Ivaylo
08 May, 2007
New York City
Most Asian markets ended lower Tuesday, with Japan declining slightly while China reached a record high on gains in retailers and property developers. Although Australia set an intraday record earlier in the session, the market in Sydney retreated and ended with a loss. The markets in South Korea and Taiwan also declined. A day after ending at a record high HK dipped today.
Elena
08 May, 2007
New York City
The companies released details of the proposed deal which values Reuters at $17.7 billion. According to the agreement, Thomson would offer 0.16 of its own shares and 352.5 pence in cash for each share in Reuters, which at Monday''s prices would value the company at 697 pence a share, or 8.76 billion pounds. Reuters'' stock lost 0.7% in pre-market trading.
Ivaylo
08 May, 2007
New York City
The benchmark index opened with a positive bias but soon plunged in negative territory on a decline in IT and banking stocks. The market recovered in noon deals on strength in cement and metal shares but finished lower on selling pressure in final hour trading. SBI and Hero Honda were the worst performing stocks, while ACC led the advancers. The government has not made a decision to allow let Foreign Direct Investment in retail sector.
Ivaylo
08 May, 2007
New York City
European markets fell on Tuesday as investors took profits from recent strong gains. Royal KPN reported earnings that missed analysts estimates and chemical maker Clariant profit dropped on higher energy costs. By mid morning, Frankfurt Xetra Dax shed 0.5%, the CAC 40 in Paris lost 0.4% and London FTSE 100 fell 0.4%.
Ivaylo
08 May, 2007
New York City
Platinum surged in New York on Monday on fund buying on a day when global activity was lighter than usual as the market in U.K. was closed for public holiday. Gold and silver edged higher but held in narrow ranges, supported by the continuing weakness of the U.S. dollar. Copper futures ended lower after a strike ended in Peru and some traders took profits.
123jump.com Staff
07 May, 2007
New York City
Higher commodity prices and cheap credit continues to fuel a wave of mergers. Alcoa launched a hostile bid for Alcan. ABN Amro said it had received a $24.5 billion conditional bid for LaSalle Bank from a consortium led by RBS. Liberty Mutual Groups agreed to buy competitor Ohio Casualty Corp. for $2.7 billion in cash, or $44 a share. Chilean government forecasted GDP growth rate of 5.7% in 2007. Brazil based Banco Bradesco earnings jumped 11%.
123jump.com Staff
07 May, 2007
New York City
U.S. stocks rose by the latest round of merger-and-acquisition activity, including a planned $27 billion hostile bid by Alcoa Inc. Alcoa offered $58.60 in cash and 0.4108 of a share for each share of Alcan. Hansen Natural fell 3.5%, after the company reported lower-than-expected first-quarter sales and higher costs. Peerless rose 5.1% after its third-quarter earnings rose 7%.
Elena
07 May, 2007
New York City
European stock markets ended little changed on Monday, reflecting declines in the shares of automakers which offset gains for companies including Bouygues. French conglomerate Bouygues rose 3.5%. Auto makers lost ground, with BMW falling 0.6% and Volkswagen losing 1.1%. The French CAC 40 ended virtually unchanged at 6,071.48. The German DAX 30 edged up 0.1% at 7,525.69.
Elena
07 May, 2007
New York City
U.S. market averages continued to post gains on Monday morning, boosted by merger activity. Liberty Mutual Group agreed to buy Ohio Casualty Corp. in a cash deal worth $2.7 billion, or $44 a share. The bid represents a 32% premium to Ohio Casualty''s closing price on Friday. The transaction is expected to close in Q3 of 2007. Shares of Ohio Casualty surged nearly 30%.
Elena
07 May, 2007
New York City
Britain''s military contractor BAE Systems agreed to acquire Armor Holdings, a U.S. maker of military and heavy vehicles, Humvee armaments and soldier body armor. The deal is valued at $88 a share, or $4.1 billion and represents a 7% premium to the Armor Holdings'' Friday close. Armor Holdings stock climbed 5.3%.
Elena
07 May, 2007
New York City
Wall Street opened in the positive, boosted by merger activity. However, cautiousness ahead of Fed''s interest rate decision limited early gains. A $33 billion bid by Alcoa for Canadian aluminum rival Alcan helped the Dow cross 13,300 for the first time. ABN Amro turned down a $24.5 billion offer for its U.S. bank LaSalle from a consortium led by Royal Bank of Scotland because of the numerous conditions attached. Instead, the company opted for a $21 billion offer from Bank of America.
Elena
07 May, 2007
New York City
U.S. stock market futures were volatile in the pre-opening hours, as positive sentiment generated by optimism over a merger in the aluminum sector was offset by cautiousness before key interest rate decisions in the U.S. and Europe later in the week. Merger-and-acquisition news was in the spotlight after Alcoa said it is planning to launch a buyout bid for rival Alcan for $33 billion.
Ivaylo
07 May, 2007
New York City
Asian markets surged to records on Monday, supported by advances in the technology sector and on hopes that weaker job growth in the U.S. will make the Federal Reserve cut interest rates. Japanese markets rallied on the first day of trading after an extended holiday break. Indexes in Hong Kong, South Korea, Taiwan, Singapore, Australia, and New Zealand advacned to records.
Ivaylo
07 May, 2007
New York City
The benchmark index opened with a positive bias on firm Asian markets and traded in positive territory in early deals on strong demand in large-cap stocks and especially in Reliance Industries. The Sensex plunged in the latter part of trading, mainly in weakness in IT stocks, while oil and gas shares advanced. Wipro and Satyam led the decliners, Ranbaxy was the best performing stock. A conglomerate of banks is buying 41% of BSE.
Elena
07 May, 2007
New York City
Alcoa said that assuming debt would boost the deal to $33 billion. The offer includes $58.60 per share in cash and 0.4108 of a share of Alcoa common stock for each outstanding Alcan common share. Alcoa is planning to begin its offer for Alcan on May 8 and finish the transaction by the end of 2008. Shares of Alcoa slipped 4.4% in pre-market trading, while Alcan''s stock soared 23.7%.
