John Havens, who stepped down from Citigroup Inc. on the same day Chief Executive Officer Vikram Pandit resigned in October 2012, will join the bank’s former hedge-fund arm as non-executive chairman and partner.
Ashland Inc. , the maker of Valvoline motor oil, agreed to buy closely held International Specialty Products Inc. for $3.2 billion to tap demand for higher-margin ingredients used in personal-care products and pharmaceuticals.
Among Vikram Pandit’s last jobs as Citigroup Inc.’s chief executive officer was to decide the fate of the bank’s hedge-fund unit, which employs some of his oldest colleagues. He agreed to give them most of it for free.
Amelia Cottrell, a U.S. Securities and Exchange Commission investigator who helped build an insider-trading case against a unit of billionaire Steven A. Cohen’s SAC Capital Advisors LP, was promoted to a top enforcement position in the agency’s New York office.
Ashland Inc. , the maker of Valvoline motor oil, gained the most in 17 months in New York trading after the company agreed to sell its low-margin chemical distribution unit to TPG Capital for $930 million.
Ashland Inc., which soared to a record this month after activist Jana Partners LLC disclosed a stake in the company, stands to boost the lowest valuation in the specialty-chemicals industry by breaking itself up.
Ashland Inc. , the maker of Valvoline motor oil, agreed to sell its distribution unit to TPG Capital for $930 million as it focuses on specialty chemicals. Ashland rose the month in five months in New York trading.
Citigroup Inc., the third-biggest U.S. lender, invested about $800 million of shareholders’ money in its own private-equity and hedge funds during the third quarter as regulators seek to curtail the practice.