Tax and deal-making dominated a mixed market session

Summary

Coca-Cola is fighting the IRS over roughly $20bn in taxes and penalties tied to how it allocated profits from overseas operations. The dispute centers on transfer-pricing and cost-sharing arrangements that lowered US taxable income from foreign-linked intangible assets.

Why it matters

The outcome can reset how aggressively US multinationals can book overseas profits and could raise effective taxes well beyond Coca-Cola.

Summary

CRH is pursuing a major acquisition of Arcosa to deepen its exposure to US construction demand. The deal is positioned as strategically attractive despite the price tag because it expands CRH’s footprint in higher-growth US materials and infrastructure supply.

Why it matters

If CRH successfully consolidates US-facing materials, it can capture more of multi-year infrastructure spending and reshape competitive dynamics in construction supply.

Summary

Avis Budget Group expects to receive $650 million in cash under a settlement with Pentwater Capital Management resolving litigation over alleged short-swing profits. The payment follows a legal dispute tied to trading activity around a volatile period for the stock.

Why it matters

A $650 million cash settlement can materially shift Avis’s capital allocation and reduces uncertainty that can weigh on valuation.