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Merger Monday roundup
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June 7, 1999: 1:42 p.m. ET
Three deals, two bids and renewed merger talks capture investor attention
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NEW YORK (CNNfn) - Wall Street and European bourses spent early Monday mulling over merger announcements, resumed takeover talks, and renewed consolidation bids in the banking, utilities, steel, securities systems, aviation and oil industries.
Here are brief highlights of those deals and proposed acquisitions:
AlliedSignal Inc. (ALD) said Monday it will buy electronic controls systems maker Honeywell Inc. (HON) in a stock swap worth more than $13.8 billion, a deal aimed at creating a powerhouse in the aviation products industry.
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First Security Corp. (FSCO) said Sunday it will buy Zions Bancorp (ZION) in a $5.9 billion stock swap, creating a western U.S. consumer and commercial banking giant with about $40 billion in assets.
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NiSource (NI), the diversified U.S. utility, launched an unsolicited $5.7 billion cash bid for its larger gas rival Columbia Energy Group (CG) Monday.
NiSource unsuccessfully pursued Virginia-based Columbia in April in a bid to expand its natural gas business from the Midwest to the East Coast.
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British security firm Williams said Monday it has reopened takeover talks with Tyco International (TYC), valuing the U.K. company at around 3.65 billion pounds ($5.8 billion).
Any deal would stretch the acquisitive streak enjoyed by Tyco, which also is active in health care and electronic components and is the world's largest producer of fire protection systems, a market where Williams is U.K. market leader.
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French oil producer Elf Aquitaine increased its offer for Norway's Saga Petroleum Monday in its battle for control with Norway's Norsk Hydro.
Elf raised its cash bid to 18.7 billion kronor ($2.34 billion) from the 17.0 billion in its original offer May 28, or 125 kronor per share against 115.
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British Steel outlined plans Monday for the effective takeover of Dutch rival Hoogovens through a stock swap, creating Europe's largest steel company and the third largest in the world.
The U.K. firm, whose market capitalization is four times that of its rival, will hold 61.7 percent and Hoogovens 38.3 percent of the new company. However, British Steel is shrinking its equity base by returning 694 million pounds ($1.11 billion) to shareholders to close the size gap between the two.
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