16th of August 1995 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ١٦ أغسطس ١٩٩٥
WEYERHAEUSER TO TAKE THIRD-QUARTER CHARGE
Date: 17 August 1995
By Bloomberg News
Bloomberg News
The Weyerhaeuser Company said yesterday that it would take a third-quarter charge of $184 million, or 90 cents a share, as it accelerates plans to sell its less profitable real estate assets. The charge is a result of the revaluation of some real estate assets, $600 million of which the company said it planned to sell in the next 12 months. Weyerhaeuser said it had changed the timetable for selling the assets, which consist mostly of undeveloped land, because of a new accounting rule for publicly traded companies that requires a larger asset write-down than in the past. The company, based in Federal Way, Wash., is best known for its timber and paper businesses. Shares of Weyerhaeuser gained 75 cents, to $46.125, on the New York Stock Exchange.
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BROADWAY STOCK JUMPS AFTER FEDERATED DEAL
Date: 16 August 1995
By Bloomberg News
Bloomberg News
Shares of Broadway Stores Inc. more than doubled yesterday, the day after Federated Department Stores Inc. agreed to buy the company in a transaction valued at more than $1 billion. Broadway shares rose $4.25, to $7.125, on trading of 6.9 million shares on the New York Stock Exchange. Federated's stock fell $1.50, to $28, on the New York Stock Exchange. Each of Broadway's 46.9 million common shares outstanding will be converted into 0.27 share of Federated common stock. Based on yesterday's stock prices, Broadway shares would be worth $7.56 each in the deal. Federated, based in Cincinnati, will issue about 12.7 million shares of new common stock to Broadway shareholders and assume about $1 billion in Broadway debt.
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BANKAMERICA TO SELL MORTGAGE BOND TRUST UNIT
Date: 17 August 1995
By Bloomberg News
Bloomberg News
The Bankers Trust New York Corporation said yesterday that it planned to buy the $24 billion mortgage bond trustee division of the BankAmerica Corporation. The mortgage and asset securities services unit tracks payments on home mortgages and other consumer loans that have been packaged as bonds. Bankers Trust is the nation's biggest trustee for loan-backed securities, with $68 billion in assets. The financial terms of the sale were not disclosed. In selling the business, BankAmerica, based in San Francisco, joins a number of other banks that have pulled out of the corporate trust business.
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INTEGRATED BUYS COLOMBO FROZEN YOGURT BUSINESS
Date: 17 August 1995
By Bloomberg News
Bloomberg News
Integrated Brands Inc., formerly known as Steve's Homemade Ice Cream Inc., has purchased the prepackaged Colombo Shoppe Style Frozen Yogurt business from General Mills Inc. The terms of the deal were not disclosed. Integrated Brands, based in Ronkonkoma, L.I., distributes Steve's superpremium ice cream, Swensen's premium ice cream and Yoplait frozen yogurt. General Mills, based in Minneapolis, will continue to sell Colombo Shoppe Style Frozen Yogurt to restaurants and other institutional customers. Integrated also received 20-year licenses to use the Colombo, Trix, Count Chocula and Lucky Charms trademarks on frozen desserts in North America.
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MERRILL LYNCH EXECUTIVE GOES TO DEUTSCHE BANK
Date: 16 August 1995
By Bloomberg News
Bloomberg News
Merrill Lynch & Company said yesterday that Michael Evelyn, head of North American bond syndication, had resigned, adding to a string of departures by senior fixed-income executives at the firm. Mr. Evelyn, 35, will join the securities unit of Deutsche Bank A.G., a spokesman for Deutsche Bank said. Mr. Evelyn, who joined Merrill Lynch in 1988, would be the sixth Merrill executive since April to join Deutsche Bank, which is based in Frankfurt. Mr. Evelyn was responsible for underwriting corporate bonds and syndicating the securities among other Wall Street firms. Merrill is the world's biggest bond underwriter. During the second quarter, Deutsche Bank was the third-ranked underwriter of international bonds, behind the Nomura Securities Company of Japan and Merrill.
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MESA DIRECTOR RESIGNS BEFORE BOARD DECISION
Date: 16 August 1995
By Bloomberg News
Bloomberg News
A board member of Mesa Inc., John L. Cox, resigned Tuesday, a week before Mesa's board is scheduled to discuss a possible sale or merger of the company. Mesa, based in Dallas, faces a potential takeover from an investor group that includes a former company executive, David Batchelder. Mr. Cox said "my resignation is for personal reasons and does not indicate a lack of confidence in Mesa's management or board of directors." Mr. Cox, a longtime friend of Mesa's chairman, T. Boone Pickens, was named to Mesa's board on Aug. 17, 1994, after he bought one million shares of Mesa stock. A Mesa spokesman, Jay Rosser, said the company's remaining directors would decide next Tuesday whether to find a replacement for Mr. Cox or to shrink the company's board to nine members.
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FORD TO INVEST $135 MILLION IN FUEL-INJECTOR PLANT
Date: 17 August 1995
By Bloomberg News
Bloomberg News
The Ford Motor Company said yesterday that it would invest $135 million in a Michigan plant to make new fuel injectors and other parts. The announcement ended speculation that the company would sell the fuel-related parts plant and buy equipment from outside suppliers. Ford, based in Dearborn, Mich., said it would start revamping the factory, which is in Rawsonville, near Ypsilanti, at the end of the year. The plant will make less expensive alternators and more efficient fuel injectors and pumps for 1999 model cars and trucks, the company said.
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AMGEN AND KIRIN GAIN RIGHTS TO BLOOD-CLOTTING PROTEIN
Date: 17 August 1995
By Bloomberg News
Bloomberg News
Novo Nordisk A.S. of Denmark has signed an agreement to license the rights to sell an experimental protein that stimulates blood clotting to Amgen Inc. and the Kirin Brewery Company of Japan, which has a large pharmaceutical unit. In return, Novo will receive a down payment and royalties from future sales. The terms of the agreement, which was announced on Tuesday, were not disclosed. The protein, thrombopoietin, stimulates the production of particles known as platelets that help blood clotting. Amgen, based in Thousand Oaks, Calif., is also developing a drug to stimulate the production of platelets.
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TJX PLANS TO SELL ITS HIT OR MISS STORES
Date: 16 August 1995
By Bloomberg News
Bloomberg News
The TJX Companies said yesterday that it would sell its Hit or Miss women's specialty apparel chain, because of problems in the women's discount apparel industry. TJX also said fiscal second-quarter profit from continuing operations fell 61 percent, to $7.71 million, or 8 cents a share, from $19.8 million, or 24 cents, in the corresponding period a year earlier. Revenue increased 9.5 percent in the period ended July 29, to $848.9 million. TJX, based in Framingham, Mass., said it would close 69 Hit or Miss stores and sell another 399 stores for $3 million in cash and $10 million in seven-year notes to a management team led by the president of Hit or Miss, Herb Yalof, a former president of Macy's Northeast.
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AMERITECH TO BUY LEP GROUP'S SECURITY-MONITORING UNIT
Date: 17 August 1995
By Bloomberg News
Bloomberg News
The Ameritech Corporation said yesterday that it had agreed to buy the National Guardian Corporation, the security-monitoring unit of LEP Group P.L.C. of Britain, for an undisclosed price. National Guardian, based in Greenwich, Conn., has about 275,000 customers in the United States and had $213 million in revenue last year, Ameritech said. In June, LEP announced plans to sell National Guardian as part of an effort to reduce debt. Ameritech, the regional Bell company based in Chicago, entered the security-monitoring business last year with the purchase of Securitylink, an Illinois company with about 44,000 customers.
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