No official basis for report of P&G bid

Amid reports that Procter & Gamble Co. has bid more than $5 billion for a stake in the maker of Nivea skin-care products, a German government agency said it had not been notified of a formal bid, Dow Jones News Service reported Wednesday.

The Federal Financial Supervisory Agency, which must be notified of any formal offer for more than a 30 percent share of a public company, said it had not received such notification of a P&G offer for a stake in Beiersdorf AG, which owns Nivea.

Taubman board turns down Simon's offer

DETROIT - Taubman Centers Inc.'s board unanimously rejected the latest takeover bid by Simon Property Group, saying Wednesday the $1.5 billion offer was inadequate.

Last week, Simon took its bid directly to Taubman shareholders, offering $18 per share in cash. This is the second time in as many months that Taubman has rejected a takeover bid by Indianapolis-based Simon.

Shareholders vote yes for TRW sale

CLEVELAND - Shareholders approved the $7.8 billion sale of TRW Inc. to defense giant Northrop Grumman Corp. on Wednesday, clearing the way for completion of a deal that will make Northrop the world's second largest defense contractor.

TRW shareholders approved the merger in Cleveland. A few hours later, Northrop shareholders meeting in Santa Monica, Calif., approved. The sale was expected to close within a day or two.

Bank ends $3 fee for teller services

CHICAGO - Bank One Corp. on Wednesday said its customers will no longer have to pay $3 to deal with tellers.

The removal of the fee, which is effective immediately, is part of Chicago-based Bank One's effort to improve service and win back disgruntled local customers.

Competitors had lampooned the teller fee.