WINSTON-SALEM, N.C. – Wachovia Corp. said Friday it won shareholder approval for its $13 billion merger with First Union Corp., defeating a hostile takeover attempt by SunTrust Banks. The victory, based on a preliminary tally of shareholder votes, comes after a high-profile takeover battle that involved both First Union and SunTrust running numerous advertisements trumpeting their bids, and crisscrossing the country to meet with shareholders. At Wachovia’s shareholder meeting Friday, Leslie Baker Jr., the company’s chief executive, said the company won three out of four votes cast.
HOFFMAN ESTATES, Ill. – Sears, Roebuck and Co. wants to save money, and that could mean staff cuts at headquarters here. The retailer has been hurt by weak retail demand, so executives are looking to reduce costs. The move was ordered by Sears chief executive Alan Lacy, who said in an internal memo that the company’s corporate overhead has risen far faster than revenues and profits, the Chicago Tribune reported in Friday’s editions. Lacy’s memo to staff said layoffs might be necessary and that the retailer won’t offer early retirement incentives to reduce payroll, according to the newspaper.
DALLAS – American Airlines and British Airways said Friday they would attempt to revive a failed alliance that would include sharing scheduling, pricing and profits on transatlantic routes. The proposal is similar to a 1996 plan that was blocked by U.S. and European regulators. Officials with the airlines said they hoped regulators would find that the transatlantic air-travel market is more competitive than five years ago and would approve the deal. On the surface, the agreement would effectively reduce consumers’ choice of U.S.-U.K. carriers by one. The deal would allow each airline to list the other’s flights on its schedules, to work together on prices and advertising and to share profits on nine routes.
AOL Time Warner Inc. has launched an expanded instant-messaging service, offering consumers a set of Web features that promote many of the company’s vast media holdings while positioning the technology to become a broader communications platform. The new version of AOL Instant Messenger, or AIM, includes a Web page called “AIM Today.” The page, which pops up automatically when users sign on to the service, includes the weather, headlines and a search engine – acting like a scaled-down Web portal. AIM Today links to various AOL properties, including its Netscape Web site, an Internet radio service called Spinner, and Bugs Bunny and other Looney Tunes cartoon characters, which it acquired when the company merged with Time Warner in January. Much of the promise of the $112 billion merger was based on such potential cross-promotional opportunities.
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