News Highlights: Top Company News of the Day

Features Dow Jones Newswires

GM Reports May Sales Decline; Ford Has Increase

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General Motors reported a sales decrease in May despite an extra selling day and Memorial Day clearance sales on an abrupt decline in demand for high-margin pickup trucks. Ford posted an unexpected sales gain.

PPG Ends Pursuit of Rival Akzo Nobel

Paint giant PPG Industries dropped its $27.6 billion takeover pursuit of Akzo Nobel, ending an unusually bitter trans-Atlantic standoff between two of the world's oldest industrial companies.

Deere to Buy Road Construction Equipment Maker

Deere plans to buy a German-based maker of road construction equipment for $4.89 billion, in a move to expand its international footprint and construction business.

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EU Clears Way for $9.9 Billion State Rescue of Troubled Italian Bank

The EU cleared the way for the multibillion-dollar government rescue of one of Italy's biggest and most fragile banks by approving a restructuring plan for the troubled lender Banca Monte Paschi di Siena.

Wells Fargo Wealth and Investment Management Head David Carroll to Retire

Wells Fargo said the head of its wealth and investment management unit David Carroll will retire, effective July 31. He will be replaced on July 1 by Jonathan Weiss, who has been head of Wells Fargo Securities, which includes the bank's investment banking business.

American Express Nabs Hilton Credit-Card Deal

American Express has won the rights to become the exclusive issuer of Hilton credit cards in a much-needed victory for the card issuer.

Eli Lilly Financial Chief to Retire After 11 Years in Role

Eli Lilly & Co. said Thursday that longtime Chief Financial Officer Derica Rice will retire at the end of this year after more than a decade in the position.

EU Cheers Tech Giants' Commitment to Tackling Online Hate Speech

YouTube, Facebook, Twitter and Microsoft have doubled their efforts over the past six months to remove hate speech and other information that incites acts of terror from their platforms, the European Union said.

Barclays Sells Bigger-Than-Expected Stake in Its Africa Business

Barclays completed the planned sell-down of its African business, reducing its stake in the unit to 15%.

Bondholders Scuttle Merger Plan for Satellite Firms OneWeb and Intelsat

A complicated tie-up that SoftBank has been trying to orchestrate between U.S. satellite startup OneWeb and debt-laden satellite operator Intelsat has collapsed after Intelsat bondholders failed to back the deal.

(END) Dow Jones Newswires

June 01, 2017 11:15 ET (15:15 GMT)