BUSINESS BRIEFING
|
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
MERGERS & ACQUISITIONS
Two Big Bank Sales Completed
Two mega acquisitions in the banking sector have been completed, with Bank of America closing its $19.4 billion all-stock purchase of Merrill Lynch and Wells Fargo concluding its $12.7 billion all-stock purchase of Wachovia.
Merrill Lynch's sale to Bank of America, announced Sept. 15, creates the nation's largest financial services company. Wells Fargo's purchase of Wachovia, announced Oct. 3, forms a coast-to-coast powerhouse with community banks in 39 states and the District.
Merrill Lynch shareholders received 0.8595 shares of Bank of America common stock for each common share of Merrill Lynch they owned. Wachovia shareholders received 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock they owned.
TELEVISION
Time Warner, Viacom Reach Deal
Millions of Time Warner Cable customers won't lose access to MTV and 18 other channels after the cable giant reached an agreement early yesterday with media conglomerate Viacom.
The two sides, citing disagreement over fee hikes, had threatened a damaging blackout at a minute past midnight Thursday that would have cut off shows such as "SpongeBob SquarePants," above, and "The Colbert Report" to about 15.7 million subscribers.
Terms of the deal were not disclosed. Details must still be finalized over the next few days, the companies said.
Viacom president and chief executive Philippe Dauman said the company was happy a deal was struck. Viacom had mounted an advertising onslaught warning customers of the possible blackout, taking out ads in major newspapers and Web sites.
EUROPE
Slovakia Adopts Euro Currency
Slovakia became the 16th country to adopt the European Union's euro -- a currency that also celebrated its 10th birthday yesterday. With the addition of Slovakia, the euro will be used by 330 million people with an annual gross domestic product of more than $5.6 trillion.
The decision by the nation of 5.4 million to join the eurozone and abandon the Slovak koruna appears even wiser amid the global financial crisis, as other European countries have seen their currencies severely buffeted.
