There are reports this morning that Pfizer and Allergan have begun merger talks - but no deal has been agreed.
The Wall Street Journal has published a story which says that Pfizer is in preliminary takeover talks with Allergan - and that the pair could create the world’s largest pharmaceutical group with a market capitalisation of well over $300bn.
Pfizer employs about 4,000 people in eight plants across Ireland manufacturing a range of cardiovascular drugs, vaccines, animal health products and Viagra, while Allergan employs close to 1,000 people in Westport principally in R&D and the production of Botox.
Allergan, whose headquarters are in Dublin, had a market value of about $113bn prior to news of the talks, so any deal is likely to offer a significant premium to this value for the company’s shareholders.
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The Federal Reserve has kept interest rates unchanged overnight but it has indicated that a rate hike could come in December.
References to plans to increase its baseline interest rate in 2015 came as a surprise to investors.
The Fed downplayed the effects of recent turbulence on global financial markets and said that the US labour market is improving.
“In determining whether it will be appropriate to raise the target range at its next meeting, the committee will assess progress – both realised and expected – toward its objectives of maximum employment and 2 per cent inflation,” the Fed said in a statement.
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Hostelworld, the Irish-founded and Dublin-based hostel booking company has announced the pricing of its initial public offering, which values it at €245m.
Its shares were listed on the stock exchanges in London and Dublin, priced at 185p per share.
The company's chief executive, Feargal Mooney said that he is looking forward to Hostelworld's future:
"The IPO will further raise our already strong brand awareness in our growing and worldwide marketplace, enhance the group's profile with investors, business partners and customers and enable access, should it be required, to capital markets to support future growth.
"We look forward with confidence to our future as a public company."
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The new owners of Arnotts have pumped more than €100m into the business since the takeover deal was signed off in August of this year.
Irish Independent reports that documents filed by the Weston family's SelfridgesGroup invested €103m in the iconic Dublin store within days of the completion of the deal being confirmed.
The money is likely to be earmarked for renovation work, and the possible expansion of the department store in central Dublin.
