Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 11, 1994 TAG: 9403110176
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Northrop Corp., Los Angeles-based aircraft maker, said Thursday it will make a tender offer Monday to acquire Grumman Corp. for $60 per share, cash. The offer, valued at $2.04 billion, is $5 a share higher than a bid announced earlier this week by Martin Marietta Corp. The transaction is subject to antitrust review.
Northrop said it has financing commitments totaling $2.8 billion from Chase Manhattan Bank N.A. and Chemical Bank.
The Martin Marietta offer has prompted an investigation by the federal Securities and Exchange Commission over whether investors bought Grumman stock last week using insider information about the pending acquisition attempt.
- Staff report
Mortgage rates highest in a year
WASHINGTON - Thirty-year, fixed-rate mortgages averaged 7.63 percent this week, up from 7.51 percent last week, according to a national survey released Thursday by the Federal Home Loan Mortgage Corp.
It was the highest since they averaged 7.65 percent in late February 1993.
After dropping to a 25-year low of 6.74 percent in October, rates rose to 7.31 percent in November, then began drifting lower before starting to climb to the current level.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 4.51 percent, up from 4.48 percent last week. Fifteen-year mortgages averaged 7.15 percent this week, up from 7.01 percent a week earlier. - Associated Press
Their brainstorms backfired, big time
BOSTON - Employees of Fleet Financial Group Inc. Thursday were hit with a painful realization: They may have conspired in their own downfall.
Last fall, employees gathered in "brainstorming sessions" with Fleet senior managers to offer ideas on how New England's largest banking company could become a leaner, more efficient operation. No idea, no detail was deemed too small.
The best ideas - more than 20,000 were submitted - formed the basis for a company reorganization, announced Thursday, that will result in the elimination of 5,500 jobs from Fleet's 21,000 work force. Of those, 3,000 people will lose their jobs - 550 in Massachusetts - with the rest of the reductions coming from attrition and a hiring freeze. - Boston Globe
by CNB