Valeant Pharmaceuticals, the Canadian drugmaker known for its serial acquisitions, reported first-quarter profit that topped analysts’ estimates and r(...)

Former Enron chairman Kenneth Lay: short-sellers tend to get a bad press but their defenders point to their exposure of questionable practices at companies like Enron. Photograph: Dave Einsel/Getty Images

Short-sellers profit from market declines, something that has long ensured their unpopularity with politicians, regulators and chief executives. Napol(...)

Traders  on the floor of the New York Stock Exchange. Photograph: Jewel Samad/AFP/Getty Images

Volatility, it appears, is back. After two years of remarkable calm, investor jitters have returned. It’s not simply that stocks are declining; there (...)

Botox is one of a number of pharmaceutical products made in Allergan’s Westport plant. Photograph: Shannon Stapleton/Files/Reuters

Allergan, the maker of Botox, has agreed to sell itself in a $66 billion (€53 billion) deal with fellow drugs group Actavis, with rival Valeant bowing(...)

Valeant had said it was willing to pay at least $200 a share and has the backing of Allergan’s largest shareholder -- activist investor Bill Ackman’s (pictured) Pershing Square Capital Management LP. ( Photograph: Scott Eells/Bloomberg)

Actavis has agreed to pay about $66 billion (€52.6bn) for Allergan, after the maker of Botox turned to the drugmaker to repel a hostile advance from V(...)

In London, supermarket giant Tesco was back under pressure with a decline of nearly 3 per cent or 4.6p to 180.6p. Photograph: Rui Vieira/PA Wire.

European stocks were little changed today as investors signalled they are likely to hold fire until they see stronger signs of a recovery. Values slu(...)


Correction or not, investors may need to “buckle up for more volatility” following the recent “market rout”, Blackrock recently cautioned. Two (...)

Valeant Pharmaceuticals  offered to buy Allergan, maker of the Botox wrinkle treatment, in a cash-and-stock deal valued at $45.7 billion in the latest step of the Canadian company’s plan to become one of the world’s largest drugmakers. Photographer: Patrick T. Fallon/Bloomberg

Valeant Pharmaceuticals said it began an exchange offer for Botox maker Allergan, taking its hostile $50.8 billion bid directly to shareholders. Que(...)

The head offices of Valeant Pharmaceuticals  in Laval, Quebec. The Canadian-based company said Allergan’s refusal to enter talks left it with no option but to go hostile in the battle for control of its US rival. Photograph: Christinne Muschi/Reuters

Valeant Pharmaceuticals is preparing to take its bid for Allergan direct to shareholders after its latest $53 billion offer was rejected by the mak(...)

A drop of Allergan Inc Botox is seen on the tip of a needle. Valeant’s new offer included a contingent value right that could be worth an extra $7.6 billion. Photograph: Bloomberg

The battle for Botox-maker Allergan took a new twist yesterday when Canadian drugs firm Valeant sold off its skin fillers business, giving it the fir(...)