Dover agrees to sell elevator business to Germany's Thyssen for $1.1 billion

Article Abstract:

Dover Corp. agreed to spinoff its hydraulic elevator business selling it to Thyssen AG, Germany, for $1.1 billion. Dover plans to concentrate more on its other lines of business, whereas the acquisition by Thyssen gives it a big boost in the U.S. and world marketplace. Thyssen already makes traction elevators that are used in high-rise buildings. Thyssen will add $900 million in annual revenue to its $22 billion and 7,000 employees to its 128,000. Some other products the German company makes are steel, auto parts and escalators.

Foreign operations, Germany, Elevators & Escalators, Elevator and Moving Stairway Manufacturing, Elevators and moving stairways, Mergers, acquisitions and divestments, Abstract, Dover Corp., DOV, ThyssenKrupp AG, Elevators

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Venator cancels plans to acquire sports authority

Article Abstract:

Venator Group Inc has canceled its planned acquisition of rival sports clothing retailer Sports Authority. Declines in stock prices for both firms were blamed for the collapse of the deal, which would have produced a company with $5.5 billion in annual sales. The deal was valued at approximately $579.6 million when announced in May 1998, but had dropped to $218 million by Sep 10, 1998. Sports Authority may entertain acquisition offers from other firms, including Gart Sports Co of Denver.

Comment:

Cancels planned acquisition of rival sports clothes retailer Sports Authority Inc

Company Planning/Goals, Sporting Goods, Bicycle Stores, Sporting Goods Stores, Clothing and Clothing Accessories Stores, Specialty Chain Stores, Bicycle stores, Sports Authority Inc., Foot Locker Inc., Article

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