Business & Finance
Nestle SA, the world's largest food company, told a Swiss newspaper that it has no current plans to buy General Mills Inc. despite a Bloomberg.com report late last week indicating that a $22 billion offer is under consideration. Nestle, based in Switzerland, could increase its US sales by acquiring the Minneapolis food giant, which makes Cheerios, Betty Crocker dessert mixes, and Yoplait and Columbo yogurt. Nestle is barred from making a hostile takeover bid under a joint-venture agreement in which the rivals work together to market cereal outside the US.
Kirk Kerkorian's MGM Mirage made a $4.65 billion bid for rival Mandalay Resort Group over the weekend. MGM, already the third largest US gaming company, would outstrip Caesars Entertainment Inc. and Harrah's Entertainment Inc to become the top Las Vegas hotel provider if the deal goes through.
UFJ Holdings Inc., Japan's fourth largest bank, is in talks with several foreign companies, including Citigroup Inc. of the US, about selling Aplus Co., its credit-card affiliate, Bloomberg.com reported over the weekend. The sale reportedly could fetch $900 million.
Sprint Corp. will close its call center in Bolingbrook, Ill., on August 3, eliminating about 1,000 jobs, the company confirmed over the weekend. Sprint, the fourth-largest wireless service provider, has cut more than 22,000 jobs as sales have declined over the past two years.
The Daily Telegraph, Britain's largest broadsheet newspaper, with a daily circulation of about 900,000, is expected to receive buyout bids estimated at about $1.1 billion in the next few days, Bloomberg.com reported Sunday. The Daily Mail & General Trust with buyout firm CVC Capital Partners could agree to accepting a 25 percent stake in order to avoid regulators.