Ethanol-producing co shares surge on energy bill OK

(Reuters) - per gallon, or to 35 miles per gallon by 2020.




Analysts said there was no other obvious reason to account for the rise in share prices of companies that produce the gasoline alternative made from corn or other crops.


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UPDATE 1- US Foodservice trims bond sale, restructures- KDP

(Reuters) - The sale will now include a $550 million issue of senior
notes due in 2015 that will have a toggle feature for the first
four years only, meaning interest may be paid in cash or
additional notes. It will also include $550 million of cash-pay
senior notes due in 2015. A $450 million subordinated note has
been withdrawn.




Language in the bond covenants indicates, however, that the
company intends to issue the $450 million portion at a later
time as subordinated discount notes, said KDP market analyst
Justin Monteith.


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Canada's Senate passes 2007-08 budget bill

(Reuters) - The minority Conservative government got a minor scare
earlier this week that the opposition-controlled Senate might
delay passage of the bill or even defeat it.




Senators from Nova Scotia and Newfoundland charged that the
2007-08 budget breaks a promise by Ottawa to grant them special
treatment for their offshore oil and gas resources.


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Parmalat wins injunction against U.S. creditors

(Reuters) - NEW YORK, June 22 - Parmalat , the Italian dairy company, on Friday said a U.S. bankruptcy judge has awarded it a permanent injunction to protect it against claims by Bank of America Corp. and other U.S. creditors.



The order by Judge Robert Drain of the U.S. bankruptcy court in Manhattan, which Parmalat said was dated Thursday, would be a defeat for an estimated 31 holders of privately placed Parmalat bonds with some 646 million euros of claims.


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London Stock Exchange, Italian Bourse to Hold Merger Talks, Two People Say

(Bloomberg) -- London Stock Exchange Plc, Europe's
third-largest trading platform, reached agreement with Borsa
Italiana SpA on a takeover as the two exchanges respond to
increased competition, two people familiar with the plan said.

The London bourse will offer about 1.6 billion euros ($2.2
billion) for Borsa Italiana, news agency Ansa reported. Borsa
Italiana's board authorized Chief Executive Officer Massimo
Capuano to negotiate the merger with the LSE after a two-hour
board meeting in Milan, said the people, who declined to be
identified before the companies release a statement.


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Lear delays vote on Icahn takeover after criticism

(Reuters) - NEW YORK, June 22 - Lear Corp. , which is facing criticism of billionaire Carl Icahn's $36-per-share buyout offer, delayed a shareholder vote on the deal until July 12, the auto parts maker said on Friday.



Lear shareholders had been scheduled to vote on the nearly $2.9 billion offer from Icahn's American Real Estate Partners on June 27.


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Lear delays vote on Icahn takeover

(Reuters) - Lear shareholders had been scheduled to vote on the nearly $2.9 billion offer from Icahn's American Real Estate Partners on June 27.




The move is aimed at giving Lear time to set the record straight with investors after criticism of the deal this week, including a negative report from proxy advisory firms including Institutional Shareholders Services and comments by money manager Pzena Investment Management, Lear said.


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