News In Brief

GE Capital, the finance arm of conglomerate General Electric, said it will buy Chicago-based Heller Financial for about $5.3 billion in cash in an effort to expand its sizable commercial-finance operations. The purchase comes after Stamford, Conn.-based GE Capital failed to entice CIT Group and Finova Group into deals earlier this year. Heller provides global small and mid-sized firms with services such as secured loans, leasing, and asset management.

Swiss Re, the world's No. 2 reinsurer, said it plans to buy a similar unit from Lincoln National Corp. of Philadelphia. The $2 billion deal would double Swiss Re's North American life- and health-reinsurance business and strengthen its position globally, the Financial Times reported. Reinsurers provide insurance for insurance companies.

A year after increasing its workforce by 15 percent, one of the world's leading truckmakers, MAN of Germany, will cut even more jobs than the 1,600 to 1,800 announced earlier, reports said. The company is a unit of Munich-based MAN AG, a conglomerate that also manufactures aerospace transport systems, diesel engines for ships, and plastic- and metal-processing equipment.

(c) Copyright 2001. The Christian Science Monitor

About these ads
Sponsored Content by LockerDome

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