Fairfax Wins Approval to Buy Indian Lender, Iconix Sells Sharper Image

Mukesh Buch
30 Dec, 2016
New York City

Fairfax Financial received preliminary regulatory approval to buy a 51% stake in South India based Catholic Syrian Bank. General Cable agreed to pay U.S. penalty for bribing foreign officials. Iconix Brand agreed to sell the home electronics retailer Sharper Image for $100 million.

[R]12:10 PM New York – Fairfax Financial received preliminary regulatory approval to buy a 51% stake in South India based Catholic Syrian Bank. General Cable agreed to pay U.S. penalty for bribing foreign officials. Iconix Brand agreed to sell the home electronics retailer Sharper Image for $100 million.[/R]

Tollbooth Index slipped 39.71 or 0.4% to 11,076.10.

Earnings Review

Fairfax Financial Holdings Ltd, Canada-based investment group owned by Prem Watsa received preliminary regulatory approval to buy 51% stake in Catholic Syrian Bank Ltd.

The Reserve Bank of India asked Fairfax to reduce its stake in Kerala state-based Catholic Syrian Bank to 15% in the next 12 years, as the bank had an assets worth about $2.3 billion and 230 branches.

General Cable Corporation ((BGC)) fell 10 cents to $19.35 after the wire and cable products maker agreed to pay $82.3 million penalty to U.S. federal government to resolve investigations into violations of bribes to foreign officials.

Iconix Brand Group, Inc soared 4.1% or 37 cents to $9.33 after the consumer brands marketer agreed to sell its Sharper Image brand and related intellectual business to ThreeSixty Group, the brand''s largest licensee, for about $100 million in cash.

This transaction is expected to close today.

Kate Spade & Co ((KATE)) surged 23.1% or $3.35 to $17.86 after Wall Street Journal said the retailer is working with an investment bank to explore a sale of the apparel and accessories retailer after the activist hedge fund Caerus Investors disclosed the stake.

LATAM Airlines Group S.A ((LFL)) slid 1 cent to $8.27 after Chile-based airline group said Qatar Airways had acquired 10% stake through its wholly-owned subsidiary Qatar Airways Investments (UK) Ltd at $10 a share or about $608.4 million.