PRESS DIGEST - Wall Street Journal - June 26

Reuters

June 26 (Reuters) - The following are the top stories in the

Wall Street Journal. Reuters has not verified these stories and

does not vouch for their accuracy.

** International Business Machines Corp and Lenovo

Group Ltd are grappling with ways to resolve U.S.

security concerns over IBM's proposed $2.3 billion sale of its

computer-servers business to the Chinese company. (http://on.wsj.com/TyLkso)

** John Paulson's hedge-fund firm Paulson & Co has built a

$1 billion stake in Allergan Inc and supports a takeover

of the Botox maker by Valeant Pharmaceuticals International Inc

, according to a person familiar with the matter. (http://on.wsj.com/1rASEQ9)

** General Motors Co on Wednesday temporarily halted

U.S. and Canadian sales of its best-selling car, the Chevrolet

Cruze, over potential problems with air bags made by Japanese

supplier Takata Corp. (http://on.wsj.com/1iI7dBo)

** Bank of America Corp on Wednesday gave layoff

notices to 540 workers in its hometown of Charlotte, N.C. (http://on.wsj.com/1qK80nE)

** Barnes and Noble Inc is to split in two,

separating its unprofitable Nook digital business from its

consumer bookstores, an acknowledgment of the difficulties the

retailer faces in competing with bigger companies like

Amazon.com Inc in the e-book and hardware sector. (http://on.wsj.com/1mq1NdW)

** General Mills Inc announced plans Wednesday for a

cost-cutting initiative, joining other packaged-food companies

that are shrinking factory capacity and otherwise slashing

expenses to make up for lackluster sales in the United States.

(http://on.wsj.com/1pCTjPG)

** Omnicare Inc agreed to pay $124 million to settle

allegations the nursing-home pharmacy company offered improper

discounts to skilled-nursing facilities and made false billings

to federal health programs, the Justice Department said

Wednesday. (http://on.wsj.com/1mgxukU)

(Compiled by Anannya Pramanick in Bangalore)

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