News In Brief

What is believed to be the biggest corporate takeover in Asia will link two Hong Kong companies, Pacific Century CyberWorks Ltd. and Cable & Wireless HKT. The deal, valued at $35.9 billion in cash and stock, is aimed at making the new partners a major global player in broadband services. Pacific Century CyberWorks is developing both high-speed, satellite-based Internet capability and a satellite TV channel, Network of the World; Cable & Wireless HKT offers a base of more than a half-million customers.

In other major business deals:

*French technology-management consultant Cap Gemini Group announced an $11.1 billion merger with the consulting division of US accounting giant Ernst & Young.

*Utility holding company NiSource Inc. said it would buy Columbia Energy Group in a $6 billion deal that would create the largest natural-gas company east of the Rocky Mountains.

*Clear Channel Communications Inc., which operates 867 radio and 19 television stations in the US, said it will acquire SFX Entertainment Inc., a leader in the live entertainment industry, in a deal valued at $4.4 billion.

*TeleCorp PCS Inc. and Tritel Inc., AT&T Wireless's largest and second-largest affiliates respectively, announced an all-stock merger valued at about $4.2 billion.

*Carnival Corp., whose merger with Fairfield Communities was called off last week, announced a $1 billion buyback of its own stock.

(c) Copyright 2000. The Christian Science Publishing Society

Share this story:

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK