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Good morning from the newsroom of the Financial Times.

Today is Tuesday, October 22nd Good morning from the Newsroom of the Financial Times.

Today is Tuesday, October 22nd.

And this is your FT news briefing.

Soft Bank makes a proposal to take control of We Work,

and Israel's Prime Minister is giving up on building a governing

coalition.

Plus the FT's pharmaceutical and biotech reporter Hannah Cushler unpacks a proposal for a

48 billion dollar settlement related to the opioid crisis.

But before we get started, Canadian Prime Minister Justin Trudeau looks set to hold on to

power late on Monday, with Canadian media projecting a minority government

for the leader.

I'm Mark Filipino, and here's the news you need to start your day.

As recently as a few months ago, Wework was pitching itself as a $47 billion company.

Now its board is considering a rescue package that values the shared office space provider at less than a fifth of that.

And it would mean a considerable change for co-founder Adam Newman.

The F.T.'s Andrew Edgcliffe Johnson has more on the proposal.

It would value we work at only 8 billion dollars as equity and most

interestingly of all it would take control away from Adam Newman, this charismatic

self-professed visionary co-founder who, until a few weeks ago, was looking at being

...