Ponovno predvajanje sobota, 11. december 1993

Giuliani Names His Press Secretary

Date: 12 December 1993

Mayor-elect Rudolph W. Giuliani has begun to give shape to his City Hall press office, selecting Cristyne Lategano, who has served as a spokeswoman for his campaign and the transition, to be press secretary when he takes office in January, his aides said yesterday. Ms. Lategano, who is 28, will serve as Mr. Giuliani's chief spokeswoman, overseeing the Mayor's press office along with his speech writers, photographers and researchers. The job is now held by Leland T. Jones under Mayor David N. Dinkins.

Full Article

MEDTRONIC OFFERS $95 MILLION FOR ELECTROMEDICS

Date: 11 December 1993

By Bloomberg News

Bloomberg News

Electromedics Inc. said yesterday that Medtronic Inc. had offered $95 million, or $6.75 a share, in cash or stock for the company, topping a bid the company accepted earlier this week from St. Jude Medical Inc. Electromedics' chairman, F. James Lynch, said the board would evaluate the offer in light of its definitive merger agreement with St. Jude. On Tuesday, St. Jude said it had agreed to buy Electromedics, which makes autotransfusion systems that purify and recirculate a patient's blood during surgery. It agreed to pay $6.375 a share in cash or exchange each Electromedic share for 0.2887 share of St. Jude. Medtronic is a leading producer of pacemakers and defibrillators. St. Jude produces about 75 percent of all mechanical heart valves sold worldwide.

Full Article

CENTOCOR PLANS TO ACQUIRE RESEARCH PARTNER

Date: 11 December 1993

By Bloomberg News

Bloomberg News

Centocor Inc. said yesterday that it would acquire its research partner, Tocor 2 Inc., for $40 a unit payable in Centocor stock, in a transaction valued at about $90 million. Tocor 2 shares jumped $13.25 yesterday, to $36.25, in Nasdaq trading, where its 57 percent gain was by far the best of the day. Centocor fell 12.5 cents, to $12.25. Centocor is a biotechnology company focusing on monoclonal antibody technology to develop products to treat cancer and cardiovascular, autoimmune and infectious diseases. Tocor 2, based in Tortolo, British Virgin Islands, is a research concern working in similar fields.

Full Article

KAISER OUTLINES A 4TH-QUARTER PRETAX CHARGE

Date: 11 December 1993

By Bloomberg News

Bloomberg News

The Kaiser Aluminum Corporation said yesterday that it expected to take a fourth-quarter pretax charge of $65 million to $95 million for the previously announced restructuring of its Trentwood unit and other matters. A year ago in the fourth quarter, Kaiser posted net income of $2.6 million, or 5 cents a share, on revenue of $496 million. In reporting its third-quarter loss, Kaiser said it expected to take a fourth-quarter charge of $30 million to $40 million for the Trentwood restructuring. That charge now will be greater, although the company declined to specify what "other matters" led to the increase.

Full Article

ONE EASTMAN CHEMICAL SHARE SET FOR 4 OF KODAK

Date: 11 December 1993

By Bloomberg News

Bloomberg News

The Eastman Kodak Company said yesterday that it would distribute one share of stock in the Eastman Chemical Company for every four shares of Kodak, as part of the previously announced spinoff of Kodak's chemical unit. Shares will be distributed after Dec. 31 to Kodak shareholders of record on Dec. 20. Kodak said it had received a ruling from the Internal Revenue Service that the spinoff would be tax free. Kodak announced in June that it would spin off its chemical group, based in Kingsport, Tenn., to focus on its core imaging and health businesses. Eastman said this week that it would pay an initial cash dividend of $1.60 a year. Eastman will have about 82.4 million shares outstanding after the spinoff. Kodak's shares rose 37.5 cents, to $63.50, yesterday on the New York Stock Exchange.

Full Article

NEWS SUMMARY

Date: 11 December 1993

International 3-7 ARAB WORKERS ARE LATEST VICTIMS As Palestinian self-rule draws nearer, three Arab workers lost their lives in an apparent act of revenge by Jewish settlers, the latest in a series of killings in the Israeli-occupied territories. 1

Full Article

NEWS SUMMARY

Date: 12 December 1993

International 3-25 MISSILE DEAL UNCOVERED Despite complaints from Washington, Russia allowed cargo planes to fly from North Korea to Syria last summer carrying equipment commonly used for mobile missile launchers, and the United States kept the fact quiet. 1 BOSNIAN ATHLETES TRAIN IN EXILE Young Bosnian athletes are training for the Olympics as guests in other countries, but concern for their homeland makes it difficult. 1

Full Article

Paramount Is Preparing For Auction

Date: 11 December 1993

By Geraldine Fabrikant

Geraldine Fabrikant

Paramount Communications Inc., mindful of a tough Delaware Supreme Court ruling that requires the company to consider all acquisition bids, has scheduled a board meeting Monday afternoon to begin setting up procedures for an auction. Paramount representatives have sent notice of the meeting to lawyers for QVC Network Inc., the home shopping company that is seeking to acquire Paramount in a hostile bid. The Delaware Supreme Court said Thursday that Paramount's board could not favor a lower bid from its handpicked partner, Viacom Inc., over a higher offer from QVC. A Possible Action Although there were reports that the independent members of Paramount's board would form their own committee to review bids, giving the appearance that they were not under the thumb of Paramount's management, an executive close to Paramount's board said he was not certain the independent directors had decided to do that. He added that the Delaware court had not specifically addressed that question.

Full Article

How Much Canadian Bankers Earn

Date: 11 December 1993

By Clyde H. Farnsworth

Clyde Farnsworth

Canadians are finally learning how much senior executives are being paid, thanks to new disclosure regulations. Banks are the first to submit to the new rules -- similar to those in the United States -- because their fiscal year ended Oct. 31, shortly after the rules took effect. Most other companies close their year on Dec. 31.

Full Article

GENERAL MILLS WILL CUT PRICES ON SOME CEREALS

Date: 11 December 1993

General Mills Inc. said yesterday that it would cut prices on large size boxes of its Trix, Total and Apple Cinnamon Cheerios breakfast cereals by 11 to 16 percent. The cuts will affect just 6 percent of the food maker's cereal volume, said Austin Sullivan, a General Mills spokesman. A Lehman Brothers analyst, Caroline Levy, said the price cut was a one-time adjustment to stimulate sales of the larger cereal boxes. She said the smaller sizes offered better value per ounce to consumers under the previous pricing system.

Full Article