News

NBC buys Hispanic broadcaster

Premium 26 October 2001

Following months of negotiation, US broadcaster NBC, has reached an agreement to buy Telemundo, the second-largest Spanish-language television company in the US. NBC will pay US$1.98 billion in equal cash and stock parts and assume US$700 million of debt.

Sabena gets its state aid - barely

Premium 26 October 2001

The European Commission has approved the Belgian government’s emergency 125-million-euro bridging loan to Sabena on October 17, classifying the payment as rescue aid and allowing it in the context of the airline’s pre-bankruptcy proceedings.

Hearst pays big penalty for hiding documents

Premium 26 October 2001

The Hearst Corporation has agreed to pay US$4 million to settle US Federal Trade Commission claims that the media giant failed to produce key documents for the FTC during its acquisition of Medi-Span in 1998. This is the largest civil penalty a company has paid for violating the pre-merger notification law.

New competition commissioner appointed in Mexico

Premium 26 October 2001

Agustín Navarro has been appointed by President Vincente Fox of Mexico as the newest member of the Federal Competition Commission, the national antitrust authority. He is taking over from Javier Aguilar, whose term had expired.

McDermott, Will & Emery launches competition practice in London

Premium 26 October 2001

Is this the start of a trend? Last week we reported on the expansion of Simpson Thacher’s EU competition practice at its London office. This week, McDermott, Will & Emery has announced the launch of its EU antitrust practice from yes, its London office.

Coudert Brothers takes Perrick

Premium 26 October 2001

Madelin Perrick has joined Coudert Brothers Coppens Van Ommeslaghe & Faurès on September 10 as counsel at the firm’s Brussels office.

Eager Bayer makes its largest acquisition

Premium 19 October 2001

In a deal that sets a cash sale record for a German pharmaceutical company, industrial giant Bayer has agreed to buy Aventis CropScience for 7.25 billion euros. The CropScience business is a joint venture between Aventis and Schering AG, with Aventis, the Franco-German life sciences firm, holding roughly 75 per cent.

Airgate and IPCS join forces

Premium 19 October 2001

Airgate and IPCS, two franchisees of Sprint PCS, have agreed to merge. Airgate, which is based in Atlanta, will use 13.5 million of its own shares, worth US$805 million, to buy IPCS. It will also assume US$97 million in debt.

Kugelfischer waves white flag

Premium 19 October 2001

German industrial ballbearings maker FAG Kugelfischer Georg Schafer AG has ended its resistance to a hostile takeover from rival INA-Holding Schaeffer. INA will pay an increased offer of 12 euro a share. INA manufactures tailor-made products for clients in the car and machine construction industry.

Mead/Westvaco latest to join paper industry deal bandwagon

Premium 19 October 2001

Continuing the consolidation within the paper industry, Ohio-based Mead and New York-based Westvaco have agreed to merge. A US$3-billion stock-swap deal will create the US’s fourth-largest paper company.