Murdoch and Echostar to Create Big Satellite TV Operation
Date: 25 February 1997
By James Sterngold
James Sterngold
News Corp and Echostar Communications Corp to combine their direct broadcast satellite businesses into company that could provide major challenge to cable television industry; new company will adopt Sky brand name from News Corp's global satellite broadcast business; it will be valued initially at $2 billion; Echostar's shareholders will own 50 percent, News Corp will own 40 percent and MCI Communications, large shareholder in News Corp, will hold 10 percent; News Corp will put its American Sky Broadcasting subsidiary into new company; two companies say new Echostar Sky venture's key advantage will be its ability to beam 500 channels of high-quality digital television to homes along with local stations; new company will be able to include local service because of large number of satellites and transponders it will control, as well as new technology; Rupert Murdoch says monthly subscription rates for service would be comparable to cable (M)
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VISHAY OFFERS TO ACQUIRE GENERAL INSTRUMENT DIVISION
Date: 26 February 1997
By Bloomberg News
Bloomberg News
Vishay Intertechnology Inc. said yesterday that it had made a bid for the semiconductor division of the General Instrument Corporation, becoming the second company to seek the division. Neither General Instrument nor Vishay, an electrical component maker in Malvern, Pa., would disclose the bid price. The division has sales of about $360 million. General Instrument is also talking to Taiwan's Liton Group about selling the semiconductor division.
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ENERGY COMPANIES DECLINE TO COMMENT ON SALE REPORT
Date: 26 February 1997
By Bloomberg News
Bloomberg News
The Ultramar Diamond Shamrock Corporation and Total S.A. declined to comment yesterday on a report that they were in talks on a sale of Total's North American unit. The report in The Wall Street Journal said Ultramar, a refiner and owner of gas stations and convenience stores, was expected to pay $400 million and assume $430 million in debt to buy Total Petroleum (North America) Ltd., which is based in Denver. Ultramar, of Greenwich, Conn., said it would not comment on speculation. Total S.A. of France said it was considering merging its United States refining business with another company.
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BEC GROUP TO BUY THE EYEWEAR MAKER BOLLE FRANCE
Date: 25 February 1997
By Bloomberg News
Bloomberg News
BEC Group says it will buy Bolle France for $60 million in cash plus warrants issued to Bolle's controlling family (S)
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MERCK SETS $5 BILLION STOCK REPURCHASE
Date: 26 February 1997
By Bloomberg News
Bloomberg News
Merck & Company said yesterday that it would buy back as much as $5 billion of its stock on the open market. Merck, a leading drug maker, said it was completing a $3 billion buyback program announced in November 1995. Through Dec. 31, Merck spent $2.1 billion to buy 33 million shares under that program. The latest program was announced as Merck shares traded near their record of $99.875, reached on Feb. 13. The shares closed yesterday at $97.75, down 62.5 cents. Merck, based in Whitehouse Station, N.J., said it was also raising its quarterly dividend to 42 cents a share from 40 cents.
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TEREX PLANS TO ADD 6 SIMON ENGINEERING BUSINESSES
Date: 25 February 1997
By Bloomberg News
Bloomberg News
Terex Corp agrees to buy certain businesses of Simon Engineering PLC's Simon Access division for $90 million (S)
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REPUBLIC INDUSTRIES BUYING 2 MORE NEW-CAR DEALERSHIPS
Date: 25 February 1997
By Bloomberg News
Bloomberg News
Republic Industries says it will buy new-car dealership groups in Miami and Houston for $75 million in stock (S)
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UST'S FINANCE CHIEF AND TOBACCO PRESIDENT RESIGN
Date: 25 February 1997
By Bloomberg News
Bloomberg News
UST Inc announces resignations of its chief financial officer, John J Bucchignano, and president of its tobacco unit, Robert D Rothenberg, citing differences over UST's direction; no successors have been named (S)
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VW Says Income Doubled Last Year
Date: 26 February 1997
By Bloomberg News
Bloomberg News
Volkswagen A.G. said yesterday in a preliminary report that its net income surged to 678 million marks ($401 million) in 1996, more than double the 336 million marks posted in 1995. Sales rose to 100.1 billion marks, compared with 88.1 billion marks a year earlier.
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New Report Indicates Consumers Remain Optimistic on Economy
Date: 26 February 1997
By Bloomberg News
Bloomberg News
Americans' confidence in the economy remained extremely high this month, a report by the Conference Board showed. The research group said yesterday that its index of consumer confidence stood at 118.4 in February. Although that was slightly below January's level -- which was revised upward to 118.7 from 116.8 -- it exceeded expectations.
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