Word: mergers
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...minority interest, valued at about $4 billion, in the company's cable-TV assets. Parsons must revive the AOL online division, which is dragging down the successful entertainment, publishing and cable divisions. He must deal with multiple federal investigations of AOL's accounting practices before and after the merger, and if those probes turn ugly, judge whether it makes sense to keep "AOL" in the company name. Either way, Parsons must somehow restore the company's credibility with investors...
...Morrison that Safeway no longer supports. Three bigger retailing rivals - Tesco, Sainsbury and Wal-Mart - are likely to encounter serious anti-trust obstacles if they make bids, bankers say, and the two financial bidders, KKR and Philip Green, would load the retailer up with debt. With the volume of merger activity in Europe down 62% from 2000 and off 20% from 2001, according to Thomson Financial, bankers are elbowing for a place at the Safeway table. "There's a perception at many banks that if things don't pick up substantially there'll need to be more downsizing," says Geoffrey...
EUROBLUES So Sue Me The courts have not been kind to Mario Monti and the European Commission, overturning three of his merger-busting decisions last year, including a union of packagers Tetra Laval and Sidel, and a linkup between travel firms Airtours and First Choice. So the gloom in Brussels must have been thick as a lawyer's wallet when it emerged that another thwarted suitor, France's Schneider Electric, is suing the Commission for more than €1 billion over its blocked bid for rival Legrand. Schneider had completed the €5.4 billion deal for Legrand when the Commission...
...Wine World Order The rise of Australian wine to superpower status just got confirmation. Constellation, of the U.S., agreed to a $1.1 billion merger with Australia's BRL Hardy, creating the world's largest wine firm. Last year Australian wine exports rose nearly 30%, good for 5% of the global market...
...Help Ground a Visionary Medium," a New York Times story suggested; "Steve Case, Genius" was the title of an Op-Ed by journalist Nina Munk, who is writing abook on the travails of the combined company. "It took more than seven years before Wall Street acknowledged that the 1990 merger of Time and Warner was a success," she writes. "By that measure, it may be at least five more years before Steve Case is recognized as a genius...