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Sabre, Biomet, Corus: Merger Talks
Dec 11, 4:17 PM EST |
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| The Sabre Group is reported to be taken private at more than $4B. Peru, Venezuela and China lead stock market gains for the year. |
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| Merger talks, airline industry consolidation rumors and rising home builder stocks drove market averages higher at close. The Sabre Group is reported to be in talks with private equity groups to sell the company for more than $4 billion. Biomet is likely takeover target from UK based comany. Tata and CSN are in bidding war for Corus. United Airlines parent UAL Corp is rumored to announce merger plan at analyst meeting. Global SantaFe and JP morgan rose on analyst comments. |
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Mining, Auto Stocks Lead Europe Higher
Dec 11, 1:30 PM EST |
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| Corus shares climbed 5.5% in London after Brazil's CSN made a bid for the miner. |
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| European stocks posted gains Monday, boosted by takeover bids for Corus Group and Egg, the Internet banking division of insurer Prudential. Steelmakers advanced, with shares of Germany''s ThyssenKrupp up 1.5% and Spain''s Acerinox, up 2.5%. The French CAC 40 climbed 0.8%, followed by the German DAX 30, up 0.78%, and London FTSE 100, up 0.1%. |
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Nuvelo Tumbles 82%
Dec 11, 11:52 AM EST |
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| Biomet rose 4.1% on a report that Smith & Nephew PLC might bid $11 billion to acquire the medical device maker. |
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| Stock markets were lackluster Monday, as several takeover deals generated positive mood, but cautiousness ahead of interest-rate decision Tuesday and weaker oil limited the gains. The biggest drag on the Nasdaq was drugmaker Nuvelo which tumbled nearly 82% after the company and German drugmaker Bayer said a Phase 3 clinical trial of a blood clot dissolver failed to meet its main goal. |
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Sensex in India Down 3%
Dec 11, 10:46 AM EST |
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| The Sensex in India dipped today as RBI raised its rates in cash reserve ratio and heavy foreign funds sales weighed on market. |
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| In a surprising move in after-hours trade Friday, RBI raised by 0.5% in cash reserve ratio in order to get a tighter grip on uncontrolled credit growth, leading to inflationary pressures. The hike had a negative impact on the benchmark index and on the banking sector. Furthermore, foreign funds continued today for a second session in a row to be net sellers, contributing to the fall in Sensex. ICICI Bank and State Bank of India led the decliners, Satyam and SpiceJet were among the main gainers. |
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Sabre Gains 6% on Deal Talk
Dec 11, 10:18 AM EST |
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| Biomet rose 4.1% on a report that Smith & Nephew might bid $11 billion to acquire the medical device maker. |
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| U.S. stock markets opened little changed Monday, with investors cautious ahead of Tuesday’s Fed Reserve’s decision on interest rates. Market also digested a number of merger deals in the metals sector which provided a boost in pre-open. Metals stocks gained after hedge fund SAC Capital Advisors made a bid for miner Phelps Dodge, ready to oppose the company''s planned takeover by Freeport-McMoRan Copper & Gold Inc. Sabre advanced 6% amid takeover speculation. |
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Mergers Push Futures Up
Dec 11, 9:31 AM EST |
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| Crude oil futures fell 32 cents to $61.71 a barrel. The dollar strengthened vs. the yen and the euro. February gold fell 50 cents to $630.50 an ounce. |
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| U.S. stock market futures rose, boosted by a series of merger deals and deal speculation. Citigroup reportedly launched a bid for Prudential plc''s Egg Internet banking arm, but Prudential said it''s not interested in selling the division. Smith & Nephew is expected to bid $12 billion for U.S. rival Biomet by the Tuesday auction deadline. Biomet shares rose 4.8% Travel-booking company Sabre Holdings rose 11% in pre-market trading on deal speculation. |
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CSN Outbids Tata, Offers $11.4 B for Corus
Dec 11, 8:11 AM EST |
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| Brazil's Cia. Siderurgica Nacionale agreed on Monday to acquire Anglo-Dutch steelmaker Corus Group for $11.4 billion in cash and assumed debt. |
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| The bid topped an offer that Corus had very recently agreed with Indian rival Tata Group. The offer came only hours after Corus had agreed on new terms with India''s Tata Steel on a 500-pence-a-share bid, which was 10% above Tata''s initial offer. |
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Japan Inspires Asian Rebound
Dec 11, 7:34 AM EST |
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| Asian stock markets advanced on Monday lifted by a rally in Japan supported by a weaker yen. |
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| Stronger exporter stocks powered a rally in Asian stocks on Monday as Japanese markets gained on a falling yen that gave a boost to export-oriented companies such as Toyota and Nissan. It was an across-the-region rally, as only Taiwan markets bucked the trend and declined among the major markets. In Hong Kong, large-caps Hutchison Whampoa and China Mobile led the gainers while South Korean stock markets ended flat despite the upbeat banking sector. |
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Europe Gains on Steel
Dec 11, 6:45 AM EST |
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| European markets advanced on Monday as bid speculation boosted stocks weighed down earlier by weak oil. |
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| European stocks were higher on Monday as gains, powered by takeover speculation, countered dropping oil producers as crude prices sank. On Monday, Continental was among the top advancers after General Capital Group, which tried to buy the German tyremaker earlier in the year, announced it would not rule out another takeover attempt. By mid morning, London FTSE 100 climbed 0.4%, Frankfurt Xetra Dax gained 0.5%, and the CAC 40 was 0.7% higher. |
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Gold Down on Dollar Firmness
Dec 11, 5:04 AM EST |
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| Gold and silver prices declined on Friday on stronger dollar and brighter prospects for the US economy. |
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| Gold and silver futures fell on Friday, tracking the ups and downs of the movements of the dollar. The recovery of the dollar on Friday was due to a Labor Department favorable report on payrolls. The strength in the US economy raises the hopes tha The Federal Reserve will at least keep the interest rates stable, which in turn will keep the dollar solid, lowering the prices of the precious metal, typically viewed as a hedge against a weaker US currency. |
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