Shareholders Set to Nix Tokyo Kohtetsu Plan to Be Osaka Steel Unit
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By Kyodo News International, Tokyo  Feb. 16--TOKYO -- Steelmaker Tokyo Kohtetsu Co. appears likely to see its  plan to become a subsidiary of Osaka Steel Co.
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Japan's top three banks are expected to resist a request to put up a total of $15 billion for a U.S.-led subprime rescue fund, a move that could further cloud prospects for the bailout plan.
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A powerful South Korea labor group said it would call hundreds of thousands of its members to strike next week against a government bill aimed at stopping union militancy and securing flexible job markets.
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Oracle says it will nix the claim unless PeopleSoft shareholders agree to sell at least half their holdings by on Nov. 19.
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Swedish truckmaker Scania has recommended that its shareholders reject German industrial group MAN's hostile bid for the company.
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IntercontinentalExchange Inc.  on Thursday urged CBOT Holdings Inc.  shareholders and members to reject the proposed sale of the company to Chicago Mercantile Exchange Holdings Inc. .
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Japan&#39;s professional baseball players will go on their first strike in their union&#39;s seven-decade history unless a planned merger between two Pacific League teams is postponed
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Mittal Steel&#039;s chairman said on Wednesday  he was confident Arcelor investors would reject a tie-up with  Severstal, which was mulling its options after being spurned in  a takeover tussle.
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Shareholders in steelmaker Arcelor   were meeting on Friday to vote on a possible merger  deal with Russia&#039;s Severstal , with a rejection  required to clear the way for an agreed &#36;32 billion takeover by  Mittal Steel .
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Japan's financial regulator may suspend  or even end some private banking operations at the Japanese  commercial banking unit of U.S. financial services firm  Citigroup Inc., the Nihon Keizai newspaper said on Thursday.
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The largest shareholder in the Nikko Cordial Corporation has rejected a $10.8 billion takeover offer from Citigroup, saying that the price is too low. The shareholder, Harris Associates of Chicago, which manages money for individual and institutional investors, believes that Nikko is worth more than 2,000 yen a share, the chief investment officer, David G. Herro, said. The offer made by Citigroup was for 1,350 yen. The share price of Nikko, which is based in Tokyo, advanced 14 percent before the Citigroup offer was announced on Tuesday and it rose another 1.3 percent yesterday, closing at 1,357 yen a share. Harris owns about 7.5 percent of Nikko.
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Japanese shareholders wield their power for the first time to block a merger that had been approved by the firms' boards.
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Japan&#39;s government denied Tuesday that US fund Steel Partners&#39; defeat in a high-profile legal battle over &quot;poison pill&quot; takeover defences would shake the confidence of foreign investors.
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Shares of the Sanyo Electric Company, the Japanese electronics maker, fell 6 percent after the company forecast a third annual loss on slumping sales of mobile phones and digital cameras and because of increased costs for laying off 2 percent of its work force. Sanyo, based in Osaka, reported Friday that it expected to post a 50-billion-yen ($433 million) loss for the fiscal year ending March 31, reversing a May target of a profit of 20 billion yen. The company is spending a further 40 billion yen this fiscal year on revamping costs, which will include 2,200 job cuts, after cutting 14,000 employees and closing 10 percent of its business units in the last 12 months.
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Japan's Nikkei fell almost 1 percent by midday on Tuesday after poor industrial output data sapped investor appetite for tech issues and as profit-taking hit recent gainers such as Nippon Steel Corp.
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Japan's Hitachi Ltd.  said on  Monday it would postpone a decision on building its next plasma  display factory, as prices fall and demand slackens.
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MONTREAL - Molson Inc. bowed to institutional shareholder pressure on Thursday and said holders of the company&#39;s stock options will not get to vote on the proposed $6-billion merger with Adolph Coors Co.