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Consumer electronics industry

Corporate Deals and Market Moves

Strategic Insights

— 1 min read

The past week has seen several significant corporate deals and market moves that have shaken the industry. Companies such as Conseco and Kemper have pulled out of a $3.25 billion takeover bid, while Sony and Matsushita have charted different paths into the movie-making business. In a bid to regain consumer trust, USAir has appointed a retired Air Force general as its chief of safety operations and hired an outside aviation consultant firm to conduct an independent audit of its flight operations. Meanwhile, the Swiss are facing a fierce battle for control of the Union Bank of Switzerland, and Russian scientists have sparked an international debate with their revelation of decades-long atomic waste dumping.

Key Takeaways:

  • Conseco and Kemper have canceled their $3.25 billion takeover deal after Citibank, the lead lender, indicated it could not finance even a lowered bid.
  • Sony and Matsushita have taken different approaches to movie making, with Sony reporting big losses and Matsushita enjoying profits.
  • A financial adviser to Borden had a $10 million incentive to complete a deal with Kohlberg, Kravis, Roberts, while another suitor was also in talks with the company's board.
  • MCI Communications plans to announce a broad package of access services, including an electronic shopping mall for consumers and high-speed connections for businesses.
  • USAir has appointed a retired Air Force general as its chief of safety operations and hired an outside consultant firm to audit its flight operations.
  • The Swiss are engaged in a bitter fight for control of the Union Bank of Switzerland.
  • Russian scientists have disclosed that the Government has secretly dumped billions of gallons of atomic waste into the earth over several decades.

Statistics:

  • $3.25 billion: The value of the canceled takeover bid between Conseco and Kemper.
  • $10 million: The incentive awarded to a financial adviser to Borden for completing a deal with Kohlberg, Kravis, Roberts.
  • Years: 30: The number of years Russian scientists claim the Government has been secretly dumping atomic waste into the earth.

Sources:

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  • Regulatory filing on Borden
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  • "Page D2"
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