Financial News

Two rival bidders are preparing for the start of a last-ditch bidding war for Anglo-Dutch steelmaker Corus. India's Tata Steel and Brazil's CSN have until 30 January to make a final offer, otherwise the UK Takeover Panel will step in and begin an auction. CSN has reportedly secured additional funding in case it decides to up its £4.9bn ($9.7bn) bid, while Tata is said to be prepared to offer 550p a share. A merger will create the world's fifth biggest steel firm whichever firm wins. Las ...

LONDON (AFX) - Nasdaq is looking to extend its offer period for London Stock Exchange Group PLC to February 10, The Sunday Telegraph reported. Nasdaq has been pushing for the LSE board to enter discussions this coming week because takeover rules bar the US bourse from raising its 1,243 pence a share offer after January 27. Expectations of talks between the two factions, following comments by LSE ...

FRANKFURT (AFX) - Volkswagen AG is planning to replace Hakan Samuelsson as MAN AG's chief executive, weekly Der Spiegel reported in a pre-release of its Monday edition citing unnamed sources. According to the report, VW believes Samuelsson is a hindrance to its plans to merge its Latin American truck business with MAN and Swedish truckmaker Scania AB. At MAN's upcoming annual general meeting, VW ...

Tom McGhie, Mail on Sunday21 January 2007 British Airways chief executive Willie Walsh has ruled out a merger involving the company for the next five to ten years. FRUSTRATION: BA chief Willie Walsh WANT TO KNOW MORE? MORE: BA ready for takeover take-off REPORT: BA staff in massive vote for strike OTHER STORIES Woolies in shock call for cash Market report: Friday close Watchdog slated over Thames Uma's£20m campaign for Branson Murdoch Junior on the move f ...

Tom McGhie, Mail on Sunday21 January 2007 Indian steelmaker Tata is expected next week to make a long-awaited counterbid for Corus, its Anglo-Dutch rival, with a 550p-a-share offer. WANT TO KNOW MORE? MORE: Tata 'to top Brazilian offer for Corus' REPORT: Bidders go to war over Corus REPORT: Brazil steel giant to bid £4.3bn for Corus OTHER STORIES Woolies in shock call for ca ...

Last month, Corus backed a 515p a share offer from CSN just hours after agreeing a 500p deal with Tata, which valued Corus at £4.7bn. Tata has been considering its position since then.A spokesman for India's biggest private steelmaker said the rumours were baseless but Corus's shares rose to 550.5p in early trading. They closed the day at 545p.Reports in India claimed that Tata was likely to incre ...

ATLANTA (AFX) - Delta Air Lines Inc. management plans to discuss with its board soon its evaluation of US Airways' recently increased takeover bid, Delta said Friday. The disclosure came came as Delta filed an amended reorganization plan that details how it would satisfy claims against its subsidiary, Comair. Beyond that statement, the nation's third largest carrier offered no new insight into th ...

ORLANDO, Fla. (AFX) - CNL Hotel & Resorts Inc., the nation's second-largest hotel real estate investment trust, said Friday it agreed to a takeover offer from Morgan Stanley Real Estate valued at about $3.13 billion. Orlando-based CNL said Morgan Stanley would pay $20.50 per share in cash. Including assumed debt, the total transaction is valued at $6.6 billion. Morgan Stanley will receive a  ...

(Adding market commentary) NEW YORK (AFX) - US stock futures are indicating a lower open amid concern earnings in the technology sector are not living up to expectations after solid but unspectacular results from IBM yesterday, with quarterly reports from General Electric, Citigroup and Motorola also coming under scrutiny. Dow futures were down 18 points at 12,585, Nasdaq 100 futures were off 3. ...

NEW YORK (AFX) - Wall Street is looking at a lower open amid concern earnings in the technology sector are not living up to expectations after solid but unspectacular results from IBM yesterday, with quarterly reports from General Electric, Citigroup and Motorola also coming under scrutiny. Spread bettors IG Index expect the Dow Jones Industrial Average to open around 38 points lower at 12,530. S ...