Meridian sells aluminum business

Article Abstract:

Meridian Technologies Inc. will sell its money-losing aluminum operations. The sale of the business will allow the company to focus on producing magnesium components. The company plans to sell the operation, which includes three plants in Ontario, to Ganton Technologies Inc. of Sturtevant, WI. Although Ganton originally agreed to acquire the operation for C$38-million, Meridian said that the price would be less than the original agreement. The company's chief financial officer, Gary Love, also said that the deal is still not certain.

Comment:

Will acquire Meridian Technologies' aluminum operations

Aluminum, Primary Aluminum Production, Nonferrous Foundries, Nonferrous Metal Foundries, Aluminum industry, Aluminum products, Nonferrous metals foundries, Meridian Technologies Inc., Ganton Technologies Inc.

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U.S. auto parts giant bids for UAP

Article Abstract:

Genuine Parts Co., one of the US' biggest automotive aftermarket businesses, has offered C$351 million for the acquisition of UAP Inc. of Montreal, Quebec. Genuine Part's friendly takeover bid of C$28.50 per share of UAP represents a 58%-premium over the stock's closing price of C$18 per share at the Toronto Stock Exchange on Oct. 29, 1998. UAP, whose shares rose by C$10 per share after the announcement of Genuine Part's bid, is expected to be operated as an independent firm under its present management.

Comment:

Has offered C$351 mil for the acquisition of UAP Inc of Montreal, Quebec

Foreign operations, Motor Vehicle Parts Whsle, Motor Vehicle Supplies and New Parts Wholesalers, Genuine Parts Co., Automotive parts wholesalers, UAP Inc.

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