Sumner Redstone's Wife Files for Divorce; Ford Strike in Canada Looking Less Likely

Also, Bovespa trading starts staying up late and MCI WorldCom mines the Net.
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Sumner Redstone

broke records earlier this month when his company

Viacom

(VIA) - Get Report

announced it was buying

CBS

(CBS) - Get Report

for $37 billion, the biggest media merger yet.

Now the CEO faces the most expensive split-up of all time: His wife of 52 years,

Phyllis Redstone

, filed for divorce last week in Massachusetts. She is seeking $3 billion, which would be the biggest divorce settlement ever.

Chances are now only 50-50 that

Canadian Auto Workers

will strike if the union doesn't reach a new contract with

Ford

(F) - Get Report

by midnight Tuesday. The auto giant presented a new contract offer Sunday, two days after the union labeled Ford's first proposal a "recipe for a strike."

Overseas,

Chevron

(CHV)

is in merger talks with rival

Phillips Petroleum

(P)

, the U.K.'s

Sunday Times

reports. The combined company would be worth an estimated $81 billion.

Mexico's

Cemex

(CX) - Get Report

could help raise the $370 million it needs to pay for an Egyptian cement maker with a private debt placement, the

Interacciones

brokerage in Mexico City says.

Starting Monday, Brazil's

Bovespa

stock exchange is launching an evening trading session. The country wants to lure back many investors who fled this year because of taxes and fiscal reforms.

And just when you thought the East Coast was done with its hurricane troubles for the month, the next menace on the horizon and the meteorological name game --

Hurricane Gert -- was making its way toward Bermuda Sunday.

In the Papers

MCI WorldCom

(WCOM)

is concentrating on the second half of its name.

Barron's

reports the Internet and international operations now account for more than 70% of the company's growth. The company expects more than half of its total revenue to come from the Internet by 2004, up from one third this year.

Sweet news for the candy industry from London:

Philip Morris

(MO) - Get Report

may put up for sale its

Jacobs Suchard

confectionery business, the

Sunday Telegraph

reports. The company is considering jettisoning Suchard for as much as $10 billion to focus on other businesses.

Tennant

's

(TANT)

stock has been stagnant lately, but

Barron's

reports that the Minneapolis-based maker of industrial cleaners could be poised for a rebound. The company is finishing its costly conversion to a new operating system.

Does

TriNet Corporate Realty Trust

(TRI) - Get Report

have the REIT stuff? Shareholders tell

Barron's

they are in a quandary over whether to hang onto the real estate investment trust to see how it will fare if its proposed sale to

Starwood Financial Trust

(APT) - Get Report

goes through.

If its name is any indication, you'd think the

Eaton Vance Information Age Fund

would invest some of its money in Internet companies, but

Duncan Richardson

and

Jacob Rees-Mogg

, who manage the Boston-based mutual fund, tell

Barron's

they don't like the speculative nature of such stocks. Their favorite picks during the past year include Japan's

Hikari Tsushin

,

Nippon Telegraph & Telephone

(NTT)

,

Omnicom Group

(OMC) - Get Report

,

Young Broadcasting

(YBTVA)

and

Valassis Communications

(VCI)

.

The U.K.'s

British Energy

may offer 1.5 billion pounds, or $2.43 billion, for Iowa-based

MidAmerican Energy Holdings Company

(MEC) - Get Report

, the

Sunday Times

reports. British Energy has been eyeing various expansion opportunities for months.

French tycoon

Bernald Arnault

wants one fifth of Europe's first video-on-demand service. The

Sunday Times

reports Arnault will invest 20 million pounds in

Video Networks

, which will allow Europeans to order films, videos and other programming to their television sets.