AXA retracts offer for Asian affiliate
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SYDNEY Shares of AXA Asia Pacific Holdings slumped Monday after the European insurer AXA withdrew a 3.4 billion Australian dollar, or $2.
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In a story Oct. 21 on Chinese investments overseas, The Associated Press incorrectly reported that Global Crossing was sold to a joint venture owned by Hutchison and Singapore Technologies Telemedia. Hutchison withdrew from the deal and ST Telemedia proceeded alone in purchasing Global Crossing.
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Axa Asia Pacific was the hardest hit, falling 35c - or 8.5 per cent â-o $3.75 after rejecting a bid by French parent Axa SA, which had offered $4.
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MELBOURNE (Dow Jones)--Australian insurer AXA Asia Pacific Holdings Ltd. (AXA.AU) rebuffed Monday a buyout proposal from major shareholder AXA SA (AXA) after it wouldn&#39;t agree to the A$3.
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Xstrata yesterday threatened to withdraw its hostile Â£2.9 billion takeover offer for WMC if the Australian miner indicated it would dilute value by paying out up to A$1 billion in cash to shareholders.
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(InfoWorld) - The subcontractor accused of mistreating workers at an iPod factory in China dropped its libel suit against two reporters and the news organization they work for in Shanghai. Hong Fujin Precision Industry Co., the largest exporter of IT products in China, withdrew the libel suit on Sunday, according to a statement. TheÂ lawsuit sought damagesÂ of 1 renminbi ($0.13) from the two reporters and the China Business News, over a June 15 story that allegedÂ employees were worked so hardÂ at the iPod factory that three women passed out on the production line. The dismissal of the suit comes just days after press freedom group, Reporters Without Borders, asked the head of Apple ComputerÂ to step in and mediate the disagreement. It also follows a Saturday report by the Xinhua News Agency that the Chinese government ordered Hong Fujin to allow its workers set up a trade union that would be affiliated with the All-China Federation of Trade Unions (ACFTU). "The two sides have apologized for any difficulties created by this matter and agreed to work hand in hand to build a harmonious society and promote the hard work and rights of workers," Hong Fujin and China Business News said in a joint statement posted on the Taiwan Stock Exchange. The statement was posted by Hong Fujin's Taiwanese parent company, Hon Hai Precision Industry Co. The companies operate under the trade name, Foxconn Technology Group. Hong Fujin declined to comment further on the matter. Reporters Without Borders said Apple worked behind the scenes to resolve issue. The computer maker could not immediately be reached for comment. Hong Fujin had sought redress through the defamation lawsuit after a whirlwind of bad publicity over allegations that it treated workers poorly. The China Business News story was one of many to follow in the wake of an article by the British newspaper Mail on Sunday alleging long hours, low pay and poor working conditions at the Longhua, China, site., which produces iPods as well as other IT products. Apple Computer investigated the claims, and found Hong Fujin in compliance with the majority of its requirements despite several violations of the company's supplier code of conduct, including unsatisfactory living and transportation conditions for workers. Hong Fujin is building new dormitories for workers and seeking ways to improve the way it busses employees from factories to dormitories.
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Australian nickel and copper miner WMC Resources has turned down an offer from Swiss-based Xstrata that valued the company at Aust.
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Another global giant is pulling its NYSE listing. Should we care?
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Air China shares are suspended on rumours it may team up with Cathay Pacific to buy a stake in China Eastern.
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Alcar Chemicals Group Inc. (PINKSHEETS: ACMG) announces today that it has received a competing offer from a consortium located in South East Asia.
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UK general insurer Royal & Sun Alliance   Insurance Group Plc RSA.L said on Thursday it was selling its   U.S. arm to Arrowpoint Capital, providing the company with a   long-awaited exit from its U.S. unit.
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Satellite operator Intelsat is pulling out of its Hong Kong pay-TV joint venture with Television Broadcasts Ltd. (0511.HK: Quote, Profile, Research) , saying growth in Galaxy Satellite TV Holdings Ltd.
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InfoWorld - Earlier this month the Business Software Alliance (BSA) upped the ante from $200,000 to $1 million for anyone who turns in a company that is illegally circumventing software licensing agreements.
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France Telecom's  Orange  unit has pulled out of the bidding for the UK Internet  connection business of Time Warner Inc.'s  AOL, an  industry source close to the matter said on Thursday.
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3Com said it has withdrawn a $2.2 billion offer for the network equipment maker from consideration by a security regulator, marking the potential demise of yet another private equity deal.
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eBay is reportedly pulling out of the Chinese market, instead opting to replace it with a new site that would be run by Bejing-based Tom Online, the Wall Street Journal reports. So far, the auction site has refused to confirm the speculation.
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Firm drops the ax in effort to squeeze costs out of its $10.3 billion PeopleSoft buyout. Combined firm will employ 50,000.