July 29, 2013 |
The planned merger of Omnicom Group Inc. in New York and Publicis Groupe in Paris into the world's biggest advertising firm gives the combined company lots of clout. The deal was designed to give the new company more leverage when negotiating advertising rates and placements with television networks and with Internet Goliaths such as Google Inc. and Yahoo Inc. The merger could also help smaller advertising rivals who might scoop up clients. ...
July 28, 2013 |
Two of the world's largest advertising holding companies - Omnicom Group Inc. in New York and Publicis Groupe in Paris - have agreed to merge into a goliath agency with a market value that would exceed $35 billion. The two companies announced the all-stock transaction Sunday. Shareholders of each company would hold about 50% of the new entity, Publicis Omnicom Group, which would be the world's largest ad agency. Omnicom is the parent company of TBWAChiatDay of Los Angeles, which creates advertising for such high-profile accounts as Pepsico Inc. and Nissan Motor Co.; BBDO Worldwide agency; and OMD, which handles ad buying duties for film studio Warner Bros., among others.
July 23, 2013 |
In a blockbuster L.A. financial merger, Pacific Western Bank plans to acquire CapitalSource Bank, creating a robust regional bank with a national commercial lending arm - but wiping out a source of high-yield savings accounts for Southern Californians. CapitalSource had specialized in providing savings options for conservative investors, offering among the best rates in the country at a time when many institutions are paying virtually zero interest. The banks' parent firms, PacWest Bancorp and CapitalSource Inc., said late Monday that PacWest would pay CapitalSource shareholders about $2.3 billion in cash and stock.
July 18, 2013 |
Cost-cutting measures taken during bankruptcy and lower fuel prices helped the parent company of American Airlines post $220 million in profits for the three-month period that ended in June. The positive financial report released Thursday marks the best second-quarter performance in the history of AMR Corp. and sets the stage to complete a merger with US Airways this fall. "The new American is taking off," said Tom Horton, chairman and chief executive of AMR. He will take over as chairman of the new merged company, handing off the post of chief executive to U.S. Airways CEO Doug Parker.
July 12, 2013 |
A merger between US Airways and American Airlines, creating the nation's largest air carrier, has taken another step forward with the approval of a majority of US Airways shareholders. About 99% of US Airways Group shareholders who voted Friday supported the merger with American's parent company, AMR Corp. The vote was not surprising as it was US Airways that first proposed the merger after AMR Corp. filed for bankruptcy in 2011. "This approval is a major milestone on our path to completing the merger, and we continue to make excellent progress overall thanks to the focused efforts of the dedicated representatives from both companies," said Doug Parker, chairman and chief executive of US Airways and incoming chief executive of the combined company.
July 1, 2013 |
Calling their union “the world's first truly global trade book publishing company,” Penguin and Random House finalized on Monday morning a merger that brings together two legacy publishers, at a time when the rise of the Kindle, among other forces, threatens the dominance of the traditional publishing houses. The new group is called Penguin Random House . Its logo is the rather unimaginative placement of the two famed corporate images - Penguin's penguin and the Random House domicile - next to each other.
June 20, 2013 |
The proposed merger of American Airlines and US Airways would cut competition on more routes than previously thought, impacting more than 53 million fliers, according to a new federal study. Proponents of the merger have said in the past that the two airlines overlap on only 12 non-stop routes. But in the first detailed study of the merger's impacts, the U.S. Government Accountability Office said competition would be cut on 1,665 other routes with at least one stop. By comparison, the GAO study said the merger of United with Continental in 2010 eliminated a key competitor in 1,135 routes.
June 18, 2013 |
On the eve of a Senate hearing on airline mergers, two senators are urging the Obama administration to carefully scrutinize the proposed merger of American Airlines and US Airways. The merger, expected to close by September, would unite the third and fifth largest carriers, creating the country's biggest airline by total passengers served. Once completed, the nation's four largest airlines would control about 70% of the national market. In a letter to Atty. Gen. Eric H. Holder Jr. and Transportation Secretary Ray LaHood, Sens.
May 22, 2013 |
Astronomers have pulled back curtains of space dust to find a star-spangled show: a massive pair of galaxies smashing into each other to form, eventually, an even bigger elliptical galaxy, one that's 10 times the size of the Milky Way, in which stars are forming at the breakneck speed of 2,000 suns per year. The colliding galaxies known as HXMM01, described Wednesday by an article in Nature, reveal a brief, shining moment in the creation of a massive elliptical galaxy, said lead author Hai Fu, a UC Irvine astronomer.
May 17, 2013 |
Fiat, the century-old Italian automaker, appears poised to move its headquarters to the U.S. after its planned merger with Chrysler Group. The move would be unprecedented in the automotive industry, experts said, because of Fiat's deep roots. "To say that Fiat is pretty entrenched in Italy would be an understatement," said Mike Wall, director of automotive analysis for IHS Automotive. "There is a culture that has been baked in there. " Yet such a move would result from increasing globalization and the need for companies to locate in the biggest auto markets and centers of research and development.