Business & Finance
AOL Time Warner chairman Steve Case appears likely to survive an ouster attempt at a meeting of the company's board Thursday, published reports said. Several directors, angry at a 70 percent drop in share prices since last year's merger of the online and media giants, reportedly are ready to seek his removal. But the votes of at least 12 of the 14 board members would be needed, and the effort is expected to fall short, the reports said.
Bankrupt California utility PG&E Corp. wants to sell all or part of its prize National Energy Group unit, but isn't sure it can attract high enough bids, The Wall Street Journal reported. The unregulated energy and natural gas subsidiary is valued at $2.3 billion, but has debts of $4.4 billion, which it is trying to restructure.
Alternatives to the sale of Hershey Foods Corp. were to be discussed at a two-day meeting of the trust that controls the US's largest candymaker. Citing sources familiar with the matter, The Wall Street Journal said a prime subject for consideration would be diversification of the trust's holdings via buybacks of Hershey shares. Meanwhile, the trustees are appealing a Pennsylvania state court order blocking a sale, and, because a majority of them remain committed to exploring sale possibilities, the company continues to seek offers, the sources told the Journal.
Troubled Tyco International was expected to reveal repayments of up to $15 million in unauthorized and previously undisclosed loans and bonuses to its executives in a filing with the Securities and Exchange Commission, The Wall Street Journal reported. Such payments to more than 40 executives, not including indicted ex-chief Dennis Kozlowski, are estimated to have cost the company $89.8 million. The SEC filing also was to further detail Kozlow-ski's alleged unauthorized expenses, the newspaper said, such as a $15,000 umbrella stand.