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Forms 8-K

Time Warner and EMI Combine Music Businesses

  • Time Warner Inc./

    Item No.: 5, 7     Amendment: ---
    Market: NYSE     State: DE
    Date: 1/28/00     SIC No.: 7812

    On the heels of the gargantuan Time Warner/AOL merger, Time Warner has announced its plans to combine its music business with the music business of London-based EMI Group plc. The two companies will equally control the joint venture company, Warner EMI Music. EMI will transfer $1.5 billion in net debt to the new company, and EMI shareholders will receive one pound per share in cash from Time Warner for a total of $1.3 billion. Time Warner will receive convertible deferred ordinary shares representing rights to receive 8% of the enlarged EMI ordinary share capital if EMI's share price reaches nine pounds within the first three-and-a-half years after completion. Time Warner's chairman and CEO said that, alongside AOL Time Warner, Warner EMI Music will have the expertise to fully exploit the true potential of digital media.

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    Chemdex and DuPont Form E-Commerce Company

  • Chemdex Corp.

    Item No.: 5, 7     Amendment: ---
    Market: Nasdaq     State: DE
    Date: 1/25/00     SIC No.: 5160

    Chemdex Corp., a business-to-business e-commerce technology and marketplace platform specialist, and DuPont, a nearly-200 year old science-based solutions company, have pooled their resources to spawn Industria Solutions, Inc. The new company, which will be independent of the parent companies, will streamline purchases of fluid processing market products, such as oil, gas, pulp and paper. Industria will receive $10 million in initial funding from @Ventures, an affiliate of CMGI, Inc. There are plans for a strategic relationship with IBM Global Services, which include providing implementation, integration and e-commerce services to the new company's customers and suppliers. Over time, DuPont will shift its substantial buying power of maintenance and engineering materials to Industria. Chemdex will contribute its e-commerce technology and expertise in building and operating vertical marketplaces.

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    Alliant Invests in Brazil

  • Alliant Energy Corp.

    Item No.: 5, 7     Amendment: ---
    Market: NYSE     State: WI
    Date: 1/25/00     SIC No.: 4931

    Alliant Energy Resources, Inc., a subsidiary of Alliant Energy, has announced its first move in a long-term plan to expand into international energy-related markets. The company will pay $347 million for a significant stake in four Brazilian electric utility companies serving more than 820,000 customers. Through a 49.2% ownership investment in Companhia Forca E Luz Cataguazes-Leopoldina, an electric utility, Alliant gains a majority interest in CENF, another electric utility, and Energisa S.A., an energy development company. Alliant will control 45.6% of Energisa and, as a result, stakes in Energipe and Celb, two regulated utilities.

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    Commerce One and GM Develop Online Trading Exchange

  • Commerce One, Inc.

    Item No.: 5     Amendment: ---
    Market: Nasdaq     State: DE
    Date: 2/2/00     SIC No.: 7373

    Commerce One, Inc. and General Motors Corp. have finalized the details of a strategic business relationship that will result in an Internet-based trading exchange, GM TradeXchange. GM TradeXchange will be developed, operated and supported by both GM and Commerce One. Both companies will also share the net revenues equally for a 10-year period. The GM TradeXchange will enable GM, its dealers and its suppliers to buy and sell over the Internet. As part of the arrangement, Commerce One will restructure itself into a holding company. Commerce One issued 14.4 million common shares to GM, half of which will be held in escrow until GM TradeXchange has repaid the accumulated investments by both Commerce One and GM.

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    Sprint Sells Global One

  • Sprint Corp.

    Item No.: 5, 7     Amendment: ---
    Market: NYSE     State: KS
    Date: 2/1/00     SIC No.: 4813

    Sprint Corp. has agreed to sell its interest in Global One for $1.13 billion in cash and the repayment of $267 million in debt to Deutsche Telekom and France Telecom, Sprint's two partners in the venture. Deutsche Telekom and France Telecom have agreed to take sole responsibility for funding the needs of the international telecommunications company. The two companies, both of which hold a 10% stake in Sprint, have also agreed to vote their shares in favor of Sprint's merger with MCI WorldCom.

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