Tuesday newspaper round-up: VW, Heathrow, Deliveroo, Pfizer/Allergan
Audi has conceded that the engines in a further 85,000 cars from the Volkswagen group contained an illegal defeat device, raising questions of how systematic the cheating was at the German carmaker. The luxury car brand of the VW group said it estimated that correcting the engine management software used in Audi, VW and Porsche models would cost in the mid-double-digit millions of euros. It admitted that the software was in all three-litre V6 diesel engines manufactured by Audi and sold from 2009 until this year. – Financial Times
A group of 32 British regional airports have called on the Government to back controversial plans to expand Heathrow. The Regional & Business Airports Group (RABA), which represents airfields in towns and cities including Exeter, Newquay and Southend, has written to Patrick McLoughlin, the transport secretary, to voice support for a £17.6bn third runway at the West London airport. – Telegraph
Deliveroo has raised $100m (£66m) from a group of venture capital funds including Facebook investors Accel and DST Global to fuel the London-based food delivery start-up's international expansion. The funding round is Deliveroo's third this year, bringing its total capital raised in the past 12 months to $195m. – Telegraph
Pharmaceutical companies Pfizer and Allergan have announced a record-breaking $155bn (£100bn) deal that looks sure to prompt an international row over corporate tax avoidance. The deal, which would create the world’s biggest drugmaker by sales, is the latest in a series of takeovers in which a US company effectively relocates its headquarters overseas to exploit another country’s lower corporate tax regime – a process known as tax inversion. – Guardian
A leading Royal Dutch Shell shareholder has urged it to consider renegotiating the terms of its £43 billion takeover of BG Group. It said that circumstances had “changed so much” since the proposed deal was announced in April that Shell should cut the price. Figures show that investors are betting more heavily on further falls in the oil price than at any time for more than a year. – The Times
Glencore’s deal to export Libyan oil is not worth the paper it is printed on, the commodities company has been told. The Switzerland-based firm agreed last week to buy up to half of Libya’s oil exports from the western division of the National Oil Company in Tripoli, where an Islamist-backed government is based. But the internationally recognised government in Benghazi, in eastern Libya, saidGlencore had signed a deal with the wrong people. - Guardian