Published: Tuesday, July 12, 2011
Bidders offer $4.5 billion for Nortel patents
U.S. and Canadian judges have approved a $4.5 billion cash bid from a consortium that includes smartphone makers Apple and Research In Motion for patents held by bankrupt telecom-equipment maker Nortel. The judges approved the results of Nortel's patent auction at a joint hearing Monday, just over a week after the consortium offered five times more than Google Inc.'s initial bid of $900 million for some 6,000 patents and patent applications. Phones running Google's Android system compete with Apple Inc.'s iPhone and Research in Motion Ltd.'s BlackBerry devices. The patents represent the last of Nortel's major assets and cover a variety of technologies, including wireless and data networking. Toronto-based Nortel Networks Corp. filed for bankruptcy protection in 2009 and has been selling off its operations bit by bit since then.
Aluminum sales climb for Alcoa
Alcoa Inc.'s second-quarter earnings rose as improvement in the manufacturing sector brought higher sales and prices that offset rising raw material costs. The aluminum manufacturing giant reported double-digit increases in sales to the packaging, commercial transportation, and building and construction industries. It also sold more to customers in industrial products, aerospace and automotive businesses. Alcoa capitalized on a 6 percent increase in aluminum prices although part of that gain was offset by higher costs for energy and raw materials as well as foreign currency exchange rates.
Macy's fined $750,000 for outerwear strings
Macy's department store chain will pay $750,000 for failing to report it had sold children's outwear with drawstrings at the neck, including some garments that had been recalled. Such garments pose strangulation risks. The U.S. Consumer Product Safety Commission announced Monday that the Cincinnati-based retailer agreed to pay the civil penalty. Macy's denied CPSC allegations that it knowingly violated the law. The commission alleged that Macy's failed to immediately report it had sold children's sweatshirts, sweaters and jackets with drawstrings at the neck.
Dunkin' Donuts IPO could beat estimates
The parent of Dunkin' Donuts plans to raise as much as $461 million when it takes the company public, up from the $400 million it originally estimated. Dunkin' Brands Group Inc., which runs Dunkin' Donuts and Baskin-Robbins, disclosed the estimated pricing in a regulatory filing Monday. It didn't say when the stock might start trading. The company's current owners, a coterie of three well-known private equity firms, will continue to play a powerful role at the company even after it goes public. Together, Bain Capital Partners, Carlyle Group and Thomas H. Lee Partners will own as much as 78 percent of the public Dunkin' Brands. The three firms control six of the nine seats on the board.
From Herald news services
Aluminum sales climb for Alcoa
Alcoa Inc.'s second-quarter earnings rose as improvement in the manufacturing sector brought higher sales and prices that offset rising raw material costs. The aluminum manufacturing giant reported double-digit increases in sales to the packaging, commercial transportation, and building and construction industries. It also sold more to customers in industrial products, aerospace and automotive businesses. Alcoa capitalized on a 6 percent increase in aluminum prices although part of that gain was offset by higher costs for energy and raw materials as well as foreign currency exchange rates.
Macy's fined $750,000 for outerwear strings
Macy's department store chain will pay $750,000 for failing to report it had sold children's outwear with drawstrings at the neck, including some garments that had been recalled. Such garments pose strangulation risks. The U.S. Consumer Product Safety Commission announced Monday that the Cincinnati-based retailer agreed to pay the civil penalty. Macy's denied CPSC allegations that it knowingly violated the law. The commission alleged that Macy's failed to immediately report it had sold children's sweatshirts, sweaters and jackets with drawstrings at the neck.
Dunkin' Donuts IPO could beat estimates
The parent of Dunkin' Donuts plans to raise as much as $461 million when it takes the company public, up from the $400 million it originally estimated. Dunkin' Brands Group Inc., which runs Dunkin' Donuts and Baskin-Robbins, disclosed the estimated pricing in a regulatory filing Monday. It didn't say when the stock might start trading. The company's current owners, a coterie of three well-known private equity firms, will continue to play a powerful role at the company even after it goes public. Together, Bain Capital Partners, Carlyle Group and Thomas H. Lee Partners will own as much as 78 percent of the public Dunkin' Brands. The three firms control six of the nine seats on the board.
From Herald news services
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