Business Digest, November 13, 2012

PUBLISHED : Tuesday, 13 November, 2012, 12:00am
UPDATED : Tuesday, 13 November, 2012, 6:09am

Well Advantage, SEC to settle Nexen case

A New York court has approved a deal between Well Advantage, a company indirectly owned by China Rongsheng Heavy Industries non-executive director Zhang Zhirong, and the US Securities and Exchange Commission, over alleged insider dealing involving shares of Canadian energy company Nexen. Well Advantage, which will pay US$14.24 million, did not admit or deny the share trading allegations. Keith Wallis

Leucadia to purchase Jefferies for US$2.76b

Leucadia National agreed to buy the portion of Jefferies Group it doesn't already own for about US$2.76 billion. Investors will receive 0.81 Leucadia share for each Jefferies share they own, the companies said in a statement. Bloomberg

Lai Sun stock jumps on stake sell buzz

Shares of Lai Sun Garment (International), led by chairman Peter Lam Kin-ngok, hit a new high yesterday on speculation that Richard Li Tzar-kai's PCCW would buy a stake in its website The stock climbed 4.67 per cent to finish at HK$1.12. PCCW, however, denied it was in talks to invest in Jeanny Yu, Bien Perez