Bank managers in the U.S. are less likely to engage in mergers and acquisitions this year as regulators heighten scrutiny on potential deals and sellers wait for higher valuations, according to a KPMG LLP survey.
The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.
Freeport-McMoRan Copper & Gold Inc. won approval from shareholders of Plains Exploration & Production Co. for a $6.63 billion takeover after sweetening the bid for the largest U.S. oil and natural gas purchase announced in the past year.
Freeport-McMoRan Copper & Gold Inc. sweetened its bid for Plains Exploration & Production Co. to win shareholder support for the takeover, offering special cash dividends to raise the value of the deal to $6.6 billion.
Sales of corporate bonds in the U.S. are surging toward the busiest May ever as borrowers race to the market before demand dries up with Bill Gross and Warren Buffett cautioning against buying debt at all-time low yields.