News Highlights: Top Company News of the Day

Features Dow Jones Newswires

Icahn, Deason Push Xerox to Explore Sale, Fire CEO

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In a letter made public Monday, billionaires Carl Icahn and Darwin Deason wrote, 'Every day that the 'old guard' remains in power-feebly overseeing the company's steady decline-is a waste of time.'

AIG Strikes $5.56 Billion Deal to Acquire a Bermuda Insurer

American International Group is acquiring Bermuda-based insurer Validus Holdings for $5.56 billion, as its new chief executive makes good on a promise to reverse nearly a decade of shrinkage stemming from its near collapse in 2008.

Daniel Loeb's Third Point Calls for More Change at Nestlé

Daniel Loeb's Third Point ratcheted up the pressure on Nestlé, saying the company's portfolio needs to be further simplified.

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Celgene to Buy Juno Therapeutics for $9 Billion

Celgene said it agreed to buy Juno Therapeutics for $87 a share in cash, or about $9 billion, in a move that will expand Celgene's portfolio of blood-cancer drugs.

Sanofi to Buy Hemophilia Drugmaker Bioverativ for Over $11.5 Billion

Sanofi said it would buy hemophilia drugmaker Bioverativ for more than $11.5 billion, as the French drugmaker looks to clinch a big deal while it braces for generic competition for its top-selling product.

With Online Luxury in Vogue, Richemont Snaps Up Yoox Net-a-Porter

Richemont said it would spend up to $3.3 billon buying the shares it doesn't already own in Yoox Net-a-Porter, one of the fashion world's most disruptive e-commerce companies, a sign of how the shift to online shopping is spreading to even the most expensive and exclusive purchases.

Abercrombie & Fitch Executive Chairman to Step Down

Longtime retail executive Arthur Martinez is stepping down as executive chairman of Abercrombie & Fitch, the company said.

Bank of America: No More Free Checking for Customers With Low Balances

Bank of America has eliminated a free checking account popular with some lower-income customers, requiring them to keep more money at the bank to avoid a monthly fee.

Another Bank Posts Hit From U.S. Tax Reform-This Time It's UBS

The U.S. corporate tax overhaul pushed UBS into a fourth-quarter loss, the Swiss bank said even as it touted the plan's long-term benefits, making it the latest major bank to take an immediate hit from the legislation.

Philadelphia Energy Solutions Puts Refinery Operation Into Bankruptcy

Philadelphia Energy Solutions affiliates responsible for more than one-quarter of the crude-oil refining capacity on the East Coast of the U.S.. filed for bankruptcy protection, amid "industrywide turmoil" driven by politics and economics.

(END) Dow Jones Newswires

January 22, 2018 11:15 ET (16:15 GMT)