26th of July 1995 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ٢٦ يوليو ١٩٩٥
F.C.C. Set to Give Murdoch Waiver in Ownership Case
Date: 27 July 1995
By Edmund L. Andrews
Edmund Andrews
The Federal Communications Commission is about to give Rupert Murdoch's News Corporation an exemption from the commission's foreign ownership restrictions, a move that will formally end a two-year legal battle over the television stations at the heart of the company's Fox television network. The decision, to be approved by the commission on Friday, will eliminate the one remaining uncertainty about the ability of the Australia-based News Corporation to retain control of the 12 stations that it owns or is in the process of acquiring.
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Paper Told to Pay $678,000 in Singapore Suit
Date: 27 July 1995
By By Philip Shenon
Philip Shenon
In the latest assault on Western news organizations by the authoritarian Government of Singapore, the Supreme Court there ordered The International Herald Tribune today to pay libel damages of $678,000 to the country's top three leaders. Judge Goh Joon Seng told the Paris-based newspaper to pay Prime Minister Goh Chok Tong the equivalent of about $250,000, and to pay former Prime Minister Lee Kuan Yew and his son, Deputy Prime Minister Lee Hsien Loong, the equivalent of about $214,000 each.
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BIOCHEM CALLS OFF TAKEOVER NEGOTIATIONS
Date: 26 July 1995
By Bloomberg News
Bloomberg News
Biochem International Inc. said yesterday that its talks to be acquired by John J. McDonough had been terminated because both sides could not agree on acceptable terms. In May, the board of Biochem, based in Waukesha, Wis., a maker of patient monitoring systems, agreed to the acquisition by a company controlled by Mr. McDonough for about $66 million. Under the letter of intent, Mr. McDonough, through the unspecified company, would have acquired all of Biochem's common shares in a cash transaction valued at $5 a share. Mr. McDonough is the founder and former chief executive of Dentsply International Inc. of York, Pa., which designs, makes and distributes medical X-ray systems.
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DEFINITIVE AGREEMENT REACHED FOR AMERICAN MAIZE
Date: 27 July 1995
By Bloomberg News
Bloomberg News
The American Maize-Products Company said yesterday that it had reached a definitive agreement to be bought by Eridania Beghin-Say, a subsidiary of Montedison S.p.A. of Milan, Italy, for $430 million. The companies signed a letter of intent for the sale of American Maize, a tobacco and corn products company, earlier this month, but then said the agreement was incomplete. The announcement came a day after American Maize, based in Stamford, Conn., received an unsolicited bid of $225 million for its tobacco unit from Usaha Tegas, a closely held Malaysian company. Under the terms of the deal, Eridania, Europe's largest starch maker, will buy all the shares of American Maize's controlling shareholder, the GIH Corporation, a trust of the Ziegler family, for $40 a share. Eridania also agreed to sell 88 percent of American Maize's tobacco business for $165 million to William Ziegler 3d.
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MELLON TO ACQUIRE MET LIFE BANKING SUBSIDIARY
Date: 27 July 1995
By Bloomberg News
Bloomberg News
The Mellon Bank Corporation said yesterday that it would buy the Metropolitan Life Insurance Company's residential and commercial banking subsidiary for undisclosed terms. Analysts have said the Met Life subsidiary could fetch between $182 million and $228 million. Under the definitive agreement, the Mellon Mortgage Company, an arm of Pittsburgh-based Mellon Bank, would buy Met Life's Metmor Financial Inc. As of March 31, Metmor managed more than $13 billion in mortgage loans for Metropolitan Life, which is the second-largest life insurer in the country. Metmor, which is based in Overland Park, Kan., arranged $1.3 billion in mortgage loans last year.
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AMERICAN MAIZE GETS UNSOLICITED BID FOR UNIT
Date: 26 July 1995
By Bloomberg News
Bloomberg News
The American Maize-Products Company has received an unsolicited bid of $225 million for its tobacco unit. The bid, by Usaha Tegas, a closely held Malaysian company that had once sought control of American Maize, could create a stumbling block for Eridania Beghin-Say S.A. of Paris, which earlier this month said it had reached an agreement to buy American Maize. Usaha Tegas, which disclosed its bid in a Securities and Exchange Commission filing on Monday, would combine its National Tobacco Company with American Maize's Swisher International Inc. Usaha Tegas holds a 16.2 percent stake in American Maize, which is based in Stamford, Conn.
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CASE TO SELL SHARES OWNED BY TENNECO TO THE PUBLIC
Date: 26 July 1995
By Bloomberg News
Bloomberg News
The Case Corporation said yesterday that it would file with the Securities and Exchange Commission to sell 9 million of its 71 million outstanding shares to the public. Case, based in Racine, Wis., a maker of agricultural and construction equipment, said the shares are owned by Tenneco Inc., which is expected to reduce its stake in Case to about 31 percent from about 44 percent. Case said it might file to increase the offering to 14 million shares. On the New York Stock Exchange, Case shares rose 75 cents yesterday, to $35.625, a 52-week high.
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AMERICAN GREETINGS STILL WANTS TO BUY GIBSON
Date: 26 July 1995
By Bloomberg News
Bloomberg News
The American Greetings Corporation said yesterday that it still wanted to acquire Gibson Greetings Inc., a day after Gibson rebuffed its offer because of "overwhelming" antitrust implications. American Greetings is the nation's No. 2 maker of greeting cards. Hallmark Cards Inc., which has about half of the market is No. 1. American Greetings -- if combined with Gibson, the No. 3 maker -- would also have about 50 percent. Gibson shares rose $1.375, to $14.50, in Nasdaq trading. American Greetings shares climbed $1, to $30.75. Yesterday, Gibson, based in Cincinnati, said it would still talk with other buyers.
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7 Radio Stations to be Sold
Date: 27 July 1995
By Bloomberg News
Bloomberg News
Patterson Broadcasting Inc. said today that it would buy seven Michigan radio stations from Liggett Broadcast Inc. of Lansing, Mich. The purchase would increase Patterson's radio network to 16 stations across the country. Both Patterson and Liggett are privately held.
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International Briefs; Merger of Plastic Units
Date: 27 July 1995
By Bloomberg News
Bloomberg News
Courtaulds P.L.C. and Hoechst A.G. agreed yesterday to merge their polypropylene businesses in a move that would create the largest producer of plastic for film and vehicle parts in Europe. Hoechst, Germany's largest chemical maker, would hold more than two-thirds of the shares in the joint venture, creating a company with combined annual revenues of $419 million. Hoechst and Courtaulds are the third- and fourth-largest polypropylene producers in Europe.
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