Time for Plan B
This is what the morning after looks like for Yahoo: a stock down 20 percent in pre-trading, and investors wondering whether Jerry Yang has a Plan B in his back pocket after Microsoft walked away from one of the strangest pseudo-hostile takeover bids in recent memory. One option is obvious: “It’s time to get a move on with Google,” said Jeffrey Lindsay, analyst with Sanford C. Bernstein. “Let’s hope they weren’t bluffing.”
Deutsche Telekom is looking at a possible purchase of No. 3 U.S. wireless company Sprint Nextel, Der Spiegel magazine reported on Saturday, and is considering options including a merger or an outright takeover. Deutsche Telekom’s T-Mobile USA is the fourth-biggest operator; a combination with Sprint would catapult T-Mobile to the number one spot, although Sprint and T-Mobile use incompatible wireless networks.
Warren Buffett said on Sunday that Berkshire Hathaway may be close to buying a medium-sized British company and will look at Royal Bank of Scotland‘s insurance unit, Britain’s second-largest general insurer, valued at up to 8 billion pounds ($15.8 billion).
** Malaysia’s top lender, Malayan Banking, has bought a 15 percent stake in Pakistan’s largest listed lender MCB Bank for $680 million, betting on a bright economic future despite its recent political turbulence.
** Kuwait’s Burgan Bank plans to buy 194 million dinars ($727.7 million) in assets from Bahraini lender United Gulf Bank, the two companies said in a statement.
** U.S. property company Colony Capital and French investment group Eurazeo said they planned to raise their stake in hotels and services group Accor to around 30 percent.
** Israel’s Bank Leumi said it agreed to sell 15 percent of cable operator HOT to Internet service provider Netvision for 480 million shekels ($139 million).
** The European Commission said it had suspended its review of plans by Austrian oil and gas group OMV to take over Hungarian peer MOL.
** British market research firm Taylor Nelson Sofres has rejected an unsolicited proposal from advertising group WPP to buy it for 950 million pounds ($1.87 billion), it said on its website.