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Jul 7, 2016

DealBook P.M. Edition - July 7, 2016: Top Story Danone of France to Buy White Wave in $10 Billion Deal to Bolster U.S. Portfolio

The New York Times
Top Story
An organic dairy farm in Brookfield, Vermont, supplies Horizon Organic milk for the WhiteWave Foods Company.
Danone of France to Buy WhiteWave in $10 Billion Deal to Bolster U.S. Portfolio



By CHAD BRAY
The agreement values WhiteWave at $12.5 billion and would increase Danone’s offerings of organic products and plant-based alternatives to milk and yogurt.
BREAKINGVIEWS
Danone Expands With WhiteWave Deal, but at a High Cost
By JOHN FOLEY
The French dairy company can get away with it because expanding outside of Europe looks attractive, and debt comes cheap.
DealBook Highlights
Malcolm Turnbull, the prime minister of Australia. The inconclusive results of the election on Saturday left no clear winner to grapple with the country’s budget issues.
Amid Political Uncertainty, Australia Faces Ratings Downgrade
By MICHELLE INNIS
Standard & Poor’s warned that it could lower Australia’s gilt-edged triple-A credit rating in the next two years in light of an inconclusive election.
Kevin Turner, third from left, cutting a ribbon during the opening of the first Microsoft store in New York in October 2015.
Kevin Turner, Microsoft Executive, to Join Citadel Securities
By NICK WINGFIELD AND ALEXANDRA STEVENSON
Mr. Turner, Microsoft’s chief operating officer, is the latest in a spate of technology executives to join a financial firm.
Asset Manager Extends Stay of Withdrawals in British Funds
By CHAD BRAY
Aberdeen Asset Management said that a temporary bar on redemptions in its British real estate funds would remain in place until noon on Monday.
Former Barclays Traders Sentenced in Libor-Rigging Case
By CHAD BRAY
Four men were sentenced to as long as six and a half years in prison by a London judge for conspiring to manipulate the benchmark interest rate.
STREET SCENE
Charles Goodhart, professor emeritus at the London School of Economics.
How to Fix Wall Street’s Flawed System of Compensation
By WILLIAM D. COHAN
Partners should shoulder more liability and be held accountable when their banks take big risks with other people’s money, an academic says.
BREAKINGVIEWS
Plan to Curb Tax-Inversion Deals Could Go Too Far
By GINA CHON
The Treasury Department wants to curb a practice called earnings stripping, but its efforts could hurt normal funding practices.
 
Buzz Tracker
The weird hedge fund that prepared James Comey for his Capitol Hill hot seat. House Republicans might want to think twice before taking on the F.B.I. director over Hillary Clinton’s emails. After he left government, Mr. Comey spent three years being “probed” as an executive at Bridgewater. – Politico
Hedge fund wants to use atomic clocks to beat high-speed traders.  A patent application from Renaissance Technologies describes the use of atomic clocks -- precisely calibrated to vibrations of irradiated cesium atoms -- to sync orders to within a few billionths of a second. – Bloomberg
Target’s future will be decided by kids. The retailer tapped pint-sized fashionistas to rebooti its children’s lines in an attempt to regain its former cool. And Susan Berfield reports that downtown Brooklyn is Target’s busiest, and often messiest, store. – Bloomberg Businessweek
Hedge fund executive is fired after Hamptons party. Brett Barna, a portfolio manager at Louis Bacon’s Moore Capital Management, hosted an all-day “#Sprayathon” pool party with Champagne, bikini-clad women and costumed gun-toting midgets. The owner of the Airbnb rental plans to sue, reports Emily Smith (‘Curbed’ corrects a few statements in the tabloid report). – New York Post