British firm, TCI strike deal
Flextech Plc said it agreed to give Tele-Communications Inc., the biggest cable operator in the United States, a 60.4 percent stake valued at nearly $300 million in return for the European assets of a TCI programming unit.
Following the transaction, subject to shareholder approval, Flextech will be one of Britain's largest suppliers of cable and satellite programming.
Kodak to spin off chemical unit
Eastman Kodak Co. is set to spin off its chemical unit today, creating the nation's 10th-largest chemical company and paring $2 billion of debt from Kodak's balance sheet.
In a tax-free transaction, each Kodak shareholder will get one share of Eastman Chemical Co. common stock for every four shares held. Trading begins Tuesday on the New York Stock Exchange.
Nasdaq to halve index value
The Nasdaq stock market, citing the growth of its stocks, said yesterday that it will halve the value of its Nasdaq-100 index starting Monday.
The Nasdaq-100 index, which on Friday closed at 796.56, up 1.11, was launched in 1985 with a value set at 250. The index includes mainly large-capitalization growth stocks and high-tech firms. With the split, the index will be set at 400 when trading begins Monday.
Modest growth, inflation expected
U.S. economic growth in 1994 will run near 3 percent, and inflation, although restrained, may pick up late in the year, according to a survey of 61 economists released yesterday by the Philadelphia Federal Reserve Bank.
Steel bar makers ask for duties
Five U.S. steel bar producers and the Steelworkers union asked the government yesterday to impose anti-dumping duties exporters in Brazil, India, Italy, Japan and Spain.
A petition filed with the Commerce Department and the International Trade Commission said stainless steel bar from those countries is being sold in the United States at less than fair value.
Mergers rose sharply in 1993
Merger activity soared in 1993 for the first time since the end of the late 1980s takeover boom. The volume of mergers announced in the United States in 1993 was up nearly 80 percent, to $275.2 billion from $153 billion a year earlier, according to figures released yesterday by Securities Data Corp. The 1993 total was the third-highest ever, behind $336 billion in 1988 and $293 billion in 1989.