Activist investor Carl Icahn, right, has agreed to sell his holdings in Lions Gate Entertainment Corp., ending his bitter, three-year battle to take over the film and television studio and oust its management. The Santa Monica, Calif., company best known for Tyler Perry pictures, "Mad Men" and the upcoming "Hunger Games" announced that it has reached a settlement with Icahn and his son Brett, who works in the billionaire corporate raider's New York investment firm. The Icahns will sell 44.2 million shares, representing virtually all of their 33.2 percent stake in the company. In exchange, both parties are dropping all outstanding litigation against each other.Lehman's liquidation plan will go to a vote
Lehman Brothers Holdings Inc. won approval to send its liquidation plan to creditors for a vote as the failed investment bank works to wind down its three-year stay in bankruptcy. U.S. Bankruptcy Judge James Peck in Manhattan Tuesday approved the description of the plan creditors will use to evaluate the proposal and said voting could begin; creditors have until Nov. 4 to vote. The investment bank filed for bankruptcy in September 2008. Chief Executive Bryan Marsal has said he plans to raise as much as $65 billion to pay claims. Total claims will come to about $360 billion, Harvey Miller, Lehman's bankruptcy attorney, said at the hearing.Macarthur Coal agrees to latest offer
Macarthur Coal, an Australian mining company that has been the subject of multiple takeover bids over the past year and a half, bowed Tuesday to an improved offer from ArcelorMittal and Peabody Energy, valuing Macarthur at about 4.8 billion Australian dollars, or $5.2 billion. The company, a specialist producer of pulverized coal that is sought after by steel makers, is one of the last remaining independent midsize mining operations in Australia and had long been considered an attractive acquisition target. Rising raw material prices and a desire by resource companies and steelmakers to meet ravenous demand from China and other rapidly growing emerging economies have spurred consolidation in the sector.Italy's cost of borrowing falls
On Tuesday, the Italian Treasury sold 3.75 billion euros, or $5.4 billion, of 10-year securities priced to yield 5.22 percent. That compared with a rate of 5.77 percent at a sale of similar bonds in late July. The yield on Italy's benchmark 10-year bond has dropped more than one percentage point since the European Central Bank started buying Italian and Spanish debt Aug. 8. By the close of trade Tuesday it had slipped to 5.11 percent.Boeing to retool, not replace, its 737
Boeing Co. said it will move ahead with a new engine for its 737, matching a competing Airbus plane and giving its best-selling jet the fuel efficiency that airlines crave. Airlines have been struggling with sharply higher fuel costs, so every improvement in fuel efficiency helps their bottom lines.
Boeing makes more 737s than any other plane, with more than 2,100 on order. It competes with the Airbus A320, which will have a new, more fuel-efficient engine available starting in 2015. Boeing said its 737 with the new engine will be available in 2017. Boeing said five airlines have committed to buy 496 of the planes.Former Chinese phone exec sentenced
Li Hua, former chairman of a government-owned telecommunications company, China Mobile, was sentenced to death with a two-year reprieve Tuesday for accepting more than $2.5 million bribes, according to Xinhua, China's state-run news agency. The sentence means that with good behavior the executive's penalty could be commuted to life in prison.
FROM NEWS SERVICES