Den 7 juni 1994 var en tisdag under stjärntecknet ♊. Det var 157 e dagen i året. Förenta staternas president var William J. (Bill) Clinton.
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Date: 08 June 1994
By Bloomberg News
Bloomberg News
The Norwest Corporation signed a definitive agreement yesterday to acquire American Republic Bancshares, the holding company for the First National Bank of Belen, N.M. Norwest, a banking, insurance and financial services company based in Minneapolis, did not disclose financial terms. It said it expects the transaction to be completed in the fourth quarter.
Date: 08 June 1994
By Bloomberg News
Bloomberg News
The Southwestern Bell Corporation said today that it had chosen the AT&T Corporation and Broadband Technologies Inc. to build a network that will deliver video and other services in Richardson, Tex. The announcement by San Antonio-based Southwestern Bell represents another victory for AT&T's Network Systems unit, which has already won contracts worth billions of dollars from at least three other local telephone companies including Bell Atlantic and Pacific Telesis. Efforts to Win Major Contracts The contract also bolsters the prospects for tiny Broadband Technologies, which will supply the fiber optic backbone for the AT&T system. The company, based in Research Triangle Park, N.C., has staked its future on winning major contracts from regional telephone companies, although its sole contract before today's announcement was for a $100 million test project for Bell Atlantic.
Date: 07 June 1994
By Bloomberg News
Bloomberg News
The Donna Karan Company's former chief financial officer has sued the fashion design company, accusing it of dismissing him because he had insisted on disclosing that the company overstated its 1993 earnings. The former officer, David Golden, filed his lawsuit five days after the company sued him, accusing him of gross negligence and making lewd statements toward the company's female executives. Mr. Golden's lawsuit, filed in Manhattan, charges the company with slander, breach of contract and fraud. He is seeking more than $60 million in damages. Donna Karan accused Mr. Golden of preparing a shoddy financial plan that led the company's lenders to place it in technical default under its revolving credit line.
Date: 07 June 1994
By Bloomberg News
Bloomberg News
Merrill Lynch & Company said yesterday that it had increased its stock buyback program to 12.8 million shares, or almost 6 percent of its outstanding common stock. Merrill Lynch, the nation's largest brokerage firm, said its board had authorized the company to buy back 10 million shares in the next several years. The company already had permission to repurchase 2.8 million shares. Merrill said the stock would be used for general corporate purposes, including stock-based employee benefit plans. Merrill Lynch stock fell $1, to $38.875, on the New York Stock Exchange.
Date: 08 June 1994
By Bloomberg News
Bloomberg News
The Perkins Group of the Varity Corporation has signed a 10-year agreement valued at more than $1 billion to supply engines to F. G. Wilson, a maker of diesel electric generating sets. Perkins makes diesel engines for Wilson at its Peterborough and Shrewsbury plants in England. Wilson, based in Northern Ireland, exports more than 90 percent of its products. Perkins supplies engines ranging from 5 to 1,500 horsepower to more than 600 equipment makers. Shares of Varity, based in Buffalo, dropped $1, to $37.25, on the New York Stock Exchange.
Date: 07 June 1994
By Bloomberg News
Bloomberg News
Seeking to recover from a shareholder rejection of its specialty-store stock offering, the Kmart Corporation said yesterday that it would proceed with plans to improve the performance of its Kmart discount stores, including repairing old stores. The chairman, president and chief executive of Kmart, Joseph E. Antonini, said the company's commitment and financial capability to complete its store modernization program were not affected by the defeat last week of a plan to sell stock in its specialty retail units. Kmart wanted to offer 20 to 30 percent of its specialty chains to raise $600 million to $900 million to support its discount stores.
Date: 08 June 1994
By Bloomberg News
Bloomberg News
The stock of New Image Industries, based in Canoga Park, Calif., dropped 12 percent after a Federal district judge ordered the company to stop making, using or selling one of its computer imaging products. In response to the ruling, New Image said it would immediately change the design of its Acucam intraoral camera. The motion for an injunction, granted by the United States District Court for the Northern District of California, was requested by closely held High Tech Medical Instruments Inc., over a patent. Shares of New Image closed down $1.50, at $10.875, in Nasdaq trading.
Date: 07 June 1994
By Bloomberg News
Bloomberg News
The UAL Corporation, the parent of United Air Lines, said yesterday that it had chosen Merrill Lynch & Company to lead a group of investment banks working on a $4.9 billion plan to create the nation's largest employee-owned company. UAL plans to sell preferred stock and two issues of debentures to finance the ownership change. Registration statements relating to the securities have already been filed with the Securities and Exchange Commission but have yet to become effective, UAL said. The offering will begin after the S.E.C. completes a review of the documents.
Date: 08 June 1994
By Bloomberg News
Bloomberg News
CCP Insurance Inc. said yesterday that it would acquire the Calfarm Life Insurance Company from the Zenith National Insurance Corporation of Woodland Hills, Calif., for about $120 million in cash. CCP was spun off from Conseco Inc., an insurance holding company in Carmel, Ind., in July 1992. On April 18, Conseco said it had a letter of intent to acquire Calfarm Life. Under an agreement with Conseco, CCP has the right of first refusal on any life insurance acquisition under $150 million negotiated by Conseco. Zenith said in a statement yesterday that a final agreement had not been reached. Zenith also said it had recently received an inquiry from another party, whose identity it would not disclose, interested in acquiring Calfarm Life. Shares of CCP rose 50 cents, to $22, on the New York Stock Exchange. Conseco's shares fell 62.5 cents, to $57.25, while Zenith's shares rose 12.5 cents, to $23.50.
Date: 08 June 1994
By Bloomberg News
Bloomberg News
Shares of Rhone-Poulenc Rorer climbed 10 percent amid speculation that the drug company's French parent, Rhone-Poulenc S.A., would buy the 31.7 percent stake that it does not already own in the United States subsidiary. The stock rose $3.50, to $38.625, on trading of almost 1.17 million shares. The American depository receipts of Rhone-Poulenc were unchanged at $23.75. Last week, Rhone-Poulenc said it was considering a merger or other business transaction involving Rhone-Poulenc Rorer. Traders said the French chemical company might be preparing a bid to acquire the remaining 44 million shares of the United States company at about $45 a share. At that price, the deal would cost about $2 billion.