Business Briefs

Reported by Star-Bulletin staff & wire

Monday, August 2, 1999

AT&T completes deal for Honolulu Cellular

AT&T Corp. said today it has completed its buyout of Honolulu Cellular Telephone Co., Hawaii's oldest wireless phone business.

The price was not disclosed but at the time the deal was first announced in early April Bloomberg News reported that one source close to the transaction said it was worth $160 million.

Founded in 1986, Honolulu Cellular was sold by BellSouth Corp., which acquired full control of the company in 1996. The local company has about 200 employees.

Merger to create largest U.S. insurer

CHICAGO -- Fidelity National Financial Inc. agreed to buy Chicago Title Corp. for $1.2 billion in cash and stock, creating the largest U.S. insurer of property titles.

Fidelity National said it will pay $52 a share in cash and stock for the No. 2 U.S. title insurer, a 14 percent premium to Friday's close of $42.75. Chicago Title's shares rose $6.06 Friday after it confirmed it was in talks with Fidelity National.

The transaction would join two companies that together had $3.2 billion in 1998 revenue, and vault Fidelity National from its ranking as the fourth-largest U.S. title insurer.

Fidelity National also would return to its roots in the real-estate insurance-transaction business after moving into restaurant chains, equipment leasing and investment banking in recent years.

Intel shares rise on demand outlook

SANTA CLARA, Calif. -- Intel Corp. shares rose 3.4 percent to a record after the world's largest computer-chip maker unveiled faster Pentium III and Celeron processors, boosting optimism about demand.

Intel rose $2.31 to $71.31 in trading of 38.7 million shares, making it the most active U.S. stock. Intel unveiled a 600 megahertz Pentium III chip and a 500Mhz Celeron chip. Three analysts reiterated positive ratings on the stock, which is up 20 percent so far this year. Intel is constantly unveiling faster chips to help boost performance and demand as personal computer and chip prices.

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