Continues. Bayer will buy america consumer over the counter business for 14. 2 billion. Also the two companies are establishing a have a teemgic collaboration in cardiovascular diseases. And this will vowill involve me paying 2 billion to bayer. But again, the big headline here is the 14. 2 billion deal for mercks over the counter consumer business. Why is there so much deal making going on in pharmaceuticals . This has been incredible. Weve seen a swap from glaxo and novartis. This is a way for companies to hone in on what theyre good at. Were hearing a lot of pharmaceutical companies saying they need scale, they need to cut costs and they want to be number one or two in positions where theyre playing. So areas where theyre a little bit smaller, were seeing these asset swaps. And now of course this is all set against the backdrop of pfizer making its 106 billion bid for astrazeneca which is eclipsing Everything Else going on in the industry. But this is a big deal for merck and one it
Interested in a deal with ge as it scraps its dividend. While media reports suggests siemens is pulling out of the bidding. And investors react to the vicious business plan, they say the ceo is being too optimistic with his turnaround goals. Youre watching worldwide exchange, bringing you Business News from around the globe. Hello, warm welcome to todays edition of worldwide exchange. Plenty to get through today. Well be talking about autos, phil lebeau will be talking about tesla. Well talk about janet yellen. First, alibaba has filed fon an ipo after weeks of anticipation. The filing offers a look at a business that controls around 80 of chinas online commerce market. Eunice is in beijing for more. Shes been waiting for this for some time as well. 2,300 pages in this filing. But key questions unanswered. Definitely key questions unanswered. I think everybody wants to know wheres the price, how many shares are going to be sold . Give us more detail exactly about what this ipo is all a
Larry fink talking about the fed and the markets yesterday. The Federal Reserve is actually causing more disorientation in the marketplace, because theyre purchasing more than is being created by the treasury. And so i think they should get it over with, move on. I dont think it will be disruptive to the marketplace. Since they started talking about tapering, rates are down 75 basis points. That tells me they have not been aggressive enough. Thats very interesting. Beyond the minutes well be speaking to the fed, well be hear something other things this afternoon as joe mention. We do have new york fed president bill dudley. Thats coming up at 10 00 eastern time. Later this morning, janet yellen will deliver the ny kruu commencement address at yankee stadium. Stanley fischers nomination to be vice chairman of the fed has cleared a key procedural hurdle. Fischer is widely expected to win confirmation. Andrew. News this morning about deals. A new study facing hostile m a activity has reac
Focus on is alvaro mayo. They are just now in the process of earning over there first offering for the u. S. In 10 years. It should be a lot of fun to drive. Plansave very ambitious for this brand. Some analysts have said that he will want out Phil Roe Mayo to be the fiat audi, meaning it will be attainable, but a luxury brand, likes volkswagen. Remember, it took volkswagen 15 or 20 years to achieve the kind of success it had been audi. Very expensive to do that kind of thing, it takes a lot of funding and it will take a lot of years. He is expected to say, today, also that he wants to get jeep to be an international brand, really start selling it more in china and that he wants to continue his plans to boost the sales of maserati. Those three brands are what we are expecting to hear him focus on, although he still needs to form an identity for chrysler and dodge, two brands that are left floating after the whale took over. A lot of moving parts here. Fiat has nine different car brands
We start the hour with breaking news. The futures are surging on the news that the fiscal cliff has been averted. Welcome to squawk on the street. Im melissa lee. First trading day of the new year, poised to begin in rally mode. Keep in mind, this is off of the big rally we saw on friday precliff. The biggest gain we saw in the month of november across the board. This, of course, as Congress Takes measures to avoid the fiscal cliff. Take a look at this. This is something you dont see too often on wall street. The dow looking at about 202 points at the open. Look at the picture over in the european markets. The optimism has carried over there as well. The dax is higher by 2 . Italy up 3. 5 . But of course, jim, what a twoday streak of gains we will see here on the market. I think that were set up to go higher. I also want to caution i dont like to buy up 2 , 3 . Thats never been a terrific way to get the year started. Theres a lot of money coming in. I do want to be optimistic about 201