Newspaper article THE JOURNAL RECORD


Newspaper article THE JOURNAL RECORD


Article excerpt

No Newmont-Pickens Ruling Seen This Week WILMINGTON, Del. - A Delaware judge will not rule this week on whether to block an attempt by Newmont Mining Co.'s biggest shareholder to thwart a hostile takeover by an investor group led by T. Boone Pickens, the judge's secretary said Thursday.

The group Ivanhoe Partners, is seeking a preliminary injunction against the acquisition of a 49 percent stake in Newmont by Consolidated Gold Fields PLC.

The London-based company, which previously held 26.2 percent of Newmont, scooped up 15.8 million of Newmont's 66.8 million common shares two weeks ago to prevent Ivanhoe from acquiring a majority stake in Newmont.

Ivanhoe, which has an outstanding tender offer for stock that would raise its holdings to 51 percent of Newmont, contended the ``market sweep'' in which Consolidated swiftly purchased its stock was illegal.

Chancery Court Vice Chancellor Jack B. Jacobs heard arguments in the case on Oct. 1, and indicated he might rule this week. However, his secretary said there would be no ruling this week and noted the court also would be closed Monday for the Columbus Day holiday.

The judge already has said Consolidated could not vote the stock it acquired in the market sweep until he rules on the matter.

Auto Production Up in Week DETROIT - U.S. automakers scheduled the assembly of 148,969 cars in domestic factories this week, Ward's Automotive Reports said Thursday.

The automakers built 142,050 cars last week and 156,570 in the comparable week a year ago.

U.S. truck production schedules totaled 73,245 for the week, compared with 71,865 last week and 69,817 a year ago.

Canadian car production for the week was put at 20,266, compared with 16,321 built last week and 23,830 built a year ago.

Record Number of Savings Bonds Held WASHINGTON - Americans hold more U.S. savings bonds - $98.5 billion worth - than ever before, the Treasury Department said Thursday. …

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