Puerto Rican labor protest disrupts travel
Article Abstract:
Union officials claimed that about a half-million workers from more than 50 labor unions had begun a 48-hour general strike in protest of the $1.875 billion sale of the Puerto Rico Telephone Co. to a consortium led by GTE Corp. Airline and cruise ship companies have cancelled some service to Puerto Rico as striking workers blocked public access to the national airport and other sites. The deal, which had been approved by the Puerto Rican government but still must be approved by the Federal Communications Commission, has led saboteurs to inflict an estimated $2.59 million worth of damage at telephone company facilities.
Comment:
Purchase of Puerto Rico Telephone Co. by consortium led by GTE Corp. leads to a massive 48-hour strike in Puerto Rico
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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MCI to acquire 2d-largest pager company
Article Abstract:
MCI Worldcom will acquire Skytel communications Inc. for $1.3 bil in stock, subject to shareholder, FCC and US Justice Dept. approval. Skytel had revenue of $518 mil in 1998, a 20% rise from 1997. In the US about 73 mil persons have cell phones, compared with 56 mil pager users. Skytel has 1.6 mil customers. Two way paging and messaging are seen by some as an important complement to cellular communications, since users will want to view data as they hold a voice conversation. Skytel shares will be exchanged at a value of $21.59 per share.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1999
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Tenneco said to halt talks on ITT unit
Article Abstract:
Talks have been halted by Tenneco Inc., a leading manufacturer of car mufflers and shock absorbers, in its bid to acquire the European brakes division of White Plains, NY-based ITT Industries Inc. Tenneco had been attempting to acquire ITT Automotive Europe for about $2 billion as a major addition to Tenneco's automotive line. Several other bidders for ITT's brake division, including the Ford Motor Co.'s Visteon Automotive Systems and German tire maker Continental AG, remain interested in a deal with ITT.
Comment:
Talks have been halted by Tenneco Inc. in its bid to acquire the European brakes division of ITT Industries Inc.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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