GE said to be close to $4 billion deal for Avio

  • Updated: December 17, 2012 - 8:24 PM

General Electric is expected to strike a deal to buy the Italian aerospace company Avio for $4 billion or more, in a bid to bolster its commercial jet engine business. The deal between GE and Avio's owner, the British private equity firm Cinven, is expected to come together this week, a person with knowledge of the discussions told the New York Times. The person spoke on condition of anonymity because the talks were private and cautioned that the transaction might still fall apart. Cinven bought a majority stake in Avio in 2006 from the Carlyle Group and Finmeccanica, in a deal valued at more than $3.3 billion.

Elliott bids $2.3 billion for Compuware

Elliott Management, a hedge fund, offered Monday to buy Compuware, a Detroit-based business software maker, for about $2.3 billion, repeating a tactic that prompted the sale of Novell in late 2010. Under the terms of its bid, Elliott would pay $11 a share, which is 25 percent higher from when the hedge fund first disclosed its stake in Compuware last month. The $20 billion hedge fund owns about 8 percent of the shares.

Economists forecast moderate 2013 growth

Business economists think the country will see modest growth in 2013 with strength coming from a further rebound in housing which will help offset weakness in business investment. In its latest survey of top forecasters, the National Association for Business Economics says it is looking for the economy to grow in 2013 by 2.1 percent after 2.2 percent growth in 2012. That would continue the nation's tepid growth since the Great Recession ended in mid-2009. The NABE economists think unemployment will average 7.7 percent for all of next year.

Apple sells 2 million iPhones in China

Apple said Monday that it sold more than 2 million iPhone 5s in China in their first three days of availability, setting a record for that market. The iPhone 5, which had its launch in China on Friday, will be available in more than 100 countries by the end of December.

Derivatives traders to keep audio records

Derivatives traders will be required to keep audio records of commodities transactions under U.S. Commodity Futures Trading Commission rules completed in a private vote Monday. The regulation, revised by commissioners to limit the impact on smaller brokers, could help the CFTC's enforcement unit determine traders' intent when investigating alleged wrongdoing, the agency said in a statement. It is common practice for equities traders to make such audio recordings.

Hulu says revenue to hit $695 million

Online video service Hulu says revenue this year will grow about 65 percent to $695 million. Hulu says it has more than doubled the number of subscribers who pay $8 a month for Hulu Plus. The figure now exceeds 3 million. Hulu Plus gives users a broader selection of back episodes and access over mobile devices, game consoles and Internet-connected TVs.

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