Top 10 News for 9/6 - 9/9: Mergers Aplenty; Apple Debuts Jackless iPhone 7; Wells Fargo Fined Over Faked Accounts

September 9, 2016 3:53 PM EDT

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1. On Wednesday, Hewlett Packard Enterprise (NYSE: HPE) announced plans for a spin-off and merger of its non-core software assets with Micro Focus (LSE: MCRO) in a transaction valued at approximately $8.8 billion.

2. Apple (Nasdaq: AAPL) introduced the iPhone 7 and iPhone 7 Plus on Wednesday. As expected, the devices don't have an audio jack, which has spurred some criticism. However, they will ship with dongles to attach an audio jack. Apple will sell wireless AirPods earbuds for $159.

3. Enbridge Inc. (NYSE: ENB) and Spectra Energy Corp (NYSE: SE) announced that they have entered into a definitive merger agreement under which Enbridge and Spectra Energy will combine in a stock-for-stock merger transaction, which values Spectra Energy common stock at approximately C$37 billion ($28 billion), based on the closing price of Enbridge's common shares on September 2, 2016.

4. Liberty Media Corporation (Nasdaq: LMCA) and CVC Capital Partners announced that Liberty Media has agreed to acquire Formula One, the iconic global motorsports business, from a consortium of sellers led by CVC. The transaction values Formula One at $8 billion.

5. Federal-Mogul Holdings Corporation (Nasdaq: FDML) and Icahn Enterprises L.P. (Nasdaq: IEP) announced that Federal-Mogul had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with a subsidiary of Icahn Enterprises, Federal-Mogul’s majority shareholder, pursuant to which Icahn Enterprises will offer to purchase all of the outstanding shares of Federal-Mogul common stock not owned by Icahn Enterprises or its affiliates, in an all-cash transaction for $9.25 per share.

6. Wells Fargo (NYSE: WFC) announced that it agreed to pay fines of $185 million and announced settlements with the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts. The company fired 5,300 employees related to the scheme. The bank was said to fire around 5,300 employees as a result.

7. Intel Corporation (Nasdaq: INTC) and TPG announced a definitive agreement under which the two parties will establish a newly formed, jointly-owned, independent cybersecurity company. The new company will be called McAfee following transaction close. TPG will own 51 percent of McAfee and Intel will own 49 percent in a transaction valuing the business at approximately $4.2 billion.

8. Bayer announced it advanced negotiations with Monsanto (NYSE: MON) regarding a proposed transaction and is prepared to raise its offer to U.S $127.50-per-share, up from its prior offer of $125-per-share and the original $122-per-share offer.

9. Twitter (NYSE: TWTR) shares were active this week on speculation that further discussions over the company's future would take place. Those talks may include the idea of Twitter selling itself, sources speculated. However, the company said it had 'no bids' on the table. The company's management is also exploring cost cuts, including laying off more workers. For the latest Twitter news, click here.

10. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released a report to the Congress and the Financial Stability Oversight Council on the activities and investments that banking entities may engage in under applicable law. Section 620 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) required the federal banking agencies to conduct the study and report to Congress on the types of activities and investments permissible for banking entities, the associated risks, and how banking entities mitigate those risks. For the purpose of this study, banking entities include insured depository institutions and any company that controls an insured depository institution or is treated as a bank holding company under the International Banking Act of 1978. The study also covers any affiliate or subsidiary of such companies.

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Carl Icahn, Twitter, CVC Capital Partners, FDIC, McAfee Intel Merger, Wells Fargo, Definitive Agreement

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