June 7, 2000 |
Bestfoods on Tuesday agreed to a sweetened buyout offer from Unilever of $20.3 billion, or $73 a share, that would create the world's biggest food maker. The Anglo-Dutch company won over Bestfoods Chairman Charles Shoemate by raising its cash offer a month after he rejected a bid for $66 a share. Shoemate opened merger talks with Campbell Soup Co., Diageo and H.J. Heinz Co., people close to the situation have said.
June 26, 2000 |
Philip Morris Cos., parent of Kraft Foods, on Sunday agreed to buy cookie and cracker giant Nabisco Holdings Corp. for $14.9 billion, making the nation's largest food company even more powerful with brands on virtually every supermarket aisle. The announcement comes at a time when many of the largest players in the slow-growing food business have been looking to consolidate in order to cut costs, boost sales and increase their clout with grocery retailers.
February 16, 2002 |
Billionaire investor Carl Icahn is seeking antitrust approval to purchase $500 million of ImClone Systems Inc. stock, about 40% of the company. The troubled biotech company announced Friday that Icahn filed documents with the Federal Trade Commission and the Department of Justice to clear the way for him to buy the stock.
May 4, 2000 |
Long-dormant U.S. food companies are suddenly being appraised like so much fine wine. An $18.4-billion offer by international food conglomerate Unilever for Bestfoods, with brands including Skippy peanut butter, Hellmann's mayonnaise and Knorrs soups, has rekindled interest in the sleepy U.S. packaged food industry. Investors were so enthusiastic Wednesday at the proposition of a wave of food company takeovers that they bid up the stocks of virtually every well-known U.S. food company.
August 19, 2000 |
Carl Icahn, the billionaire financier and corporate raider, on Friday took aim at one of the biggest targets on Wall Street by planning to buy a major stake in General Motors Corp., a company that has long been criticized for not doing more to boost the value of its stock. Indeed, some analysts quickly speculated that Icahn would put more pressure on management at the giant auto maker to further unlock the value of its Hughes Electronics Corp. unit in order to lift GM's own stock price.
June 28, 2000 |
Financier Carl Icahn, fresh from ending a years-long battle for control of Nabisco Group Holdings Corp. that will earn him more than $800 million, promptly turned his attention to CSX Corp. with plans to buy as much as 15% of the giant but struggling eastern railroad. But CSX, which disclosed Icahn's intentions late Tuesday, immediately indicated that it plans a tough defense against any effort by Icahn to wrest control of the Richmond, Va.-based concern.
April 9, 2000 |
Carl Icahn is a corporate raider who's spent the last 20 years being a company's worst nightmare or a stockholder's best friend, depending on your view. But this much is true either way: Icahn's in it for the love of the game. Icahn got very rich and nearly became a household name in the 1980s as a raider of the first order, making headlines with other financiers such as T. Boone Pickens Jr.
January 28, 2000 |
R.J. Reynolds Tobacco Holdings Inc. said its fourth-quarter profit from operations fell 50%, in line with analyst expectations, on higher legal settlement costs and a decline in U.S. cigarette sales. The nation's second-largest tobacco company, whose brands include Winston, Camel and Salem, said profit from continuing operations fell to $85 million, or 79 cents a share, from $169 million, or $1.55, a year ago. RJR, along with the rest of the U.S.
November 19, 1999 |
It's a 108-year-old giant of its industry, but many of its famed products are generations old and face daunting competition from newer rivals. Its U.S. sales and profit are sluggish. Its overseas results--the bulk of its business--aren't doing much better. And it has a new chief executive who's all of 36. That's the sticky situation at Wm. Wrigley Jr. Co., the Chicago-based global leader whose Juicy Fruit, Spearmint and other brands have made it synonymous with chewing gum.
March 31, 2000 |
Boosted by America Online's mega-offer for Time Warner, corporate merger activity is off to a fast start this year in dollar terms. Yet deal activity overall is running at the slowest pace since 1995. Through Tuesday, 2,270 mergers involving U.S. companies have been announced this year with a dollar value of $537 billion, according to Thomson Financial Securities Data.