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Regional Business News Roundup

Strategic Insights

— 2 min read

Southwestern Bell has appointed Jan Newton as its Missouri president, replacing Priscilla Hill-Ardoin who is moving to the Washington office of SBC Communications Inc. The appointment comes as electric and natural gas utility Ameren Corp. faces union contract talks, set to begin today. Additionally, pharmaceutical company Roche Holding AG is purchasing biotechnology firm Genentech Inc. for $3.7 billion, while mortgage rates have reached a nearly two-year high, averaging 7.41 percent for 30-year fixed-rate mortgages. In other news, Zany Brainy Inc. has held an initial public offering of stock, selling 6.1 million shares for $61 million, and LaBarge Inc. is seeking $2 million from its partner in a long-standing legal dispute.

Key Takeaways:

  • Southwestern Bell has appointed Jan Newton as its Missouri president, effective immediately, replacing Priscilla Hill-Ardoin, who is moving to the Washington office of SBC Communications Inc.
  • Ameren Corp. is facing union contract talks, set to begin today, with five unions representing linemen, clerical workers, and power plant workers involved.
  • Roche Holding AG is purchasing biotechnology firm Genentech Inc. for $3.7 billion, with plans to sell up to 19% of Genentech's shares back to the public at a higher price.
  • The average interest rate on 30-year fixed-rate mortgages has risen to 7.41%, its highest level in nearly two years, according to Freddie Mac.
  • Zany Brainy Inc. sold 6.1 million shares for $61 million in an initial public offering of stock, with plans to use the proceeds to repay bank debt and implement new enterprise software.
  • LaBarge Inc. is seeking $2 million from its partner TransMedica International Inc. in an ongoing legal dispute over the exclusive manufacturing agreement for the Laser Lancet device.

Statistics:

  • 7.41%: The average interest rate on 30-year fixed-rate mortgages, the highest level in nearly two years.
  • 7.23%: The average interest rate on 30-year fixed-rate mortgages last week.
  • 60%: The original stake in Genentech Inc. purchased by Roche Holding AG in 1990.
  • 19%: The maximum percentage of Genentech's shares that Roche Holding AG plans to sell back to the public at a higher price.
  • 61 million: The amount of money raised by Zany Brainy Inc. in an initial public offering of stock.
  • 10: The price per share of Zany Brainy Inc. stock sold in the initial public offering.
  • 6.1 million: The number of shares sold by Zany Brainy Inc. in the initial public offering of stock.
  • 7.04%: The average interest rate on 15-year mortgages this week.
  • 6.84%: The average interest rate on 15-year mortgages last week.

Sources:

  • "Southwestern Bell names new Mo. chief" by [no author], [no publication date], [no website or publication name]
  • "Ameren union rally set" by [no author], [no publication date], [no website or publication name]
  • "Roche buys Genetech" by [no author], [no publication date], [no website or publication name]
  • "Fixed mortgage rate rises" by [no author], [no publication date], [no website or publication name]
  • "Zany Brainy holds IPO" by [no author], [no publication date], [no website or publication name]
  • "LaBarge seeks $2 million" by [no author], [no publication date], [no website or publication name]

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