The U.S. Justice Department said on Tuesday that federal authorities seized 16.5 tons of cocaine worth more than $1 billion from a ship in Philadelphia in one of the largest drug seizures in U.S. history. Reuters reports that Federal, state and local law enforcement agents on Monday boarded the MSC Gayane, a cargo ship docked in Philadelphia’s Packer Marine Terminal, and found cocaine in seven shipping containers, according to a criminal complaint filed in Philadelphia federal court. The ship was in Chile, Peru and Colombia and Panama over the last month.

One of the largest drug busts happened in a Philadelphia shipping yard where federal officials captured roughly $1 billion worth of cocaine. Veuer’s Justin Kircher has the story.

On Wednesday, Comcast confirmed that it was preparing a higher, all-cash offer for most of the media assets of Twenty-First Century Fox, setting up a bidding war with rival Walt Disney. The largest U.S. cable operator said it was in advanced stages of readying a bid that would be superior to Disney’s all-stock offer. By going public with its plans, Comcast is putting pressure on Fox and its shareholders to not rush into approving the Disney deal.

On Wednesday, Comcast confirmed that it was preparing a higher, all-cash offer for most of the media assets of Twenty-First Century Fox, setting up a bidding war with rival Walt Disney. The largest U.S. cable operator said it was in advanced stages of readying a bid that would be superior to Disney’s all-stock offer. By going public with its plans, Comcast is putting pressure on Fox and its shareholders to not rush into approving the Disney deal.

Businesses underpay their lowest-paid workers by some $15 billion a year, according to studies. Here are the many forms this practice – called “wage theft” – can take.

To improve the German company’s additives business.
Lanxess’s offer of $33.50 for each Chemtura share, represents a premium of about 19% to the Philadelphia-based company’s close on Friday.
The world’s largest synthetic rubber maker will use existing funds and new debt to buy Chemtura in a deal with an enterprise value of about 2.4 billion euros ($2.69 billion), Lanxess said in a statement.
The boards of both companies have unanimously approved the deal, which is expected to close around mid-2017, Chemtura said in a separate statement.

To improve the German company’s additives business.
Lanxess’s offer of $33.50 for each Chemtura share, represents a premium of about 19% to the Philadelphia-based company’s close on Friday.
The world’s largest synthetic rubber maker will use existing funds and new debt to buy Chemtura in a deal with an enterprise value of about 2.4 billion euros ($2.69 billion), Lanxess said in a statement.
The boards of both companies have unanimously approved the deal, which is expected to close around mid-2017, Chemtura said in a separate statement.