(Reuters) - "The options market is saying the stock is worth more and the takeover bid should be closer to $69 or $70 a share," said Paul Foster, an options analyst at theflyonthewall.com, who noted recent options activity reflected expectations of a bid.
The offer, which also calls for the private equity firm to assume $830 million in debt, is only a 5.7 percent premium to where Bausch & Lomb shares closed on Tuesday. But its shares have been on a sharp ascent for several weeks -- up about 25 percent since mid-March before today's rally -- due to rumors that it would be a target of a leveraged buyout.
Read more at Reuters.com Business News
Wednesday, May 16, 2007
News Corp. buys two Latvian TV networks
(Reuters) - The U.S.-based conlgomerate controlled by Rupert Murdoch said it had acquired 100 percent of free-to-air broadcaster LNT and 70 percent of national network TV5 earlier in the month.
Financial terms of the deal were not disclosed.
Read more at Reuters.com Mergers News
Financial terms of the deal were not disclosed.
Read more at Reuters.com Mergers News
Hayes Lemmerz prices larger than expected bond-lead
(Reuters) - The deal was priced at par with a coupon of 8.25 percent, at the low end of guidance of 8.25 to 8.5 percent, the bank said. Both the increase in size and the final yield are signs of good demand.
Deutsche Bank, Citigroup and UBS are managing the sale.
Read more at Reuters.com Bonds News
Deutsche Bank, Citigroup and UBS are managing the sale.
Read more at Reuters.com Bonds News
Colombia Benchmark Bond Strengthens on Expectations Peso to Extend Rally
(Bloomberg) -- Colombia's benchmark peso bond gained on expectations strength in the peso will make assets denominated in the local currency more attractive.
The currency has appreciated 12.7 percent against the dollar this year, the second-most among 70 currencies tracked by Bloomberg, trailing only the Icelandic krona.
Read more at Bloomberg Bonds News
The currency has appreciated 12.7 percent against the dollar this year, the second-most among 70 currencies tracked by Bloomberg, trailing only the Icelandic krona.
Read more at Bloomberg Bonds News
Commodity Hedge Fund Assets May Reach $35 Billion by Year-End, Cole Says
(Bloomberg) -- Investments in commodity hedge funds may rise to about $35 billion by year-end as more traders set up funds to take advantage of swings in prices for energy, metals and agriculture, according to Cole Asset Management.
About $30 billion is currently invested in the funds, which mainly trade commodity derivatives and shares of energy, mining and agricultural companies, said Brad Cole, founder of Chicago- based Cole Asset Management, which invests in such funds.
Read more at Bloomberg Energy News
About $30 billion is currently invested in the funds, which mainly trade commodity derivatives and shares of energy, mining and agricultural companies, said Brad Cole, founder of Chicago- based Cole Asset Management, which invests in such funds.
Read more at Bloomberg Energy News
Oil Declines After U.S. Gasoline Inventories Climb, Nigerian Protest Ends
(Bloomberg) -- Crude oil fell after the Energy Department reported that U.S. oil and fuel supplies rose and protesters in Nigeria left an oil facility run by Royal Dutch Shell Plc.
Crude-oil inventories rose 1.06 million barrels to 342.2 million last week, the highest since June, the report showed. Supplies along the Gulf Coast surged 2.38 million barrels, according to the report. Gasoline and heating oil stockpiles also rose. The protesters will let Shell open the Nigerian facility and restore output of 170,000 barrels a day, Reuters reported.
Read more at Bloomberg Commodities News
Crude-oil inventories rose 1.06 million barrels to 342.2 million last week, the highest since June, the report showed. Supplies along the Gulf Coast surged 2.38 million barrels, according to the report. Gasoline and heating oil stockpiles also rose. The protesters will let Shell open the Nigerian facility and restore output of 170,000 barrels a day, Reuters reported.
Read more at Bloomberg Commodities News
U.S. union asks SEC intervention on Blackstone IPO
(Reuters) - The labor federation told the SEC in a letter that it believed Blackstone "deliberately structured its public offering ... to hide the fact that the Blackstone Group LP is actually an offering of interests in pools of investment securities."
AFL-CIO Secretary-Treasurer Richard Trumka said in a statement: "That's unacceptable, and the SEC should step in and enforce the law."
Read more at Reuters.com Business News
AFL-CIO Secretary-Treasurer Richard Trumka said in a statement: "That's unacceptable, and the SEC should step in and enforce the law."
Read more at Reuters.com Business News
Dollar rebounds; rises to 3-month high vs yen
(Reuters) - The dollar hit a three-month high against the yen on Wednesday before Japanese data expected to support the view that Japan's central bank will keep its interest rates among the lowest in the industrialized world.
The dollar advanced broadly, a day after hitting a one-week low against the euro, supported by reports showing higher-than-expected growth in U.S. housing starts and industrial output.
Read more at Reuters Africa
The dollar advanced broadly, a day after hitting a one-week low against the euro, supported by reports showing higher-than-expected growth in U.S. housing starts and industrial output.
Read more at Reuters Africa
Gaming Partners shares fall nearly 30 percent
(Reuters) - Scherago said the company maintained its labor force during the fourth quarter for full production as it expected large orders. These orders were unexpectedly delayed, he added.
The company said it had found certain material weaknesses in it financial reporting, which delayed the filing of its yearly report. It is also won't be able to file its quarterly report ended March 31 and plans to file an extension.
Read more at Reuters.com Hot Stocks News
The company said it had found certain material weaknesses in it financial reporting, which delayed the filing of its yearly report. It is also won't be able to file its quarterly report ended March 31 and plans to file an extension.
Read more at Reuters.com Hot Stocks News
Canadian Stocks Advance For Second Day; Telephone Companies, Rogers Climb
(Bloomberg) -- Canadian stocks rose for a second day, led by phone companies including Rogers Communications Inc.
The Standard & Poor's/TSX Composite Index added 21.99, or 0.2 percent, to 13,956.63 as of 9:53 a.m. in Toronto.
Read more at Bloomberg Stocks News
The Standard & Poor's/TSX Composite Index added 21.99, or 0.2 percent, to 13,956.63 as of 9:53 a.m. in Toronto.
Read more at Bloomberg Stocks News
UPDATE 1-Progressive Corp. posts lower April earnings
(Reuters) - April earnings fell to $136.7 million, or 19 cents a share, from $159.6 million, or 20 cents a share, last year.
The Mayfield Village, Ohio-based car and home insurer's combined ratio, which reflects how much it made on the premiums it earned before losses and expenses, was 88.8 in the latest quarter, up from 85.9 a year ago. A lower combined ratio is better for an insurer.
Read more at Reuters.com Market News
The Mayfield Village, Ohio-based car and home insurer's combined ratio, which reflects how much it made on the premiums it earned before losses and expenses, was 88.8 in the latest quarter, up from 85.9 a year ago. A lower combined ratio is better for an insurer.
Read more at Reuters.com Market News
Platinum Falls in New York After Dollar Gains on Housing; Palladium Rises
(Bloomberg) -- Platinum fell in New York as the dollar strengthened, damping the appeal of precious metals as an alternative investment. Palladium rose.
The dollar gained against the euro and yen today after a government report showed housing starts in the U.S. unexpectedly rose last month. Platinum has gained 17 percent this year, partly on speculation that investor interest will increase. Before today, the U.S. currency had fallen about 3 percent this year versus the euro.
Read more at Bloomberg Commodities News
The dollar gained against the euro and yen today after a government report showed housing starts in the U.S. unexpectedly rose last month. Platinum has gained 17 percent this year, partly on speculation that investor interest will increase. Before today, the U.S. currency had fallen about 3 percent this year versus the euro.
Read more at Bloomberg Commodities News
TREASURIES-Bonds little changed after mixed housing data
(Reuters) - NEW YORK, May 16 - U.S. Treasury debt prices were little changed on Wednesday after data offered a mixed picture on whether the U.S. housing market was beginning to stabilize from a recent slowdown.
U.S. home construction advanced by 2.5 percent in April at a rate above analysts' expectations, but building permits, which signal future construction plans, fell to their lowest pace in nearly a decade. For details see [ID:nN14310138].
Read more at Reuters.com Bonds News
U.S. home construction advanced by 2.5 percent in April at a rate above analysts' expectations, but building permits, which signal future construction plans, fell to their lowest pace in nearly a decade. For details see [ID:nN14310138].
Read more at Reuters.com Bonds News
UPDATE 1-RealNetworks buys Sony NetServices for $9 mln
(Reuters) - Real said the addition of Sony NetServices' technology to its earlier acquisition of South Korea-based mobile music services provider WiderThan Co. Ltd. will give it a strong presence in the mobile entertainment market.
Sony NetServices offers consumers the ability to download full songs or stream music to their 3G mobile handset as well as their PCs.
Read more at Reuters.com Mergers News
Sony NetServices offers consumers the ability to download full songs or stream music to their 3G mobile handset as well as their PCs.
Read more at Reuters.com Mergers News
Dollar Little Changed Versus Euro After Housing Starts Accelerate in April
(Bloomberg) -- The dollar was little changed against the euro after a government report showed housing starts in the U.S. unexpectedly rose last month.
Builders broke ground on new homes at an annual rate of 1.528 million in April, up from a revised 1.491 million during March. That compared with the median forecast of 1.48 million in a Bloomberg News survey of 80 economists.
Read more at Bloomberg Currencies News
Builders broke ground on new homes at an annual rate of 1.528 million in April, up from a revised 1.491 million during March. That compared with the median forecast of 1.48 million in a Bloomberg News survey of 80 economists.
Read more at Bloomberg Currencies News
Harleysville National to acquire East Penn Financial
(Reuters) - The deal is expected to add to Harleysville National's earnings per share in the first full calendar year following the completion of the acquisition.
Read more at Reuters.com Mergers News
Read more at Reuters.com Mergers News
U.S. Stock-Index Futures Rise; Shares of Deere, Citigroup, Microsoft Gain
(Bloomberg) -- U.S. stock-index futures advanced after Deere & Co. reported profit that beat analysts' estimates and billionaire investor Edward Lampert said he bought an $800 million stake in Citigroup Inc.
Shares of Microsoft Corp. gained after George Soros boosted his holdings in the world's largest software maker.
Read more at Bloomberg Stocks News
Shares of Microsoft Corp. gained after George Soros boosted his holdings in the world's largest software maker.
Read more at Bloomberg Stocks News
U.S. Trader Gerald Metals, Saudi Western Way Sign Aluminum Plant Agreement
(Bloomberg) -- Gerald Metals Inc., a U.S. company that trades products from aluminum to zinc, signed three agreements including a bauxite supply deal with Saudi Arabia's Western Way for Industrial Development Co.
Gerald will provide bauxite for Western Way's aluminum plant in the Jazan Economic City in southwestern Saudi Arabia, the Jeddah-based company said in a statement posted today on the Web site of financial Web site Zawya.com. The company didn't specify the amount that Gerald will supply.
Read more at Bloomberg Commodities News
Gerald will provide bauxite for Western Way's aluminum plant in the Jazan Economic City in southwestern Saudi Arabia, the Jeddah-based company said in a statement posted today on the Web site of financial Web site Zawya.com. The company didn't specify the amount that Gerald will supply.
Read more at Bloomberg Commodities News
European Stocks Decline, Led by Nestle, SAP, EasyJet; Vivendi Shares Gain
(Bloomberg) -- European stocks declined, led by Nestle SA and other companies dependent on the U.S. for sales, on concern the world's biggest economy is slowing.
Credit Agricole SA had the biggest drop in seven months after earnings at France's second-biggest bank missed analysts' estimates. Air France-KLM Group and EasyJet Plc paced a drop in airlines as analysts cut recommendations on the shares.
Read more at Bloomberg Stocks News
Credit Agricole SA had the biggest drop in seven months after earnings at France's second-biggest bank missed analysts' estimates. Air France-KLM Group and EasyJet Plc paced a drop in airlines as analysts cut recommendations on the shares.
Read more at Bloomberg Stocks News
Dutch court plans early July ruling on ABN -sources
(Reuters) - ABN filed its documents on Wednesday after Bank of America officially filed its appeal on Tuesday.
The Supreme Court has indicated a timetable that will give involved parties about two weeks to file documents, the sources said. The advocate general will then provide advice over about two weeks, and then the court will take two to three weeks to reach a decision. That would take a decision to early July.
Read more at Reuters.com Mergers News
The Supreme Court has indicated a timetable that will give involved parties about two weeks to file documents, the sources said. The advocate general will then provide advice over about two weeks, and then the court will take two to three weeks to reach a decision. That would take a decision to early July.
Read more at Reuters.com Mergers News
UPDATE 1-Yara forms industrial gases venture with Praxair
(Reuters) - The agreement will result in one-time net income for Yara of more than 700 million Norwegian crowns , which is expected to be booked in the third quarter, Yara International ASA and Praxair said in a statement.
Yara, one of the world's biggest fertiliser producers, said it would put its industrial gases in Norway, Denmark and Sweden into the 50/50 venture.
Read more at Reuters.com Mergers News
Yara, one of the world's biggest fertiliser producers, said it would put its industrial gases in Norway, Denmark and Sweden into the 50/50 venture.
Read more at Reuters.com Mergers News
S.Africa coal may return to Pacific market - JPower
(Reuters) - Atlantic-origin coal, including South African material, could be sold into the Pacific market this year, an executive from Japanese utility JPower told an industry gathering.
The high cost of vessel queues in Australia makes it more competitive and local supply is tight, Deputy Director JPower Energy Business Department Atsushi Yoshida said on Wednesday.
Read more at Reuters Africa
The high cost of vessel queues in Australia makes it more competitive and local supply is tight, Deputy Director JPower Energy Business Department Atsushi Yoshida said on Wednesday.
Read more at Reuters Africa
FTSE down before BoE report, Land Securities slips
(Reuters) - Britain's leading share index fell early on Wednesday as investors traded cautiously ahead of a key inflation report from the Bank of England and as Land Securities shares slid after releasing results.
By 0726 GMT the FTSE 100 was down 26 points, or 0.4 percent, at 6,542.6, tracking soft performances from two of the three major U.S. indexes overnight.
Read more at Reuters Africa
By 0726 GMT the FTSE 100 was down 26 points, or 0.4 percent, at 6,542.6, tracking soft performances from two of the three major U.S. indexes overnight.
Read more at Reuters Africa
European Stocks Decline, Led by Roche, SAP, EasyJet; Vivendi Shares Gain
(Bloomberg) -- European stocks declined on speculation demand will slow from the U.S., the region's biggest trading partner.
Roche Holding AG and SAP AG led a drop by companies most dependent on the U.S. for sales. EasyJet Plc slumped after Goldman, Sachs & Co. recommended selling shares of the region's second-largest low cost airline. Vivendi SA limited losses after reporting an increase in first-quarter profit.
Read more at Bloomberg Stocks News
Roche Holding AG and SAP AG led a drop by companies most dependent on the U.S. for sales. EasyJet Plc slumped after Goldman, Sachs & Co. recommended selling shares of the region's second-largest low cost airline. Vivendi SA limited losses after reporting an increase in first-quarter profit.
Read more at Bloomberg Stocks News
Rand steady, eyes US data
(Reuters) - South Africa's rand was steady on Wednesday after largely ignoring warnings from the Reserve Bank about continuing inflation pressures, and traders expected the currency to track major markets developments.
The rand was at 6.9125 versus the dollar at 0630 GMT, near its New York close of 6.9195 on Tuesday.
Read more at Reuters Africa
The rand was at 6.9125 versus the dollar at 0630 GMT, near its New York close of 6.9195 on Tuesday.
Read more at Reuters Africa
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