EUROPEAN UNION

Friday, March 2, 2007

EUROPEAN UNION

Airbus Delays A380 Freighter

Airbus postponed production of the freighter version of its A380 super-jumbo jet after orders were dropped or deferred. The company made the announcement without providing details of its new plan.

United Parcel Service, the only remaining customer for the plane, said the announcement was a surprise. UPS said it would decide after receiving new delivery dates whether to proceed with its purchase of 10 of the planes.

Enel to Raise Stake in Endesa

Enel, Italy's biggest utility, agreed to acquire almost 12 percent more of Endesa for $6.31 billion. The acquisition, atop a 10 percent stake Enel bought earlier in the week, could derail a takeover bid for the Spanish power company by E.On of Germany.

Enel also sought regulatory permission to increase its total stake to 24.99 percent. If it does, the Italian utility, together with Spanish investors and the government, would control more than half of Endesa.

BELGIUM

InBev's Sales Top Anheuser-Busch

InBev surpassed Anheuser-Busch as the world's largest brewer on sales of Beck's in Eastern Europe and Brahma in Latin America. Annual sales were $16.7 billion, compared with $15.7 billion at Anheuser-Busch, the U.S. producer of Budweiser.

CANADA

Another Restatement From Nortel

Nortel Networks will restate financial results for the fourth time in four years to correct accounting errors. Results will be restated for 2004 and 2005, decreasing sales in those years by a combined $61 million and increasing its loss by $129 million. The telephone equipment maker also will restate for the first nine months of 2006, producing sales and profit increases of $24 million and $15 million, respectively.

The company plans to complete the restatement and file its annual report for 2006 by March 16.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.


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