Morning Briefs

The Florida Times Union, October 28, 2006 | Go to article overview

Morning Briefs


FLORIDA ROCK STOCK RISES ON CEMEX-RINKER DEAL

Florida Rock Industries Inc.'s stock jumped higher Friday, along with other building materials companies, on news of a possible deal between two major international building materials companies.

Mexico-based Cemex SA Friday made an unsolicited $12.8 billion bid to buy Australia's Rinker Group Ltd. Bloomberg News said that would be the biggest deal ever in the building materials industry.

Jacksonville-based Florida Rock rose $2.99 to $43.09 Friday after the Cemex-Rinker deal was announced.

Mark Basch/The Times-Union

TWO SIDES SUBMIT FINAL FILINGS IN MAJESTIC CASe

The Jacksonville Aviation Authority's deal with a land developer should be struck down and the authority should be required to go out for bids for its Northside land, a developer suing the authority asked in its final submission to the court.

But the authority is just doing the job it was given in the city charter, the city attorneys representing JAA said in their filing, and it has wide latitude in how it goes about leasing the land it owns.

At issue is 328 acres of land that the airport has leased to Majestic Realty Co. for a monthly rent of $1,380 per acre per year or for half the profits, whichever is higher. The deal was struck after Majestic approached the authority about the property, known as Woodwings East, and the authority did not seek other bidders.

Dallas-based developer Jackson-Shaw Co., which owns the adjacent Tradeport development, sued the authority earlier this year.

United States District Court for the Middle District of Florida Judge Timothy Corrigan will hear final arguments in the case on Wednesday.

Timothy Gibbons/The Times-Union

UNITED RAISES FARES AND OTHER AIRLINES FOLLOW

Citing high fuel prices, United Airlines said Friday it has increased fares by $6 per round trip on flights to some cities also served by lower-cost carriers. …

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