Merger news lifts U.S. stocks
NEW YORK, June 26 (UPI) -- Merger news buoyed U.S. stocks Monday, as steel, nickel and the consumer health products sectors all reported tie-ups.
The Dow Jones industrial average was up 58.59 or 0.53 percent to 11,047.68 on a volume of 1.1 billion shares. The Nasdaq composite rose 12.17 or 0.57 percent to 2,133.64, and the Standard & Poor's 500 gained 6.28 or 0.50 percent to 1,250.78.
Arcelor SA accepted Mittal Steel Co. NV's offer; Phelps Dodge Corp. is buying two Canadian rivals and Johnson and Johnson agreed to purchase Pfizer Inc.'s consumer health business. Also, Microsoft announced big joint ventures with Motorola and Siemens.
The benchmark 10-year Treasury note was down 3/32, lifting its yield to 5.239 percent.
The dollar fell, hitting 116.37 yen from 116.58 as the euro rose to $1.2555 from $1.2508.
Tokyo's Nikkei 225 closed up 28.36 or 0.19 percent to 15,152.40, and London's FTSE 100 settled at 5,681.20 after sliding 10.90 or 0.19 points.
Johnson and Johnson buys Pfizer unit
NEW BRUNSWICK, N.J., June 26 (UPI) -- Johnson & Johnson, which is based in New Jersey, is paying $16.6 billion in cash for the consumer healthcare business of Pfizer Inc.
The assets being acquired are personal care and over-the-counter products, such as Listerine, that had 2005 sales of $3.9 billion, Johnson and Johnson said Monday.
Pfizer said the deal, set to close by year-end, would result in about $13.5 billion in after-tax proceeds. Pfizer also said it expects that in the next 18 months it will buy as much as $17 billion of its common stock.
TXU in $8.7 billion outsourcing deal
DALLAS, June 26 (UPI) -- TXU Electric Delivery, a unit of Dallas' TXU Corp., is paying a venture of TXU and InfrastruX Group, for infrastructure and management services.
The $8.7 billion, 10-year agreement for utility infrastructure and management services, calls for InfrastruX Energy Services Group LP to design, construct and maintain services.
TXU was advised by Mayer, Brown, Rowe & Maw LLP of New York.
Malaysia picks Alcatel SA for telecom work
KUALA LUMPUR, Malaysia, June 26 (UPI) -- Telekom Malaysia has hired France's Alcatel SA to build a 3G/UMTS wireless network for Celcom Berhad, Malaysia's top telecom provider.
The $88 million deal will result in Celcom being able to offer customers across the Malaysian peninsula, as well as Sabah and Sarawak islands, high-bandwidth services for multimedia mobile communications such as live streaming mobile TV channels.
Celcom becomes the second Asia-Pacific service provider, in less than three months, to select Alcatel for implementation of its 3G/UMTS network, the French company said Monday.
