Euronext investors overwhelmingly back NYSE merger
Euronext shareholders on Tuesday (ENXT. PA) approved overwhelmingly a $14-billion plan to merge the multinational European exchange operator with the New York Stock Exchange and form the first transatlantic bourse. Around 98. 2 percent of shareholders present or represented at the meeting backed the merger, a margin that surprised even Euronext Chief Executive Jean-Francois Theodore after several shareholders voiced opposition to the deal in recent weeks.
Raytheon in $3.3bn sell-off deal
2006.12.26|
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Raytheon said investment bank Goldman Sachs and buyout firm Onex Partners planned to buy the unit, which makes Hawker and Beechcraft business jets.
The defence firm said it planned to use proceeds from the sale to reduce its debt and buy back shares.
Its aircraft business has been lagging behind rivals, including Gulfstream and Learjet-maker Bombardier.
However, the division's new owners said they saw strong growth potential in the industry.
"We believe strongly in the future growth of the business aviation sector, as new demand from Europe and Asia adds to strength in North America," said Onex managing director Nigel Wright.
The Raytheon aircraft division, which also makes military training planes, was founded in 1932 and reported sales of $2.9bn last year.
Analysts said Raytheon's decision to sell made sense.
"I think the aircraft operation was probably taking more of their time than was justified given the return that they were getting on their sales," said Paul Nisbet, of aerospace specialists JSA Research.
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