Morning Beat: McDonald’s Corporation (MCD), Petroleo Brasileiro Petrobras SA (ADR) (PBR), And Mylan Inc. (MYL)
In an effort to consolidate agency business McDonald’s Corporation (NYSE:MCD) ends its 35 years of relation with Publicis Groupe’s Leo Burnett in United States. The company has appointed Omnicom which will be its new partner for all marketing initiatives in the country. Based on the data from Kantar Media, McDonald’s Corporation (NYSE:MCD) had spent $820 million during 2015 for advertising in United States.
Bloomberg reports that Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) is close to finalizing a deal with a consortium led by Brookfield Asset Management. The company is looking to sell its natural gas distribution network anywhere between $5.5 billion to $6 billion. If Petrobras SA (ADR) (NYSE:PBR) is successful in selling its asset than it will be one of the biggest deals.
Investigation against Mylan Inc. (NASDAQ:MYL)‘s EpiPen drug has been started by Congressional House Oversight Committee. Representative Jason Chaffetz, R-Utah, and Elijah Cummings, D-Maryland have already written letter to CEO asking them to provide documents related to drug price hike, revenue, and expenses along with the amount which was spent on. Mylan Inc. (NASDAQ:MYL) has to brief the committee by September 6.
Volkswagen AG (ADR) (OTCMKTS:VLKAY) CEO Matthias Muller stated that it will take more than two years for the turnaround to show results. The company is expected to launch 60 or more innovations this year. Volkswagen AG (ADR) (OTCMKTS:VLKAY) is also looking to have 30 fully operational electric vehicles across the group under its Strategy 2025.
Mondelez International Inc (NASDAQ:MDLZ) is up in pre-market after the company announced that it is no longer looking to acquire Hershey Company (NYSE:HSY). Mondelez International Inc (NASDAQ:MDLZ) has earlier made an offer of $23 billion for the latter in July which was rejected. A revised offer also could not entice Hershey Company (NYSE:HSY).
Apple Inc. (NASDAQ:AAPL) suffered a blow after European Commission (EC) ruled that the company got undue tax benefits worth €13 billion in Ireland. The commission has asked the company to return back €13 billion. However, Apple Inc. (NASDAQ:AAPL) and Ireland both announced that they will appeal against the ruling.
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