WINNERS & LOSERS
ALCOA WANTS TO BUY ALUMINUM RIVAL ALCAN
Alcoa Inc., seeking to keep pace with growing Russian rival Rusal, launched a hostile $27 billion bid for Canadian aluminum rival Alcan Inc. on Monday, after failing in almost two years of private talks to reach a negotiated deal. Montreal-based Alcan said its board “will consider the proposal” and advised shareholders to await its recommendation. New York-based Alcoa said the proposed cash-and-stock deal would create a premier diversified global aluminum company that could grow faster than the two companies could on their own. Alcoa’s shares rose $2.97 to $38.63.
FORD TO CLOSE OHIO PLANT, SHUT ANOTHER FOR A YEAR
Ford Motor Co.’s financial troubles claimed more victims Monday when the struggling company announced that it will close a casting plant near Cleveland in 2009, costing 1,100 hourly workers their jobs. The nation’s No. 2 automaker also announced it will mothball the nearby Cleveland Engine Plant 1 for at least a year starting in two weeks due to lower-than-expected demand for its products. Shares fell 6 cents to close at $8.16.
Today’s Top 10
AUTO-LOAN RATES HIGHER FOR BLACKS
Blacks paid typical rate of 7 percent for new cars, compared with 5 percent for whites in 2004, according to consumer group’s analysis of Federal Reserve Survey of Consumer Finances.
CONSUMERS BOOST BORROWING
Fastest pace in four months suggests consumers remain resilient in the face of higher energy costs, housing slump, Fed reports.
ABN AMRO TO LET SHAREHOLDERS DECIDE
Investors to choose between hostile 71.1 billion-euro ($96.4 billion) offer from group led by Royal Bank of Scotland, friendly bid by Barclays PLC worth about 64.2 billion euros ($87.1 billion).
BAE TO BUY ARMOR HOLDINGS INC.
$4.1 billion deal is part of defense contractor’s bid to tap into demand for armored vehicles.
ICAHN-MOTOROLA FIGHT FAR FROM SETTLED
Even after shareholders cast ballots Monday evening, it might take weeks before investor finds out if he got a seat on Motorola board.
DOW JONES UNDER SCRUTINY
Authorities probing suspicious options trading in stock prior to announcement last week of News Corp.’s $5 billion bid for financial news publisher. Dow Jones shares fell 29 cents to close at $55.51, then continued falling.
CLEAR CHANNEL DELAYS VOTE ON BID
Radio operator with five Midlands stations says it’s talking with bidders about revised offer. Shares rose 95 cents to $37.30.
McKESSON PROFIT UP 17 PERCENT
Prescription-drug distributor’s fourth quarter tops analysts’ expectations. Shares fell 23 cents to $59.77 before results came out.
DELPHI LOSS WIDENS, SALES DROP
GM’s former parts-making operation, moving toward exit from bankruptcy protection, lost $533 million in first quarter.
DUKE ENERGY TO BUY STAKE IN NUKE PLANT
Southern Co. will sell interest to Charlotte utility, its partner in proposed Cherokee County project. Duke shares rose 25 cents to $20.88 before announcement.