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14th of June 1994 News
Nyheter som framträdde på New York Times framsida den 14 juni 1994
In America; Forget Farrakhan
Date: 15 June 1994
By Bob Herbert
Bob Herbert
I remember the rally in Madison Square Garden in October 1985 when Louis Farrakhan, standing beneath championship banners honoring sports heroes named Frazier and Reed and Bradley and DeBusschere, fired up a crowd of 25,000 black people with his ranting against Jews and his demand to know if black leaders who "sold out" should be allowed to live. The audience was wild for Mr. Farrakhan. His every pronouncement provoked the kind of thumping, foot-pounding, whistle-blowing, mind-boggling ecstasy normally reserved for playoff games and rock concerts.
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A Sprint-European Deal Is Reported
Date: 14 June 1994
By Bloomberg News
Bloomberg News
The Sprint Corporation is expected to announce today that it will sell a combined 20 percent stake to Deutsche Telekom and France Telecom for $4 billion, analysts say. The announcement, expected at a news conference that Sprint had scheduled for today in New York, would come less than a week after Sprint said it was considering the sale of minority stakes to the two state-owned telecommunications operators. The sale would enable Sprint, the No. 3 provider of long-distance services in the United States, to pay off debt and tap into Europe's burgeoning market for voice and data communications. New Class of Stock Seen "They may be issuing a new class of common stock," an analyst for S. G. Warburg, Bette Ann Massick, said of Sprint yesterday.
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ANOTHER 1,170 JOBS TO BE ELIMINATED BY MICHELIN
Date: 15 June 1994
By Bloomberg News
Bloomberg News
Michelin, the world's largest tire maker, said yesterday that it would eliminate 1,170 jobs in France by the end of 1995 in addition to job cuts it announced in 1993. Michelin said last year that it would eliminate 5,000 positions in France in 1993 and 1994 through early retirement, employee buyouts and increased use of part-time workers. By the end of this year, 2,950 out of 30,000 workers will have lost their jobs from the earlier round of restructuring. The latest plan did not surprise analysts, who said Michelin was moving ahead with a long-term revamping and needed fewer workers as it introduced new technology.
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NOBLE DRILLING TO ACQUIRE CHILES OFFSHORE
Date: 14 June 1994
By Bloomberg News
Bloomberg News
The Noble Drilling Corporation agreed yesterday to acquire the Chiles Offshore Corporation for about $300 million. Each of Chiles's 38.8 million common shares will be exchanged for three-quarters of a share of Noble common stock, in a transaction valued at roughly $200 million. About $100 million of Chiles's convertible preferred stock will be converted into Noble shares, Robert Fulton, the chief financial officer of Chiles, said. The acquisition of Chiles's 13 offshore drilling rigs is part of Noble's plan to expand its fleet, giving it a total of 44 rigs. Noble shares closed unchanged at $7 in Nasdaq trading, while Chiles's shares slipped 12.5 cents, to $4.875, on the American Stock Exchange.
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LESLIE FAY GETS EXTENSION ON A BANKRUPTCY PLAN
Date: 15 June 1994
By Bloomberg News
Bloomberg News
The Leslie Fay Companies, which designs and makes women's clothes, has won an extension of its exclusive right to file a Chapter 11 bankruptcy reorganization plan until Oct. 3. United States Bankruptcy Judge Tina Brozman approved the three-and-a half-month extension at a hearing yesterday. Both of the creditor committees of Leslie Fay, which is based in New York, agreed to the extension. The International Ladies Garment Workers Union, whose members are striking against Leslie Fay, also agreed to the move. But the union, saying it had been unfairly blamed for the company's predicament, objected to the language of the company's request. Leslie Fay's lawyer, Alan Miller, said the company hoped to begin negotiations on a plan of reorganization at the end of the summer.
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SHAREHOLDERS APPROVE MERGER OF CALIFORNIA H.M.O.'S
Date: 14 June 1994
By Bloomberg News
Bloomberg News
The FHP International Corporation said yesterday that its shareholders and those of Takecare Inc. had approved FHP's acquisition of Takecare for about $1.03 billion, or about $80 a share. The transaction, expected to be completed by Friday, would make FHP one of the largest health maintenance organizations in the country, covering 1.7 million people in 11 states in the West and Southwest. The company will have annual revenues of $3.2 billion. In January, the companies agreed to an acquisition price of $800 million, or about $62 a share. Takecare shareholders filed suit, contending that the price was too low. FHP, based in Fountain Valley, Calif., and Takecare of Concord, Calif., agreed on a combination of cash, common stock and convertible preferred stock.
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DELTA TO CUT 2,500 JOBS AT TECHNICAL DIVISION
Date: 14 June 1994
By Bloomberg News
Bloomberg News
Delta Air Lines Inc. said yesterday that it would cut 2,500 jobs at its technical operations division in the next 12 months as part of a previously announced cost-cutting program. Employees in the unit will be offered voluntary retirement programs before being laid off. The company said it would begin offering the voluntary programs this week, as well as career and job placement assistance. Delta, based in Atlanta, said it would offer leaves of absence, flexible voluntary severance and an enhanced early retirement option. The technical operations division includes engineering, ground equipment, painting, tooling and aircraft planning. The layoffs are expected to result in savings of $175 million to $280 million in annual costs. Delta's shares rose 50 cents, to $45.625, on the New York Stock Exchange.
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EX-OFFICIAL AT NATIONAL MEDICAL FACES CRIMINAL CHARGES
Date: 14 June 1994
By Bloomberg News
Bloomberg News
The executive who supervised the National Medical Enterprises psychiatric hospitals in Texas was charged yesterday with conspiring to pay illegal kickbacks in exchange for patients being referred to the hospitals. The executive, Peter Alexis, is the highest-level former employee of National Medical to face criminal charges following a Federal investigation into reported Medicare fraud at the company. Federal agents raided the company's operations across the country on Aug. 27, seizing truckloads of records. National Medical, based in Santa Monica, Calif., said the charges against Mr. Alexis should not affect the settlement agreement it reached two months ago with the Federal Government. Mr. Alexis was employed by National Medical from November 1989 to December 1990, first as a hospital administrator and then as a regional vice president for a subsidiary of the company, the Psychiatric Institute of America.
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ROYAL BANK OF SCOTLAND UNIT TO BUY QUINCY SAVINGS
Date: 14 June 1994
By Bloomberg News
Bloomberg News
The Royal Bank of Scotland P.L.C. said yesterday that its United States unit, Citizens Financial Group, had agreed to buy Quincy Savings Bank of Massachusetts for $139.9 million, or $25.75 a share. The acquisition of Quincy Savings, which has $833 million in assets and operates 14 branches in the Boston area, will increase Citizens' total assets to $8.9 billion. Royal Bank will finance the acquisition by injecting $115 million into Citizens. The stock of Quincy Savings rose $6.34375, to $23.84375, in Nasdaq trading. Earlier this year, Citizens received approval to acquire Neworld Bancorp, a Boston savings and loan holding company with 22 branches and $1.1 billion in assets.
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L'Oreal to Acquire Agents
Date: 14 June 1994
By Bloomberg News
Bloomberg News
L'Oreal S.A., France's largest cosmetics company, confirmed today that it would acquire control of its agents in the United States, Canada, Spain and Switzerland under an accord with its holding company, Gesparal, and Nestle S.A., one of its leading shareholders. L'Oreal will buy control of Cosmair Inc. U.S.A. and Cosmair Canada Inc., as well as its Swiss agent, Lorsa-Fagel, and its Spanish agent, Procasa. L'Oreal first mentioned the acquisition two months ago.
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