JAL shares soar on credit lifeline

TOKYO: Japan Airlines (JAL) shares skyrocketed on Monday after the government agreed to expand a financial lifeline to the troubled carrier, easing fears that it might file for bankruptcy. JAL stock ended up 31.3 percent at 88 yen, off a high of 93, as investors welcomed Tokyo’s decision at the weekend to double a state-backed loan to Asia’s largest carrier to 200 billion yen ($2.2 billion). “There was talk about the company’s operating funds drying up unless it secured a bigger credit line by January. I suppose that worry eased,” said Makoto Sengoku, a market analyst at Tokai Tokyo Securities. But concern lingered that JAL might eventually file for bankruptcy protection to aid its restructuring.

Novartis looks to buy out Alcon

BASEL: Drug maker Novartis AG said Monday it plans to take over Alcon Inc. by paying $38.5 billion for the 77 percent stake it does not already own in a deal that would make it one of the biggest players in the global market for eye-care products. The Swiss pharmaceutical company will purchase Nestle SA’s 52 percent stake for $28 billion before carrying out a merger with Alcon that would give it control of the remaining 23 percent held by minority shareholders. The Basel-based drug maker had already purchased 25 percent of Alcon from Nestle in April 2008 for $11 billion, with the option of buying the food and drinks company’s remaining stake at a later date.

Reliance share sale raises $574m

MUMBAI: India’s Reliance Industries on Monday said it raised nearly $574 million through a share sale, as it prepares a possible attempt to buy troubled Dutch firm LyondellBasell Industries. Reliance, the country’s largest private sector firm, said in a statement it had sold 26 million shares at an average price of 1,035 rupees each, raising nearly 27 billion rupees. The company has shown interest in buying the bankrupt Rotterdam-based petrochemicals giant LyondellBasell, which analysts say could be worth up to $12 billion.

Bosch to invest $400m in India

NEW DELHI: The Indian arm of German engineering giant Bosch said Monday it would invest more than $400 million over two years to expand in the country’s fast-growing diesel engine market.

“India is witnessing a strong increase in demand for diesel engines,” the company said in a statement.

— Compiled from agencies