mccormick is buying reckitt benckiser's food unit for 4$4.2 billion in cash.he move adds products like frank's red hot, which i know dom likes, french's mustard to mccormick's portfolio. the deal comes three months after reckitt benckiser put its food unit up for sale. mccormick expects combined net sales of $5 billion this year last year the company failed in its efforts to buy britain's premiere foods >>> in earnings news, shares of ibm under pressure this morning. the company reporting its 21st consecutive quarter of declining revenues the tech giant says revenues came in at $19.3 billion in the second quarter shares are down by almost 3% >>> csx reporting better than expected second quarter profit shares are lower by 2% despite positive results >>> and united continental beating on the top and bottom line profits were up 39% from a year ago but the stock is under pressure after the company announced revenues in the pacific region were down 5.5% in the second quarter a lot of that weakness is coming from china where united faces stiff competition from newer

. >>> pass the mustard mccormick buys reckitt benckiser's food business for $4.2 billion, adding french's mustard and frank's hot sauce to the company spice rack >>> the ceo of akzonobel steps down citing health reasons as the dutch chemicals company continues to battle activist investor elliott management's attempts to oust its chairman. >>> we've had so many numbers out of scandinavia the last couple of days and speaking to so many ceos out of that region. ericsson yesterday tough numbers there. great numbers today from scedbank we spoke to tele2 who are weathering regulatory problems left, right and center and electrolux and volvo are moving in different directions on the market today, but electrolux upgraded its north american outlook after a stronger than expected rise in second quarter earnings. the swedish appliance maker upped air north american growth star get to 3% to 4% citing strengthening demand and a favorable macro environment. it's not the only firm today citing a pick up in north american demand. volvo, this is trucks. some of you get confused, i get confused as well this

let's start off with this reckitt benckiser deal.they want to expand globally, and getting french's muster, the world biggest mustered brand, part of their drive to expand globally. last year they sought to do a deal with premier foods, the maker of mr kipling biscuits and oxo cubes and that deal was rebuffed. what is interesting is that a lot of companies are looking to do these type of merger acquisition activities at a time when interest rates are very low, so it is cheap to borrow. but they are also feeling the strain from slowing sales, and the fact that consumers' tastes are changing, much more cost and health conscious. presumably as well the british companies are slightly more attractive with sterling. let's move on to airline stocks. they have not had a great day. that has been linked to this announcement about the card fees being banned and they apparently charge about 1%. consumers will be very familiar with this practice, whether you are ordering takeaways are paying for a plane ticket, there are paying for a plane ticket

leads on the fall out from last month's global cyber attack — with the consumer goods group reckitt benckiserthe express writes that britain shouldn't be worried about the latest threats from brussels over brexit because, the paper says, eurocrats are scared of a walk out from british representatives. the telegraph says that business leaders are to demand an indefinite delay in britain leaving the single market and the customs union from the brexit secretary david davis. the guardian also leads with the warnings from business leaders, who say they are trying to prevent a ‘cliff edge‘ departure from the european union. the sun warns of a possible shortage of butter due to a lack of milk and cream being produced. the daily mirror reports of a man accused of fraudulently adding 30,000 kilos of horse meat into beef products sold in britain's supermarkets. the times writes that up to a fifth of labour mps have reportedly appeared on a hit list, to be targeted by left wing activists following mr corbyn‘s unexpected success at the general election. and the daily mail headlines that plans for a statu

you remember, of course, back in april, reckitt benckiser commissioned a review of its foods business, and put that essentially, that business, into play unilever were reportedly looking at it a few days ago, earlier this week, mccormick, the u.s. spice giant swooped in with a 4$4.2 billion bid is that putting pressure on unilever's acquisition-driven growth strategy? >> i think it probably has more repercussions for the potential sale or listing of spreads than it does in terms of acquisitions their acquisitions are more targeted towards personal care and home care. particularly businesses which are directed towards new channels, like dollar shave club, or in terms of more renewable or easier on the environment such as seventh generation i don't think the food sale will impact their purchasing. potentially on the disposals >> let me ask you about the acquisition strategy i was interested to see that hourglass made a few moves into the prestige market recently is this a sensible vatgy, strato you think? l'oreal has done the same thing and has resulted in investor premium. is it the ri

it makes these condiments here — is to buy the food business of british consumer goods giant reckitt benckiser of mccormick‘s ambitions to expand globally. i will let iwill let samir i will let samir hussein explained. when you open your fridge, is a teeming with all kinds of different condiments? certainly our fridge at home has several kinds of hot sauces, master ‘s, ketchups and lots of households are like that. that is really what mccormack is banking on, the popularity of having condiments. it is using verse $4.2 billion purchase as a way to expand their condiment empire globally. they have been looking for an international company to be able to make this kind of expansion. they approached another company and were rebuked twice, now they have found success with reckitt. now here is a report on how fake news is becoming a major issue in the kenyan election campaign. it's less than 24 days before kenyans had to the polls, and a survey released today says that fake news about the general election has been widespread. the report says 90% of kenny ‘s suspect they have seen news that has been f

household goods giant reckitt benckiser has confirmed a $4.2 billion deal to sell food brands includingt sauces to us group, mccormick. shares in reckitt, the ftse100 listed firm, have risen as a result. interesting to see what the pound does today. it fell yesterday against the dollar and the euro key after an unexpected slip in inflation which dropped to 2.6% injune, down from 2.9% in may. that slowdown is seen as easing pressure on the bank of england to lift interest rates. so far in wednesday trading, sterling is pretty flat against the dollar, slightly up against the euro. and michelle fleury has the details about what's ahead on wall street today. well after goldman sachs dragged down the dow with it's disappointing fixed income trading performance all eyes on on morgan stanley. the bank which reports second quarter results this wednesday is considered goldman's arch rival in the bond business. any weakness in its trading results well they are likely to be off set by growth in its wealth management division. look out for profit figures from american express. there is a growing ba

. >>> reckitt benckiser warning it will report lower sales for the second quarter due to a cyberattackm ukraine last month. the maker of lysol says revenues will be around 2% lower when compared with last year. the stock backing off a bit on that news. >>> sodexo is cutting full-year sales growth goals after the firm saw weaker performance in the third quarter. stock down just about 6% >>> associated british foods reporting stronger than expected results for its latest quarter reporting to low cost fashion and positive exchange rates feed nothing results. >>> sir richard branson is lashing out against brexit and some of trump's policies branson speaking with cnbc on board virgin australia's maiden flight between australia and hong kong. he said he is dismayed with the rise of protectionist policies, particularly in the u.s. and uk. >> trade protectionism is so unhealthy. you know, i think what's happened with brexit was a terrible, terrible mistake, both for europe and for great britain. and it will set great britain back, you know, i don't know -- it may take years for it to recover.

reckitt benckise, last month's global attack impacted them, and associated british foods rising on upbeatdance thanks to strength at its primark clothing change and thompson reuters says deals involving uk companies have been announced since britain's election on june 8, that marks the lowest uk deals during a post-election month since the 1992 general election, perhaps a sign of how politics can have an impact on deal making. >> interesting stat. seema, thank you. >>> now let's get over to hq and sue herrera with a news update hi, sue. >> hi, sara, thank you very much here's what's happening at this hour an evacuation order remains in place for hundreds of homes near breckenridge, colorado, as firefighters battle a nearby blaze. officials say the peak two fire has already scorched 80 acres and expect flames to flair up again as today's temperatures rise >>> an elderly woman still missing after flash floods hit a popular state park in tennessee. officials rescued 40 people from the site after water rose about three feet in just a matter of minutes. the search for the missing woman is expe

the chief executive of reckitt benckiser, rakesh kapoor, said, "following the acquisition of mead johnsonof internet users have branded sexist. the ad compares buying a car to finding a wife, saying "an important decision must be made carefully". saying "an important decision must be made carefully". it shows a woman having her nose, ears and teeth inspected by her mother—in—law on her wedding day. an audi spokesman told the south china morning post marketing in china was the responsibility of its local joint venture partner. that take a look at the market. british shares edged up on wednesday morning helped by a buoyant consumer's good centre that after that beckett wrinklies deal that we are talking about there. it sold its shares to mccormack, the us company. easyj et, shares to mccormack, the us company. easyjet, the owner of ba, would down —— were down. that could be linked to the crackdown on credit card feasibly began by talking about. the government says that those fees are often added by a at our lines and online through that. join the dots, that all the business we thank you bac

shares in reckitt benckiser are down 1.a%.curity attack last month has really affected revenues and could do going forward. also... that's all the business news. 0lder older people are likely to urge others to go to see a doctor known to do so themselves according to a new poll. getting out of breath and doing things you used to be able to doing things you used to be able to doa doing things you used to be able to do a having a cough that lasts more than three weeks... even when a simple stroll leaves him struggling for breath, he says he thought twice about going to see a gp. unlike older people, he did go and he says it isa older people, he did go and he says it is a good job. you make a tremendous difference because in both cases of breathlessness, i was actually suffering from something quite serious, angina or heart failure and it needed to be dealt with quite promptly and so it was just as well about and didn't hesitate too much. at public health england, they say far too many people wait for weeks before going to see th

and household products giant reckitt benckiser has said last month's cyber—attack could lead to a permanentts include nurofen and dettol. reckitt said the disruption meant like—for—like revenue growth in the second quarter would be down 2%. let's get detailed analysis of all of this with jeremy stretch, head of currency strategy at cibc world markets. not positive news at all, why do you think the company has found it so difficult to recover, notjust now but in the future from this cyber—attack? but in the future from this cyber-attack? clearly they have become concerned that some operations will take time to come back on stream. if you're going to see a halt in production of certain products, there is always the risk ofa products, there is always the risk of a substitution effect from the consumer sector. in effect, the problem is that the company are facing really hit home the fact that we, as consumers, as individuals, face a number of concerns in terms of cyber attacks, but it is notjust individuals. the corporate sector have got to be mindful. there are significant procedural risks to

the ftse100 was really helped by that reckitt benckiser deal, at you can see here.uld drive up wages. of its top stars public would drive up wages. joining me now from our westminster studio is huw merriman, conservative mp and chair of the all—party parliamentary bbc group.. do you agree with this move? yes, i think the bbc got a good charter deal, but i do have some issue with the point that private contractors remain private, but we are where we are and! remain private, but we are where we are and i think we have to get on with it. but i have some sympathy with it. but i have some sympathy with people who are probably now facing at the top intrusion. that is the dilemma, because that issue of giving licence payers value for money is not being balanced out in this case with the need to operate ina this case with the need to operate in a commercial environment? —— are now facing some intrusion. the bbc produces absolutely brilliant programmes and content and you have to ultimately pay for the talent to present those otherwise people would watch other channels. it i

. >> other deal news, mccormick is buying reckitt benckiser food division for 4$4.2 billion that movedding products like frank's red hot, cattleman's barbecue sauce and french mustard to the portfolio the deal coming three months after reckitt benckiser put its food unit up for sale. >>> and another deal to tell you about. tower operator crown castle buying privately held lighttower for 7$7.1 billion in crashash. it helps expand the fiber footprint in the northeast i wish i had thought about the tower business >> a private company, 7.1 billion? >> here we are. >> another mistake >> blah, blah, blashgs h, let'st up some towers 7 billion cash are two guys splitting that? >> i think private equity at this point >> could have been us. >> could have been >> get your amex card out. we could all go in together. >> let's check on the markets and where we stand yesterday record highs for the s&p as well as the nasdaq. nasdaq on a winning streak here. looking to add to that up by 21 in the premarket dow jones lose being 4 points. s&p losing about 2 in ashark it's been greia, it'ss across the bo

agreed to buy reckitt benckiser's food business.ransaction is expected to be completed by the fourth quarter of mccormick's fiscal 2017 pending regulatory approval. mccormick plans to fund the deal with equity and debt and says it has obtained committed bridge financing. exxon mobil's ceo has stepped down. he's been replaced by the company's head of specialty chemicals. the move comes just weeks after akzo rebuffed its takeover from pbg. the is seeking to head off a growing crisis over emissions cheating by voluntarily recalling mercedes-benz diesel vehicles in europe. the company will extend an ongoing upgrade of compact cars and vans to nearly every modern mercedes diesel on the road. the plan will cost it about 220 million euros. it helps time ller avoid the massive penalties that beset volkswagen. francine: thank you so much. donald trump and vladimir putin met for a second time in a previously undisclosed meeting at the g20. a white house official said they spoke during a dinner after spending two hours in a formal bilateral me