Citigroup (C) - Get Report co-Chairman and co-CEO John Reed will retire April 18, at the financial giant's annual meeting, the company said. The other co-chief, Sandy Weill, will be sole chairman and CEO after Reed's retirement.
Wireless was the word this morning as a number of companies rolled out news of joint venture agreements.
said they formed a wireless multimedia device pact.
Separately Microsoft and
said they would team up to link the Windows operating system to non-Windows systems.
and telecom operator
said they are forming a joint firm, called WirelessCar, to deliver mobile Web services to the automotive industry.
will be offered on Nokia mobile phones.
Mergers, acquisitions and joint ventures
Online auctioneering giant
could make a $1.6 billion bid to acquire
Independent on Sunday
reported. Citing unnamed industry sources, the newspaper reported that five-year-old eBay was said to be interested in buying 256-year-old Sotheby's. The
has been investigating price-fixing allegations involving Sotheby's and rival
. Also, the two auction houses face dozens of civil lawsuits accusing them of collusion. Last week, two key execs at Sotheby's resigned.
for $6 billion. NiSource will also assume $2.5 billion in Columbia debt. Upon completion of the deal, Columbia and NiSource will become wholly-owned divisions of a new holding company. Under terms of the deal, Columbia shareholders may receive $70 a share in cash for each share of Columbia they own, plus $2.60 in a zero coupon debt security with a forward equity contract, called SAILS. Columbia shareholders also have the option to receive, in lieu of cash and SAILS, new holding company stock for up to 30% of outstanding Columbia shares.
Under the common stock option, each Columbia share will be exchanged for $74 a share in new holding company stock, subject to a collar. If the average NiSource share price during the 30 days preceding the closing of the deal is greater than $16.50, Columbia shareholders will receive shares of new holding company stock valued at $74 for each Columbia share; if the average NiSource share price during the 30 days prior to closing of the transaction is $16.50 or below, Columbia shareholders will receive 4.4848 shares of new holding company stock for each Columbia share. Columbia closed Friday at 57 11/16, while NiSource closed at 15 9/16.
said they will merge in a stock swap. Mission Critical shareholders will get 0.9413 shares of NetIQ per share.
said it will announce a "second major industry exchange" at 11 a.m. EST. Last week,
said they planned to combine their online buying efforts for suppliers in a single Net portal. Ford and GM said as part of their combining, Ford would swap half of its stake in
unit for half of GM's stake in
agreed to acquire Kentucky-based LG&E
for $3.2 billion. PowerGen is offering $24.85 a share and expects the deal to be complete by early 2001.
in a stock swap valued at $290 million.
said they will offer high-speed wireless networks.
Earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
posted fourth-quarter operating profit of $2.4 billion. Adjusted for one-time effects, operating profit was $2.7 billion. Fourth-quarter net income came in at $1.1 billion and on an adjusted basis $1.6 billion. Fourth-quarter revenues totaled $41.7 billion.
Offerings and stock actions
said it will repurchase up to 2 million shares during the fiscal year ended June.
approved a 2-for-1 stock split.
to buy from strong buy.
started coverage of
said it cut prices on DeskPro PCs by up to 16%.
named Don Hutchinson as CEO of
is selling its Illinois, Missouri and Ohio newspaper assets.
Midwest Express Airlines'
pilots ratified a five-year contract with the airline, which is based in Milwaukee. The airline is a unit of
Midwest Express Holdings
Securities and Exchange Commission
has notified 52 companies audited by
that conflicts of interest involving firm employees' personal investments in the companies could affect the integrity of their financial statements
The Wall Street Journal
reported, citing people at the auditing firm. The list of companies notified included
and Compaq. Compaq announced last week it was switching auditors.
The Heard on the Street column in the
says a top rule-making panel at the
Financial Accounting Standards Board
is considering whether the rules should be changed to restrict Internet businesses from including the entire value of product sales or services they arrange between suppliers and buyers online in their revenue figures. For many dot-com companies, such revenue is an important part of their financial health at a time when they have no profits to show, according to the story.
For analysis of the market's preopen tone and trends, see the Wake-Up Call, now published separately.