Newspaper wrap-up 8-1-07: More bad news at Home Depot

Posted Aug 1st 2007 9:15AM by Eric Buscemi
Filed under: Newspapers, Magazines, Internet, Home Depot (HD), Morgan Stanley (MS), Dow Chemical (DOW), Bear Stearns Cos (BSC)

MAJOR PAPERS:

Bear Stearns Companies Inc (NYSE: BSC), already forced to shut two hedge funds that bet heavily on the risky subprime-mortgage market, is now facing big losses in a third fund that has roughly $900 million in mortgage investments, according to people familiar with the matter, reported the Wall Street Journal (subscription required).
Three months after announcing that it may sell itself to Morgan Stanley (NYSE: MS), Crescent Real Estate Equities Company (NYSE: CEI) is expected to move ahead with the $2.9B sale for its exit from the public market, reported the Wall Street Journal.

OTHER PAPERS:

According to people familiar with the matter, Dow Chemical Company (NYSE: DOW), the largest chemicals group in the U.S., is considering making a counter-bid for ICI, which has a GBP7.8B bid from Akzo Nobel (NASDAQ: AKZOY), reported the Telegraph.
The Telegraph reported that British Airways (OTC: BAIRY) has agreed to pay a fine of GBP121.5M to the U.K.'s Office of Fair Trading and will also pay a fine to the U.S. Department of Justice because of its involvement in an alleged price-fixing scandal.

WEBSITES:

Home Depot Inc (NYSE: HD) has fired four purchasing managers for their involvement in a purchasing scandal involving millions of dollars in kickbacks regarding the display of flooring products, reported CBS News.

Tags: akzo, akzoy, bairy, bear stearns, BearStearns, british airways, BritishAirways, bsc, cbs news, CbsNews, cei, crescent, dow, dow chemical, DowChemical, hd, home depot, HomeDepot, morgan stanley, MorganStanley, ms, newspaper, paper, periodical, telegraph, wall street journal, WallStreetJournal, wsj

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Reader Comments (Page 1 of 1)

8-01-2007 @ 4:41PM

Terry said...

If Dow Chem makes an offer, I'm betting that ICI will accept. A few of their directors are connected as well as 2 past CEOs. I'd keep an eye out on this deal. (Here's the link to NewsVisual's article that talks about these connections: http://www.newsvisual.com/newsvisual/2007/08/dow-and-ici.html)