AT&T;, McCaw face fresh hurdle
The $12.6 billion merger of AT&T; Corp. and McCaw Cellular Communications Inc. will face another legal challenge -- but not until the deal is done.
Two regional bell companies, Bell Atlantic Corp. and Nynex Corp., yesterday won a judge's permission to go to trial with a complaint that the deal would harm competition in the cellular long-distance business. But U.S. District Judge Edward R. Korman in Brooklyn had not signed an official order for the trial because attorneys for the two sides were still negotiating restrictions on AT&T; and McCaw until the trial takes place.
Western Co. shares jump 37%
Western Co. of North America's shares jumped 37 percent yesterday after BJ Services Co. said the company rejected its $450 million takeover offer.
Shares in the Houston-based oilfield services company rose as much as $5, to $17.25, before closing at $16.75 on volume of 2.7 million shares, more than 20 times its three-month average daily volume. BJ Services said it offered $18.50 a share, half in cash, for Western on July 29. Western's board rejected the offer Aug. 8.
Medical firm seeks NYSE listing
Mid Atlantic Medical Services Inc., the region's largest managed care company, said yesterday that it has filed for listing on the New York Stock Exchange. The Rockville-based company said it expected its common stock to begin trading on the NYSE on Sept. 29.
MAMSI has 47.1 million shares outstanding, which currently trade under the symbol "MAMS" on the Nasdaq stock market.
Corrigan to join Imax
Robert Corrigan, the executive who resurrected International Business Machines Corp.'s personal computer business, will join giant movie screen pioneer Imax Corp. as president and chief executive.
Mr. Corrigan, 54, took early retirement in June after a 32-year career at IBM.
Confidence in Canada gains
Canadian stocks and bonds and the country's dollar climbed yesterday after the separatist Parti Quebecois brought in a narrower-than-expected victory in provincial elections. The news buoyed market hopes that Canada will remain whole and its economy will strengthen.
Monsanto chief to retire
The chairman and chief executive of Monsanto Co., Richard J. Mahoney, surprised Wall Street yesterday by announcing that he would retire next March, much sooner than had been expected.
Investors interpreted Mr. Mahoney's announcement as a sign that Monsanto would earn at least a 20 percent return on equity this year.