PRESS DIGEST- New York Times business news - Aug 4
Aug 4 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
* After spending years in the shadow of bankruptcy proceedings, management turmoil and its more prominent broadcasting stations, the Tribune Media Co's publishing division, is striking out on its own. The print properties are being spun off into a new company - Tribune Publishing, which starts trading on the New York Stock Exchange on Tuesday. (nyti.ms/UVwe0o)
* The troubled lender Banco Espirito Santo SA will be shut down, and its healthy businesses will be transferred to a new bank, as part of 4.9 billion euro ($6.58 billion) rescue plan financed primarily by the Portuguese government. While the Portuguese government will provide most of the money for the rescue in the form of a loan, the heaviest losses will be absorbed by Banco Espirito Santo shareholders and some creditors. (nyti.ms/1kgCdt1)
* Botox maker Allergan Inc is suing Valeant Pharmaceuticals International Inc and hedge fund manager William Ackman, accusing them of insider trading as part of their hostile effort to take it over. (nyti.ms/1qJGinw)
* Treasury Wine Estates, the Australian vintner that owns Penfolds and Beringer Vineyards, said it would consider a sweetened takeover offer led by the private equity giant Kohlberg Kravis Roberts after rejecting an earlier bid. (nyti.ms/1tLYLF0) Continued...