(Bloomberg) -- Crude oil traded little changed near a six-week low in New York after falling with gasoline yesterday on speculation U.S. refiners are increasing motor-fuel production before the peak summer driving season.
Gasoline stockpiles probably rose 100,000 barrels last week, the first increase in 13 weeks, as refiners increased operating rates, according to a Bloomberg News survey of 13 analysts. Oil traded as low as $60.85 a barrel yesterday before rebounding as gasoline futures stalled near a nine-day low.
Read more at Bloomberg Commodities News
Monday, May 7, 2007
Alcoa says has $30 billion financing for Alcan bid
(Reuters) - Alcoa said it had begun merger talks with Alcan as far back as mid-2005, but by early December 2006, after several meetings with Alcan top executives, had failed to reach an agreement on a "merger of equals".
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
3Com, Blue Nile, Guitar Center, Heelys, WellCare: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges tomorrow. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names.
3Com Corp. (COMS US) rose 20 cents, or 4.8 percent, to $4.41 in trading after the official close of U.S. exchanges. Citadel Investment Group LLC, a Chicago hedge fund manager, boosted its stake in the networking-equipment maker to 8.4 percent from less than 1 percent. Citadel said it may seek alternatives to increase shareholder value in 3Com, according to a filing with the U.S. Securities and Exchange Commission.
Read more at Bloomberg Stocks News
3Com Corp. (COMS US) rose 20 cents, or 4.8 percent, to $4.41 in trading after the official close of U.S. exchanges. Citadel Investment Group LLC, a Chicago hedge fund manager, boosted its stake in the networking-equipment maker to 8.4 percent from less than 1 percent. Citadel said it may seek alternatives to increase shareholder value in 3Com, according to a filing with the U.S. Securities and Exchange Commission.
Read more at Bloomberg Stocks News
Massachusetts challenges federal energy rules
(Reuters) - Scientists widely say human activity, especially emissions of heat-trapping greenhouse gases from burning fossil fuels, is warming the Earth's climate, posing risks from rising sea levels, more floods, droughts and expanding deserts.
Massachusetts also brought the case that led the Supreme Court to rule on April 2 that U.S. environmental officials have the power to regulate greenhouse gas emissions -- a stinging defeat for the Bush administration.
Read more at Reuters.com Government Filings News
Massachusetts also brought the case that led the Supreme Court to rule on April 2 that U.S. environmental officials have the power to regulate greenhouse gas emissions -- a stinging defeat for the Bush administration.
Read more at Reuters.com Government Filings News
US CREDIT-Alcoa spreads could widen further
(Reuters) - Alcoa's debt spreads widened after the company said on Monday it would make a hostile bid for Alcan for nearly $27 billion, after talks between the aluminum rivals failed to lead to a deal. For details, see [ID:nN07326455].
"In a hostile offer the predator company usually has to make a higher offer to appease the management team and the investors of the target," said Chris Snow, analyst at CreditSights in New York.
Read more at Reuters.com Bonds News
"In a hostile offer the predator company usually has to make a higher offer to appease the management team and the investors of the target," said Chris Snow, analyst at CreditSights in New York.
Read more at Reuters.com Bonds News
US manufacturers to press Bush aides on China yuan
(Reuters) - "The issue that kinds of sticks in the craw is the currency issue," said Pat Mears, international commercial affairs director at the National Association of Manufacturers, told Reuters ahead of a scheduled May 22-24 "strategic economic dialogue" in Washington between senior officials from the U.S. and Chinese government.
"We just haven't seen progress on that," Mears said, even though Treasury Secretary Henry Paulson has been pushing China since he took office last July to speed up progress on reforms, including letting its yuan currency appreciate.
Read more at Reuters.com Bonds News
"We just haven't seen progress on that," Mears said, even though Treasury Secretary Henry Paulson has been pushing China since he took office last July to speed up progress on reforms, including letting its yuan currency appreciate.
Read more at Reuters.com Bonds News
UPDATE 1-Thomson confirms 'preliminary' approach to Reuters
(Reuters) - Thomson said in a brief statement that it had made a "preliminary" approach to Reuters' board of directors that "may or may not lead to an offer being made for Reuters."
The company added a further announcement would come "in due course" and did not give any indication regarding the value of any potential offer. A spokesman had no further comment.
Read more at Reuters.com Mergers News
The company added a further announcement would come "in due course" and did not give any indication regarding the value of any potential offer. A spokesman had no further comment.
Read more at Reuters.com Mergers News
UPDATE 1-Colombia seeks to tame inflation, curb peso
(Reuters) - Colombia's central bank on Sunday said it would impose a reserve requirement as it seeks to keep inflation within the 3.5 to 4.5 percent target range for this year and slow the appreciation of the peso, which has strengthened more than 12 percent over the last year.
"This seeks to moderate growth of credit and in that way reduce growth of spending with the purpose of contributing to help inflation toward targets set by the central bank," the bank's director, Jose Dario Uribe, told local radio.
Read more at Reuters.com Bonds News
"This seeks to moderate growth of credit and in that way reduce growth of spending with the purpose of contributing to help inflation toward targets set by the central bank," the bank's director, Jose Dario Uribe, told local radio.
Read more at Reuters.com Bonds News
UPDATE 1-U.S. consumer credit rises $13.46 bln in March-Fed
(Reuters) - Consumer credit rose at a 6.7 percent annual rate in March to $2.425 trillion, while previously reported increases for February and January were revised higher. The March gain was the largest since a $20.08 billion or 10.2 percent gain in November, the Fed said.
Analysts polled by Reuters were expecting a $4.5 billion March gain after an initially reported $2.97 billion February gain, which was revised upward to $5.56 billion.
Read more at Reuters.com Economic News
Analysts polled by Reuters were expecting a $4.5 billion March gain after an initially reported $2.97 billion February gain, which was revised upward to $5.56 billion.
Read more at Reuters.com Economic News
Star witness Radler takes stand at Black trial
(Reuters) - "I was impressed by Mr. Black's knowledge and ability and thought he'd be a good partner," David Radler recalled of his first encounter with Black just before they bought their first Canadian newspaper in 1969.
Black, seated at the defense table, stared straight ahead and did not appear to lock eyes with the man with whom he worked side-by-side for years building and then dismantling one of the world's largest media companies.
Read more at Reuters.com Business News
Black, seated at the defense table, stared straight ahead and did not appear to lock eyes with the man with whom he worked side-by-side for years building and then dismantling one of the world's largest media companies.
Read more at Reuters.com Business News
UPDATE 1-Moody's, S&P may cut Alcoa, Alcan ratings on bid
(Reuters) - Alcoa, the world's largest aluminum company, announced plans on Monday to make a hostile bid for Alcan Inc., the No. 2 in the market, for nearly $27 billion. For details see [ID:nN07326455].
If successful, the deal would create the world's largest producer of the metal, which is used for products ranging from beverage cans to airplanes, cars and heavy machinery parts.
Read more at Reuters.com Mergers News
If successful, the deal would create the world's largest producer of the metal, which is used for products ranging from beverage cans to airplanes, cars and heavy machinery parts.
Read more at Reuters.com Mergers News
Cotton Futures Rise After Textile Mills Increase Purchases for Third Week
(Bloomberg) -- Cotton futures rose in New York after commercial users, led by textile mills, increased purchases for the third straight week.
Buyers are taking advantage of five straight weeks of price declines. Bets on rising prices outweighed wagers on declines for the fourth week in a row, the U.S. Commodity Futures Trading Commission reported May 4.
Read more at Bloomberg Commodities News
Buyers are taking advantage of five straight weeks of price declines. Bets on rising prices outweighed wagers on declines for the fourth week in a row, the U.S. Commodity Futures Trading Commission reported May 4.
Read more at Bloomberg Commodities News
Angiotech, Century Aluminum, IDM, Mannatech, Tenaris: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 1:10 p.m. New York time.
Alcan Inc. (AL US) rose $20.48, or 34 percent, to $81.51 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, made an unsolicited $26.9 billion cash and stock takeover offer for Alcan. Each Alcan share would be exchanged for $58.60 in cash and 0.4108 of an Alcoa share. That values Alcan at $73.25, or 20 percent more than its last closing price, Alcoa said in a statement.
Read more at Bloomberg Stocks News
Alcan Inc. (AL US) rose $20.48, or 34 percent, to $81.51 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, made an unsolicited $26.9 billion cash and stock takeover offer for Alcan. Each Alcan share would be exchanged for $58.60 in cash and 0.4108 of an Alcoa share. That values Alcan at $73.25, or 20 percent more than its last closing price, Alcoa said in a statement.
Read more at Bloomberg Stocks News
Gold Reserve files for 16 mln Class A shares offering
(Reuters) - The filing did not reveal the expected price of the offering.
Read more at Reuters.com Bonds News
Read more at Reuters.com Bonds News
Chilean Stocks Climb, Led by Retailers, on Spending Outlook: Latin Stocks
(Bloomberg) -- Chilean stocks rose for an eighth straight day, led by retailers, after better-than-estimated economic data boosted consumer spending expectations.
Chile's IPSA index of 40 stocks rose 30.30, or 0.9 percent, to a record 3,244.48 at 1:12 p.m. New York time. Cencosud SA, the country's largest retailer, and Lan Airlines SA, it's biggest carrier, led the advance.
Read more at Bloomberg Stocks News
Chile's IPSA index of 40 stocks rose 30.30, or 0.9 percent, to a record 3,244.48 at 1:12 p.m. New York time. Cencosud SA, the country's largest retailer, and Lan Airlines SA, it's biggest carrier, led the advance.
Read more at Bloomberg Stocks News
Alcoa's Belda looking to go out big
(Reuters) - For the Moroccan-born Belda, 63, pulling off the deal would cap a career that started in 1969, when he joined the company's Brazilian affiliate Alcoa Aluminio.
From there, he advanced through Alcoa's Latin American operations, then moved to Pittsburgh, and took over as CEO in 1999. He added the title of chairman two years later.
Read more at Reuters.com Mergers News
From there, he advanced through Alcoa's Latin American operations, then moved to Pittsburgh, and took over as CEO in 1999. He added the title of chairman two years later.
Read more at Reuters.com Mergers News
Brazil Real Rises to Near Six-Year High on Outlook for Growth, Investment
(Bloomberg) -- Brazil's real advanced to near a six- year high on speculation accelerating economic growth will attract investors.
The currency also gained after Brazilian economists lowered their inflation forecast for the next 12 months as the currency's rally drove down the cost of imports. Reports last week showed Brazil's industrial output growth accelerated in March and the nation's trade surplus widened in April.
Read more at Bloomberg Currencies News
The currency also gained after Brazilian economists lowered their inflation forecast for the next 12 months as the currency's rally drove down the cost of imports. Reports last week showed Brazil's industrial output growth accelerated in March and the nation's trade surplus widened in April.
Read more at Bloomberg Currencies News
UPDATE 1-MOVES-Deutsche Bank, ABN AMRO
(Reuters) - Jefferies & Co. hired Matthew Baldassano as co-head of Securities Finance. Baldassano has more than 20 years of experience in securities lending, as well as prime brokerage and structured products at firms including Donaldson Lufkin & Jenrette and, most recently, Lehman Brothers. He joins fellow co-head, Gene Vitagliano.
EVERGREEN
Read more at Reuters.com Bonds News
EVERGREEN
Read more at Reuters.com Bonds News
Smithfield completes Premium Standard purchase
(Reuters) - The deal will give Smithfield about 30 percent of the U.S. pork market, according to industry data.
Smithfield announced in September its intent to buy Premium Standard Farms, a vertically integrated hog and pork producer, which means it raises the hogs that are used in its pork plants as opposed to having to buy them on the open market.
Read more at Reuters.com Mergers News
Smithfield announced in September its intent to buy Premium Standard Farms, a vertically integrated hog and pork producer, which means it raises the hogs that are used in its pork plants as opposed to having to buy them on the open market.
Read more at Reuters.com Mergers News
Berkshire Hathaway's Buffett Searches for $40 Billion to $60 Billion Deal
(Bloomberg) -- Berkshire Hathaway Inc.'s Warren Buffett often laments that his company has more cash than investment opportunities. Now he's envisioning a $40 billion to $60 billion acquisition that would require him to sell stocks to free up funds.
``I would hope something would come along where I would have to sell something that I like to buy something huge I like even better,'' Buffett, Berkshire's billionaire chairman, said yesterday at a press conference in Omaha, Nebraska. He would ``love'' to find a $40 billion acquisition and would ``figure out a way'' to come up with $60 billion for the right deal, he said in a later interview.
Read more at Bloomberg Energy News
``I would hope something would come along where I would have to sell something that I like to buy something huge I like even better,'' Buffett, Berkshire's billionaire chairman, said yesterday at a press conference in Omaha, Nebraska. He would ``love'' to find a $40 billion acquisition and would ``figure out a way'' to come up with $60 billion for the right deal, he said in a later interview.
Read more at Bloomberg Energy News
TREASURIES-Long bonds rise on view of moderating inflation
(Reuters) - NEW YORK, May 7 - U.S. Treasury bonds rose on Monday as investors took last week's soft jobs data as a sign inflation pressures were waning and bet the Federal Reserve would acknowledge this at its policy meeting this week.
The price gains in longer dated bonds, which are more sensitive to inflation expectations, pushed 30-year yields to their lowest in more than a month. Shorter maturities underperformed ahead of a $14.0 billion auction of three-year notes later on Monday.
Read more at Reuters.com Bonds News
The price gains in longer dated bonds, which are more sensitive to inflation expectations, pushed 30-year yields to their lowest in more than a month. Shorter maturities underperformed ahead of a $14.0 billion auction of three-year notes later on Monday.
Read more at Reuters.com Bonds News
AVI BioPharma, IDM Pharma, Rocky Brands, Ohio Casualty: U.S. Equity Movers
(Bloomberg) -- The following is a list of companies whose shares are having unusual price changes in U.S. exchanges today. Stock symbols are in parentheses after company names. Share prices are as of 11:40 a.m. New York time.
Alcan Inc. (AL US) rose $20.48, or 34 percent, to $81.51 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, made an unsolicited $26.9 billion cash and stock takeover offer for Alcan. Each Alcan share would be exchanged for $58.60 in cash and 0.4108 of an Alcoa share. That values Alcan at $73.25, or 20 percent more than its last closing price, Alcoa said in a statement.
Read more at Bloomberg Stocks News
Alcan Inc. (AL US) rose $20.48, or 34 percent, to $81.51 and traded as high as $82.60. Alcoa Inc., seeking to become the world's largest aluminum company, made an unsolicited $26.9 billion cash and stock takeover offer for Alcan. Each Alcan share would be exchanged for $58.60 in cash and 0.4108 of an Alcoa share. That values Alcan at $73.25, or 20 percent more than its last closing price, Alcoa said in a statement.
Read more at Bloomberg Stocks News
Investor group to vote against ABN's BoA, LaSalle deal
(Reuters) - VEB said last week it has the support of shareholders representing up to 20 percent of ABN's shares.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
UPDATE 1-U.S. mortgage bond prepayments unchanged in April
(Reuters) - NEW YORK, May 7 - Prepayments on U.S. mortgage-backed securities in April were unchanged from March as rising seasonal factors offset one less calendar day, according to Wall Street analysts.
Prepayment speeds were mostly in line with analysts' expectations and the April figures reflected the first full month of activity since the late February start of the implosion of the subprime mortgage market.
Read more at Reuters.com Bonds News
Prepayment speeds were mostly in line with analysts' expectations and the April figures reflected the first full month of activity since the late February start of the implosion of the subprime mortgage market.
Read more at Reuters.com Bonds News
Zurich Fin'l unit settles U.S. market-timing case
(Reuters) - "In order to buy, exchange and redeem shares in these mutual funds, these hedge funds employed deceptive techniques designed to avoid detection by these mutual funds. ZCM came to learn that the hedge funds were utilizing deceptive practices to market-time mutual funds, and nonetheless ZCM provided financing to them and took administrative steps that substantially assisted them," the SEC said.
Market timing of mutual funds includes frequent buying and selling of shares of the same fund, or buying or selling fund shares to exploit fund pricing inefficiencies. Market timing is not illegal but it can disrupt management of a fund's portfolio and harm other shareholders by diluting the value of their shares.
Read more at Reuters.com Government Filings News
Market timing of mutual funds includes frequent buying and selling of shares of the same fund, or buying or selling fund shares to exploit fund pricing inefficiencies. Market timing is not illegal but it can disrupt management of a fund's portfolio and harm other shareholders by diluting the value of their shares.
Read more at Reuters.com Government Filings News
German Shares Including Altana and Continental Climb; Adidas Paces Retreat
(Bloomberg) -- German stocks including Altana AG and Deutsch Boerse AG rose. Adidas AG slipped together with rival Puma AG after Puma cut its forecast.
The benchmark DAX Index added 12.26, or 0.2 percent, to 7529.02 as of 3:45 p.m. in Frankfurt. DAX futures expiring in June climbed 18, or 0.2 percent, to 7562.50. The HDAX Index of the country's 110 biggest advanced 6.95, or 0.2 percent, to 3890.53.
Read more at Bloomberg Stocks News
The benchmark DAX Index added 12.26, or 0.2 percent, to 7529.02 as of 3:45 p.m. in Frankfurt. DAX futures expiring in June climbed 18, or 0.2 percent, to 7562.50. The HDAX Index of the country's 110 biggest advanced 6.95, or 0.2 percent, to 3890.53.
Read more at Bloomberg Stocks News
ABN must decide what is put to shareholder vote-finmin
(Reuters) - "I am looking at it on a day-to-day basis. I am in daily contact with everyone who is relevant."
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
Calpine shuts California Sutter natgas unit
(Reuters) - One MW powers about 700 homes in California.
Calpine, of San Jose, California, owns and operates about 25,000 MW of generating capacity in operation and under construction and markets energy commodities in North America.
Read more at Reuters.com Bonds News
Calpine, of San Jose, California, owns and operates about 25,000 MW of generating capacity in operation and under construction and markets energy commodities in North America.
Read more at Reuters.com Bonds News
FACTBOX-Key facts about Alcan, target of Alcoa bid
(Reuters) - --Alcan is based in Montreal and has some 65,000 employees, including its joint ventures, in 59 countries and regions.
--Alcan's full-year 2006 revenue was $23.6 billion. Net income was $1.78 billion or $4.74 a share. It paid 70 cents in common share dividends during the year.
Read more at Reuters.com Business News
--Alcan's full-year 2006 revenue was $23.6 billion. Net income was $1.78 billion or $4.74 a share. It paid 70 cents in common share dividends during the year.
Read more at Reuters.com Business News
U.S. think tank details global investment in Iran
(Reuters) - The research by the conservative American Enterprise Institute think tank may be the most comprehensive attempt to publicly identify corporate and government investors whose withdrawal could potentially affect Iran's nuclear policy.
The data comes as the U.N. Security Council considers new sanctions against Iran and momentum grows in the U.S. Congress and in state legislatures for controversial initiatives encouraging divestment in companies doing business in Iran.
Read more at Reuters.com Bonds News
The data comes as the U.N. Security Council considers new sanctions against Iran and momentum grows in the U.S. Congress and in state legislatures for controversial initiatives encouraging divestment in companies doing business in Iran.
Read more at Reuters.com Bonds News
Van Houtte to be taken private in C$600 mln deal
(Reuters) - TORONTO, May 7 - Specialty coffee maker Van Houtte Inc. , including debt.
Littlejohn will acquire all the outstanding shares of Van Houtte for C$25 a share. Van Houtte shares closed at C$24.11 on the Toronto Stock Exchange on Friday.
Read more at Reuters.com Mergers News
Littlejohn will acquire all the outstanding shares of Van Houtte for C$25 a share. Van Houtte shares closed at C$24.11 on the Toronto Stock Exchange on Friday.
Read more at Reuters.com Mergers News
UPDATE 1-KMG America exploring strategic options
(Reuters) - The insurance holding company posted a loss of $9.4 million, or 42 cents in the first quarter, compared with a profit of $1.2 million, or 6 cents a share, in the year-ago period.
The latest quarter included a charge of 29 cents a share related to a valuation allowance to non-life deffered tax asset and a charge of 17 cents a share related to its stop loss business.
Read more at Reuters.com Market News
The latest quarter included a charge of 29 cents a share related to a valuation allowance to non-life deffered tax asset and a charge of 17 cents a share related to its stop loss business.
Read more at Reuters.com Market News
J&J says will meet 2007 forecast
(Reuters) - Although the company said it expects the impact from the failure of the so-called CoStar stent to be between 2 and 3 cents per share for 2007, it still sees itself meeting a prior forecast range for 2007 operating earnings per share of $4.02 to $4.07, company officials said on a conference call.
) Keywords: JNJ OUTLOOK/
Read more at Reuters.com Market News
) Keywords: JNJ OUTLOOK/
Read more at Reuters.com Market News
U.S. Stock Futures Are Little Changed; Exxon Falls on Oil, Alcoa Advances
(Bloomberg) -- U.S. stock-index futures were little changed as energy producers fell amid oil's longest stretch of declines since September, offsetting an increase in acquisition offers.
Exxon Mobil Corp. and Chevron Corp., the nation's biggest oil companies, slid after crude oil dropped for a sixth day. Alcoa Inc., the world's largest aluminum company, gained after saying it plans to buy Canadian rival Alcan Inc. for $33 billion. Armor Holdings Inc. surged after BAE Systems Plc agreed to buy the biggest maker of armor for the U.S. military's Humvee vehicles for $4.1 billion.
Read more at Bloomberg Stocks News
Exxon Mobil Corp. and Chevron Corp., the nation's biggest oil companies, slid after crude oil dropped for a sixth day. Alcoa Inc., the world's largest aluminum company, gained after saying it plans to buy Canadian rival Alcan Inc. for $33 billion. Armor Holdings Inc. surged after BAE Systems Plc agreed to buy the biggest maker of armor for the U.S. military's Humvee vehicles for $4.1 billion.
Read more at Bloomberg Stocks News
Alcoa launches $27 bln hostile bid for Alcan
(Reuters) - Alcoa, the world's largest aluminum company, said on Monday it would make a hostile bid for Canada's Alcan Inc., estimated at $27 billion, after talks between the rivals failed to lead to a deal.
If successful, the bid of $73.25 per share in cash and stock would create the world's largest producer of the metal that is used for products ranging from beverage cans to airplanes, cars and heavy machinery parts. Russian rival RUSAL is the current volume leader.
Read more at Reuters Africa
If successful, the bid of $73.25 per share in cash and stock would create the world's largest producer of the metal that is used for products ranging from beverage cans to airplanes, cars and heavy machinery parts. Russian rival RUSAL is the current volume leader.
Read more at Reuters Africa
UPDATE 2-G10 needs price stability for more growth-Trichet
(Reuters) - BASEL, Switzerland, May 7 - Strength in the euro zone, Japan and emerging markets is keeping global economic growth high, and price stability is vital for further expansion, top central bankers agreed on Monday.
Summing up talks among officials from the Group of 10 leading economies, G10 chairman Jean-Claude Trichet also warned of risks to the global economy.
Read more at Reuters.com Bonds News
Summing up talks among officials from the Group of 10 leading economies, G10 chairman Jean-Claude Trichet also warned of risks to the global economy.
Read more at Reuters.com Bonds News
Kenya Airways' prospects seen intact after crash
(Reuters) - Kenya Airways' plane crash in Cameroon over the weekend is a big blow to one of Kenya's corporate success stories, but the carrier's long-term prospects remain good, analysts said.
The airline, one of Africa's leading carriers, lost a Boeing 737-800 in Cameroon on Saturday, with 114 people from 27 nations on board and assumed dead in wreckage submerged in a swamp.
Read more at Reuters Africa
The airline, one of Africa's leading carriers, lost a Boeing 737-800 in Cameroon on Saturday, with 114 people from 27 nations on board and assumed dead in wreckage submerged in a swamp.
Read more at Reuters Africa
Alcan, Cyberonics, Darden, Motorola, Quovadx, Sony: U.S. Equity Preview
(Bloomberg) -- The following is a list of companies whose shares may have unusual price changes in U.S. exchanges today. This preview includes news that broke after exchanges closed. Stock symbols are in parentheses after company names. Share prices are as of 7:30 a.m. in New York.
Alcan Inc. (AL US) rose $11.20, or 18 percent, to $72.23 in trading before U.S. exchanges opened. Alcoa Inc., the world's largest aluminum company, plans to offer cash and stock valued at $33 billion to acquire Alcan. Alcoa, based in New York, will offer $58.60 in cash and 0.4108 of a share of Alcoa stock for each Alcan share. That values Alcan at $73.25, a 20 percent premium to the closing price on May 4, Aloca said today in a statement distributed by Canada Newswire. Alcoa Inc. (AA US) fell 66 cents to $35.
Read more at Bloomberg Stocks News
Alcan Inc. (AL US) rose $11.20, or 18 percent, to $72.23 in trading before U.S. exchanges opened. Alcoa Inc., the world's largest aluminum company, plans to offer cash and stock valued at $33 billion to acquire Alcan. Alcoa, based in New York, will offer $58.60 in cash and 0.4108 of a share of Alcoa stock for each Alcan share. That values Alcan at $73.25, a 20 percent premium to the closing price on May 4, Aloca said today in a statement distributed by Canada Newswire. Alcoa Inc. (AA US) fell 66 cents to $35.
Read more at Bloomberg Stocks News
INSTANT VIEW-Alcoa bids for Alcan
(Reuters) - Following the news, S&P 500 futures rose 0.5 point, well above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
The following are comments from analysts:
Read more at Reuters.com Business News
The following are comments from analysts:
Read more at Reuters.com Business News
Berkshire's Warren Buffett Envisions $40 Billion to $60 Billion Deal
(Bloomberg) -- Berkshire Hathaway Inc.'s Warren Buffett often laments that his company has more cash than investment opportunities. Now he's envisioning a $40 billion to $60 billion acquisition that would require him to sell stocks to free up funds.
``I would hope something would come along where I would have to sell something that I like to buy something huge I like even better,'' Buffett, Berkshire's billionaire chairman, said yesterday at a press conference in Omaha, Nebraska. He would ``love'' to find a $40 billion acquisition and would ``figure out a way'' to come up with $60 billion for the right deal, he said in a later interview.
Read more at Bloomberg Stocks News
``I would hope something would come along where I would have to sell something that I like to buy something huge I like even better,'' Buffett, Berkshire's billionaire chairman, said yesterday at a press conference in Omaha, Nebraska. He would ``love'' to find a $40 billion acquisition and would ``figure out a way'' to come up with $60 billion for the right deal, he said in a later interview.
Read more at Bloomberg Stocks News
UPDATE 1-EU to propose public funding of satellite system
(Reuters) - EU governments have given industry until May 10 to get talks to build the Galileo system back on track, but that deadline is unlikely to be met.
"I have very little hope that we will come to an agreement ," German Transport Minister Wolfgang Tiefensee told a news conference.
Read more at Reuters.com Bonds News
"I have very little hope that we will come to an agreement ," German Transport Minister Wolfgang Tiefensee told a news conference.
Read more at Reuters.com Bonds News
Argentina, Chile, Colombia, Peru, Venezuela: Latin America Bond Preview
(Bloomberg) -- The following events and economic reports may influence trading in Latin American local bonds today. Bond yields are from the previous session.
Argentina: Consumer prices rose 8.9 percent in April from a year earlier, the National Statistics Institute reported May 4. For the month, consumer prices climbed 0.7 percent in April from March, lower than the 0.8 percent median forecast in a Bloomberg survey of eight economists.
Read more at Bloomberg Bonds News
Argentina: Consumer prices rose 8.9 percent in April from a year earlier, the National Statistics Institute reported May 4. For the month, consumer prices climbed 0.7 percent in April from March, lower than the 0.8 percent median forecast in a Bloomberg survey of eight economists.
Read more at Bloomberg Bonds News
Ford Otosan's Q1 net profit down 7.34 pct
(Reuters) - The company's operating profit fell 5.2 percent to 178.87 million lira in the first quarter on sales up 13.05 percent at 1.58 billion lira, according to Otosan's financial statements, published on the Istanbul Stock Exchange's Web site.
Oyak Securities senior analyst Cemal Demirtas said the effective tax rate was 26 percent, higher than his 20 percent expectation, due to higher deferred tax expenses.
Read more at Reuters.com Market News
Oyak Securities senior analyst Cemal Demirtas said the effective tax rate was 26 percent, higher than his 20 percent expectation, due to higher deferred tax expenses.
Read more at Reuters.com Market News
UPDATE 1-Millennium bcp fails in bid for rival BPI
(Reuters) - "The orders received and validated produced no effect," said Miguel Geraldes, head of markets at Euronext Lisbon.
Millennium's bid for BPI formally expired on May 4 but the offer effectively died several weeks ago when it was rejected by BPI's board, including its three leading shareholders which together hold more than 50 percent of the shares.
Read more at Reuters.com Mergers News
Millennium's bid for BPI formally expired on May 4 but the offer effectively died several weeks ago when it was rejected by BPI's board, including its three leading shareholders which together hold more than 50 percent of the shares.
Read more at Reuters.com Mergers News
Poland's Zloty Trades Near Five-Year High on Outlook for Growth and Rates
(Bloomberg) -- The zloty traded near its highest in five years on speculation the rate of Poland's economic expansion will persuade the central bank to keep lifting interest rates.
Poland's currency climbed for a record seventh week in the five days through May 4 after the Economy Ministry last month said the economy grew at the fastest rate in two years in first quarter, and the central bank lifted interest rates to 4.25 percent.
Read more at Bloomberg Currencies News
Poland's currency climbed for a record seventh week in the five days through May 4 after the Economy Ministry last month said the economy grew at the fastest rate in two years in first quarter, and the central bank lifted interest rates to 4.25 percent.
Read more at Bloomberg Currencies News
Dollar Drops for a Second Day Against Euro on Slowing U.S. Economic Growth
(Bloomberg) -- The dollar fell for a second day against the euro before reports this week that will probably show a dip in sales at U.S. wholesalers and retailers, adding to signs the world's largest economy is slowing.
The Federal Reserve may show greater concern about a U.S. downturn at a policy meeting this week, reinforcing the case for an interest-rate cut this year. The U.S. currency was also weaker against the euro as traders bet on higher European borrowing costs in June and after Nicolas Sarkozy, who favors lowering taxes to spur growth, won the French presidential election.
Read more at Bloomberg Currencies News
The Federal Reserve may show greater concern about a U.S. downturn at a policy meeting this week, reinforcing the case for an interest-rate cut this year. The U.S. currency was also weaker against the euro as traders bet on higher European borrowing costs in June and after Nicolas Sarkozy, who favors lowering taxes to spur growth, won the French presidential election.
Read more at Bloomberg Currencies News
Super Group says in talks
(Reuters) - South African transport and logistics group Super Group on Monday said it was in talks that could have an effect on its shares.
At 0818 GMT, Super Group shares were up 6.60 percent to 62 rand, while the JSE mid-cap index traded 0.22 percent higher.
Read more at Reuters Africa
At 0818 GMT, Super Group shares were up 6.60 percent to 62 rand, while the JSE mid-cap index traded 0.22 percent higher.
Read more at Reuters Africa
Dell joins Microsoft, Novell in Linux pact
(Reuters) - Under the latest agreement, Dell will purchase Suse Linux Enterprise Server certificates, Microsoft said. Suse Linux is Novell's operating system.
Dell will also establish a services and marketing program to migrate existing Linux users who are not Dell Linux customers to Suse Linux, Microsoft said.
Read more at Reuters.com Business News
Dell will also establish a services and marketing program to migrate existing Linux users who are not Dell Linux customers to Suse Linux, Microsoft said.
Read more at Reuters.com Business News
European Stocks Rise, Led by Bouygues; Air France, Rheinmetall Advance
(Bloomberg) -- European stocks rose, extending last week's advance. Bouygues SA, the world's second-biggest construction company, and Altana AG, a German chemical maker, paced the gains.
Air France-KLM Group, Europe's biggest airline, climbed after reporting passenger traffic increased. Rheinmetall AG gained after the German car parts maker's earnings topped analysts' estimates.
Read more at Bloomberg Stocks News
Air France-KLM Group, Europe's biggest airline, climbed after reporting passenger traffic increased. Rheinmetall AG gained after the German car parts maker's earnings topped analysts' estimates.
Read more at Bloomberg Stocks News
Queen Elizabeth II Comes to Washington and Out Come White Tie and Tail
(Bloomberg) -- More than 230 years after the American Declaration of Independence, English royalty can still set the former colonies atwitter.
Queen Elizabeth II, the U.K. head of state, arrives in Washington today, part of a weeklong visit to the U.S. to commemorate the 400th anniversary of the founding of the Jamestown settlement in Virginia.
Read more at Bloomberg Exclusive News
Queen Elizabeth II, the U.K. head of state, arrives in Washington today, part of a weeklong visit to the U.S. to commemorate the 400th anniversary of the founding of the Jamestown settlement in Virginia.
Read more at Bloomberg Exclusive News
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