Financial News

THE future of ITV was further complicated last night when it emerged BSkyB had spent £940 million on a 17.9 per cent stake in the commercial broadcaster. The satellite firm described ITV as one of Europe's premier broadcasting and production businesses with substantial long-term potential. Amid current bid interest in ITV from NTL, BSkyB ruled out buying more than 20 per cent of the company and  ...

WASHINGTON (AFX) - President Bush has approved the proposed $11.8 billion takeover of Lucent Technologies Inc. by French-owned Alcatel, saying the merger of the two telecommunications equipment companies does not present any major national security concerns. White House press secretary Tony Snow, traveling with Bush in Hanoi, said Friday night the president agreed with the recommendation of the C ...

LONDON (Dow Jones) -- BSkyB, the U.K. satellite television operator, on Friday threw a wrench into rival NTL's plan to combine with British television broadcaster ITV by buying nearly a fifth of the company. BSkyB (BSY) said it's bought 17.9% of U.K. television broadcaster ITVfor 940 million pounds ($1.8 billion), or 135 pence a share. ITV closed at 115.75 pence a share in London. It won't  ...

Brazilian stocks closed lower on Friday, spurred by a drop in oil and metal prices, and Mexican stocks finished with modest losses as investors continued to take profits. The fall in oil and metal prices dragged down major stocks that are heavily weighted in Brazil's key market index. The Ibovespa closed down 132 points, or 0.3%, to 41,029.42. Most Brazilian blue chips fell Friday. Petrobras (P ...

This is Money17 November 2006 A bidding war for former British Steel company Corus looked on the cards today after a Brazilian steel giant said it wanted to buy the company. OTHER STORIES Market report: Friday latest Market report: Yesterday's trading Hopes fade for ITV auction Homestyle reveals bid approach British Energy sacks staff amid output crisis THE EDITOR'S PICKS  ...

LONDON (AFX) - Leading shares ended lower as a triple whammy of collapsing commodity prices, worse-than-expected US housing data and pre-weekend profit taking offset news of a counter bid for steel giant Corus, dealers said. At the close, the FTSE 100 index was down 62.9 points at 6,192.0, with its mid-cap peer off 119.0 at 10711.0. Volume was light, with 2.6 bln shares changing hands in 365,774 ...

STOCKHOLM (AFX) - Investor AB and the foundations belonging to the Wallenberg family, which together own more than 30.6 pct of the voting rights in Scania and 16.8 pct of its share capital, have agreed to cooperate in order to play a "clear role" in the future of the Swedish lorry manufacturer. Scania is the subject of a 10.2 bln eur hostile takeover bid by German peer MAN, a bid that h ...

(adds detail from statement, background) LONDON (AFX) - Brazilian steelmaker Companhia Siderurgica Nacional (CSN) said it has approached UK steel firm Corus Group with a 475 pence per share takeover proposal. The proposal trumps an agreed 455p per share takeover by Indian group Tata Steel, which valued Corus at 4.3 bln stg when it was announced on Oct 20. CSN is Brazil's third biggest steelmake ...

ORRVILLE, Ohio (AFX) - J.M. Smucker Co., the largest U.S. producer of jams and jellies, on Friday said its earnings slipped nearly 2 percent in its fiscal second quarter, hurt by lower sales and restructuring and other charges. Its shares fell more than 4 percent in morning trading as its results fell short of Wall Street expectations. In addition to its namesake Smucker's brand, the company mar ...

PALO ALTO, Calif. (AFX) - Connetics Corp., a maker of dermatology products, said Friday its shareholders will vote on the company's proposed takeover by Stiefel Laboratories Inc. at a special meeting Dec. 20. Shareholders of record at Nov. 13 may vote on the $17.50-per-share cash acquisition offer. The deal is expected to close in late 2006 or early 2007. Connetics said that if the merger receiv ...