Wednesday Papers: Pfizer snaps up King Pharmaceuticals for $3.6bn - tips, comment and bids

(Updated with Telegraph share tips)

Financial Times

* Pfizer has agreed to buy King Pharmaceuticals, a maker of prescription pain treatments, for $3.6 billion in cash.

* Carl Icahn has bought a significant stake in Dynegy, bolstering his opposition to Blackstone’s planned $4.7 billion buy-out of the US power producer which he regards as inadequate.

The Lex Column

* Capital is flying south for winter -- Rising creditworthiness among emerging market sovereigns is lifting corporate boats.

* Intel - Whether results are “good” or “bad” is entirely a matter of perspective.

* London Stock Exchange - The race for super-fast speeds needs some steroid testing.

* Pfizer/King - Seeking growth through the pocketbook, not the test tube.

* Defence M&A - Too big to combine, maybe it’s time to split up.

* UK universities - The political and social problems of making students pay to play.

* Economics Nobel - Prize for turning the unclear into the obscure.