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Mondelez to buy energy bar maker Clif Bar for about $3 billion

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© Reuters. Mondelez International logo and stock graph are seen displayed in this illustration picture taken July 26, 2021. Picture taken July 26, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -Mondelez International Inc said on Monday it will buy energy bar maker Clif Bar & Company for $2.9 billion to expand its global snack bar business.

The Cadbury maker will also pay additional amounts to the sellers depending upon its earnings from Clif Bar, Mondelez (NASDAQ:MDLZ) said.

The company said it will get the Clif, Luna and Clif Kid brands of bars in its portfolio through the acquisition, creating a $1 billion-plus global snack bar franchise for itself.

“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, Chief Executive Officer, Clif Bar & Company. “Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth.”

Mondelez will continue to manufacture Clif’s products in its facilities at Twin Falls in Idaho and Indianapolis in Indiana, the company said.

The food and beverage giant, which also makes Toblerone, Oreo and Tang, expects the transaction to be accretive to its topline in the second year following the deal and will also create cost synergies for Clif’s distribution due to the company’s global scale.

Clif Bar’s acquisition marks the ninth deal since 2018 as Mondelez works towards reshaping its portfolio for higher long-term growth.

Mondelez expects organic net revenue to increase over 4% in 2022, while its long-term growth target is of more than 3%.

The deal is expected to close in the third quarter, Mondelez said.

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Oklahoma reaches $250 million opioid settlement with drug distributors

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© Reuters.

(Reuters) – Oklahoma Attorney General John O’Connor said on Monday his state reached a $250 million settlement with Amerisource Bergen Corp, Cardinal Health Inc (NYSE:CAH) and McKesson Corp (NYSE:MCK) to resolve allegations the drug distributors contributed to the opioid epidemic in the state.

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JPMorgan Chase Maintains Dividend After Stress Test

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© Reuters. JPMorgan Chase Maintains Dividend After Stress Test

By Davit Kirakosyan

JPMorgan Chase & Co. (NYSE:JPM) maintained its dividend after it completed the Federal Reserve’s 2022 Comprehensive Capital Analysis and Review (CCAR) stress test process.

In light of higher future capital requirements, the company’s Board of Directors plans to maintain the current quarterly common stock dividend of $1.00 per share for Q3/22.

Jamie Dimon, Chairman and CEO of JPMorgan Chase said: “The Federal Reserve’s 2022 CCAR stress test once again shows that banks are able to be a source of strength for the broader economy while withstanding extreme market shocks. We continue to maintain a fortress balance sheet including robust governance and controls, strong revenue growth and profit margins, and we remain committed to serving our clients and customers. We will continue to use our capital to invest in and grow our market-leading businesses, pay a sustainable dividend, and we will retain capital to fully satisfy our future regulatory requirements.”

The Fed is expected to provide the company with its final Stress Capital Buffer (SCB) requirement by August 31, and that requirement will become effective on October 1 and remain in effect until September 30.

The company’s indicative SCB requirement is 4% (up from the current 3.2%) and the standardized Common Equity Tier 1 capital ratio requirement including regulatory buffers is 12% (up from the current 11.2%).

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Bank of America Completes Fed’s 2022 Stress Test, to Increase Quarterly Dividend by 5%

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© Reuters. Bank of America (BAC) Completes Fed’s 2022 Stress Test, to Increase Quarterly Dividend by 5%

By Davit Kirakosyan

Bank of America Corporation (NYSE:BAC) completed the Federal Reserve’s 2022 Comprehensive Capital Analysis and Review (CCAR) and announced plans to increase its quarterly common stock dividend by 5% to $0.22 per share, beginning Q3/22.

Based on the 2022 CCAR results, the company’s stress capital buffer (SCB), effective from October 1, 2022, to September 30, 2023, when finalized, will be approximately 100 bps higher than the current 2.5% level and will therefore add approximately 100 bps to the CET1 minimum requirement of 9.5%.

According to Alastair Borthwick, the CFO of the company, the 2022 stress test results once again support that the company maintains a strong capital position to serve its customers and clients through the current economic environment and is well prepared for a severe economic stress scenario.

In October 2021, Bank of America renewed the previously announced $25 billion common stock purchase program with $17 billion remaining as of March 31, 2022.

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