News In Brief
Telecommunications upstart global crossing Ltd. and Denver-based US West Inc. announced a stock-swap merger valued at $37 billion. The new entity, Global Crossing Corp., will have sales of more than $15 billion and operations spanning 19 countries, according to a joint statement. This is the second major merger for Bermuda-based Global Crossing this year. In March, it announced the purchase of telephone company Frontier Corp. of Rochester, N.Y., for $11.2 billion.
General Dynamics said it would buy jet manufacturer Gulfstream Aerospace Corp. in a $5.3 billion stock swap. The deal values Gulfstream stock at $71.44 a share, a 22 percent premium over its closing price Friday. Under terms of the deal, Savannah, Ga.-based Gulfstream Aerospace would become a subsidiary of General Dynamics, with no changes planned for its top management or operations.
New Holland agreed to acquire rival Case Corp. for about $4.3 billion in cash, the companies announced. Analysts said joining New Holland, a European farming and construction company, and Chicago-based Case would create a firm that could rival Deere & Co. as the world's largest maker of agricultural equipment.