Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Newspaper article St Louis Post-Dispatch (MO)

Morning Briefing

Article excerpt

Monsanto Begins Offer For Calgene

Monsanto Co. said Monday it had begun its $8-a-share cash tender offer for the 45.5 percent of Calgene Inc.'s stock that Monsanto doesn't own. Calgene, an agricultural biotechnology company based in Davis, Calif., ag reed March 31 to the Monsanto takeover.

The tender offer is conditioned upon the majority of Calgene's shares not held by Monsanto agreeing to the transaction. The deal can only be completed if Monsanto owns 90 percent or more of Calgene's stock after the tender offer expires at midnight May 2. Post-Dispatch Firm Pickens Founded Acquires Oil Producer The natural gas company founded by Boone Pickens 41 years ago is buying oil producer Parker & Parsley Petroleum Co. for $1.2 billion to create the nation's third largest independent oil and gas company. Mesa Inc., which Pickens no longer runs, is paying $36.75 worth of its stock for each share of Parker & Parsley to create a new company, Pioneer Natural Resources Co. The agreement was signed Sunday, and an announcement made on Monday. Associated Press Lloyd's Of London Faces Uncertain Payoff Ability The group set up to handle old insurance claims at Lloyd's of London said Monday it has assets of 15.97 billion pounds ($26.32 billion), giving it a financial cushion over expected payouts. But outside auditors who looked at the books of the Equitas Group weren't so sure, warning there are so many uncertainties that any projected cash surplus might be wiped out. Equitas calculated a cushion of 588 million pounds ($970 million) over expected payouts. Associated Press 8 Cities Join Nextel's Digital Wireless System Nextel Communications Inc. said it added eight cities to its digital wireless network, expanding coverage to more than 200 cities. Nextel said it began offering digital wireless telecommunications ser vices in St. …

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