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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, May 30, 2000

Mirage shareholders OK MGM buyout

LAS VEGAS -- Mirage Resorts Inc. shareholders today approved the company's $4.4 billion acquisition by MGM Grand Inc., ending casino mogul Steve Wynn's reign atop Mirage, which helped transform Las Vegas from a gambling town to an entertainment mecca. At an emotional shareholders meeting, Wynn praised MGM Grand, which with the acquisition, boosted its size by adding Mirage's high-rolling casinos like Bellagio, Mirage and Treasure Island to it's own MGM Grand and New York, New York casinos in Las Vegas.

Sara Lee to cut back; take earnings hit

CHICAGO -- Sara Lee Corp. said it will sell businesses including Coach leather, Champion clothing and PYA/Monarch food service, and warned that profit next fiscal year will rise less than forecast because of the euro's decline.

Sara Lee will focus on foods and beverages including Ball Park franks and its namesake baked goods, undergarments such as Hanes T-shirts, and household products such as Kiwi shoe polish. It will sell shares of Coach and PYA/Monarch to the public. President Steve McMillan, who takes over as chief executive in July, wants brands that lead their markets . He also wants to simplify Sara Lee's diverse lineup of businesses, which has hurt its stock price.

France Telecom buying British firm

LONDON -- France Telecom is buying Britain's Orange from Vodafone Air Touch Plc for about $37.6 billion in cash and stock, creating Europe's second-largest mobile phone group. The sale announced today gives the French company a coveted foothold in Britain's burgeoning mobile phone market. FT also gains Orange's newly awarded license to offer powerful next-generation wireless services in the United Kingdom, a building block for its hopes to become a major force in European mobile communications.