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14th of June 1995 News
Știri așa cum au apărut pe prima pagină a New York Times la 14 iunie 1995
Journal; The Longest Year
Date: 15 June 1995
By Frank Rich
Frank Rich
It's hard to believe that this weekend marks the first anniversary of the wild Bronco chase. Doesn't it feel as if we ran to our sets for our first breathless glimpse of A. C. Cowlings at least three years ago? Time doesn't fly when you're not having fun. Though conventional wisdom now says that the O. J. Simpson case has no redeeming social or intellectual value as a landmark in jurisprudence or anything else, it has nonetheless hijacked our culture. You don't have to follow the trial to be affected by it. You can't escape no matter how hard you try.
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Anti-Corruption Reporter Shot and Wounded in Argentina
Date: 14 June 1995
By Calvin Sims
Calvin Sims
A prominent Argentine journalist, who had reported extensively on Government corruption, was shot in the back as he left his home for work on Monday in what free speech advocates here say is the latest attempt to silence the press through threats and attacks against journalists. The journalist, Guillermo Cherashny, who is a political reporter for a morning radio program and a weekly newspaper, was in stable condition today after an operation to stop internal bleeding caused by two gunshot wounds, a spokesman for Rivadavia Hospital said.
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INTERNATIONAL PAPER WITHDRAWS BID FOR HOLVIS
Date: 14 June 1995
By Bloomberg News
Bloomberg News
A day after an unfavorable court ruling, the International Paper Company of Purchase, N.Y., withdrew its offer yesterday to acquire Holvis Holzstoff A.G. of Switzerland, clearing the way for the BBA Group of Britain to proceed with a rival bid nearly 10 percent lower than that of the American company. International Paper had contended that Holvis acted illegally in recommending the BBA offer, which valued the fiber maker and paper distributor at 443 million Swiss francs, or $382 million, compared with the bid by the American company of 487 million Swiss francs. It also objected to an agreement that Holvis had reached to sell its Fiberweb unit to BBA even if the British company did not succeed in acquiring all of Holvis. On Monday, however, the Basel Civil Court rejected those complaints, lifting a temporary injunction blocking the Holvis directors from selling 67,025 shares in the company to BBA.
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JENNIFER CONVERTIBLES SAYS S.E.C. IS INVESTIGATING
Date: 14 June 1995
By Bloomberg News
Bloomberg News
Jennifer Convertibles Inc. said yesterday that it was under investigation by the Securities and Exchange Commission. The furniture retailer, based in Woodbury, L.I., said it was cooperating with the investigation but would not elaborate. The company has been the subject of a number of shareholders' suits over a drop in its stock price and relationships with affiliated companies. The retailer also reported a loss of $14.4 million, or $2.54 a share, compared with a restated profit of $506,000, or 9 cents a share, a year ago. It said it closed 26 unprofitable licensed stores, leaving 85 open.
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AMERICAN BRANDS SEEKING SMALL ACQUISITIONS
Date: 14 June 1995
By Bloomberg News
Bloomberg News
American Brands Inc. is seeking small acquisition targets to fuel profit growth, according to its chief executive, Thomas C. Hays. Mr. Hays told investors and analysts at the company's headquarters in Old Greenwich, Conn., that the company is "on the lookout for affordable, high-return, add-on acquisitions that will strengthen our operations and enhance our prospects. . ." American Brands, the maker of Jim Beam bourbon, Titleist golf balls and Master locks, is said to be interested in buying the Callaway Golf Company, Cobra Golf Inc. or another company in the golf business, according to market newsletters and trade publications.
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CABOT TO SELL STAKE IN SAFETY EQUIPMENT DIVISION
Date: 15 June 1995
By Bloomberg News
Bloomberg News
The Cabot Corporation said yesterday that it had agreed to sell a stake in its safety equipment unit to the management of the division and to Vestar Equity Partners L.P. for $205 million. Cabot expects a gain of about $125 million when the sale of the Cabot Safety Corporation is completed in July. Cabot and Vestar will own equal amounts of Cabot Safety's common and preferred stock, and Cabot Safety's management will own about 15 percent of the common stock. Cabot Safety, based in Boston, makes hearing and face protection equipment, prescription safety eyewear and respiratory products. Shares of Cabot rose 75 cents, to $42.75, on the New York Stock Exchange.
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I.B.M. TO GIVE 'ENHANCED SEVERANCE' TO LOTUS EMPLOYEES
Date: 15 June 1995
By Bloomberg News
Bloomberg News
The Lotus Development Corporation said I.B.M. had agreed to an "enhanced severance program" for employees who are dismissed to cut costs. Analysts expect about 400 to lose their jobs. The information was contained in the Securities and Exchange Commission document that Lotus filed yesterday as a result of I.B.M.'s hostile takeover bid, which was announced June 5. On Sunday, Lotus agreed to a $64-a-share offer in what then became a friendly agreement. I.B.M. will pay $3.52 billion for Lotus. In the S.E.C. document, Lotus said employees terminated as of the date of the merger agreement will get 16 weeks of base salary, plus an additional two weeks for each six months of service.
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ALCOA VENTURE TO ACQUIRE ELECTRO-WIRE PRODUCTS
Date: 15 June 1995
By Bloomberg News
Bloomberg News
The Aluminum Company of America said yesterday that its Alcoa Fujikura Ltd. joint venture had agreed to acquire Electro-Wire Products, a closely held competitor with annual revenue of $430 million. The terms of the agreement were not disclosed. Alcoa Fujikura, a 50-50 venture of Fujikura Ltd. of Tokyo and Alcoa of Pittsburgh, makes electrical distribution systems for cars and other vehicles. Electro-Wire, based in Dearborn, Mich., has almost 9,000 employees at 19 plants in North America. The acquisition would make Alcoa Fujikura, based in Brentwood, Tenn., the top supplier of electrical distribution systems to the Ford Motor Company.
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FIGGIE INTERNATIONAL TO SELL UNIT TO FORD SUBSIDIARY
Date: 14 June 1995
By Bloomberg News
Bloomberg News
Figgie International Inc. said yesterday that it would sell a leasing business with $50 million in assets to Associates Leasing Inc. and use the money to pay bank and lease debt. Figgie's leasing unit rents and leases automobiles, trucks and other vehicles, as well as aerial platforms and other equipment. The terms of the sale were not disclosed. Associates Leasing is a unit of Associates Corporation of North America, a consumer and commercial finance company based in Dallas, with assets of $33.6 billion. The Associates Corporation is a part of the Financial Services Group of the Ford Motor Company.
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SHARES OF BASE TEN GAIN ON F.D.A. ACTION
Date: 15 June 1995
By Bloomberg News
Bloomberg News
Shares of Base Ten Systems Inc. rose yesterday after Federal regulators told the company they planned to approve its Prenval 1 medical software program. The Food and Drug Administration gave informal notice to Base Ten, based in Trenton, that it planned to approve Prenval 1 for use as a medical device, the company said. Prenval 1 is used to assess the risk of fetal abnormalities in pregnant women.Shares of Base Ten rose $1.3125, to $9.25, in Nasdaq trading.
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