PowerGen takes another stab at the business of distribution

Article Abstract:

PowerGen PLC of the UK has announced its intention to purchase East Midlands Electricity PLC from Dominion Resources Inc. for $1.41 billion in cash and GBP1.05 million in assumed debt. The deal is a second attempt to enter the British electricity-distribution market. East Midlands is the third-largest regional-electricity firm in the UK, providing PowerGen direct contact with the masses. PowerGen said the deal will create a competitive business that can take advantage of the liberalization of the UK domestic markets starting 1998.

Comment:

Gets takeover bid for East Midlands Electricity from PowerGen, worth $1.41 billion in cash and GBP1.05 million in assumed debt

Electric Utilities, Electric Power Generation, Transmission and Distribution, Electric Power Generating, Electric Power Generation, PowerGen PLC, Dominion Resources Inc., East Midlands Electricity PLC

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Asian woes force Caspian to sell, close firm's units

Article Abstract:

Caspian Securities, a securities trading firm with workforce of about 350, is selling off its productive line business and closing all of its unprofitable units. The move was attributed to the debilitating effect of the Asian economic crisis to the firm, which could not sustain its growth due to high operating costs compared to the viability of the market conditions. Caspian CEO Anthony Walton believes that Caspian remains well capitalized and that it is only right that stockholders should benefit from the said capital.

Comment:

Is selling off its productive line business and closing all of its unprofitable units

Securities Dealers, Investment Banking and Securities Dealing, Facilities & equipment, Caspian Securities

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Mellon to buy 75% of Newton Management

Article Abstract:

Newton Management Ltd., an asset management firm based in the UK, has agreed to sell 75% of the company to Mellon Bank Corp. of Pittsburgh, PA, for $277 million. The deal calls for Mellon to pay Newton in outright cash and loan notes, and for Newton management and staff to keep an interest of 25% in Newton. Mellon will combine Newton Management with its asset management business unit Dreyfus Corp. to set up an overseas asset management unit with an expanded international distribution and product line.

Comment:

Agrees to buy 75% of Newton Management for $277 million

Commercial Banks, Commercial Banking, Mutual Fund Mgmt Companies, Portfolio Management, Mutual funds, Mellon Bank Corp., Newton Management Ltd.

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