In a bid to challenge Oregon-based Nike, sporting-goods maker Adidas-Saloman is in talks to acquire Reebok International...
In a bid to challenge Oregon-based Nike, sporting-goods maker Adidas-Saloman is in talks to acquire Reebok International, The Wall Street Journal and the Financial Times reported yesterday, citing people familiar with the deal.
An agreement between Germany’s Adidas and U.S.-based Reebok could be worth more than $3 billion, the Financial Times said. Adidas and Reebok declined to comment, the paper said.
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Chilean airline orders six 767s
Boeing said it received orders for another six 767 aircraft from Chile’s Lan Airlines, the nation’s biggest carrier.
The aircraft, along with six 767s ordered by Lan last year, are valued at about $1.73 billion at list prices, Boeing said yesterday.
The new order had been listed on Boeing’s Web site as coming from an “unidentified” customer. Delivery of the 767-300 freighters and 767-300ER passenger jets will be completed in 2008.
L.A.-Mexico City route added
Alaska Airlines yesterday began flying between Los Angeles and Mexico City, a nonstop route it has wanted for a decade. The route is limited to two U.S. carriers, and recently became open because Delta Air Lines stopped flying it.
Alaska already flies between Los Angeles and eight other destinations in Mexico. It plans to add a second daily flight to Mexico City on Oct. 30. Alaska flies almost 1.2 million passengers a year to and from Mexico, representing nearly 10 percent of the airline’s annual revenue.
Arch Venture Partners
Steve Gillis hired as venture partner
Steve Gillis, the former chief executive of Corixa and co-founder of Immunex, has joined Arch Venture Partners to help guide investments in emerging biotech companies.
Arch said in a statement that Gillis will work as a venture partner out of the Seattle office and will help build Arch’s national portfolio of biotech companies. He will join the board of directors for a number of companies and help evaluate new technologies.
Gillis, 52, led Corixa from its founding in 1994 until last month, when it was sold for $300 million to GlaxoSmithKline.
Compiled from Bloomberg News and Seattle Times staff
Revenue, lower costs cited in smaller loss
Qwest reported a 79 percent drop in its second-quarter loss yesterday, crediting both higher revenue and lower costs after its unsuccessful battle for MCI.
In the quarter that ended June 30, Qwest reported a $164 million loss, or 9 cents a share, including one-time charges equal to 2 cents a share. That compared with a $776 million net loss, or 43 cents per share, in the 2004 second quarter, which included one-time charges of 25 cents.
Qwest, the local phone provider in 14 mostly Western states, said revenue for the quarter rose nearly 1 percent to $3.47 billion from $3.44 billion last year.
Flight attendants authorize strike
Flight attendants at American Eagle, American Airlines’ regional airline, voted to authorize union leaders to call for a strike if they cannot reach an agreement on a new contract.
Corey Caldwell, a spokeswoman for the Association of Flight Attendants union, said a majority of the 1,600 flight attendants at American Eagle voted on Friday to authorize a strike. That number doesn’t include American Airlines flight attendants, who are represented by a different union.
She said union leaders prefer to reach a deal in negotiations, which began in 2001 and are being mediated by the National Mediation Board. The sides plan to meet today, and again Aug. 22 and 23, she said.
Caldwell said the union is preparing to initiate its “Chaos strategy,” which involves small strikes targeted at strategic locations or strategic times, rather than a total strike.
Airline delays filing bankruptcy plan
United Airlines’ more than 2 ½-year stay in bankruptcy could extend into next year now that its parent company has delayed filing a plan for leaving Chapter 11 protection.
The nation’s No. 2 airline had expected to submit the plan yesterday in U.S. Bankruptcy Court, but said its creditors committee requested more time to review “the complex, extensive documents.”
United now says it plans to file a Plan of Reorganization and disclosure statement, which together provide a blueprint for the carrier’s exit from bankruptcy, in about one month.
The delay likely will push back United’s goal of leaving bankruptcy sometime this fall.
Gas-processing unit to be sold for cash
Dynegy announced plans yesterday to sell its natural-gas-processing business to Houston neighbor Targa Resources in a cash deal of nearly $2.5 billion.
The sale, approved by directors at both companies, would position Dynegy as a power generator primed for consolidation with other energy companies. Targa Resources, which also will acquire Dynegy’s fractionation, storage, transportation, distribution and marketing assets, is an independent company affiliated with private equity investor Warburg Pincus.
Dynegy said the company will realize a return of $125 million in cash collateral and eliminate $75 million in letters of credit for the midstream business. The $2.475 billion deal is expected to close in the fourth quarter this year.
$316 million deal made for i-flex
Business software maker Oracle said yesterday it agreed to pay about $316 million to purchase up to 61 percent of India’s i-flex solutions, a banking-software provider with customers in 115 countries, from Citigroup Venture Capital and public shareholders.
“I-flex is the hottest software company in the banking industry, signing more new customers than any other banking-software company in each of the last three years,” Oracle CEO Larry Ellison said.
Compiled from The Associated Press and Dow Jones Newswires