Friday, March 30, 2007

UPDATE 1-America Movil buys Telecoms de Puerto Rico

(Reuters) - Last year, America Movil said it was buying Verizon Communications' 52 percent stake in the firm.

America Movil , Latin America's leading mobile telephone company, said it acquired the Puerto Rican firm from Verizon, a bank, company employees and Puerto Rico's government.


Read more at Reuters.com Mergers News

UPDATE 1-US syndicated loan issuance rises to $380 bln in Q1

(Reuters) - Leveraged loans for non-investment grade companies totaled $216 billion in the first quarter, up 65 percent from the first quarter a year earlier, when $131 billion was recorded, Reuters LPC said.

J.P. Morgan led U.S. loan underwriting, followed by Bank of America and Citigroup , Reuters LPC data showed. J.P. Morgan also was the lead underwriter for leveraged loans.


Read more at Reuters.com New Issues News

TREASURIES-Bond prices rally as Mideast friction eyed

(Reuters) - Treasuries tend to tap a safe-haven bid out of riskier assets in times of geopolitical turbulence.

The benchmark 10-year Treasury note rose 8/32 in price for a yield of 4.62 percent , compared with 4.64 percent late on Thursday. Bond yields and prices move inversely.


Read more at Reuters.com Bonds News

TREASURIES-WHouse Bahrain denial stunts safety rally

(Reuters) - Benchmark 10-year notes were still holding in positive ground, though not by as much as when the chatter first circulated. They were up 5/32 and yielding 4.62 percent, down from 4.64 percent.




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America Movil buys Telecoms de Puerto Rico

(Reuters) - It did not disclose the value of the deal.




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Spectra Energy files to sell 11.5 mln units in IPO

(Reuters) - Citigroup and Lehman Brothers are underwriting the IPO, the filing said.




Read more at Reuters.com Government Filings News

Stocks rise on U.S. growth data, oil higher

(Reuters) - But Treasury debt prices fell after the National Association of Purchasing Managers-Chicago business barometer for March posted its highest reading since early 2005, countering earlier signs of a regional slump.

A separate report showing U.S. consumer spending and prices rose in February even as defaults in the risky subprime mortgage sector increased and home sales slipped also weighed on bonds and boosted U.S. share prices.


Read more at Reuters.com Hot Stocks News

EU sends Ryanair formal charges on Aer Lingus bid

(Reuters) - BRUSSELS, March 30 - The European Commission has formally expressed antitrust concerns to Ryanair about its possible takeover of rival Irish airline Aer Lingus , sources familiar with the situation said on Friday.

Ryanair will be given an opportunity to respond to the charges, listed in a statement of objections from the European Union's regulatory arm, and to have a closed hearing.


Read more at Reuters.com Mergers News

Merrill Lynch to manage Pakistan's UBL overseas sale

(Reuters) - But sources familiar with the matter said the government plans to sell a stake worth $200 million to $300 million through a global depository receipt sale.

The government is only selling part of its roughly 45 percent stake in UBL, and the deal is expected to be completed by the end of June.


Read more at Reuters.com New Issues News

Bank of America to sponsor Red Sox through 2015

(Reuters) - Bank of America or its predecessors have been associated with the Red Sox since 1989, when it first sponsored the team.

The extension gives the bank exclusive rights to use the team's logo in its affinity credit card advertising and marketing. Bank of America is also installing new signs in center field in Fenway Park, where the Red Sox play home games.


Read more at Reuters.com Bonds News

UPDATE 1-KV to buy rights to Vivus' menopause spray

(Reuters) - St. Louis-based KV said the deal could have a break-even or slightly dilutive effect on its fiscal 2008 results of operations, but is expected to add to earnings thereafter.

KV said it expects the product to be approved and launched during the second half of its fiscal 2008.


Read more at Reuters.com Government Filings News

Gauge of U.S. economy higher in latest week - ECRI

(Reuters) - Its annualized growth rate rose to 3.9 percent from the previous week's 3.8 percent, also revised down.

"With WLI growth rising for three straight weeks, and well above last summer's low, U.S. growth prospects remain resilient," said Lakshman Achuthan, managing director at ECRI.


Read more at Reuters.com Economic News

UPDATE 1-Agco may raise 2007 industry forecast, CEO says

(Reuters) - CHICAGO, March 30 - The top executive at U.S. farm machinery maker Agco Corp. said on Friday that the North American agricultural business was "looking very, very good" and that his company might review its forecast for 2007 industry sales as a result.

In an exclusive interview with Reuters following the release of a stronger-than-expected U.S. government report on farmers' planting intentions, Agco Chief Executive Martin Richenhagen said the recent run-up in prices of corn, soybeans and other commodities was giving farmers confidence to buy equipment -- and that the rebound would continue.


Read more at Reuters.com Market News

FDA says found melamine in pet food

(Reuters) - Melamine should not be in pet food in any amounts, Sundlof added.

Menu Foods has recalled millions of pounds of wet pet food in the past two weeks after it was associated with kidney failure in pets and deaths of at least 14 animals.


Read more at Reuters.com Government Filings News

Tribune shares rise on billionaires' bid

(Reuters) - That would beat Zell's bid, which media reports have pegged at $33 a share, also as an employee stock plan, including $300 million of his own money.

Tribune shares rose 63 cents to $32.16 as investors waited for word on a decision from the company, which could come as early as Friday afternoon.


Read more at Reuters.com Hot Stocks News

Three suitors expected to bid for Chrysler: report

(Reuters) - Blackstone, which is teaming with Centerbridge Partners, was preparing to present its bid as soon as Friday though no formal bids had been received as of late Thursday, the report said, citing people familiar with the situation.

Han Tjan, a spokesman for DaimlerChrysler, declined to comment.


Read more at Reuters.com Business News

TREASURIES-Bonds higher as oil concerns outweigh inflation

(Reuters) - "Oil keeps going up and the logic is that oil being real high will cut economic growth and that in and of itself may be good for bonds," said Robert MacIntosh, chief economist, Eaton Vance Management in Boston.

Ten-year notes were trading 3/32 higher in price for a yield of 4.63 percent against 4.64 percent late on Thursday.


Read more at Reuters.com Bonds News

FEATURE-Argentine province bets on Silicon Valley future

(Reuters) - Argentina's capital, Buenos Aires, has long been dominant as the financial and industrial hub of Latin America's No. 3 economy, but Cordoba's provincial government is confident that tax breaks and a large skilled work force give it an edge.

"When you're deciding on a city, there are lots of things to consider, such as whether there are universities, talent being generated and infrastructure," said Jose Berruecos, local president of Electronic Data Systems Corp. .


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FLSmidth buys U.S. materials handling business

(Reuters) - The sales of RAHCO are expected to surpass $20 million this year and will have a minimal effect on FLSmidth's 2007 earnings, the company said.




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NYSE Euronext wins 91.42 pct of Euronext shares-watchdog

(Reuters) - The numbers were the same as the preliminary results published by the AMF on Tuesday.

Euronext operates the Paris, Amsterdam, Brussels and Lisbon bourses, and London's Euronext.Liffe derivatives exchange. The Paris-based group committed to merge with NYSEin June 2006.


Read more at Reuters.com Mergers News

UPDATE 1-US Midwest business in surprise March expansion

(Reuters) - CHICAGO, March 30 - Business activity in the U.S. Midwest expanded in March at a very strong pace, confounding expectations for a third month of contraction, on the back of a rush of new orders, a report showed on Friday.

The National Association of Purchasing Management-Chicago business barometer jumped to 61.7 from 47.9 in February, its highest reading since early 2005.


Read more at Reuters.com Economic News

Agco may raise 2007 industry forecast, CEO says

(Reuters) - Richenhagen said he'd talked with one of the major suppliers of gears and transmissions to farm equipment makers on Thursday and that the company had told him it was "running out of capacity." As a result, Richenhagen said Agco "might review our guidance when we talk to the Street next time."




Read more at Reuters.com Market News

US STOCKS-Wall St set to rise on income, spending data

(Reuters) - NEW YORK, March 30 - U.S. stocks were set to open slightly higher on Friday after government data showed stronger-than-expected growth in personal incomes and spending, easing worries about the strength of consumer spending.

However, the core personal consumption expenditure index, an inflation measure, rose more than expected, slightly offsetting the spending and income data.


Read more at Reuters.com Bonds News

UPDATE 1-CKE Restaurants quarterly earnings fall; revenue up

(Reuters) - The parent company of the Hardee's and Carl's Jr. restaurant chains, said fourth-quarter net income was $10.3 million, or 15 cents a share. Last year the company had net income of $140.9 million, or $1.95 a share, as restated.

Same-store sales, a key retail measure that tracks sales at restaurants open at least 13 months, rose 2.8 percent at company-operated Carl's Jr. and 4.8 percent Hardee's restaurants.


Read more at Reuters.com Market News

Lincoln Electric says acquires SPAWMET Sp

(Reuters) - Lincoln said it expects the acquisition will not have a material impact on earnings in the first year.




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GLOBAL MARKETS-Gulf tension lifts oil, US core inflation up

(Reuters) - LONDON, March 30 - Oil prices held firm on Friday as tensions in the Middle East fuelled supply worries, while European stocks, also weighed by geo-political pressures, trimmed losses after robust core U.S. inflation data.

The U.S. Commerce Department said core consumer prices, which exclude volatile energy and food costs, rose 0.3 percent in February, outpacing forecasts for a 0.2 percent rise.


Read more at Reuters.com Economic News

UPDATE 1-Caracas bourse suspends 2 stocks for gov't buyout

(Reuters) - The regulator said in a statement that 100 percent of shares in power utility Electricidad de Caracas and 50 percent plus one share in media company CANTV would be put on sale for the government takeover.

The buyout of CANTV should take place from the week of April 9, Telecommuniactions Minister Jesse Chacon said on Thursday. The time frame for the EDC buyout is not yet clear.


Read more at Reuters.com Government Filings News

UPDATE 1-Canada factory prices jump in February

(Reuters) - The price of manufactured goods climbed 0.9 percent versus an average forecast of a 0.7-percent gain. On the year, factory prices rose 4.4 percent, just below the 4.6 percent seen in July of last year, which was a high point for the 2005-06 period, the agency said.

Raw materials prices jumped 2.6 percent against a consensus forecast of 2.5 percent and rose 9.1 percent compared to February 2006.


Read more at Reuters.com Economic News

S.Africa maize jumps as buyers get in on dips

(Reuters) - South Africa's white maize futures rebounded on Friday as speculators tried to make the most of a local market dip and stock up in anticipation of a poor harvest, traders said.

Prices on the most-traded July white maize contract swung up 1.58 percent to 1,862 rand a tonne, up 29 rand. Its yellow maize counterpart pushed up 11 rand to close at 1,767 rand a tonne, a rise of 0.63 per cent.


Read more at Reuters Africa

TREASURIES-Bonds dip after core PCE inflation data

(Reuters) - The benchmark 10-year note's price dipped 2/32 for a yield of 4.65 percent , versus 4.64 percent both immediately before the data and late on Thursday. Bond yields and prices move inversely.




Read more at Reuters.com Bonds News

Futures flat before economic data

(Reuters) - In company news, computer maker Dell Inc. slipped after saying it would delay submitting its annual 10-K report with regulators after an internal audit found accounting errors and evidence of misconduct.

Among the data are reports on personal income and consumption, inflation, Midwest manufacturing activity and consumer sentiment.


Read more at Reuters.com Hot Stocks News

Vodafone sees lower UK margin, European woes

(Reuters) - LONDON, March 30 - Britain's Vodafone Group Plc said on Friday competitive and regulatory pressures plaguing its core European businesses would continue in the year ahead, forcing it to keep costs under a tight rein.

"Vodafone is addressing the continuing challenge of declining prices from intense competition and regulatory pressure on incoming call rates and roaming in Europe," the world's biggest mobile operator by sales said ahead of a day-long investor day to showcase its Germany and UK businesses.


Read more at Reuters.com Mergers News

Checkpoint Systems restates prior results

(Reuters) - In February, Checkpoint had estimated restatements to reduce earnings for the nine-month period by about $1.0 million to $1.4 million.




Read more at Reuters.com Market News

First Data to buy Polcard processor for $325 mln

(Reuters) - The purchase by First Data International, a unit of First Data, is expected to be completed in the second quarter, pending regulatory approvals. First Data is based in Greenwood Village, Colorado.




Read more at Reuters.com Bonds News

S&P futures flat before data

(Reuters) - computer maker Dell Inc.'s delaying of its securities filing could hurt tech shares.

Among the data are reports on personal income and consumption, inflation, manufacturing activity and consumer sentiment.


Read more at Reuters.com Business News

US panel: Dendreon cancer vaccine effective, safe

(Reuters) - By Lisa Richwine

GAITHERSBURG, Md., March 29 - Dendreon Corp. showed that its novel cancer therapy Provenge is reasonably safe and provided "substantial evidence" it benefits men with advanced prostate cancer, U.S. advisers ruled on Thursday.


Read more at Reuters.com Government Filings News

Oil above $66 on Iran fears, French strike

(Reuters) - U.S. crude was up 18 cents at $66.21 a barrel by 1029 GMT, having jumped 3 percent to a six-month closing high the previous day. London Brent rose 46 cents to $68.34, its eighth day of gains.

A week after Iran detained 15 British sailors and marines in the Gulf, Britain is still trying to secure their release. It plans to urge the European Union to help isolate Iran at a meeting of EU ministers starting on Friday.


Read more at Reuters.com Hot Stocks News

UPDATE 2-Carlyle buys $80 mln stake in China steel tube firm

(Reuters) - TOKYO, March 30 - Global private equity firm Carlyle said on Friday it bought 49 percent of China's Yangzhou Chengde Steel Tube Co. Ltd. for $80 million.

Carlyle received all the regulatory approvals necessary for acquiring the minority stake and the deal was completed on Thursday.


Read more at Reuters.com Mergers News

Strong Asian deals keep flowing in first quarter

(Reuters) - HONG KONG, March 30 - Asia Pacific equity and merger deals had another bumper quarter as new listings from China and mega acquisitions in India set the pace for what is likely to be another record year of regional investment banking activity.

Investment banking fees for the region, excluding Japan, rose to $1.1 billion, up 8 percent from the first quarter of 2006 as M&A activity jumped 42 percent, according to preliminary data from market research firm Dealogic.


Read more at Reuters.com Mergers News

TPG makes 3.60 euro/shr bid approach for Iberia

(Reuters) - Iberia shares closed at 4.00 euros on Thursday. They have risen strongly in the past few days on takeover speculation.




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Russia's X5 says considering new share issue

(Reuters) - "If we were to undertake the acquisition of Karusel or other operations, these initiatives would require additional capital, and we are currently reviewing the possibility of a secondary offering," Khasis said in the statement.

"We expect to make a final decision about our financing strategy in the course of the next two months."


Read more at Reuters.com Mergers News

China Shipping, PetroChina to set up LNG transport JV

(Reuters) - "The investment will be big," he told reporters without elaborating. "Returns will be steady."

When the venture is ready, the parent firm would give China Shipping the option to buy it, Li said.


Read more at Reuters.com Mergers News

UPDATE 1-Deals of the day -- mergers and acquisitions

(Reuters) -

** Swedish state-owned drinks group Vin & Sprit, which the government has said it is ready to sell, will buy the remaining 50 percent of Norwegian wine and spirit importer Amundsen AS.

Read more at Reuters.com Mergers News

UPDATE 1-Matsushita buys stake in CRT venture from Toshiba

(Reuters) - Cathode ray tubes are used in conventional TV sets.

Both firms declined to disclose the sale price.


Read more at Reuters.com Mergers News

MOVES-Deutsche Bank and Invista appointments

(Reuters) - DEUTSCHE BANK

Deutsche Bank has appointed Tim Nicolle as a managing director with responsibility for Central and Eastern Europe, Middle East and Africa securitisation from the second quarter of 2007. He joins from German bank HVB , where he was most recently deputy head of the European securitisation group, responsible for the Central Eastern Europe and CIS regions.


Read more at Reuters.com Mergers News

Resolution shares slide after takeover talks end

(Reuters) - LONDON, March 30 - Britain's Resolution has ended just over four months of takeover talks with unnamed parties, sending its shares down 5 percent though the insurer said it would continue to look at acquisitions and ventures.

Resolution, which has quadrupled in size in the past two years through acquisitions, said in November it was in talks over its future, which included purchases or a bid for the firm.


Read more at Reuters.com Mergers News

VW seeks Malaysia meeting on Proton talks

(Reuters) - By Liau Y-Sing and Syed Azman

KUALA LUMPUR, March 30 - Shares in Malaysia's state-controlled carmaker Proton Holdings fell nearly 7 percent on Friday after a Singapore newspaper said Germany's Volkswagen AG had scrapped plans for a tie-up.


Read more at Reuters.com Mergers News

Virgin unlikely to want SAS stake in bmi - source

(Reuters) - The Times newspaper earlier reported that SAS had been talking to other carriers as well as private equity firms about offloading its stake in bmi.

"SAS has been touting its stake in the market," said an industry source. "It is unlikely that Virgin, or any of the other airlines, would be that interested in taking such a small stake."


Read more at Reuters.com Mergers News

Goldman Sachs eyes DIY chain Kingfisher - paper

(Reuters) - The newspaper quoted unnamed industry sources as saying the U.S. investment bank had been working on a possible bid for the company.

Kingfisher Chief Executive Gerry Murphy, announcing full-year results on Thursday, declined to comment on whether the firm had received any bid approaches.


Read more at Reuters.com Mergers News

ImageWare Systems says Q4 revenue up 10 pct

(Reuters) - One analyst had expected the company's revenue to be $2.5 million, according to Reuters Estimates.




Read more at Reuters.com Market News