MetLife bids $1.2B for General American

Article Abstract:

Metropolitan Life Insurance Co has announced its bid to acquire financially troubled General American Life Insurance Co of St Louis, MO, for $1.2 billion. General American's problems started when it doubled the assets tied up in short-term investment contracts, which declined in value as a result of falling bond prices and a weak market for asset-backed securities. The insurer also failed to repay outstanding short-term debt and had to seek protection from the Missouri Dept of Insurance.

Life Insurance, Direct Life Insurance Carriers, General American Life Insurance Co.

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Bermuda firms snag big deals

Article Abstract:

Tyco International Ltd purchased Raychem Corp, a manufacturer of electronic components, for $2.9 billion in cash and stock, making Tyco the second Bermuda-based firm to enter a major deal in the US. The $37-a-share deal will transform Tyco into the No 1 player in the electronics devices industry, with annual electronics revenue growing to more than $9 billion. The Raychem deal is a sequel to Tyco's buying spree, which involved investment of over $430 billion for acquisitions since 1992.

Other Electrical Equipment and Component Manufacturing, Electronics, Electronic Components, Raychem

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