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China’s regulator has approved Geely’s acquisition of Ford’s Volvo unit, clearing one of the last remaining hurdles to the high-profile deal, a source with knowledge of the matter said Thursday.
The deal could be completed as early as next week, said the source, who spoke on the condition of anonymity as the discussions remain private. Get the full story »
CME Group. CEO Craig Donohue appeared to rule out growth by acquisition on Thursday, and said excess cash would be returned to shareholders as soon as next year. Get the full story »
Comcast Corp., the No. 1 U.S. cable operator, reported a nearly 9 percent decline in quarterly profit as it absorbed expenses related to its highly anticipated acquisition of NBC Universal.
While costs associated with the deal, including professional fees, undercut the cable company’s overall profit, its revenue rose a higher-than-expected 6 percent as it continued to add Internet and telephone customers. Get the full story »
FirstMerit Bank, which over the past year has entered the Chicago market through three acquisitions, said it is continuing to keep its eyes open for deals, but that its main focus right now is integrating its operations. Get the full story »
The proposed merger of United Airlines and Continental Airlines cleared its first regulatory hurdle on Tuesday, as the European Union said it would approve the deal. But the merger, which would create the largest airline in the world, must still pass muster with U.S. antitrust officials. The mega-deal is expected to face far more rigorous scrutiny from the U.S. Department of Justice, which isn’t expected to wrap up its probe until later this year.
European officials, in a review of the transaction that began on June 21, quickly determined that it wouldn’t adversely affect competition, given the relatively light overlap between United and Continental on trans-Atlantic routes.
However, the EU continues to separately investigate a proposed joint venture that would allow United, Continental, Air Canada and Germany’s Lufthansa AG to closely coordinate north Atlantic flights, as well as share revenues.
Lincolnshire-based Hewitt Associates Inc. was sued in an Illinois state court by investors who claimed that the $4.9 billion acquisition of the company by Aon Corp. is “inadequate.”
Sara Lee is shopping its iconic bread business, according to executives familiar with the matter. The company may have even relied on company employees to begin the search for possible buyers, sidestepping tried-and-true investment banks, which often results in media attention. Get the full story »
United Airlines and Continental Airlines said Tuesday they hammered out transition agreements with their pilots’ unions, a critical step towards reaching a broader labor accord with pilots.
Talks between the merging airlines and pilots were halted late last month due to a dispute between Chicago-based United and its pilots over lay-off protections, sources told the Tribune.
At the time, the four sides were close to hammering out “Transition and Process” agreements that provide a framework for operations until the merging carriers gain a single FAA operating certificate, a process targeted to be completed during 2012. Get the full story »
Downers Grove engineering firm ATC Technology Corp. is to be acquired by Genco Supply Chain Solutions in Blawnox, Penn., in a $512 million cash deal, Genco said. The boards of directors of both companies approved the acquisition, but shareholders’ approval still is needed. The deal calls for ATC shareholders to get $25 per share, a 43 percent premium over the company’s closing price on Friday.
Motorola Inc. is selling its wireless networks unit to Nokia Siemens Networks for $1.2 billion, a move that will accelerate the Schaumburg-based company’s planned break-up into separate businesses.
The deal, expected to close at the end of 2010, will boost Nokia Siemen’s standing in key markets such as the U.S. and Japan, while allowing Motorola to devote more attention to the enterprise mobility unit that makes communications equipment for public safety agencies and industrial companies. Get the full story »
Hugh Hefner at his home in California in May. (L.A. Times)
FriendFinder Networks Inc., the owner of the Penthouse adult entertainment franchise, announced today it has made a proposal to acquire rival Playboy Enterprises Inc. that the Florida company valued at $210 million.
The move counters a bid made earlier this week by Hugh Hefner to take the company he founded in 1953 private in a deal that would value Playboy at $185 million, or $5.50 a share. Get the full story »
Friend Finder Networks Inc., the owner of Penthouse magazine, said this morning it has hired Imperial Capital LLC as financial advisor in its effort to buy Playboy Enterprises, Inc.
FriendFinder is a rival suitor in the effort to take over Playboy. Playboy founder Hugh Hefner earlier this week offered Playboy’s board $5.50 a share to buy the remaining stake of Playboy he does not own in a private takeover of the iconic company. Get the full story »
Nokia Siemens Networks is in talks to buy the telecom-equipment arm of Motorola Inc., people familiar with the matter said, a deal that would hasten the dismantling of the U.S. technology company.
The two companies are discussing terms, and a deal could be worth $1.1 billion to $1.3 billion, one of the people said. A deal could be reached in the next few weeks, people familiar with the matter said, though talks could still fall apart. A Motorola spokeswoman declined to comment. Get the full story »
From Broadcasting & Cable | In public hearing Tuesday in Chicago, rival cable operators, an independent programmer and a former FCC commissioner lined up to oppose the proposed merger of Comcast and NBC Universal.
The Federal Communications Commission has restarted its review of Comcast’s plan to take control of NBC Universal after the companies provided additional details about their businesses.
Comcast Corp. is seeking FCC and Justice Department approval to acquire a 51 percent stake in NBC Universal from General Electric Co. Federal regulators are expected to approve the deal with conditions. Get the full story »
