Ev3 Inc. to buy FoxHollow for $780 million

(Reuters) - On Friday, FoxHollow shares surged 9.3 percent to close at
$24.72 on Nasdaq. The transaction is expected to be completed
in the fourth quarter of 2007.




Under the terms of the deal, FoxHollow shareholders will
get 1.45 shares of Ev3 stock plus $2.75 in cash for each share
of FoxHollow they own. Ev3 shareholders would end up owning
about 59 percent of the combined company.


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Vranos hedge fund seeks $750 mln for subprime - NY Times

(Reuters) - Subprime mortgages are home loans to people with weak
credit. A rising wave of defaults and foreclosures on these
loans recently buckled two hedge funds run by Bear Stearns Cos.
Inc. and has hurt the U.S. housing market as lenders stiffen
requirements.




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U.S. activist fund builds stake in UBS: paper

(Reuters) - Speculation of a possible break-up at UBS has escalated in recent months following a proposed three-way carve-up of ABN AMRO by a group led by Royal Bank of Scotland .




The Sunday Times report said Chicago-based Harris Associates had built a stake representing about 1 percent of UBS over the past three months.


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RPT-IPO VIEW-Validus set to raise more than $450 mln in IPO

(Reuters) - NEW YORK, July 22 - Reinsurance company Validus
Holdings Ltd. will test investor enthusiasm with an initial
public offering it hopes will raise as much as $468 million
when it becomes the fourth in its sector this year to tap U.S.
public markets.




The Bermuda-based company, one of several reinsurers to
stage IPOs in recent months, has filed to sell 18 million
shares with an anticipated per-share price range of $24 to
$26.


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Egyptian indexes decline as Orascom Telecom dips

(Reuters) - Egyptian stock indexes dipped on Sunday following declines in global markets and amid continued caution over an offer by big cap Orascom Telecom to buy Raya, brokers said.

Orascom Telecom lost 0.8 percent to end at 77.50 Egyptian pounds, while shares in fellow market heavyweight Orascom Construction Industries dipped 0.6 percent to 398.90 pounds.


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Japan state pension to cut corp bond buying -Nikkei

(Reuters) - The Nikkei said the GPIF, which manages about 82 trillion
yen of bonds and stocks, is likely to keep
corporate bond holdings at about 3 trillion to 4 trillion yen.




The GPIF intends to replace maturing corporate debt, which
means purchases would total about 400 billion yen a year -- less
than half the current amount, the report said this weekend.


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SanDisk may increase stake in Israel's Tower-paper

(Reuters) - Tower and SanDisk officials were not immediately available
for comment.




In November SanDisk, which is Tower's largest customer,
acquired Israel's Msystems in an all-share transaction
valued at $1.5 billion.


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