3rd of October 1995 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ٣ أكتوبر ١٩٩٥
Judge Affirms Right to Halt Publication
Date: 04 October 1995
By William Glaberson
William Glaberson
Setting the stage for a battle in the Federal appeals courts on First Amendment issues, a Federal judge in Ohio formally ruled yesterday that he had the power to prevent Business Week magazine from publishing an article. First Amendment lawyers said that if the ruling was affirmed on appeal, it would sharply change the law and permit courts to prevent publication of articles in circumstances never before contemplated in the American legal system.
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INTERMET SAYS OFFER WAS UNSOLICITED
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The Intermet Corporation, a maker of precision iron parts for auto makers and other industrial customers, said yesterday that it had received an unsolicited offer worth $337.5 million from GWM Inc. of Atlanta and Kelso & Company, the New York-based investment bank, to acquire all of Intermet's common stock for $13.50 a share in cash. The stock of Intermet, which has moved its headquarters from Atlanta to Detroit, rose $1.875, to $13.125, on Nasdaq. "It's an absurdly low offer," said Phillip Fricke, a Prudential Securities analyst. Intermet said its board had not yet reviewed the proposal. Intermet reported a loss of $11 million on sales of $501 million in 1994.
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KELLOGG TO CLOSE A CEREAL PLANT IN CALIFORNIA
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The Kellogg Company said yesterday that it would close its cereal plant in San Leandro, Calif., by December, eliminating 325 jobs. Kellogg, the nation's largest cereal maker, said in August that it was considering shutting the plant, which is the smallest of the company's six in the United States. At that time, Kellogg also said it planned to cut 800 jobs in Battle Creek, Mich., where it is based, and eliminate 75 jobs from its plant in Memphis, which employs 600. Kellogg said previously that the California cuts could save $20 million to $30 million annually and that they would reduce overcapacity in the slow-growing domestic cereal market. Kellogg had 15,500 workers worldwide before the August reductions were announced.
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GE CAPITAL REALTY ACQUIRES MACFARLANE PARTNERS
Date: 04 October 1995
By Bloomberg News
Bloomberg News
GE Capital Realty Group Inc. said yesterday that it had agreed to buy MacFarlane Partners L.P., the nation's largest minority-owned provider of real estate services. Terms of the purchase, which is expected to be completed by the end of November, were not disclosed. MacFarlane Partners, based in San Francisco, advises public, corporate and private pension plans on their real estate investments. It has $1.8 billion in assets under management. GE Capital, a unit of the General Electric Company based in Dallas, said the MacFarlane management team would remain in place.
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CSS INDUSTRIES TO BUY UNIT OF GIBSON GREETINGS
Date: 04 October 1995
By Bloomberg News
Bloomberg News
CSS Industries signed an agreement yesterday to buy Cleo Inc., the gift-wrap unit of Gibson Greetings Inc., for about $128.5 million in cash and short-term notes. CSS Industries, a maker of printed paper products based in Philadelphia, said the purchase price was substantially below Cleo's net book value. CSS Industries said it expected to complete the deal by Nov. 15. Cleo, based in Memphis, had revenue of $189 million and a pretax loss of $37 million last year.
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TRAVELERS GROUP PREDICTS GAIN IN FOURTH QUARTER
Date: 04 October 1995
By Bloomberg News
Bloomberg News
Travelers Group Inc. said yesterday that it expected a gain of $100 million in the fourth quarter from the sale of its stake in the Metrahealth Companies. Separately, Travelers and another insurer, the Metropolitan Life Insurance Company, said they had completed the sale of Metrahealth to the United Healthcare Corporation for $1.65 billion. Travelers, based in New York, and Metropolitan Life each owned 48.25 percent of Metrahealth, a managed care company based in Greenwich, Conn. Travelers received $831 million in cash from the sale, which was announced in June, and has an option to receive as much as $169 million more if earnings goals are reached. Metropolitan Life will receive $796 million in cash and stock from the sale of its stake and as much as $169 million in each of the next three years.
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TRACOR PLANS TO BUY AEL INDUSTRIES FOR $114 MILLION
Date: 03 October 1995
By Bloomberg News
Bloomberg News
Tracor Inc., a maker of electronic systems for the military, said yesterday that it would acquire AEL Industries for $28 a share, or a total of about $114.8 million. The stock of AEL, which makes electronic systems like radar equipment, rose 75 cents, to $27, on Nasdaq. The stock of Tracor, which is based in Austin, Tex., fell 62.5 cents, to $15.875. AEL is based in Lansdale, Pa.
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IDEX BUYS MAKER OF RESCUE EQUIPMENT FOR $35 MILLION
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The Idex Corporation said yesterday that it had acquired Lukas Hydraulik G.m.b.H. of Germany for about $35 million in cash, making it the world's largest maker of emergency rescue tools. Idex plans to fold Lukas, the largest maker of rescue tools in Europe, into its Hale unit, which makes firefighting pumps and rescue tools under the brand name Hurst Jaws of Life. The shares of Idex rose $1, to $36.75, on the New York Stock Exchange. Lukas had revenue of $25 million last year. Idex said it planned to expand the rescue tools business by adding products and by entering new markets.
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AT&T INTERACTIVE SYSTEM DRAWS TOO LITTLE INTEREST
Date: 03 October 1995
By Bloomberg News
Bloomberg News
The AT&T Corporation said yesterday that it was shelving its Home Center interactive television system because it did not attract enough consumer interest. AT&T also said it had failed to sign up enough service providers to make the system affordable. AT&T tested system prototypes this summer and found that most consumers were unwilling to pay for it. The system was to include a remote control and a computer box that sits atop a television set. It was intended to let users look at television listings, listen to their telephone messages, pay bills, check the value of stock portfolios and receive local weather and traffic updates.
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FINAL PRICE SET FOR SALE OF AMERICAN MAIZE-PRODUCTS
Date: 04 October 1995
By Bloomberg News
Bloomberg News
Eridania Beghin-Say S.A. of France will pay $441.7 million for the American Maize-Products Company under the final version of an agreement reached in July, American Maize-Products said yesterday. Eridania said earlier that it would pay $430 million, or $40 a share, though the company said that price might not include all payments to holders of stock options. A proxy filed with the Securities and Exchange Commission calls for a final shareholder vote on Nov. 6 on the sale of American Maize-Products, a tobacco and corn products company based in Stamford, Conn. The deal will give Eridania, the largest starch maker in Europe, access to the United States starch market, which is the world's largest.
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