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05/04/07

Kerkorian offers $4.5 billion to buy Chrysler

DETROIT (Reuters) - Kirk Kerkorian, the 89-year-old billionaire who was once Chrysler Corp.'s largest single shareholder, offered to pay $4.5 billion to buy the struggling automaker from DaimlerChrysler , which paid almost $40 billion for it less than a decade ago. Kerkorian -- who made the offer on Thursday through investment vehicle Tracinda Corp. -- said in a letter to DaimlerChrysler's supervisory board that he was willing to put down a $100 million deposit as a sign of good faith.

Defense in Black trial slams witness on payments

CHICAGO (Reuters) - Some of the payments at the center of Conrad Black's criminal fraud trial were reported to U.S. government regulators in a timely fashion and not hidden as prosecutors have suggested, jurors were told on Thursday. Under cross examination, Fred Creasey, a former comptroller at Black's Canadian holding company Hollinger Inc., was shown a document bearing his name by defense lawyer Patrick Tuite.

Alliance shareholders OK CanWest, Goldman offer

TORONTO (Reuters) - Shareholders of Canadian specialty-TV group Alliance Atlantis Communications Inc. have voted in favor of a C$2.3 billion ($2 billion) takeover offer from CanWest Global Communications Corp. and a private-equity affiliate of Goldman Sachs & Co.

Toronto stocks slip lower to end high-flying week

TORONTO (Reuters) - The Toronto Stock Exchange's main index ended lower on Thursday, pulled down by weakness in resource and financials issues, as the market took a breather from a record-setting week. The S&P/TSX composite index <.GSPTSE> closed down 23.29 points, or 0.2 percent, at 13,425.02, after hitting a record high of 13,460.25 earlier in the day. The market is closed on Friday for the Easter holiday.

Pet food recall expands, some dog biscuits pulled

WASHINGTON (Reuters) - The company at the center of a massive pet food contamination scare expanded its recall on Thursday to include products with earlier production dates and 27 more varieties sold in the United States, Canada and Europe. Canada-based Menu Foods said its previously announced recall now extended to certain "cuts-and-gravy" style wet pet food manufactured from to November 8 to March 6. The earliest production date previously announced was December 3.

EnCana partner touts East Texas gas discovery

HOUSTON (Reuters) - Leor Energy LP, whose operating partner is EnCana Corp. , on Thursday announced its natural gas production in Robertson County, Texas, had reached 200 million cubic feet per day. Leor in a news release touted one find, recently named Amoruso Field, as among the biggest onshore in recent years. "Based on the geology, we've always expected great things," Leor CEO Guma Aguiar said.

Wall Street rises with bid for Chrysler

NEW YORK (Reuters) - U.S. stocks ended higher in light trading on Thursday, as a decline in oil prices and a proposed takeover of automaker Chrysler overcame caution before jobs data that held back share prices earlier. News in the afternoon of a proposed offer for DaimlerChrysler's Chrysler Group by billionaire Kirk Kerkorian helped to lift indexes. Shares of General Motors also rose after the news, boosting the Dow.

No rival seen for Lundin's Rio Narcea bid: analysts

OTTAWA (Reuters) - Lundin Mining Corp. is unlikely to face competition in its C$864 million ($751 million) offer for Rio Narcea Gold Mines Ltd. , a deal that makes sense from all angles, analysts said on Thursday. Despite a frothy market for mergers and acquisitions, the combination of companies has unique advantages including the deal structure, synergies and location, analysts added.

Four Seasons shareholders OK privatization plan

TORONTO (Reuters) - Four Seasons Hotels said on Thursday its shareholders have approved a plan to take the luxury hotel chain private. The company said 69 percent of the holders of limited voting shares approved the plan proposed by a syndicate of investors that includes Microsoft Corp.'s Bill Gates, Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud and his family, and Four Seasons' Chairman Isadore Sharp.

Finning plans two-for-one share split

TORONTO (Reuters) - Finning International Inc. plans a two-for-one share split to reflect the company's growth and rosy outlook, the big Caterpillar equipment dealer said on Thursday. Finning, which has operations in Canada, Britain and South America, said it will seek investor approval for the move at its annual shareholder meeting, scheduled for May 9. It added that if it's approved, it will be the fifth two-for-one stock split in the company's history.

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