“Breakthrough” deal for Greece agreed by Eurozone

Eurozone finance ministers have agreed to send further bailout funds to Greece, after hours to talks that extended into the early hours of Wednesday.

The “breakthrough” deal includes a commitment from the IMF for the first time, just days after the Greek parliament approved another round of gruelling budget cuts to help balance the country’s spiralling debt.

The agreement will release a 10.3 billion euro payment, as well as the possibility of debt relief in 2018 should Greece continue to meet payments.

Euclid Tsakalotos, the Greek finance minister, said: “I think there is some ground for optimism that this can be the beginning of turning Greece’s vicious circle of recession-measures-recession into one where investors have a clear runway to invest in Greece.”

Monsanto rejects Bayer offer

Monsanto has rejected a bid from Bayer just days after a potential deal was announced, calling the $62 billion offer was “financially inadequate”.

German chemical group Bayer offered $122 a share in cash for Monsanto – the largest all-cash offer, ahead of InBev’s $60.4 billion offer for Anheuser-Busch. However, Monsanto’s CEO Hugh Grant said the bid undervalued the company, but remained open to anything higher.

Monsanto shares rose 3.1 percent on the news, with Bayer similarly rising on the German market.

BHS in emergency bidding process

Last-minute bidding has begun to save retail chain BHS, with a consortium led by former Mothercare boss thought to be the frontrunner.

Richess Group, a newly formed consortium headed by Greg Tufnell and backed by a wealthy Portuguese family, is looking the likely winner so far after other bidders, including Matalan founder John Hargreaves, dropped out.

According to sources, if no deal is made by Friday BHS is likely to enter liquidation, risking 11,000 jobs.

25/05/2016