Business

THE NEWS WRAP: Red-faced David Jones asked to explain mystery takeover bid

Oliver Milman /

A $1.65 billion takeover bid for David Jones from a mystery UK investment firm has been withdrawn, leaving the embarrassed retailer with a significantly reduced share price.

 

David Jones was forced to explain why it had told the market of the bid when no further details were forthcoming. The company said it was an ”unusual, incomplete and uncertain” offer.

 

 

Businesses back carbon pricing

 

Nearly 300 businesses, including Westpac, AGL and Unilever, have signed a joint statement backing the carbon tax, claiming the move will boost the clean energy industry.

 

The Businesses for Clean Energy consortium said there was strong business backing for a price on carbon, but that the federal Coalition’s determination to dismantle the scheme was undermining confidence.

 

 

Apple agrees Chinese iPad payout

 

Apple has agreed to pay $60 million to Chinese firm Proview over an iPad trademark dispute.

 

A Chinese court ruled last year that Proview still owned the iPad brand name in China, despite Apple claiming that it purchased the name in 2009.

 

 

 

Overnight

 

The Dow Jones Industrial Average fell by 8.70 points, or 0.07%, to 12,871.39. The Australian dollar was up to US$102.51 cents.

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