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Here are today’s top business headlines from across the nation and world:
NEW YORK (AP) — United Technologies is acquiring Rockwell Collins for $22.75 billion in order to expand its aerospace capabilities. United Tech, which makes Otis elevators and Pratt & Whitney engines, said Monday it’s paying $140 per share in cash and stock for Rockwell Collins, a 9.4 premium over Tuesday’s closing price, when reports of a deal surfaced. Including debt, the acquisition is worth $30 billion. Rockwell Collins, based in Cedar Rapids, Iowa, makes flight deck avionics, cabin electronics and cabin interiors for commercial and military customers. Farmington, Connecticut-based United Technologies called the businesses complementary and expects $500 million in pretax savings related to the deal. Read more
LONDON (AP) — While Britain and the rest of the EU are struggling to agree on divorce terms, it’s increasingly clear that on the economic front they are diverging sharply. In closely watched surveys of economic activity, financial information company IHS Markit said Tuesday that the economy of the 19 EU countries that use the euro is heading for decade-high growth rates while Britain’s is increasingly sluggish – largely due to uncertainty surrounding Brexit. The purchasing managers’ index, a broad gauge of economic activity, for the eurozone was unchanged at 55.7 points in August. The index is on a 100-point scale, with anything above 50 indicating expansion. Read more
WASHINGTON (AP) — President Donald Trump’s plan to take a hard line on young immigrants unless Congress intervenes threatens to expose deep divides among Republicans who have long struggled with the issue, with one conservative warning of a potential “civil war” within the party. Trump’s attorney general, Jeff Sessions, is expected to announce Tuesday that the administration will end in six months a program that shields from deportation young immigrants brought to the country illegally as children. The immigrants are often referred to as “Dreamers.” According to two people familiar with Trump’s decision, the decision to delay by six months the termination of the Deferred Action for Childhood Arrivals, or DACA, would give Congress time to act. Read more
COPENHAGEN, Denmark (AP) — Rovio Entertainment, the Finnish maker of “Angry Birds” and other popular mobile games, says it plans an initial public offering and a listing of its shares on the Helsinki stock exchange. Chief Executive Kati Levoranta says the company “is stronger than ever” and well-positioned in the fast growing mobile gaming market with a diversified games portfolio. Read more
COPENHAGEN, Denmark (AP) — Danish toy maker Lego will cut 1,400 jobs, or about eight percent of its global workforce, after reporting a decline in sales and profits in the first half of 2017. The privately held company said Tuesday that its revenue dropped 5 percent to 14.9 billion kroner ($2.4 billion) in the first six months of the year, mainly as a result of weakness in established markets like the U.S. and Europe. Profits slipped 3 percent to 3.4 billion kroner ($544,000). Read more
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