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Newspaper wrap-up 3-26-07: Massive job cut expected at Citigroup

MAJOR PAPERS:

The Wall Street Journal (subscription required) reported that E.On AG (NYSE: EON), the German utility, today raised its takeover offer for Spain's Endesa (ELE) to EUR40 a share, valuing the utility at about EUR42.36B.
Also in the Wall Street Journal, Citigroup Inc (NYSE: C) is expected to cut 15,000 jobs under its restructuring plan.
According to the Financial Times (subscription required), Semiconductor Manufacturing International Corporation (NYSE: SMI) is seeking a strategic investor and has named Morgan Stanley (NYSE: MS) and Deutsche Bank AG (NYSE: DB) to assist in the process.
The Financial Times also reported that Saudi Basic is preparing a bid for General Electrics Company (NYSE: GE) GE Plastics division, that could be worth up to $12B.

OTHER PAPERS:

Blackberry maker Research in Motion (NASDAQ: RIMM) is getting a line of mobile games from Gameloft, a leading cell phone games maker, reported the New York Times.
The Los Angeles Times reported that Tribune Company (NYSE: TRB) is said to be favoring Sam Zell's $33 per share offer for the company, according to a person familiar with the talks.
The Sunday Telegraph reported that Microsoft Corporation (NASDAQ: MSFT) is preparing to launch a range of audio and video phones.

WEBSITES:

According to AppleInsider.com, Jeff Hansen, Apple Inc's (NASDAQ: AAPL) Senior Director of Channel Sales and Distribution, told colleagues in a company e-mail that he plans to retire from his post effective March 31st.
According to ChinaTechNews.com, China Unicom Limited (NYSE: CHU) will reportedly sell is CDMA business for RMB70 billion to China Telecom Corporation Limited (NYSE: CHA), but China Telecom reportedly wants the price cut by RM35 billion.