Unocal Board Meets on Offers
Unocal Corp. board members met to discuss competing takeover bids for the company from Chinese firm Cnooc Ltd. and California-based Chevron Corp. but made no final decisions on the matter, sources said.
The board is expected to continue holding regular meetings over the next several days to consider the bids. In April, Unocal directors accepted a $16.5 billion cash-and-stock takeover bid from Chevron. But on June 22, Cnooc, which is 70 percent controlled by the Chinese government, made an unsolicited $18.5 billion all-cash bid for Unocal, throwing the Chevron deal into question.
No Lift of Cell Phone Ban Expected
The Federal Aviation Administration told lawmakers that restrictions on cell phone use on aircraft will remain in place even if the Federal Communications Commission lifts its ban on the devices. The ban on cell phones and other electronic devices will continue unless carriers prove the devices don't disrupt navigation and communication equipment, Nicholas A. Sabatini, the agency's associate administrator of aviation safety, told a House Transportation subcommittee.
Ex-Qwest CFO Pleads Guilty
Former Qwest Communications International chief financial officer Robin R. Szeliga pleaded guilty to one count of insider trading, becoming the highest-ranking officer to admit to wrongdoing in a scandal that forced the telephone company to erase billions of dollars in revenue. She faces up to 10 years in prison and a $1 million fine, though sentencing guidelines recommend a term of 15 to 21 months.
Guilty Plea in Enron Case
Former Enron vice president Christopher Calger agreed to plead guilty to conspiracy to commit wire fraud. Calger will cooperate with prosecutors building cases against leaders at the Houston energy company and unnamed others in Enron's "legal and accounting departments" who took part in improper side deals, court papers said.
L-3 Gets Clearance to Buy Titan
L-3 Communications Holdings, a defense contractor, said its plan to buy Titan for about $1.97 billion cleared a U.S. antitrust review. The 30-day waiting period for the purchase expired with no action taken by regulators, L-3 and Titan said. The companies said the sale is expected to close July 29, pending Titan shareholder approval at a special meeting July 28.
Citigroup President Stepping Down
Citigroup's president and chief operating officer, Robert B. Willumstad, has decided to step down from those positions to seek the top job at another public company, the financial services giant announced. Willumstad, 59, also will leave the company's board of directors, the statement said.
UnitedHealth Group said second-quarter profit rose 36 percent, to $809 million, as the insurance provider added customers and health care costs moderated. Revenue for the period rose 28 percent, to $11.11 billion.
Tribune Co. said its fiscal second-quarter earnings more than doubled, rising to $233.4 million, from $96.4 million in the comparable period last year. Revenue in the quarter ended June 26 fell to $1.46 billion from $1.49 billion.
Knight Ridder said second-quarter earnings fell 13.8 percent, to $74.4 million from $86.3 million. Revenue rose to $761.5 million from $760.2 million
Compiled from staff and news service reports.