Print

Email story

Comment

Email editor

Digest

FPL energy buying aging nuclear plant

By TIMES WIRES
Published December 21, 2006

Florida's FPL Energy is buying Wisconsin Energy Corp.'s main nuclear power plant in a deal worth about $1-billion, the companies announced Wednesday. Milwaukee-based We Energies will buy the entire output of the plant. The sale means We will not pay to decommission the Two Rivers, Wis., north of Milwaukee in about 20 years, at a cost of hundreds of millions of dollars, said spokesman Barry McNulty. As part of the deal, We Energies will give FPL Energy $560-million set aside to pay for decommissioning.

Aramark will again be taken private

Aramark Corp., the nation's largest food service company, will be taken private for the second time in 22 years after shareholders on Wednesday approved a $6.3-billion leveraged buyout bid. Chief executive Joseph Neubauer leads the investment group taking it private. The first time was in 1984, to thwart a hostile takeover. The company went public again in 2001. Neubauer's group offered to buy the company in August for $33.80 per share in cash. The group will also assume $2-billion of debt.

Vote lets NYSE buy Euronext exchange

The New York Stock Exchange said Wednesday that its shareholders overwhelmingly approved a planned $14.3-billion acquisition of Paris-based Euronext in a deal that would create the first trans-Atlantic financial market. The vote came one day after the European exchange operator's shareholders approved the deal by a wide margin. NYSE Euronext would become the world's largest stock market. The board would be split evenly between U.S. and European directors.

Merging steel giants get bigger

Arcelor and Mittal, which are in the process of combining to form the world's biggest steelmaker, announced Wednesday they have bought Mexico's Sicartsa from Grupo Villacero for $1.44-billion. The deal includes the acquisition of Vinton, Texas-based mini-mill Border Steel Inc., as well as an integrated steel-making plant, a mini-mill and two rolling mills in Mexico.

Thai stocks climb out of crisis zone

Thai stocks jumped 11.2 percent Wednesday, recovering from a historic fall that shook regional markets and sparked concerns over another Asian financial crisis. The Stock Exchange of Thailand's benchmark SET Index ended a tense day at 691.55 after it tumbled nearly 15 percent the day before in reaction to new rules restricting foreign investment aimed at stemming the baht's surge.

Morgan Stanley to spin off Discover

New York-based investment bank Morgan Stanley announced Tuesday that it plans to make a standalone company out of credit card provider Discover Financial Services. Discover will have its own independent board. Its strong cash flow should enable it to pay a dividend, Morgan Stanley noted. The spin-off is subject to regulatory approval and other conditions and is to close in mid 2007.

[Last modified December 20, 2006, 23:13:21]