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☆ Return to the office or see a pay cut: More and more companies are forcing remote workers to choose
▼ + stars: | 2023-04-13 | by ( Jacob Zinkula | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

The law firm Davis Polk & Wardwell might cut employees' bonuses if they don't return to the office. "We're very focused on having our team in at the same time," Neil Barr, chair and managing partner at Davis Polk, told the Wall Street Journal. The era of widespread remote work might be coming to a close economy-wide, as firms tighten their belts and try to get their workers back in. As mass layoffs sweep some sectors that embraced remote work — like tech — companies that are letting workers go are increasingly asking for their remaining workforce to come back in. That's because even companies that have chosen to embrace remote work may be doing so in part because it allows them to pay workers less.

☆ Emerson Electric to buy NI Corp for $8.2 bln to deepen automation push
▼ + stars: | 2023-04-12 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) said on Wednesday it will buy measurement tools maker NI Corp (NATI.O) for $8.2 billion in a bid to boost its automation capabilities. The purchase will allow Emerson to tap NI's software-connected automated test and measurement systems for higher growth and margins in its automation portfolio. Emerson has executed a string of deals over the last few years to streamline itself into an industrial automation provider. The NI deal is expected to close in the first half of Emerson's fiscal 2024. Goldman Sachs & Co LLC and Centerview Partners LLC were financial advisers to Emerson on the deal, while Davis Polk & Wardwell LLP was its legal adviser.

☆ Emerson Electric to buy NI for $8.2 bln to deepen automation push
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) on Wednesday said it would buy measurement tools maker NI Corp (NATI.O) for $8.2 billion in an effort to boost its automation capabilities. Emerson has executed a string of deals over the last few years to streamline itself into an industrial automation provider. The NI deal is expected to close in the first half of Emerson's fiscal 2024. Shares of Emerson, which already owns an about 2% stake in NI, fell more than 2% to $82.55 in premarket trade. NI launched a formal sale process in January after Emerson threatened to challenge its board if it did not engage in deal negotiations.

☆ Emerson Electric to buy NI Corp for $8.2 billion in automation push
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) on Wednesday said it would buy measurement equipment maker NI Corp (NATI.O) for $8.2 billion in an effort to boost its automation capabilities. The purchase of Texas-based NI, which provides software-connected automated test and measurement systems, will help Emerson achieve a higher-growth and higher-margin automation portfolio. NI launched a formal sale process in January after Emerson threatened to challenge its board if it did not engage in deal negotiations. Reuters reported on Tuesday that Emerson was in advanced talks to acquire NI. Goldman Sachs & Co LLC and Centerview Partners LLC are serving as financial advisors to Emerson, while Davis Polk & Wardwell LLP is serving as legal advisor.

"Meta's discovery gluttony confirms its request of eBay is not worthy of the burden Meta seeks to impose," eBay's lawyers told the California court. EBay's Quinn Emanuel attorneys derided Meta as a "litigant that has completely disregarded the bounds of reason and proportionality" in seeking information from third parties. A representative from eBay and its attorneys at Quinn Emanuel did not immediately respond to requests for comment. Lawyers for eBay contend the company doesn't compete with Meta on social networking but does face off over the Facebook Marketplace e-commerce service. The case is Federal Trade Commission v. Meta Platforms Inc, U.S. District Court, Northern District of California, No.

☆ The judge in the FTX fraud case stepped down because her husband works for a firm that advised Sam Bankman-Fried's crypto exchange last year
▼ + stars: | 2022-12-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Ronnie Abrams, the US district judge in the FTX fraud case, stepped down and has been replaced. She said that her husband is a partner at Davis Polk & Wardwell LLP, which last year advised FTX. Judge Lewis A. Kaplan has taken over the FTX case. Ronnie Abrams, a judge at the US District Court for the Southern District of New York, said in a filing on Friday that she was stepping down. On Tuesday, the case was reassigned to Lewis A. Kaplan, a senior judge at the court, legal filings show.

Law firms Davis Polk & Wardwell LLP FollowDec 27 (Reuters) - Sam Bankman-Fried's criminal case over the collapse of his FTX cryptocurrency exchange has been reassigned to a judge recently known for handling defamation lawsuits against former U.S. President Donald Trump and a sexual abuse lawsuit against Britain's Prince Andrew. U.S. District Judge Lewis Kaplan replaces his colleague Ronnie Abrams, who recused herself on Friday after learning that the law firm Davis Polk & Wardwell, where her husband is a partner, advised FTX in 2021. Trump has sought the dismissal of both lawsuits, including a battery claim. Kaplan also recently oversaw Virginia Giuffre's civil lawsuit accusing Prince Andrew of sexually abusing her when she was 17 at the London home of Ghislaine Maxwell, the now-convicted former associate of late sex offender Jeffrey Epstein. Reporting by Tom Hals in Wilmington, Delaware and Jonathan Stempel in New York; Editing by Chizu Nomiyama and David GregorioOur Standards: The Thomson Reuters Trust Principles.

Ellison and FTX co-founder Gary Wang both pleaded guilty and are cooperating with prosecutors as part of their plea agreements. Roos said Bankman-Fried carried out a "fraud of epic proportions" that led to the loss of billions of dollars of customer and investor funds. Bankman-Fried has acknowledged risk-management failures at FTX but said he does not believe he has criminal liability. A flurry of customer withdrawals in early November amid concerns about commingling of FTX funds with Alameda prompted FTX to declare bankruptcy on Nov. 11. Bankman-Fried was arrested in the capital Nassau on Dec. 12 and arrived in the United States on Wednesday after consenting to extradition.

☆ Fed Rate Increases Upended Funding Markets in 2022. Here’s What CFOs Can Expect in 2023.
▼ + stars: | 2022-12-14 | by ( Nina Trentmann | ) www.wsj.com time to read: +9 min

Here’s a look at how different financing instruments fared in 2022 and what’s ahead for 2023. Activity in the convertible debt market has picked up in recent weeks. Still, there could be financing opportunities for deals in 2023 in the form of syndicated loans, bankers said. “CFOs have to be aware of that and focus on cash conversion and margins,” he said, pointing to the increase in financing costs. “We expect deals will continue to get done,” he said, adding that those could however come with more oversight from lenders.

☆ Nutella maker Ferrero scoops up owner of Blue Bunny ice creams
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Wells, which was founded in 1913 as a dairy delivery wagon business, has become the world's largest family owned and managed ice cream company. "This represents a win-win partnership, bringing together ice cream experts and confectionery champions," Giovanni Ferrero said in a statement. "Together, we have the power of one and are well placed to grow and compete in the ice cream market," he added. Ferrero bought Spanish ice cream company ICFC in a two-stage deal in 2019 and 2021. The Wells' transaction, subject to customary closing conditions, is expected to close in early 2023.

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