Reported by Star-Bulletin staff & wire
Monday, September 6, 1999
Japan stocks rise 126 in thin trading
TOKYO -- Tokyo share prices rebounded moderately in light trading today, while the dollar fell against the yen. The benchmark 225-issue Nikkei Stock Average closed up 126.52 points, or 0.72 percent, to end the day's trade at 17,756.51. On Friday, the average closed down 1.26 points, or 0.01 percent.The dollar bought 109.62 yen late today, down 0.12 yen from late Friday in Tokyo and below its late New York level of 110.05 yen on Friday. The greenback traded in a narrow range today in Tokyo, posting a high of 109.75 yen and hitting a low of 109.34 yen.
Natwest bidding for British insurer
LONDON -- National Westminster Bank Plc, Britain's third-largest bank, announced today a $17.2 billion takeover bid for life insurance and pension provider Legal & General Plc Group. But some analysts considered the bid risky and expensive, and investors bid both companies shares down. Shareholders in Legal & General will get $3.37 a share in cash and stock.The price puts a slight premium on the $3.30-a-share closing price for Legal & General on Friday, when news of the takeover negotiations surfaced.
The companies said they expected that the takeover would mean annual cost savings of some $208 million by the end of 2002. Anticipated savings would be achieved by merging the two company's life and general insurance businesses, fund management and head office functions.
Vodafone mulls link with Bell Atlantic
LONDON -- Vodafone Airtouch Plc, the world's largest wireless company, said a link with Bell Atlantic Corp. is among the options it's considering as the world's largest mobile operator looks to develop its U.S. operations. The statement sparked optimism the two are aiming to resurrect their partnership after they agreed to split their existing wireless venture last month.A new venture between Bell Atlantic and Vodafone AirTouch could create a nationwide U.S. wireless phone network to compete with those of AT&T Corp. and Sprint Corp. PCS.