Research In Motion has turned down takeover overtures from Amazon.com and other potential buyers because the BlackBerry maker prefers to fix its problems on its own, according to people with knowledge of the situation. Amazon hired an investment bank this summer to review a potential merger with RIM, but it did not make a formal offer, said one of the sources. It is not clear whether informal discussions between Amazon and RIM ever led to specific price talk.
It is going to be tough for Agricultural Bank of China’s (AgBank) IPO to match the first-day jump in share price enjoyed by its rivals, analysts say. Institutions are expected help stabilize the stock price of the politically sensitive IPO but liquidity, the economy’s health and a flood of new share issues are seen as action against the company. *View article *More coverage *Asia’s top IPOs graphic
Sometimes it’s easy to sniff at $70 million, particularly when you have government loans of $80 billion to repay (while the total size of the AIG bailout was closer to $180 billion, much of that consists of toxic mortgage assets that are now owned by U.S. taxpayer). So news that AIG has agreed to sell its Hong Kong consumer finance and India-based IT services units for that amount may seem to be a paltry offer for discussion, even in the blogosphere.
Nortel Networks Corp, for years a wallflower as rivals in the telecom-equipment business paired up, has found new popularity now that it’s in bankruptcy. The first of Nortel’s parts to be sold off, the wireless technology unit alone has attracted at least three bids ranging from $650 million to $730 million. It is set to be auctioned in about an hour.
Fresh from having Yahoo slip through its fingers, Microsoft‘s plan to leapfrog into Consumerville takes another hit with news that Nokia is paying 264 million euros ($410 million) to buy out other shareholders of Symbian, the dominant player in smartphone software. Nokia says it will dissolve royalty payments for the platform, making it more attractive when compared to Google‘s rival free platform, Android. Symbian’s operating systemis already used in two-thirds of smartphones; Nokia makes 40 percent of all phones sold globally. “This puts a lot of pressure on Microsoft right at a time when they are trying to really push into the consumer space,” said Gartner analyst Carolina Milanesi. “For operators this offers a good alternative to Android.”
GE CEO Jeffrey Immelt is in South Korea, where he may or may not be hawking the industrial conglomerate’s century-old appliances division. LG Electronics CEO Nam Yong said his company was “closely watching” developments surrounding the unit’s potential sale. General Electric said earlier this month it may sell or spin off the division, estimated to be worth up to $8 billion. LG, the world’s top maker of household air conditioners, has been talked about as a potential suitor, along with China’s Haier Group. Nam added he had no plans to meet with Immelt. This watching thing appears to be deeply ingrained in LG’s lexicon — the company is also “carefully watching” Nokia amid talk the top-ranked mobile phone maker may cut its prices and reenter the South Korean market.