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Ford, Yahoo!, TRW in deals
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January 28, 1999: 10:59 a.m. ET
Team-ups in car and Net sectors flash price tags from $3.57B to $6.61B
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NEW YORK (CNNfn) - Consolidations, mergers, acquisitions, buyouts. Call them what you will, but there's been a lot of coupling going on in the auto and Internet sectors Thursday.
In deals valued between $3.57 billion and $6.61 billion, Ford is taking over Volvo's auto operations, Internet search engine Yahoo! is buying Web site community GeoCities, and auto parts maker TRW has agreed to purchase British firm LucasVarity - but another Lucas suitor may be waiting in the wings to outbid TRW.
Following are highlights from these deals:
TRW + LucasVarity = $6.61B deal
U.S. auto parts maker TRW (TRW) unveiled the full details of its long-awaited buyout of U.K. automotive and aerospace parts manufacturer LucasVarity Thursday as it announced a 4.0 billion pound ($6.61 billion) all-cash deal.
TRW's says it will pay 288 pence a share, or $47.35, for Lucas' American Depositary Receipts.
But it may not be a done deal. A bidding war for LucasVarity could be in the works after Federal-Mogul (FMO) said it may decide to make a formal bid to top TRW's agreed-upon offer.
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Ford + Volvo = $6.45B deal
The global auto industry's drag race to consolidate shifted into a higher gear Thursday as Ford Motor Co. (F), the No. 2 car maker in America, confirmed plans to buy Volvo's auto operations for $6.45 billion.
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Yahoo! + GeoCities = $3.57B deal
Internet search engine Yahoo! Inc. (YHOO) confirmed Thursday it will buy GeoCities (GCTY), a fast-growing Web site community, in a deal that will further solidify Yahoo!'s position as a front-runner in the online popularity contest.
Under terms of the deal, GeoCities shareholders will receive 0.3384 share of Yahoo! for each share of GeoCities they own. With GeoCities having 31.4 million shares outstanding, and Yahoo!'s Wednesday closing stock price of $335.875, the transaction has a value of $3.57 billion.
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