Business & Finance
Devon Energy Corp. will pay $3.1 billion for Mitchell Energy & Development Corp. and assume $400 million of the latter's debt, the companies announced. The move boosts Oklahoma City-based Devon's presence in the natural-gas market. It has reserves mostly in the US, and exploration and production operations in the Gulf of Mexico and western Canada. Mitchell, based in The Woodlands, Texas, explores for and processes oil as well as gas. It also owns or has interests in 9,100 miles of pipeline and six gas processing plants.
Tyco International announced it is laying off as many as 11,300 workers and closing or consolidating almost 300 plants and field offices, mostly in the US. In a filing with the Securities and Exchange Commission, the Bermuda-based manufacturing and services giant said the measures are being taken in connection with its recent acquisitions in the healthcare, electronics, lease-financing, and security systems sectors - $17.1 billion of them in the current fiscal year alone.
Citigroup, the world's largest financial-services company, said it will cut another 3,500 jobs from its consumer, corporate, and investment banking units over the next 12 months. The layoffs are in addition to 1,200 announced earlier this year.
Midway Airlines filed for Chapter 11 bankruptcy protection and said it is laying off 700 employees, half its workforce, immediately. The regional carrier also will sell 17 planes, one-third of its fleet, and halt service to nine cities. Midway is based at Raleigh-Durham International Airport, N.C.
