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Business Today

By wire services
Published February 19, 2005

DANKA CHAIRMAN LEAVING: P. Lang Lowrey is severing his ties with Danka Business Systems PLC of St. Petersburg, turning the chairman's job over to Andy McKenna and leaving the board of directors March 1. Lowrey interrupted seminary studies four years ago to help the struggling office equipment distributor get its finances and operations in order. He resigned as chief executive last year to renew his focus on ministry. Recently ordained as a deacon, Lowrey is scheduled to become an Episcopal priest in April. McKenna is former president of SciQuest.com and a former executive at Home Depot. He also serves as a director of AutoZone.

SYNIVERSE ENTERS INTO CREDIT AGREEMENT: Syniverse Holdings Inc. said Friday it has entered into a $282-million credit agreement with Lehman Brothers, LaSalle National Bank Association and Lehman Commercial Paper. In a filing with the Securities and Exchange Commission, the Tampa telecommunications services company said the agreement provides for a term loan of $240-million and a revolving credit line of $42-million. Syniverse completed a $282-million initial public offering last week. The company's stock closed Friday at $15.91, up a nickel.

EXXON NOW THE BIGGEST U.S. COMPANY: Buoyed by rising profits from lofty oil prices, Exxon Mobil Corp. passed General Electric Co. Friday to become the largest U.S. corporation by stock market value. The Goliaths traded places after Exxon Mobil shares gained more than 2 percent - having surged 43 percent from a year ago - while GE's stock slipped. That vaulted Exxon Mobil ahead of GE in market capitalization, topping $383-billion compared with about $379-billion for GE.

STATE FARM ASKS FOR RATE INCREASE: State Farm Florida submitted a proposal Wednesday to increase its mobile home policy rates by a statewide average of 17.5 percent, despite state regulators asking insurers to hold off requesting increases until the Legislature ends its work in May. State Farm has about 27,000 mobile home policies in Florida. If regulators approve the request, it would take effect April 15 for new business, and June 15 for renewals.

EX-QWEST EXECUTIVE INDICTED: Federal prosecutors accused a former Qwest Communications International Inc. executive Friday of illegally arranging $2.9-million in gains for himself and others by secretly cashing in on investment opportunities at the expense of the company and its shareholders. Marc Weisberg, a former senior vice president, was charged with eight counts of wire fraud and three counts of money laundering.

FEDERATED-MAY TALKS BACK ON?: May Department Stores Inc.'s stock rose more than 6 percent Friday after a report said it had resumed talks with Federated Department Stores Inc. about a merger. The Wall Street Journal, citing unidentified sources familiar with the matter, reported Friday that Federated and May resumed negotiations by telephone this week and, as of Thursday, were about $2 a share apart on a deal price. Federated and May declined comment.

ARISON FAMILY SELLING CARNIVAL STOCK: Carnival Corp., the world's largest cruise company, said Friday several members of the controlling Arison family will sell some of their company stock. Carnival said the family members will sell over the next two years up to 17-million shares of the company's common stock, representing about 2 percent of the total voting power. None of the shares for sale are owned by Micky Arison, Carnival's chairman and chief executive officer, or by any trusts of which Arison is a beneficiary. After the sale, the Arison family will own about 230-million shares, with 28.6 percent of the combined voting rights.

[Last modified February 19, 2005, 01:07:16]