AP Financial News Summary at 2:51 p.m. EDT
Oracle to Buy Rival Siebel in $5.85B Deal
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SAN FRANCISCO (AP) _ Oracle Corp. is buying its struggling rival Siebel Systems Inc. for about $5.85 billion, continuing a recent shopping spree that has eliminated two of its biggest competitors as it aims to topple Germany’s SAP AG in the business applications software market.
Source: Delta Plans to File for Bankruptcy
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ATLANTA (AP) _ Delta Air Lines Inc., the nation’s third-largest carrier, plans to file for bankruptcy protection in New York as early as Wednesday, according to an industry consultant who has been informed of the company’s plans.
Stocks Are Mixed on Spate of Acquisitions
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NEW YORK (AP) _ Stocks were mixed on Wall Street Monday, with a spate of multibillion-dollar acquisitions lifting technology shares but volatility in airlines and falling energy prices limiting the gains.
EBay Set to Acquire Skype Technologies
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STOCKHOLM, Sweden (AP) _ Online auctioneer eBay Inc. agreed Monday to pay at least $2.6 billion in cash and stock for Internet phone provider Skype Technologies SA, confounding many analysts who questioned the lofty price tag and the companies’ compatibility.
Former Westar Utility Execs Found Guilty
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KANSAS CITY, Kan. (AP) _ A federal jury on Monday found two former Westar Energy Inc. executives guilty of looting the state’s largest electric utility of millions of dollars.
Wachovia Agrees to Acquire Westcorp
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CHARLOTTE, N.C. (AP) _ The financial services company Wachovia Corp. on Monday said it agreed to acquire Westcorp, an automobile finance company based in Irvine, Calif., for $3.42 billion, creating the nation’s ninth largest auto loan originator.
Businesses Urged to Invest in Gulf Coast
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WASHINGTON (AP) _ Commerce Secretary Carlos Gutierrez urged business leaders Monday to invest in the Gulf Coast, saying the private sector must play a major role in rebuilding the hurricane-devastated area.
Regulators Moving Ahead With Phone Mergers
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WASHINGTON (AP) _ The head of the Federal Communications Commission has asked agency staff to draft orders approving two big phone company mergers _ SBC Communications Inc. and AT&T, and Verizon Communications Inc. and MCI Inc.
Campbell Profit Up on Higher Selling Prices
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MOUNT LAUREL, N.J. (AP) _ Campbell Soup Co., whose brands include Pepperidge Farm, V8, Godiva, and its namesake soups, said Monday its fourth-quarter profit climbed 63 percent, driven by lower marketing, higher selling prices, and productivity improvements.
Zetsche to Stay in Charge of Mercedes
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FRANKFURT, Germany (AP) _ DaimlerChrysler’s next chief executive said Monday that he would try to emulate his success in turning around the Chrysler division by improving the company’s Mercedes unit, which has suffered from declining sales, customer dissatisfaction and quality problems.