Oxford buys GE Capital stake in real estate company

Article Abstract:

Oxford Properties Group Inc. of Toronto, Ontario, has paid $247 million in cash to acquire the stake of GE Capital International Holding Corp. in their jointly controlled real estate company, Aquest Properties Incorporated. Oxford, which has also agreed to assume Aquest Properties' $183-million debt, will reportedly use $62 million of its own money and take a two-year loan from Toronto-Dominion Bank for $185 million to pay off the acquisition. The two companies created Aquest Properties to manage the real estate holdings they purchased from Marathon Realty Co. Ltd. in 1996. Despite the sale, Oxford and GE Capital remain together in other projects, including their joint-interest in real estate holdings owned by Prudential Insurance Co. of America.

Comment:

Pays $247 mil for the stake of GE Capital Intl Holding Corp in their jointly controlled real estate firm Aquest Properties Inc

Real Estate Agents, Brokers, Managers, Real Estate, British Columbia, Real estate agents, Real estate management, Oxford Properties Group Inc., GE Capital International Holding Corp.

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Buffett firm to pay $22-billion for reinsurer

Article Abstract:

Berkshire Hathaway Inc., an investment company owned by Warren Buffett, will pay US$22 billion in stock to buy Stamford, CT-based General Re Corp., the biggest reinsurer in the US. Under the deal, General Re investors will receive Berkshire stock worth C$283.15 for each of their shares and get 0.0035 of a Class A Berkshire share, or 0.105 of a class B share. Buffett, who has holdings in Gillette Co., American Express Co. and Coca-Cola Co., will get a company that generated 1997 profit from operations of almost C$1-billion and consolidated net premiums of over C$6.5-billion. General Re will do business independently from the other insurance units.

Comment:

Will pay US$22 bil in stock to buy Stamford, CT-based General Re Corp, the biggest reinsurer in the US

Property & Liability Insurance, Direct Property and Casualty Insurance Carriers, Connecticut, Reinsurance, Reinsurance Carriers, Nebraska, Property and casualty insurance, Berkshire Hathaway Inc., General Re Corp.

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Porshce raises VW stake, makes bid for firm

Article Abstract:

Automobile giant Porsche AG has increased its stake in Volkswagen AG to $54 billion recently. The company is planning a merger by claiming 30% stake under German law.

Motor vehicles and car bodies, Germany, Mergers, acquisitions and divestments, Company acquisition/merger, Automobile industry, Volkswagen AG, Porsche AG

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