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While U Slept: Biz & Buz. Big 5 Business Stories Breaking Overnight. 06/30/10

June 30, 2010

EUROPEAN SHARES EDGE UP AFTER MAJOR LOSSES Prices stabilize after three-week closing low on Tuesday. More volatility expected as quarter ends with uncertainty over European banks’ funding conditions and rate of economic recovery. (Reuters)

BIGGEST IPO EVER BEGINS: SHARES OF AG BANK OF CHINA START SELLING Retail investors queue outside Hong Kong bank branches to pick up prospectus of AgBank, last of China’s ‘big four’ to go public, aiming to sell a 14% stake for $23bn. Will also float on the Shanghai market. (BBC)

DEALS ON THE RISE GLOBALLY, BUT U.S. AND EUROPE LAG A 2.9 percent increase in number of merger and acquisition deals going on globally in the first half of 2010 over last year, according to Mergermarket data. Second quarter, however, was worst period for European M.&A. since the data firm’s records began 12 years ago. (NYT/FT)

TELEFONICA RAISES VIVO BID Spanish telecom, which shares the Brazilian mobile operator with Portugal Telecom, wants to convince PT shareholders to approve the offer at their meeting Wednesday. Portugal Telecom shares rose 6.27 percent on high trade volumes Wednesday morning. (Bloomberg)

BP AGREES TO HELP DISTRIBUTORS BP PLC has offered to give back to distributors of its gasoline 2 cents per gallon along the Gulf Coast and 1 cent per gallon in the East and Midwest. (AP)

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