Lehman Brothers Holdings Inc used accountancy gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, a court-appointed examiner has found. The good news is, but there was not extensive wrongdoing.  Read the Reuters story here.

Norway’s Yara International said on Friday it would not raise its offer for Terra Industries to match or exceed a rival bid from CF Industries Holdings Inc, Reuters reported. Yara agreed last month to buy Terra for $4.1 billion to create the world’s biggest mineral fertiliser producer.

And in news from other media on Friday:

Buyout firm Advent International has appointed advisors to assess a possible sale of budget store chain Poundland, the Financial Times said. The group has hired Close Brothers to look at options.

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