LONDON (Reuters) – British budget hotel chain Travelodge on Sunday announced 5 million pounds ($8 million) worth of price cuts for the rest of 2008 designed to lure its budget and mid-market competitors into a price war. The chain, owned by Dubai International Capital, said it had cut rates in 15 of Britain’s biggest cities […]
NEW YORK (Reuters) – AT&T Inc (T.N) plans to buy rural phone company Centennial Communications Corp (CYCL.O) for $944 million in cash to expand its wireless network in Puerto Rico and other regions of the United States. The deal, which the two companies announced on Friday, comes amid a wave of mergers in the rural […]
NEW YORK (Reuters) – Huntsman Corp and Hexion Specialty Chemicals have begun talks to reduce the price of their $6.5 billion merger, The New York Times’ DealBook reported on Friday, citing people briefed on the matter. Huntsman (HUN.N: Quote, Profile, Research, Stock Buzz) and Hexion, which is owned by private equity firm Apollo Management LP […]
NEW YORK/DETROIT (Reuters) – South Korea’s Hyundai Motor Co (005380.KS: Quote, Profile, Research, Stock Buzz) has had talks with Chrysler LLC owner Cerberus Capital Management about a potential acquisition of the U.S. automaker’s Jeep brand and possibly other assets, people with knowledge of the talks said on Friday. The emergence of Korea’s largest automaker as […]
  Energy Future Holdings Corp. (f.k.a. TXU) has completed its sale of a 19.75% stake in Oncor Electric Delivery Co., operator of the largest electricity distribution and transmission system in Texas, to a private equity consortium co-led by Borealis Infrastructure Management and GIC Special Investments. The deal was valued at approximately $1.25 billion. Energy Future Holdings Co. had been acquired […]
DW Healthcare Partners has acquired and merged Pacific Data Designs LLC and ClinPro Inc., in order to form a single contract research organization for the life sciences market. No financial terms were disclosed. Updata Advisors advised ClinPro on the deal.
DETROIT (Reuters) – Chrysler LLC is rapidly burning through cash and being driven to prepare for a possible break-up if it can’t clinch a merger with General Motors Corp (GM.N) or get government funding needed to ride out the economic crisis, people with knowledge of the situation said. Without new funding or a wrenching restructuring, […]
NEW YORK (Reuters) – Car and equipment rental firm Hertz Global Holdings Inc (HTZ.N) said on Wednesday that reduced demand means it won’t meet its latest forecast, and suspended estimating earnings until the economy improves. Hertz said third-quarter net income fell to $17.7 million, or 5 cents per share on a diluted basis, from $162.7 […]
EMI Music, the recorded music division of EMI, has returned to health posting earnings before interest, tax, depreciation and amortisation of £59m in the six months to September 30 compared with a £14m loss last year. UK private equity firm Terra Firma acquired struggling music group EMI in a £2.4bn public-to-private transaction in August 2007. […]
LONDON (Reuters) – British cable operator Virgin Media is considering selling its content division, the Financial Times said on Friday. The newspaper, citing people close to the situation, said conversations about selling the unit were at an early stage and no buyer has been found. Talks have been held at board level and with at […]
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