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18th of August 1994 News
Nyheter som framträdde på New York Times framsida den 18 augusti 1994
Vox Acquisition Inquiry
Date: 18 August 1994
By Bloomberg News
Bloomberg News
The European Commission said today that it would begin an antitrust inquiry into the joint acquisition of the troubled German television channel Vox by News International P.L.C. and Bertelsmann A. G. of Germany. The initial inquiry will take up to a month, after which the commission will decide whether to start a full-scale antitrust investigation. News International, the British subsidiary of the News Corporation, took a stake of 49.9 percent in Vox after the channel went into liquidation last March, 14 months after it started. Bertelsmann owns 24.9 percent of the channel. According to German magazine reports, News International plans to invest from 200 million German marks, or $126.6 million, to 300 million marks to return Vox to profit within three years.
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For Haiti's 'Fixers,' Bodies Offer a Living
Date: 19 August 1994
By Rick Bragg
Rick Bragg
The men are polite, as they sell the dead. They wait until the journalist is alone in the hotel lobby, then offer their services. "Excuse me, excuse me," said one man recently, almost in a whisper, as reporters made their way to breakfast. "But I have some news for you. I have a body for you to photograph."
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DSP GROUP SHARES GAIN 15% ON NEWS OF AT&T DEAL
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Shares of DSP Group Inc., based in Santa Clara, Calif., rose 15 percent yesterday after the company said its voice-compression technology would be used by the AT&T Corporation's computer components unit. DSP's stock jumped $2.25, to $17.25, on Nasdaq volume of 661,000 shares, more than 14 times the daily average during the last three months. The agreement appears to be a concession by AT&T that DSP's Truespeech technology has become the industry standard. AT&T invented a similar, competing technology, one analyst said. AT&T said DSP's technology was one of many technologies that the company uses for voice compression. "We are rounding out our offerings for our customers' needs," an AT&T spokeswoman said.
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Penalties in Met Life Case
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Two former agents for the Metropolitan Life Insurance Company in western Pennsylvania have been disciplined by state regulators, who said the two used misleading sales tactics. The action raises to six the number of former Met Life agents disciplined by the Pennsylvania Department of Insurance since June. Ronald Schram, a former Met Life agent from Wexford, Pa., and Ronald Sabilla, a former agent from Upper St. Clair, Pa., made false statements to Met Life policyholders to induce them to obtain new coverage, the Pennsylvania regulators said. The two signed consent orders with the state under which they admitted no wrongdoing. Both Mr. Schram and Mr. Sabilla could not be reached for comment.
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COMPANY NEWS: Tapping the Briny Deep; Pacific Ocean Spritzers By a California Venture
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Trying to catch the wave of New Age soft drinks like Watermelon Kiwi and and Mango Madness, a California company plans to offer beverages with their own special ingredient: the Pacific Ocean. The Seaborn Beverages Company says it is the first to make its drinks from desalinated ocean water, straight out of the Pacific. The company, based in Newport Beach, Calif., says it wants to sell the public on the "qualities and mystique of drinking a great-tasting, ultra-pure, ocean-water-based product."
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LILLY AND SPHINX SETTLE SHAREHOLDER LAWSUITS
Date: 18 August 1994
By Bloomberg News
Bloomberg News
Eli Lilly & Company and the Sphinx Pharmaceuticals Corporation of Durham, N.C., settled lawsuits that sought to block Lilly's acquisition of the company, Sphinx said. In settling the shareholder suits, the companies agreed to two changes in the terms of the proposed acquisition. The merger is now subject to approval by holders of a majority of Sphinx shares excluding shares held by Lilly, as well as Sphinx's directors and executive officers. Lilly, which already owns about 5.4 percent of Sphinx's 12.6 million shares outstanding, has offered to pay $6 a share, or about $72 million, for the remaining shares. In addition, the fee that Sphinx will have to pay Lilly if it is acquired by a third company was lowered to $2.5 million from $3.5 million. The settlements must be approved by the Delaware Court of Chancery.
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FIRST DATA IN F.T.C. ACCORD ON WESTERN UNION
Date: 19 August 1994
By Bloomberg News
Bloomberg News
The First Data Corporation said yesterday that it had reached an agreement with the Federal Trade Commission that would allow it to purchase Western Union Financial Services Inc., if First Data was named the winning bidder of a bankruptcy court-supervised auction. The agreement calls for First Data, which is based in Hackensack, N.J., to sell either its own Moneygram money-transfer business or Western Union's, the F.T.C. said. First Data would still be allowed to process transactions for Western Union's money-transfer services business as well as its own.
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GLEASON STOCK RISES 26% ON BUYOUT PROPOSAL
Date: 19 August 1994
By Bloomberg News
Bloomberg News
Shares of the Gleason Corporation rose more than 26 percent yesterday, after a large shareholder made a proposal to acquire the company for $18 a share. The company's shares rose $3.375, to $16.125, on the New York Stock Exchange. After trading closed on Wednesday, the Field Point Capital Management Company, which is based in Greenwich, Conn., and holds a stake of about 12 percent stake in Gleason, offered to buy the remaining interest in the company, which is based in Rochester and makes industrial equipment. Gleason's board will evaluate the proposal, a spokesman said.
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TELEDYNE PLANS TO SELL ELECTRONICS UNITS TO LITTON
Date: 19 August 1994
By Bloomberg News
Bloomberg News
Teledyne Inc. said yesterday that it intended to sell almost all its Teledyne Electronic Systems business and assets to Litton Industries for an undisclosed amount of cash. The Teledyne units, in Northridge and Newbury Park, Calif., are projecting sales this year of more than $150 million, according to Litton. Litton, based in Beverly Hills, Calif., said it planned to keep most of the units' 1,200 employees, who are based in the Los Angeles area.
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THINKING MACHINES SEEKS CHAPTER 11 PROTECTION
Date: 18 August 1994
By Bloomberg News
Bloomberg News
The Thinking Machines Corporation, the financially troubled maker of supercomputers, filed for bankruptcy yesterday. The company, which had been looking for a big investor or a buyer to keep it afloat, said on Monday that it would seek Chapter 11 protection from creditors. The company, based in Cambridge, Mass., listed total liabilities of $35.7 million and total assets of $66.6 million in its bankruptcy filing in United States Bankruptcy Court in Boston. The privately held company, which was a pioneer in supercomputing, was last profitable in 1990, when it earned $1 million on revenue of $65 million.
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