Tuesday, February 15, 2000
TRISTATE SUMMARY
Scripps trading 2 Fla. papers for 1, plus cash
The E.W. Scripps Co. plans to trade the Florida-based Destin Log and the Walton Log, plus an undisclosed amount of cash, for the Tribune, a Fort Pierce, Fla., daily newspaper owned by Freedom Communications Inc.
The Tribune, with circulation of 26,000 daily and 28,000 on Sundays, will be the third Scripps-owned newspaper along the 70-mile coast line that includes Martin, St. Lucie and Indian River counties.
Following completion of the transaction, Scripps will publish 20 daily newspapers across the nation. Scripps also operates nine network-affiliated television stations; three TV networks; syndicated products; 31 revenue-producing Web sites and other properties.
NiSource alters tactics to nab Columbia Energy
NiSource Inc., owner of Indiana's largest utility, has halted its hostile takeover attempt of rival energy distributor Columbia Energy Group.
NiSource announced Monday it was withdrawing its offer to Columbia shareholders to buy that company's stock for $74 a share.
Ending the hostile takeover attempt will allow NiSource to negotiate a buyout of Columbia confidentially and on more friendly terms without tipping off other interested parties to the share price being discussed, it said.
More than 58 percent of Columbia shareholders had agreed to sell their stock to Merrillville-based NiSource, a majority that could give NiSource some weight in its negotiations.
NiSource spokeswoman Maria Hibbs declined to say whether her company will offer more than $74 a share, an amount Columbia executives deemed inadequate.
Lear sees auto-making slowdown as a boon
Akron-based automotive interiors manufacturer Lear Corp. expects to see its earnings grow by 20 percent while its sales rise 5 percent to 10 percent this year, James H. Vandenberghe, vice chairman, said Monday. Mr. Vandenberghe said Lear expects to improve margins while maintaining a high capacity utilization rate.
Lear has a $3.3 billion backlog of orders that will carry it through the 2004 model year. It is expecting car makers to produce 15.7 million vehicles this year, Mr. Vandenberghe said.
“We're pretty excited about this year,” he told Bridge News.
The torrid pace of automotive production detracted from 1999's earnings, but Mr. Vandenberghe said he expects a slightly slower production pace this year to translate into higher earnings.
“We did not get the normal leverage” from sales in 1999, because of inefficiencies that accompanied the 17.4 million vehicle build rate, he said.
Axle-maker Dana will buy back more shares
Toledo-based Dana Corp., the world's largest maker of light-truck axles, said Monday that the company will buy back as much as $250 million more of its shares this year in an effort to boost the lagging stock price.
The new program would include as many as 11.9 million shares, or about 7 percent of those outstanding, at Friday's closing price of 21. Dana in April started a $350 million repurchase effort and last year bought $100 million in shares under that program, set to end this October, the company said.
In addition, Joseph Magliochetti, now president and chief executive, will add the chairman title when Southwood Morcott retires April 30, the company said.
— From staff and wire reports
Web's DoubleClick on defense
Kroger selling 'Junior' T-shirts
Brandt relies on its roots
Broadcaster buys marketer
TRISTATE SUMMARY
INDUSTRY NOTES: BANKING
PEOPLE ON THE MOVE
TRISTATE MARKET SPOTLIGHT
U.S. sales rate gains on inventories
