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Date: 03 November 1995
Reuters
The MCI Communications Corporation said today that along with the News Corporation, the owner of the Fox television network, it would introduce a sports pager, the first product from their joint venture, which was announced in May. The pager will deliver sports news and scores and will double as a standard alphanumeric beeper. The cost of the service will be the same as for a normal MCI pager.
Date: 03 November 1995
By Kit R. Roane
Kit Roane
American and United Nations officials are concerned about the apparent detention of an American journalist by Bosnian Serbs. The journalist, David Rohde, 28, a reporter for The Christian Science Monitor, has been missing since Sunday morning, when he drove into Serb-held territory from Sarajevo.
Date: 02 November 1995
To the Editor: Your Oct. 26 front-page article on The New York Times-CBS News Poll on budget choices highlights the question that pitted balancing the budget against preventing Medicare cuts, a question that provided less than zero information.
Date: 03 November 1995
The Fox Broadcasting Company, whose children's television network dominates the domestic market in ratings and revenue, announced an agreement yesterday with Saban Entertainment Inc., one of the largest worldwide distributors of children's programming, to develop Fox's children's television business globally. The terms of the agreement were not disclosed. Saban, based in Burbank, Calif., is best known for producing "Mighty Morphin Power Rangers," one of the most popular children's shows of recent years. The Fox Children's Network is carried on networks owned by its parent company, the News Corporation, in Latin America and Australia.
Date: 02 November 1995
Reuters
Shareholders of Pharmacia A.B. of Sweden have approved a merger with the Upjohn Company, the last major hurdle before the deal creating the world's ninth-largest drug maker is completed. Pharmacia said yesterday that shareholders owning 96 percent of the company's voting stock had approved the merger, which was announced on Aug. 20. The new company, to be called Pharmacia & Upjohn Inc., will be based in London and will have offices in Stockholm, Kalamazoo, Mich., and Milan, Italy. Trading in the new shares will begin tomorrow in New York and on Monday in Stockholm.
Date: 02 November 1995
Bloomberg Business News
Bloomberg News
Premark International Inc. said yesterday that it would spin off its Tupperware subsidiary to shareholders. Tupperware, which makes plastic storage containers, is the company's largest and most profitable business, with earnings of $200 million on sales of $1.3 billion last year. The spinoff of Tupperware, based in Orlando, Fla., will leave Premark with the PMI Food Equipment Group and Wilsonart International, among other businesses. The remaining Premark units earned $156 million last year on revenue of $2.1 billion. The company, based in Deerfield, Ill., said it decided to spin off the unit because the nature of direct-selling businesses like Tupperware differed from its other businesses.
Date: 03 November 1995
Dow Jones
Dow Jones
The British Petroleum Company agreed yesterday to sell its refining and marketing assets in the Northeast to the Tosco Corporation. Tosco, a petroleum refiner and marketer based in Stamford, Conn., said it would pay $75 million for the assets, plus the cost of inventory. B.P. said it expected the sale price to total about $235 million. The sale includes the Marcus Hook refinery near Philadelphia, nine petroleum product terminals and associated pipeline interests in Pennsylvania, Maryland, New Jersey, Massachusetts and Maine. It also includes a 15-year license agreement for Tosco to sell gasoline under the B.P. name in the Northeast, where B.P. has about 500 service stations. Tosco shares rose $1.125, to $35.375, on the New York Stock Exchange.
Date: 02 November 1995
Bloomberg Business News
Bloomberg News
The Cordis Corporation rejected Johnson & Johnson's $1.6 billion hostile takeover bid yesterday, calling the $100-a-share cash offer inadequate. Cordis, a Miami-based maker of medical devices to treat heart disease, also rejected Johnson & Johnson's offer to negotiate a stock swap valued at $1.7 billion, or $105 a share. Johnson & Johnson, based in New Brunswick, N.J., said it would press ahead with plans to remove the Cordis board through a consent solicitation and called its $105-a- share offer "full and fair." Johnson & Johnson, the nation's largest maker of health care products and drugs, made the bids on Oct. 19 after Cordis refused to meet to discuss a merger. Shares of Cordis rose $1.75 yesterday, to $112.25, a 52-week high on the New York Stock Exchange.