Alexa

In Brief

In Brief

Cathay Financial says not buying Chinfon
TAIPEI, Taiwan
Cathay Financial Holding Co., Taiwan's biggest financial-services company, denied an Economic Daily News report that it plans to buy Taipei-based Chinfon Bank.
Taipei-based Cathay made the denial in a filing to Taiwan's stock exchange. Lee Chang-ken, Cathay's chief strategy officer, earlier said by phone that he "hadn't heard about" plans to buy the privately owned lender.
Cathay's board meets December 31 to approve the purchase, the newspaper said. The acquisition will add 36 branches to Cathay's 161, according to the newspaper, which didn't cite anyone.
Costly breakup
GREENWICH, Connecticut
Cerberus Capital Management L.P. agreed Monday to pay United Rentals Inc. a US$100 million breakup fee for dropping its US$4 billion purchase of the equipment-rental company.
Cerberus agreed to pay the fee after a Delaware court ruled the private equity firm was allowed to scrap the takeover, which it abandoned last month.
Greenwich-based United Rentals had asked the Delaware Court of Chancery to force Cerberus to complete the takeover.
But Court Chancellor William B. Chandler III ruled against United Rentals Friday, the two companies said.
United Rentals, which rents equipment ranging from heavy machines to hand tools, has decided not to appeal the ruling, but requested that Cerberus pay the termination fee required by the merger agreement, it said Monday. Cerberus said it agreed with the fee.
VLM Airlines bought
PARIS, France
Air France-KLM said Monday it has reached an agreement to acquire European regional carrier VLM Airlines.
In a statement, Air France-KLM said the Belgium-based carrier, which operates largely out of London City Airport, would "actively cooperate" with CityJet, an Air France-KLM-owned regional carrier that also operates out of London City.
The financial details of the transaction were not disclosed.
CityJet Chief Executive Geoffrey O'Brian-White welcomed the deal. In the statement, he was quoted as saying VLM and CityJet's "networks are highly complementary and the new combined network will link London City with major European business and financial centers."
Casino buyout
LAS VEGAS, Nevada
Harrah's Entertainment Inc. has tentatively cleared the last remaining regulatory hurdle to the largest casino buyout ever.
Harrah's said Monday that the National Indian Gaming Commission has approved the company's US$17.7 billion purchase by private equity buyers Apollo Management and Texas Pacific Group, pending final commission review. That conditional approval means Harrah's can go forward with the deal, which is expected to close in early 2008.
No further regulatory approval is required.
Oil prices up
NEW YORK, New York
Oil futures drifted higher in light holiday trading Monday after predictions of a drop in crude inventories raised new supply concerns.
With little other news to motivate buying or selling, investors focused on forecasts by analysts including Addison Armstrong, director of exchange traded markets at TFS Energy Futures LLC, who predicted crude inventories fell by 1.5 million barrels last week. Tim Evans, an analyst at Citigroup Inc., predicted that crude stocks fell by 2 million to 3 million barrels.
The Energy Department's Energy Information Administration reports oil inventories on Thursday this week, a day late due to Christmas.
Light, sweet crude for February delivery rose US$0.82 to settle at US$94.13 a barrel on the New York Mercantile Exchange after falling as low as US$92.50 earlier.


Updated : 2021-03-04 05:54 GMT+08:00