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Icahn Said in Talks to Settle With Southwest Gas Over Board Fight

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Billionaire Carl Icahn is said in discussions to reach a settlement with Southwest Gas (NYSE:SWX) that would allow the activist investor to get as many as four seats on the board.

Talks are still taking place and could still fall apart before the company’s annual meeting next week, according to a Bloomberg report.

A settlement would end months of fighting between Icahn and the utility. Icahn sought to gain control of the company’s board and replace its chief executive officer; his tender offer to buy the company for $82.50/share was rejected by the Southwest (SWX) board as “inadequate.”

The settlement talks came after prominent proxy advisory firms ISS and Glass Lewis recommended partial support for Icahn’s nominees last week, according to an earlier Bloomberg report. ISS recommended shareholders vote for four of Icahn’s candidate, while Glass Lewis recommended two of his nominees.

Southwest Gas last month said its board authorized a review of strategic alternatives, including apotential sale of the company. Icahn said he we wouldn’t make a bidfor the company in the strategic review run by either the incumbent board or the activist investor’s proposed new board.

Icahn began his battle with Southwest Gas (SWX) back in October, when the company adopted a poison pill to try to thwart him as he opposed the company’s planed $2B deal to buy Questar Pipelines from Dominion Energy.

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Original Post: seekingalpha.com

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Hot Stocks: BIDU Leads Chinese Tech Stocks Higher; PTON, ODFL Rise on Earnings; SNAP Drops

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Stocks surged in the wake of the Federal Reserve’s latest interest rate announcement, with the Nasdaq ending Wednesday’s session higher by 2%. Investors focused on comments from Fed Chair Jerome Powell suggesting that the central bank was starting to make progress in its fight against inflation.

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Article: seekingalpha.com

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U.S. Beginning to Detain Some Chinese Aluminum Imports, Top Shipper Says

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The U.S. has started to detain imports of aluminum products suspected of being made through forced labor, particularly from China’s Xinjiang region, shipper A.P. Moller-Maersk (OTCPK:AMKBY) said Tuesday, according to Bloomberg.

U.S. Customs has begun issuing “detention notices” for such products, the shipper said in an advisory, adding the action probably would target aluminum used in automotive parts.

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Original Article: seekingalpha.com

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Gas Stove Controversy Heats up Again As Second U.S. Agency Proposes Limits

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Gas stoves are coming under renewed scrutiny as the U.S. Department of Energy published a proposal Wednesday for new regulations for the appliances, some of which have never been subject to federal efficiency standards.

The proposed rule-making would set new efficiency standards for both electric and gas cooking tops, preventing them from exceeding set levels of energy use per year.

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Original Source: seekingalpha.com

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