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u.k. times posts

Newspaper wrap-up 3-8-07: Nikko investor rejects Citiroup offer

MAJOR PAPERS:

The Financial Times (subscription required) reported that General Motors Corporation's (NYSE: GM) CEO Rick Wagoner expressed caution about the possibility of General Motors adding new brands or US manufacturing plants to its portfolio, remarks that are likely to quash expectations of an imminent GM bid for cross-town rival DaimlerChrysler AG (NYSE: DCX).
According to the Financial Times, Nikko Cordial's largest investor has rejected Citigroup Inc's (NYSE: C) $11B takeover bid.
Also in the Financial Times, 3M Corporation (NYSE: MMM) has filed infringement lawsuits against Sony Corporation (NYSE: SNE) and Lenovo (LNVGY), and others, including Hitachi Ltd ADR (NYSE: HIT), CDW Corporation (NASDAQ: CDWC) and Matsushita Electric Industrial Co Ltd (NYSE: MC).

OTHER PAPERS:

India's Economic Times reported that Wipro Ltd ADS (NYSE: WIT) is said to be close to acquiring an unnamed U.S. aerospace services company for about $90M.
According to the U.K. Times, Procter & Gamble Company (NYSE: PG) has said it is willing to team up with private equity firms to pursue deals.

MAJOR PAPERS:

According to the Wall Street Journal's (subscription required) "Heard on the Street" column, Clear Channel Communicationss Inc's (NYSE: CCU) CEO, Mark Mays, is starting to sound desperate, afraid that shareholders would vote against a $26B takeover of Clear Channel by two private equity firms. Many investors have written off the vote's chances of success, as it needs 2/3 approval, unless a higher bid emerges.
The Financial Times (subscription required) reported that Cisco Systems Inc (NASDAQ: CSCO) and IBM Corporation (NYSE: IBM) will today announce a partnership to develop software that combines voice, instant messaging and other communications services.
Barron's Online's (subscription required) "Weekday Trader" feels that Dell Inc (NASDAQ: DELL), Nokia Corporation (NYSE: NOK) and Activision Inc (NASDAQ: ATVI) shares haven't reflected the companies' improving prospects.

OTHER PAPERS:

The Telegraph reported that Aston Martin, which is owned by Ford Motor Company (NYSE: F), will be sold by the end of the week for an estimated GBP500M. The sale will go to a consortium of business interests from the U.S. and the Middle East, headed by Prodrive founder and owner David Richards.
According to Polymerupdate.com (subscription required), citing an industry source, Koch Industries and the Blackstone Group are planning to team up to launch a bid for General Electric Company's (NYSE: GE) GE Plastics unit.
The U.K. Times reported that BT Group plc ADR (NYSE: BT) rose yesterday on the London Stock Exchange on rumors that a private equity group was considering a leveraged buyout of the telecom company.
Investor's Business Daily's "The New America" column mentioned steel giant United States Steel Corporation (NYSE: X) positively.

MAJOR PAPERS:

The Wall Street Journal (subscription required) reported that Alltel Corporation (NYSE: AT) is stepping up efforts to sell itself. People familiar with the matter said that Alltel has made "overtures" to AT&T Inc (NYSE: T) but that AT&T is skeptical about a potential combination due to antitrust problems, technology-integration issues and Alltel's stock-market capitalization.
According to the Wall Street Journal, citing people familiar with the matter, Palm Inc (NASDAQ: PALM) has hired Morgan Stanley (NYSE: MS) to help explore strategic options, including a potential sale of the company, an investment by private equity or purchase of its own.
The Wall Street Journal reported that former Attorney General John Ashcroft has been hired by opponents of the XM Satellite Radio Holdings Inc (NASDAQ: XMSR) and Sirius Satellite Radio Inc (NASDAQ: SIRI) deal, claiming that the merger will leave only provider in the market.
The Financial Times (subscription required) reported that General Motors Corporation (NYSE: GM) has announced plans to build a low-priced vehicle, to be built and sold in emerging markets including India, China and Russia.

OTHER PAPERS:

The U.K. Times reported that HSBC Holdings plc (NYSE: HBC), Europe's largest banking group, said it was taking a $10.6B charge against bad loans, mostly in the U.S.
The U.K. Times also reported that Ford Motor Company (NYSE: F) is in exclusive talks with Prodrive, the sports racing company, over a potential GBP450M sale of Aston Martin.
The Telegraph reported that Apax is said to be the frontrunner for Claire's Stores Inc (NYSE: CLE) with a $3B offer, the deadline for final bids is said to be Wednesday.