Business news for Mon, 24 Dec 2007 & with word company. 59 news.

One of the world's biggest cement companies, Italcementi, has announced it is closing its subsidiary in Sicily in protest at mafia extortion.

CAP Gemini SA rose the most in almost five years in Paris trading after the Hindustan Times reported that India's Wipro Ltd may offer to buy Europe's largest computer-services company for as much as US$7 billion. Cap Gemini isn't in talks with Wipro about a takeover, the Paris-based company said after the market closed. The shares climbed 4.29 euros, or 11 percent, to 45 euros, the biggest advance since February 2003. Wipro gained the most since May 2004 on the Bombay Stock Exchange. Cap Gemini, led by Chief Executive Officer Paul Hermelin, in February bought Houston-based Kanbay International Inc for US$1.25 billion, doubling its Indian work force. Bangalore-based Wipro, India's third-largest software services exporter, may bid for Cap Gemini by the end of January, the Hindustan Times newspaper reported on Sunday, citing "investment banking sources." "There's arguably a super merger to do between a large Indian and a large European player," Jonathan

UK Coal Plc, Britain's largest supplier of the fuel, advanced the most in more than seven years in London trading after it received an approach for its mining and power generation assets. Austria's Meinl International Power Ltd asked for a meeting with UK Coal or its advisers next year, the Sunday Times said, citing a letter Meinl sent to the mining company. Discussions aren't expected, Doncaster, England-based UK Coal said yesterday in a statement distributed by the Regulatory News Service, according to Bloomberg News. It didn't identify who made the approach. The shares jumped as much as 23 percent. "There's a lot of value to be had from the mining business and I'm not certain an offer would reflect that potential," Charles Kernot, an analyst at Seymour Pierce in London, said in an interview. "UK Coal has looked into splitting the property and mining businesses and concluded that it's not in the best interests of shareholders." Coal prices have risen to

CARPETRIGHT Plc, the UK's largest carpet retailer, dropped to a four-year low in London trading after managers led by Chairman Philip Harris scrapped their 630 million-pound (US$1.2 billion) plan to buy the company. The shares fell as much as 11 percent to 785 pence in London, heading for the lowest close since December 15, 2003. They slid 18 percent on December 21 after the Rainham, England-based company said discussions had ceased, citing deteriorating credit markets. The announcement was made about two minutes before trading ended. Turmoil in the credit markets hampered the executives' ability to secure funding, Harris said. Bloomberg News reported the pace of takeovers worldwide had fallen by about a third since the end of the second quarter, with companies such as Virgin Media Inc and Cadbury Schweppes Plc delaying asset sales amid signs economic growth in countries from the US to Britain is ebbing. "The prospects for the group are undiminished given its market leading

Andrew Corp. s soon-to-be parent company, CommScope Inc., disclosed Monday the final form of the $2.6 billion stock-and-cash Andrew stockholders will receive when the transaction closes Thursday.

CHINA Oilfield Services Ltd, a unit of the nation's third-largest oil producer, won a contract to supply four drilling rigs to Libya for about US$100 million. China Oilfield will deliver two 7,000-meter and two 5,000-meter drilling rigs over three years starting in March, the Beijing-based company said on its Website today. The oil and gas services company, whose main customer is CNOOC Ltd, aims to expand both at home and abroad to benefit from increased exploration spending after oil prices surged. "This is the company's first overseas onshore drilling contract," Yuan Guangyu, vice chairman of China Oilfield, said. "We see Libya as the starting point to expand our broad range of oil field services to overseas markets such as the Middle East and north Africa." China Oilfield shares rose 6.7 percent to HK$17.92 at the Hong Kong stock exchange's close at 12:30pm.

FISHER & Paykel Healthcare Corp, the New Zealand-based maker of breathing masks to treat sleep disorders, rose to a three-month high in Wellington after the takeover of a rival stoked speculation about more mergers. The Auckland-based company jumped three percent to its highest since September 20, after Respironics Inc, the world's largest manufacturer of the breathing devices, was acquired by Royal Phillips Electronics NV for US$5.2 billion in cash, Bloomberg News reported. Fisher & Paykel has about seven percent of the market for products to treat obstructive sleep apnea, a condition thought to affect as many as 12 million Americans. It is among a handful of companies with US Food & Drug Administration approval to sell OSA devices, along with Respironics and ResMed Inc. "They definitely could be a takeover target because the OSA market is very attractive with its high growth," said Stephen Walker, who manages the equivalent of US$107 million at Walker Capital

APPLIANCE maker Sichuan Changhong Electrical Co yesterday bid for a 29.92-percent stake in Huayi Compressor Co to expand its business. The TV company said in a statement to the Shanghai Stock Exchange yesterday that it would acquire 91.7 million shares from Huayi's parent Huayi Electrical Appliance General Co via an auction. The Jiangxi-based Huayi, which produces compressors for air conditioners and refrigerators, was suspended from trading in the Shenzhen stock market since December 14 when it announced the auction plan. The 91.7 million shares are valued at 956 million yuan (US$129 million) based on its closing share price of 10.42 yuan per share on December 13. Changhong wasn't traded yesterday, and its closing price on Friday was 8.45 yuan. Share price of the Shanghai-listed company has doubled this year. Changhong's net profit in the first nine months of this year totaled 340 million yuan, jumping 39 percent from a year earlier on the booming electronics market.

RAPID urbanization as well as robust demand for homes will continue to boost the country's real estate industry in 2008, industry analysts said. Wei Bo, a property analyst with Central China Securities Company, sees three main factors as being responsible for the strong demand. "New demand from the country's urbanization progress, growing requirement for larger and better homes among the Chinese, as well as rising investments caused by the appreciation of the Chinese currency and the existing negative interest rates, will probably help the real estate industry's fortune for another year," Wei said. "We expect the industry to maintain its high pace of development and give it a 'better than broad market' rating." China is seeing probably one of the largest urbanization in the world. According to an earlier forecast by the United Nations, between 16 million and 22 million people will migrate from rural places to urban areas in the country each year from now

CENTRO Properties Group, the Australian owner of US malls which lost 80 percent of its market value last week, has hired three advisers to help it refinance debt and negotiate funding options that may include selling assets. Lazard Carnegie Wylie will "facilitate any transaction" and find investors to help repay or settle bank debt, Jim Kelly, a spokesman for Centro in Sydney, said yesterday, Bloomberg News reported. KPMG will negotiate with Centro's bankers to help refinance A$3.9 billion (US$3.4 billion) by a February 15 deadline and Freehills will act as the company's legal advisers, Kelly said. Chief Executive Officer Andrew Scott said last week he may sell some of Centro's more than A$25 billion of shopping centers in the US, Australia and New Zealand after more than A$4 billion was wiped from the company's market value, making it Asia's worst casualty so far of the global credit squeeze. Melbourne-based Centro's eight most valuable properties are in Australia and

ALCATEL-LUCENT will pay US$2.5 million to settle charges that it violated US anti-bribery laws by paying for hundreds of trips taken by Chinese officials to secure millions of dollars in contracts. The trips were provided between 2000 and 2003 by Lucent Technologies, prior to its 2006 acquisition by Alcatel SA, according to a US Justice Department statement. Lucent footed the bill for approximately 315 trips for Chinese officials, including sightseeing trips to Las Vegas, Disneyland and the Grand Canyon, the department said. The company paid a US$1-million fine to the Justice Department and US$1.5 million in civil penalties to settle a separate complaint by the Securities and Exchange Commission. The recipients were officials with Chinese state-owned telecommunications companies considered important to securing new business. "Alcatel-Lucent China hasn't further comment on the issue, and we will sustain a healthy and long-term relationship with Chinese government officials

French luxury goods company LVMH Moet Hennessy Louis Vuitton said Monday it had concluded a deal with Britain-based media group Pearson to buy France’s leading financial newspaper Les Echos. In a statement, LVMH also said it has signed a deal for the sale of France’s other chief financial daily, La Tribune, to businessman Alain Weill. The financial [...]

'Hectic negotiations' with bankers Capgemini shares moved up 11 per cent today on reports that Wipro, the Indian IT services giant, wants to buy the company.…

Merrill Lynch announced three deals Monday which will allow the beleaguered bank to raise much needed cash as its new CEO John Thain tries to save the company from the huge losses it incurred after the mortgage market meltdown.

Merrill Lynch announced three deals Monday which will allow the beleaguered bank to raise much needed cash as its new CEO John Thain tries to save the company from the huge losses it incurred after the mortgage market meltdown.

The major indexes finished in the green after a shortened session Monday. One solar company surged 15%...

Classmates.com and CGEN Digital Media Company Limited could hit the public markets in December filed updates about their upcoming IPOs.

The controlling shareholder of office furniture maker Teknion Corp. is offering to buy all of the company in a friendly deal worth $76.8 million.

WASHINGTON (MarketWatch) -- Orion Energy Systems Inc. said underwriters have exercised their over-allotment options, putting the total size of the company's initial public offering at more than 8.8 million common shares. Net proceeds of about $78.8 million will be used for working capital and general corporate purposes, including funding potential acquisitions, the Plymouth, Wis.-based energy-management company.

United Rentals Inc. said Monday it will seek $100 million after a Delaware court ruled that private equity company Cerberus was not obligated to complete a $4 billion buyout of the equipment-rental company that it abandoned last month.