GLOBAL MARKETS: Michelin to snap up Camso for $1.45bn
Michelin to snap up Camso
French tyre maker Michelin says it is buying Canadian firm Camso for $1.45bn, and aims to unlock up to $55m in synergies from the takeover by 2021.
Camso, which had net sales of $1bn, designs and manufactures off-the-road (OTR) material such as rubber tracks for farm equipment and snowmobiles, and Michelin says its acquisition will create a world leader in the OTR sector.
Jury orders J&J to pay $4.7bn
A Missouri jury on Thursday ordered Johnson & Johnson to pay a record $4.69bn to 22 women who alleged the company’s talc-based products, including its baby powder, contain asbestos and caused them to develop ovarian cancer.
The verdict is the largest J&J has faced over these allegations. The company is battling about 9,000 talc cases. J&J denies that its talc products cause cancer and that they ever contained asbestos. It says decades of studies show its talc to be safe and it has successfully overturned previous talc verdicts on technical legal grounds.