GERMANY: STRONG FIRST TRADING DAY FOR LETSBUYIT.COM

Article Abstract:

LetsBuyIt.com, the Internet shopping portal that listed on the German Neuer Markt on 21 July 2000, saw a strong first day of trading. Demand for the shares, which opened at EUR 3.5, was strong, and the price rose as high as EUR 5.3. The company issued 17.8mn shares, representing 20% of the business. Its initial valuation of EUR 310mn surged by over 50% during the day. The performance came as a relief following a 50% cut in its offer price, and two delays to the initial public offering. It is thought that other Internet shopping sites will now be encouraged to list.

Germany, Financial management, LetsBuyIt.com

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SCANDINAVIA: BIDLET ACQUIRED BY QXL

Article Abstract:

Bidlet, the Scandinavian Internet auction service operating in Denmark, Sweden, Norway and Finland, is to be acquired by QXL.com, the UK based online auctioneer. The acquisition is said to be part of QXL's plans to take European market leadership in this sector. QXL will pay some GB[pound] 347mn in shares for Bidlet and will take advantage of its advances in short messaging services (SMS) and wireless application protocol (WAP) services.

Asset sales & divestitures, Strategy & planning, Scandinavia, Mergers, acquisitions and divestments, Bidlet, QXL

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EU: THREAT OF DOMINANCE IN HIGH-TECHNOLOGY AREAS

Article Abstract:

The European Commission has warned that regulators must take firm action to stop a small number of companies gaining a foremost position in areas of high-technology. However, at the same time, they must not inhibit development in new media and internet sectors.

Government regulation (cont), On-Line Information Services, Database Vendors, European Union, Communications Equipment, Communications Equipment Manufacturing, Information retrieval services, Database industry, Telecommunications industry, Telecommunications equipment, Communications industry, European Union. European Commission

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