1st of September 1994 News
Zprávy, jak se objevily na titulní stránce New York Times dne 1. září 1994
COMPANY NEWS;
Date: 01 September 1994
By Bloomberg News
Bloomberg News
The Boston Scientific Corporation, based in Watertown, Mass., said yesterday that it would buy Cardiovascular Imaging Systems Inc., a maker of catheters used to diagnose cardiovascular disease, for $10.50 a share, or about $100 million. The price represents a 53 percent premium over Cardiovascular's closing stock price yesterday of $6.875. The shares, which were unchanged yesterday, have not traded higher than $9 in the last year. Cardiovascular, based in Sunnyvale, Calif., had sales of $8.1 million in 1993. Boston Scientific, a maker of medical devices, had sales last year of $380.1 million. The acquisition, which is subject to approval by Cardiovascular's holders, "will permit the acceleration of research and development of ultrasound imaging technology," Boston Scientific said in a statement.
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STERLING CUTS ITS OFFER FOR KNOWLEDGEWARE
Date: 02 September 1994
By Bloomberg News
Bloomberg News
Sterling Software Inc. cut the price it will pay for Knowledgeware Inc. by more than 50 percent yesterday, after the struggling software company reported much-larger-than-expected losses. Sterling, which agreed four weeks ago to pay $143 million in stock for Knowledgeware, said it had reduced its stock-swap offer to about $72 million, or $4.88 a share, based on Sterling's recent stock price. Knowledgeware, based in Atlanta, is headed by the former professional football player Fran Tarkenton. The company's shares fell 20.3 cents, to $4.297, in Nasdaq trading of 1.2 million shares. Sterling, based in Dallas, also agreed to invest $7 million in Knowledgeware, which has run out of cash. The merger, which is expected to be completed by mid-November, would create the nation's 11th-largest software company.
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LILLY REALIGNS U.S. PHARMACEUTICAL DIVISION
Date: 01 September 1994
By Bloomberg News
Bloomberg News
Eli Lilly & Company said yesterday that it had reorganized its United States pharmaceutical division, forming a disease management unit and decentralizing sales and marketing functions. Integrated Disease Management Inc. will offer disease management systems in the areas of diabetes, depression and ulcer and respiratory diseases. On Nov. 1, United States sales and marketing will be divided into eight geographic areas.
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Castle Cutting German Ties
Date: 01 September 1994
By Bloomberg News
Bloomberg News
The Castle Energy Corporation will sever ties with its German parent, Metallgesellschaft A.G., early next year under a plan that erases contracts guaranteeing Castle high profits on all of the oil it sells. For its part, Metallgesellschaft will return its 43 percent stake in Castle, an American refiner, and cancel about $375 million in Castle debt.
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METROPOLITAN LIFE AND TRAVELERS TO MERGE HEALTH UNITS
Date: 02 September 1994
By Bloomberg News
Bloomberg News
The Metropolitan Life Insurance Company and Travelers Inc. have signed an agreement to merge their health insurance operations into a new company focused on managed care, the companies said yesterday. As part of a plan to finance the new venture, Met Life will acquire Travelers' group life and related insurance businesses for $350 million. The merger, announced on June 14, will create one of the largest commercial health insurance carriers, with 13 million enrollees and managed care plans in 42 states.
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NALCO AND EXXON UNIT TO FORM CHEMICAL VENTURE
Date: 02 September 1994
By Bloomberg News
Bloomberg News
The Nalco Chemical Company and the Exxon Chemical Company plan to form a joint venture to sell specialty chemicals to the petroleum industry. Nalco said yesterday that it would take a charge of $54 million, or 70 cents a share, against 1994 earnings for expenses related to the formation of the venture and the company's own restructuring efforts. Nalco, a maker of water treatment chemicals based in Naperville, Ill., earned $2.03 a share last year. Nalco said about 900 employees would be transferred to the venture and about 400 employees would be laid off as the company consolidates operations.
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BRADLEES SAYS CHIEF EXECUTIVE WILL RESIGN
Date: 01 September 1994
By Bloomberg News
Bloomberg News
Bradlees Inc., based in Braintree, Mass., said yesterday that Barry A. Berman would resign as its chairman and chief executive as soon as the company finds a replacement with more merchandising experience. Mr. Berman, who has experience in the supermarket industry, will remain with the company after a new chief executive arrives. Berman's replacement will decide his new position, a company spokeswoman said. On Tuesday, Herbert P. Douglas, Bradlees' executive vice president of merchandising, said he would leave to become president and chief executive of the Jamesway Corporation. Bradlees, which operates 127 discount department stores, also said it expected to report on Sept. 13 a "modest profit" for the second quarter, in line with analysts' estimates. It had a loss of 44 cents a share, including a 19-cent-a-share charge, in the period a year earlier.
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BANKAMERICA COMPLETES PURCHASE OF CONTINENTAL BANK
Date: 02 September 1994
By Bloomberg News
Bloomberg News
The BankAmerica Corporation said yesterday that it had completed its acquisition of the Continental Bank Corporation of Chicago in a stock swap valued at $2.07 billion. The deal increases BankAmerica's assets to $219.1 billion, making it one of the nation's largest corporate lenders. Each share of Continental common stock was exchanged for 0.7993 share of BankAmerica common stock, or $38.297. BankAmerica's shares fell 50 cents yesterday, to $48.875, on the New York Stock Exchange. The acquisition was announced on Jan. 28.
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HEXCEL SHARES JUMP ON DEAL WITH NORTHROP GRUMMAN
Date: 01 September 1994
By Bloomberg News
Bloomberg News
The Hexcel Corporation said yesterday that it would sell its B-2 Stealth bomber materials business to the Northrop Grumman Corporation, maker of the B-2. Hexcel, based in Pleasanton, Calif., would sell its EMT Technology unit, which makes electromagnetically tailored materials intended to be difficult to detect on radar, for $30 million in cash. EMT is based in Chandler, Ariz. Hexcel shares jumped $1, to $4.625, on the New York Stock Exchange.
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INITIAL PUBLIC OFFERING PLANNED FOR OFFICEMAX SHARES
Date: 01 September 1994
By Bloomberg News
Bloomberg News
The Kmart Corporation, following through on a pledge to shed its specialty chains and focus on its core discount business, plans to sell 42.5 percent of the Officemax unit in a stock offering that could bring nearly $450 million. Kmart filed for the initial public offering with the Securities and Exchange Commission yesterday. Kmart said it expected a "maximum offering price" of $19 a share for the 23.4 million shares in the public offering. Officemax, an office-products chain of 337 stores, is the first of three units for which Kmart has promised to sell majority stakes. The Kmart board voted on Aug. 16 to sell the chains after pressure from shareholders. Next in line for a public offering is the Sports Authority, which sells sporting goods. A Kmart spokesman, Ronald Pauli, said that filing could come within weeks.
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FLEET BUYS LOAN-SERVICING PORTFOLIO FROM COUNTRYWIDE
Date: 02 September 1994
By Bloomberg News
Bloomberg News
Fleet Mortgage Group Inc. said yesterday that it had bought the right to service $5.9 billion in mortgages from the Countrywide Funding Corporation, a unit of Countrywide Credit Industries, for an undisclosed price. Fleet Mortgage, a unit of Fleet Financial Group Inc. based in Columbia, S.C., said the purchase brought the total amount of mortgages for which Fleet handles the paperwork to $79.3 billion. In servicing loans, the company collects fees for billing and other services. Countrywide Funding said it decided to sell the package of 55,000 fixed-rate loans because demand had driven up the value of loan servicing.
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