Hello, friends and Fortune readers.
A fairly busy day for today, with a few economic reports. Burger King has confirmed a deal to buy Canada’s iconic coffee chain Tim Hortons with financial assistance from Warren Buffett, and there are more whispers on the Pfizer/AstraZeneca saga. Here’s what you need to know.
1. Burger King, Tim Hortons announce deal
Burger King has struck a multi-billion dollar deal to acquire Canadian coffee-and-donut chain Tim Hortons. As reported by Fortune’s Dan Primack, the deal will be done with significant financial assistance from billionaire investor Warren Buffett. When the deal is closed, Brazilian private equity firm 3G Capital will own about 51% of the combined company.
2. Best Buy’s glimmer of hope
Best Buy has long been the poster child for the plight of brick-and-mortar retailers struggling to manage the attack on their business by online stores such as Amazon, but news Tuesday that the electronics purveyor’s recent earnings came in better than expected suggests its cost-cutting and e-commerce push are starting to pay off.
3. Durable goods leads the economic day
U.S. durable goods orders surged 22.6% in July to a record high, according to data released Tuesday. Later on in the morning, we’ll see how shoppers are feeling when the Conference Board’s Consumer Confidence report for this month is released.
4. Turner may be cutting
The broadcasting company, a division of Time Warner, is offering buyout packages to between 500 and 600 employees, according to report. This represents around 4% of Turner’s worldwide workforce.
5. Pfizer, AstraZeneca back in focus
In other inversion news, the three-month waiting period mandated by U.K. law is nearing its end in Pfizer’s pursuit of British firm AstraZeneca. The rumor is that the American company could be making another bid in pursuit of moving its base to the U.K.