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LONDON—Vodafone Group Plc. said Monday it has teamed up
with social networking site MySpace to create an
interactive music platform. Vodafone said the service
will make available footage from Vodafone-sponsored
music events to MySpace users in Germany, Italy, Spain
and Britain. Financial details were not disclosed.
Dubai
World offers to buy Russian utility
MOSCOW—Dubai World and a local partner offered to buy
Russian utility OAO OGK-1 for $5.34 billion to profit
from the breakup of the national power monopoly and the
end of regulated electricity prices. State-run Dubai
World and energy trader OAO Roskommunenergo signed a
preliminary accord to pay $516 per kilowatt of installed
capacity for OGK-1, Marita Nagoga, spokeswoman for
national utility OAO Unified Energy System, said Monday.
OGK-1 operates four plants in European Russia and two in
Siberia. The acquisition by Dubai World would be the
first in Russia’s energy industry by a Persian Gulf
investor.
Xstrata
seeks to halt Indophil bid
MELBOURNE—Xstrata Plc., pursuing a A$540 million ($521
million) bid for Indophil Resources NL, asked an
Australian regulator to halt a competing offer from a
management group. Zug, Switzerland-based Xstrata asked
the regulator to investigate whether the competing bid,
led by Indophil chief executive Richard Laufmann, has
sufficient funding, the Takeovers Panel said in a
statement to the Australian stock exchange Monday.
Xstrata and Laufmann’s group are battling over
Indophil’s one-third stake in the $3-billion Tampakan
mine venture in the Philippines, the largest untapped
copper and gold deposit in Southeast Asia.
Babcock
wins debt reprieve
SYDNEY—Babcock & Brown Ltd., Australia’s second biggest
securities firm, won a reprieve from a review of A$2.8
billion ($2.7 billion) of debt after agreeing to
increase the margin on repayments by one-third. Bank of
Scotland Plc. and a syndicate of 25 banks waived their
right to review the debt after the Sydney-based
company’s market value fell below a A$2.5-billion
threshold this month, Babcock said in a statement
Monday. “This may instill a bit more confidence in the
company,” said Sean Fenton at Tribeca Investment
Partners in Sydney.
Siemens
exec leaves for Yara
FRANKFURT—Siemens AG said Monday that the chief
executive of its industry solutions division will leave
the company in September to become CEO of Norway’s Yara
International, a chemical company. In a statement,
Munich-based Siemens said it would secure “secure a
successor as soon as possible” for Joergen-Ole Haslestad.
The 57-year-old joined Siemens in 1976 as a project
engineer in Norway and went Microsoft stops Windows XP
saleson to head the company’s former Industrial
Solutions & Services Group in September 2001. |
