Nestle works on Dreyer's deal, mum on WSJ report
Zurich: Nestle SA is working to salvage its stalled takeover of Dreyer's Grand Ice Cream Inc, it said on Wednesday, but declined comment on a report that US antitrust officials may now let the deal go ahead. Nestle, the world's biggest food company, remains in talks with US regulators about the acquisition unveiled nearly a year ago, a spokesman said, but he would not discuss details.

The Wall Street Journal reported officials may drop their opposition to the $2.8 billion deal if the partners agreed to sell several brands of "super premium" ice cream, as well as substantial assets related to ice cream distribution, to Canadian company CoolBrands International Inc. The US Federal Trade Commission must still approve the tentative agreement, the newspaper reported.
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Dollar advances tepidly on Euro
New York: The dollar advanced tepidly on Wednesday against the euro despite a surprise drop in April US retail sales as investors showed some weariness in selling the greenback after its steep fall in the last month. April retail sales fell 0.1 per cent compared with forecasts for a 0.4 per cent increase, indicating a pillar of the US economy might also be showing some fatigue. Sales excluding autos fell 0.9 per cent, their biggest drop since September 2001. Economists said some of the drop in retail sales could be related to lower gasoline station income as the price for fuel has come down. This could have contributed to a tempering of the dollar's knee-jerk sell-off on the data.
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SABMiller to buy majority stake in Italy’s Peroni for $283 million
London: SABMiller, the world’s second largest brewer, agreed to buy a majority stake in Italy’s family-owned Peroni for up to 246m euros ($283 million) in its first major move to western Europe. The group which bought US brewer Miller last July for $5.6bn and makes Pilsner Urquell, Miller Lite and Castle beers, said it was investing in Italy where consumption was low but was one of only two growing European beer markets along with Spain. The brewer said its initial stake in the 157 year old Italian brewer would be around 60 per cent and it expected to hold 80-100 per cent of Peroni, maker of Nastro Azzurro beer, over the next three to five years. SABMiller said a 60 per cent stake would mean an investment of 246m euros and put Peroni’s enterprise value at 563m euros, which includes 153m euro of debt.
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SEC to hold hedge fund hearings this week
Boston: The Securities and Exchange Commission will hold hearings this week to learn more about hedge funds, a move many in the lightly regulated and fast growing industry expect will lead to new restrictions. The hearings are part of a probe the SEC launched last year to understand how the secretive yet successful $600bn hedge fund industry works. SEC officials will hear hedge fund managers from Soros Fund Management, lawyers and pension fund managers speak about how hedge funds are run and sold to try to determine whether their legendary freedoms should be curbed. “There will probably be an enhanced regulation,” said Jedd Wider, a partner at law firm Orrick, Herrington & Sutcliffe LLP.
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