Dow Chemical to face $50 billion bid: report
LONDON (Reuters) - A consortium of Middle Eastern investors
and American buyout firms is preparing a $50 billion approach
for Dow Chemical Co. in what could be the world's
biggest ever leveraged buyout, a paper said on Sunday. Quoting
sources close to the deal, The Sunday Express, a UK tabloid
paper, said a financing package has been put in place for a
break-up bid of between $52 to $58 a share and an approach
valuing the company at least $50 billion could come by the end
of this week.
Citigroup in talks to buy Old Lane: WSJ
PHILADELPHIA (Reuters) - Citigroup is in talks to buy
Old Lane, a hedge fund run by former Morgan Stanley
executive Vikram Pandit, for more than $600 million, according
to The Wall Street Journal. Pandit, who ran Morgan Stanley's
institutional securities business until 2005, would become
chief executive of Citigroup's alternative investments
division, the newspaper said in its online edition.
Berkshire takes 10.9 pct Burlington Northern stake
NEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway
Inc. said it has acquired a 10.9 percent
stake in Burlington Northern Santa Fe Corp. , becoming
the railroad company's largest shareholder. Berkshire owned
39,027,430 shares of Burlington Northern with a market value of
$3.23 billion as of April 5, according to a Friday filing with
the U.S. Securities and Exchange Commission. Prior to Friday,
Berkshire had not disclosed a stake in the second-largest U.S.
railroad.
SABMiller considers $12.8bln bid for brewer S&N: paper
LONDON (Reuters) - Brewing giant SABMiller
is plotting to acquire rival Scottish & Newcastle in a
6.5-billion-pounds ($12.8 billion) deal, a paper said on
Sunday. The maker of Miller Lite and Peroni could make a bid of
around 712 pence a share for S&N within days, the Sunday
Express quoted sources close to the company as saying.
Wesfarmers receives support from major Coles shareholder
SYDNEY (Reuters) - Australia's Wesfarmers Ltd. has
secured the support of privately owned Hedley Group, a
shareholder of Australia's Coles Group Ltd. , for its
A$19.7 billion ($16 billion) takeover of the retail giant.
Hedley Group said late on Sunday that it had agreed to vote its
17.9 million Coles shares -- 1.5 percent of Coles' stock -- in
support of Wesfarmers' proposed deal, lifting the Perth-based
conglomerate's voting control to 12.8 percent.
Isuzu buys land for U.S. truck plant in Alabama
TOKYO (Reuters) - Japan's Isuzu Motors Ltd said on Monday
it has bought land for a U.S. truck plant in Alabama, pushing
ahead with plans to reestablish a production base in the
world's biggest vehicle market. The truck maker declined to
provide details on plans for the factory but a source said the
plant was scheduled to come on line around 2010 and initial
annual production capacity would be several thousand units.
Malaysia lures the second-home set
KUALA LUMPUR (Reuters) - If a second home in the sun is
your thing but a villa in Florida or Tuscany is out of reach,
then Malaysia's property developers have something to show you.
Sun-blackened site workers cooling off under the trees at the
Kiara Hills development will vouch for the warm climate. For a
cool 4 million ringgit ($1.14 million), three storeys of
detached splendour could be yours at this swanky new Kuala
Lumpur suburb on the edge of the jungle.
Citigroup to buy Taiwan's BOOC for $426 million: exec
TAIPEI (Reuters) - Citigroup has agreed to buy
Taiwan's Bank of Overseas Chinese (BOOC) <5818.TWO> for T$14.1
billion ($426 million) in cash, a BOOC executive told Reuters
on Monday. U.S.-based Citigroup will acquire 100 percent of
BOOC, BOOC board member Weng Chien told Reuters by phone.
Occidental CEO got more than $400 million in 2006
CHICAGO (Reuters) - Occidental Petroleum Corp.'s
chairman and chief executive took in more than $400 million in
compensation last year, the company said in a filing, one of
the biggest single-year payouts in U.S. corporate history. The
largest part of Ray Irani's 2006 payout was $270.2 million from
the exercise of options awarded from 1997 to 2006, representing
more than 7.1 million shares, according to the company's annual
proxy statement, which was filed with the Securities and
Exchange Commission in March.
British brides say "I do" to green weddings
LONDON (Reuters) - Here comes the bride, all dressed in --
green. White weddings might have been the dream of fashionable
brides of old. But the trendiest British weddings are now at
least metaphorically green as couples seek to reduce the impact
of their nuptials on the environment.
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