Nasdaq gets financing to fund bid for LSE
New York: Nasdaq Stock Market said it has obtained up to $5.1 billion in debt financing and $775 million in equity financing to fund its bid for the remaining shares of the London Stock Exchange. The new borrowings would also refinance existing Nasdaq debt and cover various other costs linked to Nasdaq's offer last week to buy the remaining outstanding shares of the London Stock Exchange Plc from investors. Nasdaq owns 28.75 percent of LSE and its offer values the London Exchange at 2.7 billion pounds ($5.1 billion).

According to rating agencies Standard & Poor's and Moody's Investors Service Nasdaq's debt ratings would be cut if the company's borrowings grew.

Nasdaq's bid for LSE shares comes as stock exchanges globally are consolidating and customers are pushing for lower fees and broader offerings.
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BBC chairman to join rival ITV
London: Michael Grade, BBC chairman, has resigned from the venerable broadcasting company, to join rival ITV as executive chairman. The Daily Telegraph newspaper and BBC News reported Grade's decision to leave the public broadcaster.

The Telegraph Grade, an experienced TV executive, would take control of troubled ITV, which has been without a boss since its former chief executive, Charles Allen, decided to step down in August.

The BBC, which is facing its own woes as it awaits a government decision on future funding, said it would respond to any formal announcement on Tuesday.

ITV has seen its share price drop this year along with audience figures and advertising revenue, but experts said Grade's arrival could help turn its fortunes around.
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Ford Motor in $18 billion borrowing deal
New York: Ford Motor Co plans to borrow $18 billion worth of funds by pledging assets as collateral. The move illustrates its worsening financial condition. All three rating agencies in the US promptly cut the ratings of the company.

The new debt includes about $8 billion in secured revolving credit that replaces an existing unsecured credit line of $6.3 billion, and a secured loan of about $7 billion, the company said. This is the first time Ford has used collateral for loans, Ford spokeswoman Becky Sanch said.

The borrowing, which also includes $3 billion in unsecured notes that can be converted into Ford common stock, will be backed by assets including U.S. auto plants, stock of subsidiaries including Ford Motor Credit Co. and Volvo, and up to $4 billion of domestic cash, the company said.
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