Clear Channel says wins ruling on $20 billion buyout
NEW YORK (Reuters) - Clear Channel Communications Inc
said on Thursday it had won a ruling from a Texas judge
that may advance its efforts to force banks to finance a $20
billion buyout of the U.S. radio operator. Six banks led by
Citigroup Inc were to provide more than $22 billion of
financing for the buyout by Bain Capital Partners LLC and
Thomas H Lee Partners LP.
Tata Motors says Ford deal to improve balance sheet
BANGKOK (Reuters) - India's Tata Motors Ltd said on Thursday it was confident its $2.3 billion deal
to buy Jaguar and Land Rover from Ford should improve its
balance sheet in the long term. "We have gone through the
profit and loss and balance sheet. We think we are pretty
confident that they will add positively to our consolidated
balance sheet," managing director Ravi Kant told Reuters on the
sidelines of Bangkok's auto show.
Man Group says to beat forecasts despite turmoil
LONDON (Reuters) - Man Group, the world's biggest listed
hedge fund firm, said on Thursday it would beat analysts'
average profit forecast for the year ended March 31, despite
turmoil in financial markets. The British-based group said it
had benefited from a bigger-than-expected rise in net
performance fee income, as well as a strong performance at its
AHL futures business.
Nokia talks to major labels about music service: report
HELSINKI (Reuters) - Nokia is in talks with all
the major music labels to sell their songs through its "Comes
With Music" service, expected to be launched later this year, a
company executive told the Financial Times on Thursday. "We
have negotiations and discussions ongoing with all the majors
and a number of indies as well," Anssi Vanjoki, Nokia's
executive vice-president, told the Financial Times. "Certainly
our target is to have other labels on board."
Yamana Gold profit falls short, stock dips
OTTAWA (Reuters) - Yamana Gold said 2008 marks the
"unveiling" of a bigger, more powerful producer created from
last year's acquisition push, but investors appeared impatient
for proof on Wednesday. Yamana, which last October acquired
Meridian Gold and Northern Orion Resources for $4.8 billion,
said its fourth-quarter results reflect a "transformational"
period.
Resource rally pushes Toronto stocks higher
TORONTO (Reuters) - The Toronto Stock Exchange's main index
pushed higher on Wednesday, driven by a resource rally that
offset weak financials and jitters surrounding the buyout of
telecom company BCE Inc . Climbing prices for oil and
gold, key underlying commodities for the resource-heavy TSX,
helped propel materials and energy shares higher.
Loonie slips on U.S. economic outlook
TORONTO (Reuters) - The Canadian dollar slid lower against
the U.S. dollar as investors were loath to bet on the currency,
given Canada's heavy dependency on the waning U.S. economy.
Domestic bond prices, with no Canadian economic data to
influence direction, ended mostly higher along with the larger
U.S. market.
New Imperial Oil CEO to focus on existing refineries
CALGARY, Alberta (Reuters) - Imperial Oil Ltd will
add incremental capacity at its four Canadian refineries over
the next few years instead of building a new facility, the
company's incoming chief executive said on Wednesday. "The
refineries we've got are well situated for the markets we want
to be in," Bruce March, who succeeds Tim Hearn as chief
executive of Canada's biggest oil exploration and refining
company at the start of April, told reporters. "But like most
other refiners in the world the future is to expand the
capacity we have... rather than building new grass-roots
refining capacity."
BCE buyout loses luster, buyers still upbeat
TORONTO (Reuters) - Possible problems with a big U.S.
leveraged buyout have brought new questions about the C$34.8
billion ($34.1 billion) plan to take over Canadian
telecommunications giant BCE Inc . The funding risk of
the BCE buyout "significantly increases" if the $20 billion
buyout of Clear Channel Communications Inc fails,
National Bank Financial analyst Greg MacDonald wrote on
Wednesday.
Take-Two urges investors to reject EA bid, mulls sale
NEW YORK (Reuters) - Take-Two Interactive Software Inc
told shareholders on Wednesday to reject a $2 billion
hostile bid from rival video game publisher Electronic Arts Inc
as too low, but said it had begun to explore a sale or
other options. Take-Two said it was still open to a combination
with EA or another company, but not before the April 29 release
of its "Grand Theft Auto 4" title, widely expected to be the
best- selling video game this year.
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