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On Wednesday, Piper Jaffray
Cos. completed its previously announced spin-off from U.S. Bancorp (NYSE:USB
- News) . |
In the transactions, GM split-off Hughes by distributing Hughes common stock to the holders of GM Class H common stock in exchange for the shares that they own. Simultaneously, GM sold its 19.8 percent economic interest in Hughes to News Corporation in exchange for cash and News Corporation Preferred American Depositary Shares (Preferred ADSs). News Corporation then acquired from the former GM Class H common stockholders an additional 14.2 percent of the outstanding shares of Hughes common stock in exchange for News Corporation Preferred ADSs Click for full story. |
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Worries that Cisco's entry into
growing market for storage-networking switches would sink established
players Brocade (BRCD:Nasdaq
- commentary
- research)
and McData (MCDTA:Nasdaq
- commentary
- research)
have proven unfounded, so far. |
LOS ANGELES (Reuters) - Walt
Disney Co. (NYSE:DIS - News)
said it was forcing director Roy Disney into mandatory retirement,
removing the last Disney family member and a prominent critic of Chairman
and Chief Executive Michael Eisner from the board. |
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The deal comes about a year and a half after Travelers was split off from Citigroup Inc. (NYSE:C - News). The transaction should add to the combined company's earnings, executives said in a conference call. Shares of Both St. Paul and Travelers rose in early trading, adding to the all-stock deal's value, which originally was about $16 billion. St. Paul shares rose about 5.25 percent while Travelers class A shares were up more than 1.6 percent and its class B shares were up 1.25 percent. Click for full story |
NEW YORK (CBS.MW)
- Time Warner, the world's largest media company, has been experiencing
insider selling this week. |
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The No. 6 U.S. cable operator said an internal audit had found $15 million in improperly booked expenses from 2002 and before, marking the third time since June that it has disclosed accounting irregularities. While the amount of expenses at stake are insignificant compared to Cablevision's total revenue, a widening investigation could delay completion of a planned spin-off of the company's Rainbow television networks and a newly launched satellite broadcasting service, VOOM. Click for full story |
The world's biggest company by revenues gave a cautious outlook for the U.S. economy as a whole, but said its earnings in the current quarter should be largely in line with analysts' expectations. "I don't think consumer spending is slowing, but I also don't see the strength that many of you in the investment community appear to see," Lee Scott, president and chief executive officer, said on a recorded message. Click for full story |
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In a press release, the company said that, to drive its mid-term growth, it's focusing on managing the decline of the Roundup business to stabilization; accelerating growth in the seeds and traits business; leveraging its pipeline and technology leadership; setting achievable financial targets and delivering on them; and implementing cost actions quickly. For fiscal 2004, the company expects to generate $1.2 billion in gross profit for the seeds and traits business, accentuating the continuing growth in that sector. Click for full story |
SAN
FRANCISCO (CBS.MW) -- PeopleSoft's innovative defensive maneuver against a
$7.3 billion hostile takeover by software rival Oracle could indeed make
the company too expensive and block the bid, according to an Oracle court
filing issued Monday. |
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Wherever there's trouble in Corporate
America, billionaire Carl Icahn is likely not far behind. Icahn
emerged in the 1970s as the quintessential corporate raider and made a
fortune off hostile takeovers in the 1980s. In the current era of
political correctness, Icahn considers himself a shareholder activist. |
TORONTO, Nov 10 (Reuters) -
Moore Wallace (Toronto:MWI.TO
- News; NYSE:MWI
- News) shares rose to
their best level in 17 months on Monday as the market reacted to news the
commercial printer would be bought by a U.S.-based printing firm.Shares of
Moore Wallace rose C$1.42, or 7 percent, to C$21.70 on the Toronto Stock
Exchange (News
- Websites)
, their best level since June 2002. In New York, the shares were up $1.29,
or 8.5 percent, to C$16.54. |
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BALTIMORE, Nov. 3 /PRNewswire-FirstCall/
-- Provident Bankshares Corporation (Nasdaq: PBKS
- News), the parent
company of Provident Bank, the second largest independent commercial bank
headquartered in Maryland, and Southern Financial Bancorp, Inc., (Nasdaq: SFFB
- News), the parent
company of Southern Financial Bank, announced today the signing of a
definitive agreement for Southern Financial Bancorp to be merged into
Provident Bankshares Corporation.The merger reflects Provident's clearly
defined business strategies that include expansion into the Metro
Washington area. Provident first entered that region as a result of a
merger with First Citizens Financial Corporation. |
Conexant Systems Inc. (NasdaqNM:CNXT
- News) Monday announced
it agreed to acquire GlobespanVirata Inc. (NasdaqNM:GSPN
- News) in a stock swap
valued at about $969.5 million. |
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Moving to
expand its generic drug business into injectable products, Teva
Pharmaceutical announced Friday it plans to acquire Sicor Inc. for $3.4
billion in stock and cash. |
MCI PHILADELPHIA (Reuters) - A
bankruptcy judge is expected to confirm on Friday MCI's reorganization
plan, which would clear the way for the No. 2 U.S. long-distance telephone
and data services company to emerge from bankruptcy, according to a court
filing. |
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NEW YORK (Dow Jones)--Tyco
International Ltd. (NYSE:TYC
- News)'s compensation
committee never approved or even discussed a $96 million special bonus
paid to top executives in September 2000, and unwittingly voted a few days
later to give many of the same executives a much smaller bonus for the
same work, a former Tyco executive testified Thursday.Patricia Prue,
Tyco's former head of human resources, is a key witness in the trial in
state Supreme Court here of former Tyco chief executive L. Dennis
Kozlowski and former chief financial officer Mark Swartz |
Google has
reportedly been approached by Microsoft (MSFT:Nasdaq
- commentary
- research)
about a partnership or even a takeover by the software giant, as the
Internet search engine meets with bankers about plans for its long-awaited
initial public stock offering. |
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The Wall Street Journal reported BellSouth balked at the prospect of buying the nation's largest long-distance carrier for about $19 billion in cash and stock. Click for full story |
Effective October 29, 2003, PalmSource stock will begin trading on the NASDAQ stock market under the ticker symbol: PSRC. In addition to the spin-off, the stockholders approved the acquisition of Handspring by Palm, Inc. Click for full story |
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BellSouth Corp. (NYSE:BLS
- News) and AT&T
Corp. (NYSE:T - News)
have significant, and familiar, hurdles to overcome in their renewed
merger talks, Monday's Wall Street Journal reportedThe companies have been
in on-again, off-again talks during the past three years and have come
within days of striking a merger agreement at least twice during that
period, according to people familiar with the situation. Now, as the
discussions get under way again, the most-important obstacles remain
price, the strategic risks for BellSouth and the potential regulatory
roadblocks.Conservative BellSouth, the regional player into a national
competitor in the cutthroat long-distance market, Lehman Brothers analyst
Blake Bath said |
NEW YORK (Reuters) -
UnitedHealth Group Inc. (NYSE:UNH
- News), the top U.S.
health insurer, on Monday said it would buy Mid Atlantic Medical Services
Inc. (NYSE:MME - News)
for nearly $3 billion to expand in the fast-growing mid-Atlantic
region.UnitedHealth's move to broaden its reach with the purchase of Mid
Atlantic came as rival Anthem Inc. (NYSE:ATH
- News) unveiled plans to
buy WellPoint Health Networks Inc. (NYSE:WLP
- News) in a deal valued
at more than $15 billion. That would vault Anthem into the top spot, based
on plan membership. |
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CHICAGO (Reuters) - Anthem
Inc. (NYSE:ATH - News)
on Monday said it would acquire WellPoint Health Networks Inc. (NYSE:WLP
- News) for roughly $14.1
billion, creating the largest U.S. health insurer and bolstering its
negotiating muscle with health-care providers and employers.The stock and
cash deal comes as current No. 1 health plan, UnitedHealth Group Inc.,
announced a bid to acquire Mid Atlantic Medical Services Inc. (NYSE:MME
- News) for roughly $3
billion. WellPoint last month closed a deal to buy smaller rival Cobalt. |
NEW YORK (Reuters) - Bank of
America Corp. on Monday said it agreed to buy FleetBoston Financial Corp.
for nearly $47 billion in stock, creating the second largest U.S. bank and
expanding Bank of America's reach into New England.Bank of America, based
in Charlotte, North Carolina, will pay $45 per share for Boston-based
Fleet, more than 41 percent above the Friday closing price for Fleet.
FleetBoston shareholders will receive 0.5553 Bank of America common share
for each of their shares |
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NEW YORK, Oct 23 (Reuters) -
NCR Corp. (NYSE:NCR - News)
reported lower third-quarter earnings on Thursday due to mounting pension
costs and lower sales of its automated teller machines and data-management
systems. |
Judge Wants Investigation
Into Why Few Companies Sought Microsoft Licenses After Settlement |
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That's the situation faced by AT&T Wireless (AWE:NYSE - commentary - research), the chief defendant in an obscure legal battle it inherited in a 1994 acquisition. So far, AT&T Wireless has successfully avoided liability in the case, rooted in events that took place 14 years ago. Click for full story |
The
U.S. Securities and Exchange Commission has subpoenaed Time Warner's (nyse:
TWX
- news
- people
) current Chairman and Chief Executive Richard
Parsons, and former Chairman Stephen
Case--who, you may remember, presided over the colossus during its
"AOL TW" days. According to The New York Times, the SEC
is widening an investigation of the media monolith's accounting for an
advert deal with Bertelsmann. |
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CHICAGO (Reuters) - 3M Co. (NYSE:MMM
- News), whose products
range from Scotch tape to fiber optics connectors, posted
better-than-expected quarterly earnings on Monday, helped by strong sales
and the weaker U.S. dollar. |
NEW YORK (CBS.MW) --
Electronic Data Systems said it's considering an initial public offering
or private offering of a minority stake in its Product Lifecycle
Management (PLM) software unit. |
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