On Monday October 4, 2010, 5:47 pm EDT
Sanofi-Aventis launches
Genzyme takeover battle
PARIS (AP) -- France's
Sanofi-Aventis on Monday launched an $18.5 billion hostile takeover attempt for
Genzyme Corp., escalating the battle after the U.S. biotech company's
management twice rejected its offer.
At $69 per share, it's the
same as the friendly bid Paris-based Sanofi-Aventis offered for Genzyme
privately in July and publicly in August. Genzyme rejected the offer both
times.
Genzyme, based in
Cambridge, Mass., urged shareholders Monday to take no action, saying in a
press release its board would review the offer, together with its independent
consultants, and advise shareholders within 10 business days.
Oil industry has yet to
adopt lessons of BP spill
NEW ORLEANS (AP) -- Oil
industry and government officials could get caught flat-footed again by another
deep-water blowout in the coming months because they have yet to incorporate
many of the lessons learned during the BP disaster, experts inside and outside
the business tell The Associated Press.
In interviews with the AP,
environmental experts, industry veterans and government officials also said the
industry needs better technology and more thorough testing and analysis to
prevent blowouts from happening in the first place.
And despite an overhaul of
the federal agency that regulates the industry, there are lingering doubts
about whether the government can effectively police Big Oil at the same time it
relies on the industry for revenue.
Govt sues 3 biggest credit
cards, settles with 2
WASHINGTON (AP) -- The
Justice Department on Monday sued the three largest U.S. credit card companies
for anticompetitive practices and reached a proposed settlement with two of
them, MasterCard and Visa.
In papers filed in federal
court in Brooklyn, the department and various state attorneys general sued all
American Express, Visa and MasterCard, saying they were attempting to insulate
themselves from competition. At the same time, the Justice Department filed a
settlement it has reached with Visa and MasterCard. Court approval of such
settlements is usually a formality.
Under the settlement, Visa
and MasterCard agree not to prohibit merchants from offering customers
discounts or rebates for using a particular kind of card. Visa and MasterCard
also must allow merchants to express preferences for the use of a low-cost card
within a network or other form of payment.
Stocks fall at the
beginning of a busy week
NEW YORK (AP) -- Stocks
fell Monday as investors took a pause from a historic rally in September and
held back ahead of a busy week of economic and earnings reports.
The Dow Jones industrial
average lost nearly 80 points after factory orders fell slightly more than
expected in August and contracts for new homes remained far below last year's
pace.
Analysts say the market was
due for a pullback following a 10.4 percent gain in the Dow last month. The
monthlong rally has come on relatively low volume, a sign that many investors
are still waiting on the sidelines.
Toyota says most recalled
US cars and trucks fixed
WASHINGTON (AP) -- Toyota
has repaired most of the 5.6 million cars and trucks it has recalled in the
U.S. for flaws that could trigger unwanted acceleration, citing progress in rebuilding
its reputation for safety.
The automaker has been
working to improve quality controls as it deals with sliding market share
following its massive recalls. The world's largest automaker said in a report
Monday that it had aggressively responded to safety problems at the urging of
its president, Akio Toyoda, and top company officials.
Toyota has recalled more
than 10 million vehicles worldwide over the last year for a wide range of
problems, including some that have nothing to do with unwanted acceleration.
August factory orders
decline 0.5 percent
WASHINGTON (AP) -- Orders
to U.S. factories fell in August, reflecting a big drop in demand for
commercial aircraft. But outside of the volatile transportation sector, orders
rose for the first time since March.
Factory orders fell 0.5
percent in August, the third drop in the past four months, the Commerce
Department said Monday. Orders had been up 0.4 percent in July.
Meanwhile, a real estate
trade group reported that the number of people who signed contracts to buy
homes rose in August for the second straight month but remained far below last
year's pace.
Taken together, the new
reports on manufacturing and housing were viewed as further evidence that the
economy is continuing to plod along at a modest pace.
Pending home sales rise 4.3
percent in August
WASHINGTON (AP) -- The
number of people who signed contracts to buy homes rose in August for the
second straight month but remained far below last year's pace. The weak economy
and fears that prices will fall are keeping many consumers away from the
housing market.
The National Association of
Realtors said Monday that its seasonally adjusted index of sales agreements for
previously occupied homes rose 4.3 percent to a reading of 82.3. That's still
more than 20 percent below the pace in the same month a year earlier.
Economists surveyed by
Thomson Reuters had expected the index would rise to 81.4.
Boston Properties buys
Boston tower for $930M
BOSTON (AP) -- Boston's
tallest skyscraper and one of the city's most recognizable landmarks is being
sold to real estate tycoon and newspaper publisher Mortimer Zuckerman's company
for $930 million, the firm said Monday.
Boston Properties agreed to
acquire the iconic John Hancock Tower and Garage from a partnership between
Normandy Real Estate Partners and Five Mile Capital Partners.
The company is paying
$289.5 million in cash and is assuming $640.5 million in debt in the deal. The
transaction is expected to close in the fourth quarter.
Twitter co-founder Evan
Williams steps down as CEO
SAN FRANCISCO (AP) --
Twitter co-founder Evan Williams is stepping aside as the short-messaging
service's CEO. He will turn the job over to Dick Costolo, who has been steering
Twitter's operations for the past year.
The privately held company
announced the change in command Monday.
Costolo, an early investor
in Twitter, joined the company as chief operating officer a year ago to help
manage Twitter's rapid growth.
Williams will remain at Twitter
and focus on developing new products.
By The Associated Press
The Dow Jones industrial
average fell 78.41, or 0.7 percent, to close at 10,751.27
The Standard & Poor's
500 index fell 9.21, or 0.8 percent, to 1,137.03. The Nasdaq composite index
fell 26.23, or 1.1 percent, to 2,344.52.
Benchmark crude for
November delivery lost 11 cents to settle at $81.47 a barrel on the New York
Mercantile Exchange. Earlier in the day it rose to $82.38, the highest level
since Aug. 6.
In other Nymex trading,
heating oil fell 0.91 cent to settle at $2.2847 a gallon, and gasoline rose
0.72 cent to settle at $2.0933 a gallon. Natural gas dropped 7 cents to settle
at $3.727 per 1,000 cubic feet
In London, Brent crude gave
up 47 cents to settle at $83.28 per barrel on the ICE Futures exchange.