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27th of May 1997 News
Nyheter som framträdde på New York Times framsida den 27 maj 1997
DONALDSON, LUFKIN MAKES CHANGES IN ON-LINE SERVICE
Date: 28 May 1997
By Bloomberg News
Bloomberg News
In an attempt to bolster its nine-year-old on-line unit, Donaldson, Lufkin & Jenrette Inc. said yesterday that it would offer some of its on-line brokerage customers access to the firm's initial public offerings. The firm said its on-line broker, PC Financial Network (www.pcfn.com), would be renamed DLJ Direct, and that beginning June 20 the unit would reduce commission rates to a flat fee of $20 for each trade. Donaldson, Lufkin also said it would offer a portion of the firm's research on line to investors ''who maintain an appropriate level of assets'' in their on-line accounts.
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US WEST SELLING CABLE SYSTEMS IN THREE STATES
Date: 28 May 1997
By Bloomberg News
Bloomberg News
US West Media Group said yesterday that it had agreed to sell cable systems in Minnesota to the closely held Charter Communications Inc. of St. Louis and two partners for $600 million. Separately, U S West agreed to sell cable systems in Idaho and Washington to Tele-Communications Inc. for an undisclosed price. U S West is selling the systems in Minnesota and Idaho, which it acquired with Continental Cablevision Inc., to comply with Government regulations barring the company from owning cable networks where U S West Communications, the other division of U S West Inc., provides telephone service. U S West said it was not required to sell the Washington systems.
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COLUMBIA GAS SYSTEM PLANS ACQUISITION OF ALAMCO
Date: 28 May 1997
By Bloomberg News
Bloomberg News
Columbia Gas System Inc., a natural-gas pipeline company, agreed yesterday to buy Alamco Inc. for about $83 million in cash and the assumption of about $18 million in debt. The deal, in which Columbia would pay $15.75 for each Alamco share, would enable Columbia to become the largest gas producer in the Appalachian Basin. Alamco, based in Clarksburg, W. Va., operates 1,200 oil and gas wells. Shares of Alamco rose 62.5 cents yesterday, to $15.25, while Columbia Gas shares fell 87.5 cents, to $63.875. Columbia, based in Reston, Va., said its Columbia Natural Resources unit and Alamco together represent 13 percent of the gas produced in the Appalachian Basin.
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RYDER TO SELL AUTO-TRANSPORT UNIT TO ALLIED HOLDINGS
Date: 28 May 1997
By Bloomberg News
Bloomberg News
Ryder System Inc. agreed yesterday to sell its automobile-transport unit to Allied Holdings Inc. for $114.5 million in cash and the assumption of $60 million of debt. Allied Holdings, a car and truck hauler based in Decatur, Ga., expects its sales to more than double to about $1 billion with the acquisition; it had $392.5 million in sales last year. The unit, Ryder Automotive Carrier Services Inc., is one of North America's largest movers of cars and trucks from auto makers to dealerships. It had revenue of almost $600 million in 1996. Miami-based Ryder had revenue of $5.5 billion last year. It has been selling off units to focus on managing and moving goods for other companies.
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AVON PRESIDENT TO STEP DOWN AFTER SUCCESSION DISPUTE
Date: 28 May 1997
By Bloomberg News
Bloomberg News
Avon Products Inc. said yesterday that its president and chief operating officer, Edward J. Robinson, would retire June 1 because of disagreements about management succession at the cosmetics company. Avon said Mr. Robinson had decided to step down after the company's board asked the chairman and chief executive, James E. Preston, 64, to remain with the company for at least two more years. Avon, based in New York, said there were no immediate plans to name a successor to Mr. Robinson, whose responsibilities will be assumed by Mr. Preston. Mr. Robinson, 57, joined Avon in 1989 as its chief financial officer. He has held his current position since 1993.
Full Article
Santander to Acquire Argentine Bank Control
Date: 28 May 1997
By Bloomberg News
Bloomberg News
Banco Santander S.A. of Spain said yesterday that it would acquire control of Banco Rio de la Plata of Argentina for $594 million and eventually merge Banco Rio with its Argentine unit to create the country's biggest private bank. Santander will buy 35 percent of Banco Rio, Argentina's second-biggest private bank, from the billionaire businessman Jorge Gregorio Perez Companc, who in turn will get 6 percent of Banco Santander Chile. Santander will have 51 percent of the voting rights and will also assume management control.
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EMI Shakes Up New York Operation
Date: 28 May 1997
By Bloomberg News
Bloomberg News
The EMI Group said yesterday that it would shake up its North American unit to reduce costs and would also try to foster the development of new United States acts to match the success of its top-selling British group, Spice Girls. EMI said it would close its New York EMI Capitol office and shed about 50 staff members. It will also dismiss two top executives, Charles Koppelman and Terri Santisi, and put Ken Berry, the head of EMI Music International and Virgin Records, in charge of its North American business. It will take a charge of $:117.2 million ($192.1 million).
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A Warehouse Venture
Date: 28 May 1997
By Bloomberg News
Bloomberg News
Reckson Associates Realty Corporation said it formed a joint venture with the closely held Matrix Development Group to buy and develop industrial and warehouse properties in New Jersey. The venture is the latest attempt by Reckson to expand into New Jersey from its base in Melville, N.Y., on Long Island.
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Maine Nuclear Plant May Be Closed Early
Date: 28 May 1997
By Bloomberg News
Bloomberg News
The Maine Yankee Atomic Power Company said today that it was considering shutting the state's only commercial nuclear plant ahead of schedule. Maine Yankee has been out of service since Dec. 6 because of equipment problems. The 24-year-old plant was added to the Nuclear Regulatory Commission's list of the worst-run United States reactors in January.
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3 Companies Join in TV Tube Venture
Date: 27 May 1997
By Bloomberg News
Bloomberg News
Corning Inc and Samsung Group announce plans to join with Asahi Glass Co to build $340 million television picture tube and computer monitor factory in Mexico; Corning will hold 12 percent, or about $40 million, stake in the project, while Samsung of Korea and Asahi of Japan will each spend about $150 million on the project (S)
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