DANAHER AGREES TO BUY TWO COMPANIES
Date: 22 November 1994
By Bloomberg News
Bloomberg News
The Danaher Corporation said yesterday that it had agreed to acquire the Armstrong Brothers Tool Company of Chicago and Delta Consolidated Industries of Raleigh, N.C., for an undisclosed amount. The manufacturer of tools and environmental pollution control products said the two businesses had combined annual sales of about $100 million. Armstrong Brothers manufactures industrial hand tools and related products, and Delta Consolidated manufactures truck boxes and other storage containers.
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TIME WARNER STARTS CELLULAR PHONE SERVICE
Date: 22 November 1994
By Bloomberg News
Bloomberg News
Time Warner Telecommunications began offering cellular phone service yesterday in Rochester, in the company's first step into the wireless phone market. Time Warner is the dominant cable television provider in the Rochester area, which became the first local phone market in the country to be opened to competition when the Federal Communications Commission approved a plan by Rochester Telephone on Oct. 13. As part of the agreement, Rochester Telephone will reduce or freeze local phone prices for seven years.
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LDDS COMMUNICATIONS GETS APPROVAL TO BUY WILTEL
Date: 22 November 1994
By Bloomberg News
Bloomberg News
The Federal Communications Commission has approved LDDS Communications Inc.'s proposed acquisition of Wiltel Inc. The two companies announced the $2.5 billion transaction in August and are awaiting approval from several state regulators. LDDS is the No. 4 long-distance company in the country. Its acquisition of Wiltel, a unit of the Williams Companies, will create a long-distance company with about $3 billion in revenue that may be better able to challenge the nation's three big carriers: AT&T, MCI and Sprint.
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F.T.C. SEEKS DATA FROM COLUMBIA/HCA AND HEALTHTRUST
Date: 22 November 1994
By Bloomberg News
Bloomberg News
The Columbia/HCA Healthcare Corporation and Healthtrust Inc. said yesterday that the Federal Trade Commission had asked the companies to provide more information before Federal regulators decided whether to approve their $5 billion merger. Under Federal antitrust law, the commission generally has 20 days to reach a decision after the companies comply with a second request for information, though the deadline can be extended by mutual agreement. Columbia/HCA and Healthtrust are the nation's two largest hospital chains.
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BALTIMORE BANCORP HOLDERS CLEAR SALE TO FIRST FIDELITY
Date: 22 November 1994
By Bloomberg News
Bloomberg News
At a special meeting yesterday, the shareholders of Baltimore Bancorp approved the proposed $348 million acquisition by the First Fidelity Bancorp Inc. First Fidelity will pay $20.75 a share in cash under the eight-month-old acquisition plan. The transaction is still pending final Federal approval and is expected to be completed "any day now," a Baltimore Bancorp spokesman, David L. Spilman, said yesterday. The acquisition of Baltimore Bancorp, which has $2.2 billion in assets, would increase First Fidelity's network to almost 700 branches spanning Maryland, Pennsylvania, New Jersey, New York and Connecticut. Holders of 95.5 percent of Baltimore Bancorp shares voted to approve the purchase, the company said.
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Soros Quits British Fund
Date: 22 November 1994
By Bloomberg News
Bloomberg News
The international financier George Soros has pulled out of a $:600 million ($940 million) long-term British property investment fund saying there were better -- unspecified -- opportunities for investment elsewhere. British Land said it would buy the 51.5 percent of the British Land Quantum Property Fund it did not own for $:142 million ($222 million) in cash and assumption of $:160.9 million in debt.
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Merrill Wins Court Round
Date: 21 November 1994
By Bloomberg News
Bloomberg News
A Federal district judge has ruled that Merrill Lynch & Company has the right to sue departing brokers who cling to their customers. During the summer, a New York State court blocked Merrill from seeking special orders against brokers in Federal court. The state court said that Merrill should let the arbitration process of the National Association of Securities Dealers -- which can require months -- take its course without court intervention.
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Early Dollar Rally vs. Mark Fades in New York Trading
Date: 22 November 1994
By Bloomberg News
Bloomberg News
The dollar rose sharply against the German mark in European trading early yesterday before retreating in New York as traders tried to determine whether the dollar's recent gains were justified. "There is still a bullish mentality toward the dollar," said Frank Pusateri, vice president of foreign exchange sales at Mellon Bank in Pittsburgh.
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What Do You Read In a Prague Cafe?
Date: 21 November 1994
To the Editor: "In Prague, a New Daily for English Speakers" (news article, Nov. 14) repeats the claims of a new publication, The Bohemia Daily Standard, that the existing English-language weeklies in the Czech Republic "do not cover local or foreign news in depth." This is untrue.
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NEWS SUMMARY
Date: 21 November 1994
International A3-9 NUCLEAR DANGER FROM RUSSIA Russian scientists have disclosed that for decades the country has been disposing of nuclear wastes by directly pumping them secretly into the earth, which is at odds with global safety standards. A1
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