Paramount nod to Viacom expected
Paramount Communications Inc.'s board is expected to vote unanimously today to endorse Viacom Inc.'s $10 billion takeover bid.
Some Wall Street traders were saying that the battle was over and that Viacom was the winner, but others were hesitant to predict an outcome.
"The decision still rests with shareholders, not board members," said Alvin Mirman, an analyst at Gruntal & Co. "Of far more importance is QVC's next move."
If QVC expects to top Viacom at this stage, it would appear to need the support of BellSouth Corp., its largest investor. But a spokesman for BellSouth said yesterday that it had no plans to buy additional QVC stock in the open market.
Goldman Sachs to pay fine
Goldman, Sachs & Co. agreed yesterday to pay $250,000 to settle charges it broke federal securities laws in the trading of U.S. government bonds.
The SEC accused Goldman of prearranged purchases and sales of U.S. Treasury securities with Salomon Inc. and other brokers in 1985 and 1986, as a way of enlarging losses for federal income tax purposes. U.S. securities law bars noncompetitive, prearranged trades without an element of risk.
Toyota unveils 6-seater Avalon
The Toyota Avalon, the first six-passenger sedan from the Japanese automaker in three years, was unveiled yesterday at the Chicago Auto Show.
The Avalon, which will be built in Toyota Motor Manufacturing's $800 million expansion plant in Georgetown, Ky., beginning this fall, is expected to become the flagship of the Toyota line. The car is expected to be priced in the high $20,000s, where it would compete with such cars as the Chrysler New Yorker and Pontiac Bonneville.
Oncor prices issue at $8.125
Oncor Inc. said yesterday that its planned offering to the public of 3 million shares of common stock would be priced at $8.125 a share.
Proceeds from the proposed sale of the shares, underwritten by a group led by Smith Barney Shearson Inc., are expected to be used for research and development, capital expenditures and general corporate purposes. Gaithersburg-based Oncor develops, manufactures and markets genetic test systems and related products for treatment of cancer and genetic diseases.
Intel to pay millions to Cyrix
In an important victory for a small chip maker, Cyrix Corp. may receive up to $10 million in payments from Intel as part of a settlement the companies reached Wednesday in a computer-chip patent dispute.
Under terms of the settlement, Intel will dismiss its patent-infringement claims against Cyrix, while Cyrix will dismiss its antitrust and patent-misuse claims against Intel.
Cyrix shares rose $3.125 yesterday in Nasdaq trading, to close at $26.125, while Intel shares fell $2, to close at $63.25.