Search results for

The Bank of Scotland has launched a £20.85 billion ($34.7 billion) hostile bid for the UK's National Westminster Bank (NatWest). The surprise offer comes one month after NatWest agreed to pay £10.8 billion ($17.4 billion) for the life assurer Legal & General.

Vulcan Ventures has invested $1.65 billion in RCN, the New Jersey-based telecommunications company. The investment group, which was established in 1986 by Microsoft co-founder Paul Allen, is helping RCN extend its residential network across the US.

Davis Polk conducts Merrill Lynch deal

Nestlé has agreed to sell its European frozen food business to a Swedish-US investment group.

Williams Communications Group, the US internet and data provider, has launched a $783 million public offering of shares, as well as $2 billion worth of high-yield notes.

The US communications companies MCI WorldCom and Sprint have merged in a $129 billion deal. Under the terms of the deal, one share of Sprint will be exchanged for $76 of WorldCom common stock. The merger will be tax-free for shareholders.

The French company Alcatel has strengthened its position in the US market by announcing the acquisition of Genesys Telecommunications. Alcatel is paying $1.5 billion for the San Francisco-based company that specializes in developing software for call centres. Genesys had revenues of only $140 million in the 12 months up to June this year, and many analysts believe that the deal has been overpriced. Alcatel argue that Genesys is a safe investment within a fast-moving industry, though its earnings are expected to fall next year.

WTO upholds FSC complaint

Ernst & Young close in on Atlanta firm

During the second half of 1998, a special committee under the auspices of the Department of the Taoiseach was formed to review and recommend amendments to the legislation dealing with securitizations in Ireland. Legislation is already in place for securitization special purpose vehicles (SPVs) certified in the International Financial Services Centre (IFSC) in Dublin and the Finance Act 1999 introduced a new regime for SPVs outside the IFSC. It was felt that the review was necessary due to the increasing complexity of securitization transactions and the difficulty of applying the existing legislation to them.