Thrift's Biggest Shareholder Seeks Control
Independence Federal Savings Bank's biggest shareholder, Morton A. Bender, has asked the federal Office of Thrift Supervision for approval to buy at least 51 percent of the company's stock and take control. District-based Independence postponed a meeting at which Bender was seeking election of two directors in opposition to the bank management's slate.
MERGERS & ACQUISITIONS
Shareholders Approve US Airways Acquisition
Shareholders of America West Airlines' parent company approved the carrier's proposed acquisition of US Airways, with nearly 96 percent of voting shares favoring the deal. This week, the judge overseeing US Airways' bankruptcy case will hold a hearing to consider final court approval of the carrier's reorganization plan.
Constellation to Bid on British Power Plant
Baltimore-based Constellation Energy Group, an electricity marketer, and hedge fund Perry Capital plan to offer about $3.5 billion to buy the biggest British power plant. The proposal gives bondholders and shareholders of plant owner Drax Group an all-cash alternative to a planned initial public offering, Constellation and Perry said.
Freddie Mac Chief Predicts Money Return
Freddie Mac chief executive Richard F. Syron said the government-chartered mortgage finance company will be able to return more money to shareholders as he expects its regulator will lift a capital surplus mandate. Eliminating the 30 percent capital surplus requirement is also a key assumption in forecasting a "mid-teens" percentage rate of growth in the company's fair value, Syron said.
Compiled from staff and news service reports.