Newspaper wrap-up: Anheuser-Busch prepares to battle InBev
Posted Jun 26th 2008 8:00AM by Laurie Pasternack
Filed under: Newspapers, Magazines, General Electric (GE), Citigroup Inc. (C), JPMorgan Chase (JPM), Anheuser-Busch Cos (BUD), Bank of America (BAC), Lehman Br Holdings (LEH)
.gif)
MAJOR PAPERS:
- Anheuser-Busch Companies Inc (NYSE: BUD) is going to turn down InBev's unsolicited $46.35B takeover offer and that may come before week's end, the Wall Street Journal reported. InBev is then expected to pursue a hostile takeover and Anheuser will say the offer undervalues the company. Instead, Anheuser will attempt to boost its share price by selling non-core assets such as its theme parks.
- The Wall Street Journal also reported that Belgian-Dutch financial firm Fortis NL (OTC: FORSY), in a move to increase its solvency, will attempt to raise $12.54B, and will also cancel its interim dividend and sell some assets.
- According to people familiar with the situation, the Wall Street Journal reported that JP Morgan Chase & Co (NYSE: JPM) reportedly dropped out of the bidding for General Electric Company's (NYSE: GE) $30B credit-card business. The sources said Citigroup Incorporated (NYSE: C), Bank of America Corporation (NYSE: BAC) and Capital One Financial Corporation (NYSE: COF) are not expected to submit bids, as a result of charge-offs and rising delinquencies in their own credit card portfolios.
- The Financial Times reported that the London Stock Exchange, in a joint venture with Lehman Brothers Holdings Inc (NYSE: LEH), unveiled a pan-European equities trading platform to fight rivals that are hurting its market share.
Tags: anheuser-busch, BAC, Bank of America, BankOfAmerica, BUD, C, capital one financial, CapitalOneFinancial, Citigroup, COF, FORSY, Fortis, Fortis NV, FortisNv, GE, General Electric, GeneralElectric, InBev, jp morgan, jp morgan chase, JPM, JpMorgan, JpMorganChase, LEH, Lehman Brothers, LehmanBrothers, London Stock Exchange, LondonStockExchange, takeover offer, TakeoverOffer
Entrepreneur's Journal: Want to get a piece of the Buffett/Goldman honeypot?
The week in preview: No turkey earnings from Tyson, Hormel, Cracker Barrel ...
Comfort Zone Investing: Intel is saying something ... can you hear it?
