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Newspaper wrap-up: GM plants to start production after strike settled

MAJOR PAPERS:

General Motors Corporation (NYSE: GM) plants that were idled during the American Axle & Manufacturing Holdings Inc (NYSE: AXL) strike are set to resume production mow that the strike has been settled, the Wall Street Journal reported.

OTHER PAPERS:

The Telegraph reported that Halliburton Company (NYSE: HAL) is expected to determine this week whether it will make a GBP1.8B counter bid for its British competitor, Expro International Group (OTC: EXPRF).
The Telegraph also reported that U.K.-based Imperial Tobacco Group Plc (NYSE: ITY) could conduct a GBP5B rights issue this week. The company has suggested that it needs the funds in order to retain its investment-grade credit rating following its acquisition of Altadis.

WEB SITES:

According to Bloomberg, regulatory filings show that banks such as Citigroup Incorporated (NYSE: C) are failing to acknowledge at $35B of additional writedowns in their income statements.

MAJOR PAPERS:

Carl Icahn has predicted that the private equity market has peaked at the Wall Street Journal's Deal and Deal Makers Conference, reported the Wall Street Journal.
Imperial Tobacco Group plc (NYSE: ITY) and CVC Capital Partners, a private equity firm, are both looking at Altadis, the leading maker of cigarettes in Spain and France, with a final price of over $17B expected, reported the Wall Street Journal.

OTHER PAPERS:

Ford Motor Company (NYSE: F) is set to launch a new national incentive program today featuring no-interest financing for 36 months on all 2007 Ford, Lincoln and Mercury vehicles, signalling pressure for the company to sell vehicles, reported the Detroit Free Press.
Bear Stearns Companies Inc (NYSE: BSC) has appointed Tom Marano, a leading executive and highly regarded mortgage-bond trader, to oversee the bailout of its hedge fund collapse, reported the New York Post.
Bharti and Wal-Mart Stores Inc (NYSE: WMT) appear to be close to finally sealing a partnership, reported the Economic Times.

MAJOR PAPERS:

The Wall Street Journal reported that Time Warner Inc's (NYSE: TWX) Time Inc. has sold its interest in Bookspan, a book club, to Bertelsmann for about $150M.
According to the Financial Times, citing sources, Imperial Tobacco Group plc (NYSE: ITY) raised its bid for French and Spanish tobacco company Altadis SA to EUR47 per share from a previous bid of EUR45 per share. Bloomberg reported that Altadis rejected the sweetened takeover bid.

OTHER PAPERS:

The Telegraph reported that Dow Jones and Company Inc (NYSE: DJ), the publisher of the Wall Street Journal, is understood to be in advanced talks to buy the London-based Financial News newspaper for about GBP27M, with a deal possibly being announced within days.
Sanofi-Aventis ADS (NYSE: SNY) and Bristol-Myers Squibb Company (NYSE: BMY) have put there merger negotiations on hold due to a number of obstacles that are stalling the process, the French newspaper Les Echos reported.
Cablevision Systems Corporation (NYSE: CVC) said it will appeal a court ruling over its digital video recording service, the New York Times reported, citing the Associated Press.
The New York Times also reported that Citigroup Inc (NYSE: C) may cut nearly 8% of its work force or around 26,000 jobs.

WEBSITES:

Barron's Online's "Inside Scoop" column reported that Warren Buffett has disclosed that his investment company, Berkshire Hathaway (NYSE: BRK.A), now owns a 10.9% stake Burlington Northern Santa Fe Corporation (NYSE: BNI), according to SEC filings.