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Sep 3, 201303:56 PM

Cheat Sheet: September 3, 2013

Japan plans to build $470 million ice wall

Japan is to invest an estimated $473 million into building a frozen wall around the Fukushima nuclear plant to stop leaks of radioactive water. The leaks have been getting worse since the plant was crippled by the 2011 earthquake and tsunami. The disaster knocked out cooling systems to the reactors, three of which melted down. Under the government plan, a wall of frozen earth will be created around the reactors using pipes filled with coolant to prevent groundwater coming into contact with contaminated water used to cool fuel rods. The technique has only been used on a small scale to control pollution before but not with radioactive contamination. (Source)

Israel fires test missile in Mediterranean Sea

Israel says it has carried out a joint missile test with the U.S. in the Mediterranean Sea amid heightened tensions as Washington weighs sea-launched strikes against Syria. The Defense Ministry, together with the U.S. Defense Department, carried out a “successful test” in the Mediterranean and on an air force base in central Israel. The U.S., which has warships in the Mediterranean, is considering strikes against Syria for an Aug. 21 alleged chemical weapons attack in a Damascus suburb. (Source)

Starboard will vote no on Smithfield Foods takeover

Starboard Value LP, which owns 5.7 percent of Smithfield Foods Inc.’s stock, said today that it is assembling a proposal from other buyers to take over the pork company, saying that it would be “superior” to the acquisition plan by Shuanghui International Holdings, Ltd. of China. Smithfield has scheduled a shareholder meeting for Sept. 24 in Richmond to vote on Shuanghui’s $7.1 billion proposal. Jeffrey Smith, managing member of Starboard Value, says they believe the board failed to run a full and fair process to sell the company, in whole or in part, to ensure that shareholders realized the highest possible price. (Source)

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