16th of October 1999 News
الأخبار كما ظهرت في الصفحة الأولى لصحيفة نيويورك تايمز في ١٦ أكتوبر ١٩٩٩
SAFECO TO PURCHASE MEDICAL INSURANCE CONCERN
Date: 16 October 1999
By Bloomberg News
Bloomberg News
The Safeco Corporation said yesterday that it would buy the United States group life insurance and medical insurance business of ING Groep N.V. for $34.8 million. Safeco will acquire ING's Atlanta-based Medical Risk Solutions unit, which helps employers cover unexpected health-care costs. The Seattle-based company said it expected to complete the purchase by year-end. ING is the biggest financial-services company in the Netherlands. The purchase adds to Safeco's 25-year-old medical excess loss business. The insurer sells life, home and auto insurance, and coverage for corporate customers.
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LAS VEGAS ENTERTAINMENT WITHDRAWING OFFER
Date: 16 October 1999
By Bloomberg News
Bloomberg News
Las Vegas Entertainment Network Inc., an unprofitable company with no revenue, said yesterday that it was withdrawing its $95 million cash offer for Jackpot Enterprises to re-evaluate the price. The move is being made in light of statements made to Los Angeles-based Las Vegas Entertainment by shareholders seeking a higher price, Las Vegas Entertainment said. The company made an unsolicited $11-a-share bid for Jackpot, which is based in Las Vegas, Nev. Las Vegas Entertainment said the offer for Jackpot, an operator of gambling machines in Nevada, may be revised. Las Vegas Entertainment fell 12.5 cents, to $2.96875. Jackpot was unchanged at $9.3125. The announcement was made after the close of trading.
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COOPER INDUSTRIES WILL ACQUIRE REGENT LIGHTING
Date: 16 October 1999
By Bloomberg News
Bloomberg News
Cooper Industries, the maker of Crescent wrenches and Halo lighting fixtures, agreed to buy closely held Regent Lighting to add home-security lights to its product line and create direct contact with retailers. Terms were not disclosed. Regent, based in Burlington, N.C., sells outdoor, motion-activated and dusk-to-dawn lights for home security. It had sales of $99 million last year. Houston-based Cooper, which now sells mostly indoor home and florescent lights, said it expected the acquisition to add to profit next year. It also will give Cooper direct relationships with high-volume retailers, like Home Depot, where Regent lights are sold. Cooper's shares fell $l.3125 each, to $43.5625.
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NORSTAN HIRES DONALDSON, LUFKIN TO ASSESS OPTIONS
Date: 16 October 1999
By Bloomberg News
Bloomberg News
Norstan Inc., a technology and communications-services provider, said yesterday that it had hired the Donaldson, Lufkin & Jenrette Securities Corporation to help it assess strategic options, including a sale of the business. The company said it was discussing possible combinations, without specifying what companies are interested in merging with or buying it. Minneapolis-based Norstan, which provides phone systems and other communications equipment and services, said the discussions may not result in a transaction. Before trading was halted, Norstan' shares rose $1.3125, to $8.50. At that price the company's stock is worth more than $92 million.
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MBNA AGREES TO BUY SUNTRUST'S CREDIT CARD
Date: 16 October 1999
By Bloomberg News
Bloomberg News
The MBNA Corporation, the third-biggest United States credit card issuer, agreed yesterday to buy the $1.5 billion card portfolio of Suntrust Banks Inc., extending a string of acquisitions of card businesses. Atlanta-based Suntrust, the ninth-largest United States bank, said it expected a pretax gain of about $300 million in the fourth quarter from the sale. Suntrust's 1.4 million customer cards will be issued, priced and serviced by MBNA but still carry the Suntrust name. MBNA, which is based in Wilmington, Del., and other top credit card companies are buying up the card businesses of regional banks that do not have the scale to operate efficiently. MBNA shares fell $1.4375, to $21, and Suntrust fell $2.0625, to $64.375.
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EL PASO ENERGY IS ADDING CRYSTAL GAS STORAGE
Date: 16 October 1999
By Bloomberg News
Bloomberg News
El Paso Energy, one of the largest United States operators of natural gas pipelines, said yesterday that it would buy Crystal Gas Storage Inc. for about $208 million in cash and assumed debt. El Paso will pay $57 for each share of Crystal common stock and $1 for each share of Crystal preferred stock and assume about $40 million in debt, a Crystal Gas spokesman said. Crystal, based in Shreveport, La., owns two gas storage operations near Hattiesburg, Miss., and stakes in other gas properties in Arkansas and Louisiana. Shares of Houston-based El Paso Energy fell $1.0625, to $40.375. Crystal was up $1 a share at $46 before its trading was halted.
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MAY STORES TO ACQUIRE UTAH-BASED ZIONS COOPERATIVE
Date: 16 October 1999
By Bloomberg News
Bloomberg News
The May Department Stores Company, the owner of Lord & Taylor, Hecht's and other chains, said yesterday that it would acquire Zions Cooperative Mercantile Institution, a retailer with 14 stores in Utah and Idaho, for $52 million in stock. May, the fourth-biggest United States department-store company, will pay $22.50 in stock for each share of Zions Cooperative. Zions Cooperative, whose stores operate under the ZCMI name, had sales of $238 million last year. The acquisition will give May its first stores in the Salt Lake City area. Zions Cooperative's shares fell $2 each, to $20, in Nasdaq trading.
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INTEREST IN CALVIN KLEIN
Date: 16 October 1999
By Bloomberg News
Bloomberg News
The world's No. 1 maker of luxury goods, LVMH-Moet Hennessy Louis Vuitton S.A., is interested in Calvin Klein Inc., the New York fashions and fragrance maker that is seeking a possible alliance or merger, an LVMH spokesman said. The statement confirmed comments from the LVMH chairman, Bernard Arnault, at the opening of a Sephora cosmetics store in New York this week.
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Mount Union's Streak Hits 48
Date: 17 October 1999
By Bloomberg News
Bloomberg News
Mount Union University sets NCAA all-divisions record with its 48th consecutive victory, defeating Otterbein 44-20 in college football and erasing record set by University of Oklahoma between 1953 and 1957 (S)
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American Funds Aims To Allow New Share Class
Date: 17 October 1999
By Bloomberg News
Bloomberg News
Capital Group's American Funds, the biggest marketer of broker-sold mutual funds, has filed proposals to allow shareholders to vote on whether some of its funds could offer class B shares, which carry back-end sales charges, as an alternative to the shares with up-front loads that they currently offer. Kunal Kapoor, an analyst with Morningstar Inc., the Chicago financial publisher, said American Funds had long resisted offering shares with back-end loads, the only broker-sold fund family to his knowledge that has taken such a position.
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