat a decade ago and in 2009 also started running Chrysler, had previously said he could step down in 2015 and some analysts feared uncertainty over his future at the combined company could cloud its prospects.
Cathy Smith, Wal-Mart Stores Inc’s (WMT.N) finance chief for the international division, will leave the company to take a «leadership position» at an unidentified company, Wal-Mart said on Saturday.
A memo provided to Reuters by Wal-Mart spokesman Kevin Gardner, from the division’s president and chief executive David Cheesewright, said Walmart U.S. Read more
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TORONTO — Fairfax Financial Holdings Ltd will buy another $250 million worth of BlackBerry Ltd’s convertible debentures, the companies said Wednesday, providing the struggling smartphone maker with much-needed cash.
The move by Fairfax, the Canadian property and casualty insurer run by investment guru Prem Watsa, will double the company’s holdings of BlackBerry’s debt. Read more