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Chinese businesses, their coffers overflowing with state money, have been doing progressively bigger and bolder deals.
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The first batch of artworks from the collection that once filled the corridors of Lehman Brothers' offices will be hitting the auction block on November 1. And while the works by David Hockney, Roy Lichtenstein and Robert Rauschenberg may be small potatoes for museum curators, the collection provides the opportunity for aspiring patrons of the arts to pick up brand-name artists for under $2,000. Bankers looking for an elegant office decoration -- and one with a conversation-starting provenance -- should check out the catalogue at www.freemansauction.com.
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A gleaming Manhattan skyscraper and a group of well-heeled stockbrokers were some of the coveted assets that JPMorgan Chase snatched up when it acquired Bear Stearns for $10-a-share in March 2008. But like the stick of dynamite that lies hidden in one of Wiley Coyote's birthday cakes, JPMorgan also took on the liability for all of Bear Stearns ongoing litigation as part of that merger. So when the criminal trial of Ralph Cioffi and Matthew Tannin, the managers of the two failed Bear Stearns hedge funds that sparked a market meltdown in 2007, begins next Tuesday, JPMorgan's interest in the case
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will be more than academic.
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At a time when some firms have cut back on benefits, these employers offer notably generous plans.
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As Google grows and expands its services, CEO Eric Schmidt wants us to remember its core motto.
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He famously stirred controversy with his observations about women and science while running Harvard, but in his current post as director of the White House's National Economic Council, Larry Summers received a warm welcome from the female power brokers at Fortune's summit.
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On the face of it, Cisco’s bid to purchase Norwegian videoconferencing rival Tandberg for $2.98 billion looks like a crushing victory for Cisco. After all, CEO John Chambers has been a tireless advocate for Cisco’s version of the technology, using it to slash his travel budget and pitch a new way to work – and he’s nabbing Tandberg for a mere 11% premium over Wednesday closing stock price. (Tandberg trades on the Oslo Stock Exchange.)
Surely Tandberg must have seen the growing threat from Cisco (CSCO
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), and wilted under pressure?
Not exactly. Read the fine print, and this looks like a good deal for Tandberg for three reasons.
First, Tandberg turned down a private equity takeover bid a year ago, and its stock price has nearly doubled since then – so this 11% premium is actually a nice chunk of change.
Second, Cisco typically likes to buy 100-person Silicon Valley startups for about $100 million. When the notoriously frugal Chambers is willing to dish out nearly $3 billion for Tandberg’s 1,500 people – his first time buying a public company based outside the U.S. – it means he decided this deal was worth working outside Cisco’s well-worn acquisition playbook.
Third, Tandberg CEO Fredrik Halvorsen will take over Cisco’s videoconferencing efforts, reporting to Marthin de Beer, senior vice president of the Emerging Technologies Group. That shows Cisco respects Halvorsen’s track record of double-digit annual revenue growth, and suggests the networking giant could move toward Tandberg’s embrace of open standards for videoconferencing.
Make no mistake – this is a good deal for Cisco, too. The Tandberg acquisition transforms the company from a niche player in six-figure telepresence rooms into the number-one player in videoconferencing, with a product for every budget. It also creates new headaches for competitors like Hewlett-Packard (HPQ), Microsoft (MSFT) and Polycom (PLCM), who will now face a bigger foe with deep pockets.
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After 92 days in the hospital battling discitis -- a spinal infection so serious that the doctors were worried he might not make it and newspapers began preparing his obituary -- former GE CEO Jack Welch, 73, has finally left the hospital.
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Drenched in sweat, Jonathan Rojewski stood in the middle of the agave field in Tequila, Mexico -- his skin burned from hours in the sun and his throat scratchy from the arid, dusty ground. He could no longer lift his arms. He had been wielding a traditional 20-pound coa (a large machete) the entire day, trying to cut down the big and fibrous agave -- the plant that Tequila is made from.
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Company wants to make its Flash technology available everywhere ? and that means penetrating mobile devices.
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