Share this story
Close X
Switch to Desktop Site

News In Brief

AT&T and time warner formed a joint venture to offer telephone service over the latter's cable-TV wires in 33 states. The partnership will pay $15 to Time Warner for each home its network reaches. Payment, in two annual installments, is expected to total about $300 million. The deal comes as AT&T is close to completing a purchase of Time Warner's biggest cable-TV rival, Tele-Communications Inc. The two deals would allow AT&T to reach more than 40 percent of US households.

In a deal valued at $5.76 billion, US and French insurance companies were expected to announce their joint purchase of Guardian Royal Exchange, a major British insurer. Boston-based Liberty Mutual and Axa, Europe's second-largest carrier, outbid two rivals for the prize. Under the deal, Liberty Mutual would acquire Guardian Royal's property-casualty interests - among them The Netherlands Insurance Company. Ironically, Guardian Royal outbid Liberty Mutual for The Netherlands just last year.

About these ads

French banks Socit Gnrale and Paribas announced plans to merge to form a new group, SG Paribas. It would be the world's fourth-largest bank in terms of shareholder funds, at 21 billion euros (about $23.9 billion).

Follow Stories Like This
Get the Monitor stories you care about delivered to your inbox.