Word: bidding
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ABANDONED. By TOM DELAY, 58, his bid to remain House majority leader, amid a series of congressional scandals and calls by fellow Republicans for him to step down (see page...
...broadband company that emerged from bankruptcy just three years ago, proposed to buy Virgin Mobile for $1.4 billion so it could add mobile-phone service to its mix in a "quadruple play." Virgin Mobile's board rejected the initial offer but analysts now expect NTL to increase its bid by around 10%. "The market is telling us that it's still expecting this deal to go through," says Laura Mills of Merrill Lynch in London. Pay-TV operator British Sky Broadcasting is buying the British broadband network Easynet for $367 million. Deutsche Telekom is trying to buy back the outstanding...
...Lanta Yai and Khao Lak?three Thai destinations better known for backpackers and hammock-strewn huts?have unveiled deluxe accommodation in a bid for upmarket business. Their swish new resorts are helping Thailand generate much-needed buzz in the first peak season after the tsunami. Who knows? One of these up-and-coming towns might someday eclipse the jet set's favorite Thai isle, Phuket...
...space of just seven days starting Dec. 22, the firm bought a 50% stake in two Costa Rican firms and snapped up 20.5% of a Turkish steel company. By far its biggest move came on Dec. 23, when ceo Guy Dollé announced a $4.2 billion hostile takeover bid for Canada's leading steel producer Dofasco, topping an agreed offer by Germany's ThyssenKrupp. Arcelor is trying to reduce its heavy dependence on the European market that now accounts for 75% of its business. "Expansion into North America is a key strategic objective for Arcelor," Dollé explained. Arcelor...
...striking features of the latest surge in merger activity is that it continues apace everywhere despite efforts by some national authorities to protect companies perceived as national champions. The French government kicked up a fuss about rumors that the food company Danone might be the target of a U.S. bid, and even published a list of industries it deemed to be in the strategic national interest. And in Rome, former governor of the Italian central bank Antonio Fazio tried to squash two bids by foreign banks for Italian ones. But his efforts quickly turned to a scandal after the publication...