Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

ADM To Be World's Biggest Processor Of Cocoa Beans

Archer Daniels Midland Co. of Decatur, Ill., said Monday that it will buy W.R. Grace & Co.'s cocoa business for about $430 million in cash and debt, expanding its reach beyond grains and soybeans.

The purchase, one of ADM's biggest ever, gives it the world's largest processor of cocoa beans. "Up until now, ADM has been the major name in soybeans. You're going to see this company become a food commodity company," said Louis Ehrenkrantz, president of Ehrenkrantz King Nussbaum Inc., an ADM shareholder. Shares of W.R. Grace rose $1.37 1/2 to $50 each. ADM's shares rose 37 1/2 cents to $22.62 1/2. Bloomberg Treasury Delays T-Notes With Inflation Protection The U.S. Treasury on Monday postponed its first auction of inflation-indexed 10-year notes, which had tentatively been planned for early January. More time is needed to complete the final terms and conditions for the securities, and to allow investment firms to review the plans, said Roger Anderson, deputy assistant Treasury secretary for federal finance. Anderson wouldn't elaborate on how long the delay would be or whether the auction would be postponed into February. The Treasury had planned to sell the first notes in early January, with a settlement date of Jan. 15. Bloomberg Cost Of Business Travel Hits Record Altitude The cost of business travel reached record levels in November, while leisure fares dropped, American Express reports. The average one-way business fare paid last month was $287, tying the record high set in March 1993, the company said after surveying the tickets booked through its agencies. Business fares were 5 percent higher than October, and 10 percent higher than November 1995, the company said Monday. Meanwhile, the lowest discount fare - the ticket generally purchased by leisure travelers - was $119 in November, 2 percent lower than October and 12 percent lower than November 1995. …

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