merger

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Congress, BofA Clash Over Merrill Secrets

Bank insists merger talk protected, Towns issues spill deadline

(Newser) - Bank of America claims it doesn't have to produce details about its decision to merge with Merrill Lynch because the conversations are protected by attorney-client privilege. But the chairman of the House Oversight and Government Reform Committee begs to differ, reports the New York Times. The showdown peaked last week...

Merrill's Thain Rues Picking Pricey Office Decor Over Ikea

Former Merrill Lynch CEO denies accelerating bonuses

(Newser) - Merrill Lynch's former CEO issued an apology of sorts for spending $1.2 million—including $35,000 for a commode—to redecorate his office as the firm bottomed out, Bloomberg reports. “We decorated it in the style that Merrill Lynch offices were, which was very, very nice,” John...

Cuomo Hits 5 BofA Directors With Subpoenas

Bank's board may have hid Merrill losses from shareholders

(Newser) - Andrew Cuomo subpoenaed five members of Bank of America’s board of directors today in his probe to uncover whether the bank was truthful to shareholders about losses at Merrill Lynch, the Wall Street Journal reports. The New York Attorney General suspects that the board was fully informed of the...

Feds Put 'Gun to Head' of BofA's Lewis on Merger

(Newser) - Ben Bernanke and Henry Paulson may have leaned on Bank of America CEO Ken Lewis too heavily last year when he tried to back out of a deal to acquire Merrill Lynch, say congressional investigators. In fact, a GOP briefing document says the two Bush officals "put a gun...

Foes Ask Supreme Court to Block Chrysler-Fiat Deal

(Newser) - Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early today to put the sale on hold so they can pursue an appeal. The emergency request goes first to Justice...

Porsche, VW to Merge
 Porsche, VW to Merge 
May 7, 2009 4:53 AM CDT

Porsche, VW to Merge

Luxury maker fails in takeover attempt

(Newser) - Porsche has announced it will merge with Volkswagen after weeks of negotiation between the two German carmakers, reports the BBC. The deal puts an end to Porsche's efforts to take over VW. Porsche already owns a majority stake in the company. While details of the merger remain unclear, VW's individual...

Angry Shareholders Pelt Bank Chairman With Shoes

Fortis meeting turns ugly as investors start singing 'La Marseillaise'

(Newser) - An emergency meeting of troubled Belgian bank Fortis had to be suspended today after raucous shareholders raided the stage and pelted the bank's chairman with shoes. The bank is attempting to broker a sale to BNP Paribas, the French giant, but angry small shareholders booed, shouted down speakers and demanded...

Top Hollywood Talent Shops OK Merger

As star payouts dip, William Morris and Endeavor join forces

(Newser) - Two of Hollywood's top talent agencies agreed to merge today amid declining revenues in film and television, Variety reports. Pending government approval, the venerable William Morris Agency will share a new Beverly Hills office with 14-year-old Endeavor—and likely spark a flurry of clients and agents scurrying for new representation....

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

(Newser) - In his first lengthy interview since being pushed out as CEO of Merrill Lynch, John Thain tells the Wall Street Journal that Bank of America—which acquired Merrill in September—is lying about its involvement in the $3.6 billion in bonus payouts that made Thain the poster boy for...

Fiat Begins Talks With GM While Courting Chrysler

(Newser) - Fiat is bound and determined to join the big boys of the auto world, and it's using ailing US companies to gain a foothold. The Italian automaker has begun surprise talks with General Motors to buy a stake in GM's Opel division and expand its presence in Europe and Latin...

Merck to Buy Schering-Plough in Latest Pharma Merger

Drug giant's purchase comes weeks after Pfizer-Wyeth merger

(Newser) - Merck announced today that it will merge with fellow drugmaker Schering-Plough in a $41.1 billion cash-and-stock deal to enlarge its pipeline of new drugs in development, reports the Wall Street Journal. The two companies have already collaborated on cholesterol drug Zetia—whose sales plummeted after a study questioned its...

Ticketmaster Mogul Says He Can Save Music

Where critics see conflict of interest, Azoff spies opportunity

(Newser) - Irving Azoff may not be a household name, but he is, in fact, "the most powerful man in the music industry," writes Ethan Smith in a Wall Street Journal profile. The head of Ticketmaster—he made his name managing the Eagles in the '70s—is now trying to...

Live Nation, Ticketmaster Reveal Merger Details

Firm will be run by Live Nation's CEO

(Newser) - Live Nation and Ticketmaster made public their merger plans today, though the combined concert-promotions and ticketing powerhouse is sure to face scrutiny by antitrust regulators, the Wall Street Journal reports.The new company is to be named Live Nation Entertainment; it's estimated the two will save $40 million by combining...

Ousted Thain to Repay $1.2M Spent on Office

Lush renovation was a 'mistake,' says ex-Merrill CEO

(Newser) - Former Merrill Lynch CEO John Thain says he’ll repay the $1.2 million he spent on office renovations last year, Bloomberg reports. “The expenses were incurred over a year ago in a very different environment,” Thain wrote in a memo to Merrill execs. “They were a...

Pfizer Snaps Up Wyeth for $68B
 Pfizer Snaps Up Wyeth for $68B 
Jan 26, 2009 6:11 AM CST

Pfizer Snaps Up Wyeth for $68B

Merger would be largest pharma deal since GlaxoWellcome-SmithKline 2000 merger

(Newser) - The world’s largest drugmaker, Pfizer, is poised to become even more gargantuan after it agreed early this morning to buy rival Wyeth for $68 billion, reports the Wall Street Journal. In the first major merger to hit Wall Street in months, Pfizer will borrow $22.5 billion from four...

Pfizer in Talks to Buy Wyeth
 Pfizer in Talks to Buy Wyeth  




Jan 23, 2009 5:49 AM CST

Pfizer in Talks to Buy Wyeth

Sources say drug maker plans $60B acquisition of rival Wyeth

(Newser) - Pfizer is seeking to create a Big Pharma behemoth with the acquisition of rival Wyeth, insiders tell the Wall Street Journal. The deal, expected to be worth around $60 billion, would make Pfizer—already the world's biggest drug company—big enough to redraw the map of the industry, although sources...

Citi, Morgan Stanley Merge Brokerages

(Newser) - Rumors of Citigroup’s plan to merge its brokerage unit with that of Morgan Stanley have proven true, as both companies’ boards approved the move today, CNBC reports. Morgan Stanley will control 51% of the joint venture between its operation and Citi’s Smith Barney. Observers see Stanley’s option...

Panasonic, Sanyo Merging Into Electronics Dynamo

(Newser) - Panasonic has begun a $9 billion takeover of Japanese rival Sanyo, hoping that transforming into one of the world's biggest electronics companies will help it weather the toughest business conditions in a century. Top shareholders, including Goldman Sachs, had been haggling over the price with Panasonic since last month, but...

GM, Chrysler Revive Merger Talks

Chrysler's private equity owner signals willingness to give up a stake

(Newser) - General Motors and Chrysler are back in merger talks, reports the Wall Street Journal. Negotiations fizzled weeks ago as both companies viewed a merger as impractical and a potential distraction from federal bailout talks. Chrysler owner Cerberus Capital Management took the initiative to restart talks, and has signaled a willingness...

Chrysler Hires Bankruptcy Firm
 Chrysler Hires Bankruptcy Firm 
Dec 5, 2008 3:00 PM CST

Chrysler Hires Bankruptcy Firm

Privately owned automaker preparing for Chapter 11 should feds not help out

(Newser) - Chrysler has contracted a law firm to help it prepare for bankruptcy, the Wall Street Journal reports. The hiring of Jones Day suggests the automaker faces immediate failure if Congress decides to deny financial assistance to Detroit automakers. Jones Day has experience in automotive matters and has represented the United...

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