Arcelor investors fight bid
Hedge fund investors in steel giant Arcelor SA are seeking a Dutch court order to stop the US$41 billion Mittal Steel Co NV takeover that offers them a share swap they are not happy with, Arcelor said on Thursday. The company, which already calls itself ArcelorMittal, said it had received a writ of summons from three funds to appear on Wednesday at a court in Rotterdam, where Mittal is based. Mittal had planned to seek shareholder approval for the first phase of the merger on Aug. 28 and complete it on Sept. 3.
Borse Dubai eyes OMX AB
Borse Dubai yesterday launched a takeover offer for Nordic stock exchange operator OMX AB, setting the stage for a potential bidding war against US-based NASDAQ Stock Market Inc, which has already made an offer for the company. Borse Dubai, the owner of the Dubai stock exchange, said it is offering 230 kronor (US$32.84) per OMX share, valuing OMX at around 27.7 billion kronor. The bid represents a 14 percent premium over NASDAQ's cash-and-share offer, which it valued at 202.3 kronor per share. Rumors of a bidding war for the Nordic bourse have run high since last week, when the Dubai exchange said it was planning to raise its stake in OMX to more than 25 percent.
Japanese firms settle suit
Asthma patients yesterday welcomed a settlement with major Japanese automakers and the government resolving a long row over air pollution blamed for killing more than 100 people in Tokyo alone. The plaintiffs agreed to a court-mediated settlement to end an 11-year legal battle against seven automakers, which include industry giants Toyota, Honda and Nissan, as well as government bodies. More than 520 Tokyo residents had filed the lawsuit, blaming diesel gas fumes for causing their asthma. Under the settlement, the automakers alone will pay ?3.3 billion (US$28.6 million) to underwrite a five-year health plan for the asthma patients. The automakers will also pay a one-time ?1.2 billion to the plaintiffs.
Sony in recycling initiative
Does that Walkman walk no more, or is the original PlayStation now a doorstop? Starting next month, Sony Corp will take them back at 75 recycling stations around the US. Other makers of computers and electronics, like Apple Inc, Dell Inc and Hewlett-Packard Co, also have their own recycling programs, which generally rely on customers mailing in their old gear. Sony is the first to partner with trash-hauler Waste Management Inc, which has a network of recycling drop-off centers. The centers will accept any Sony or Sony Ericsson-branded gadgets for free, and other brands for a fee.
Chrysler boss wants rate cut
The new chief executive of Chrysler, Robert Nardelli, said on Thursday he believed a cut in US interest rates would help re-energize the sluggish economy. Nardelli, the former chairman of Home Depot, said he would have no problem endorsing an interest rate reduction by the US Federal Reserve in the wake of the troubles in the housing market. Nardelli is one of the first executives of a non-financial company to call for an adjustment in rates. "I don't think it had a direct impact" on the car industry and consumers, he said of the turmoil in the markets. "But it had a psychological impact."
‘HERO OF THE ERA’: President Tsai Ing-wen expressed deep sadness at Lee’s passing, and told the government to assist his family with all their needs Former president Lee Teng-hui (李登輝) passed away at 7:24pm yesterday at Taipei Veterans General Hospital. He was 97 years old. The hospital stated the cause of death as septic shock and multiple organ failure. Lee had been hospitalized there since February, when he choked on a mouthful of milk at home. He was later diagnosed with pulmonary infiltrates and aspiration pneumonia. The hospital said that Lee had been treated with antibiotics, but that his health had not improved, as his advanced age and diabetes had inhibited his immune system and led to recurring infections. During his hospitalization, Lee underwent daily kidney dialysis, which removed
‘WEAK POSITIVE’: The man arrived in Taiwan in May and was quarantined for two weeks, Chen Shih-chung said, adding that he might be infected a long time ago The government is considering tightening mask-wearing rules again in light of a potential domestic COVID-19 infection, Minister of Health and Welfare Chen Shih-chung (陳時中) said yesterday. The Central Epidemic Command Center (CECC) confirmed seven new COVID-19 cases, six of which are imported. The other case involves a Belgian engineer who entered Taiwan on May 3 and remained in quarantine until May 17, said Chen, who heads the CECC. Although the source of infection has yet to be identified, the case could end the nation’s record of not having any domestic cases in the previous 110 days. The Belgian, in his 20s, is a technician
RECEIVING TREATMENT: President Tsai Ing-wen, Vice President William Lai and Premier Su Tseng-chang visited former president Lee Teng-hui yesterday morning Taipei Veterans General Hospital yesterday rebutted speculation that former president Lee Teng-hui (李登輝) had died a day earlier, saying that he was weak, but receiving treatment. The hospital said the 97-year-old Lee was not in good condition and needed ongoing care, adding that if there are any changes in his condition, it would make those public. The comments came after rumors emerged online on Tuesday that Lee had died after being hospitalized since early February. Soon after the unsubstantiated rumors emerged, reporters started flocking to the hospital seeking confirmation. Lee was admitted to Taipei Veterans General Hospital on Feb. 8 after choking while drinking
THAI CASE UPDATE: Twenty-nine close contacts of the worker have been tested with two types of tests, including 18 dorm mates, with 28 negative results so far Five imported cases of COVID-19, four from the Philippines and one from Hong Kong, were reported yesterday, bringing the total confirmed cases in Taiwan to 467, the Central Epidemic Command Center (CECC) said yesterday. The four returning from the Philippines were on the same flight, and the local health department has identified 15 people who had direct contact with them — including 10 passengers in the two rows in front or behind them, who have been put under 14-day home isolation, and five crew members, who will practice 14-day self-health management, said Centers for Disease Control (CDC) Deputy Director-General Chuang Jen-hsiang