Yahoo Inc., responding to a three-week deadline issued by Microsoft Corp. to accept its $42 billion takeover bid, again rejected the deal for undervaluing the Web pioneer.

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Washington Mutual Inc., the largest U.S. savings and loan, rallied as much as 18% in New York trading as a group led by private-equity firm TPG Inc. considers a $5 billion investment in the Seattle-based company.

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GENEVA — Switzerland’s Novartis said today it would spend about $39 billion in a two-step bid for a majority stake in U.S. eye-care company Alcon.

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