Alcoa launches $33bn hostile bid for Alcan
Mumbai: Canada-based Alcoa has offered $33 billion in a hostile bid for US-based Alcan Inc.

The bid works out to $73.25 per share in cash and stock and represents a 32 per cent premium to Alcan's average closing price on the New York Stock Exchange over the last 30 trading days.

Alcoa's hostile bid comes after two years of merger discussions between the two companies that failed to come to an agreement.

Alain Belda, chairman and CEO, Alcoa said he was very disappointed that the efforts did not result in a negotiated transaction he said a statement.

The statement added that annual cost synergies are expected to be approximately $1 billion.

The combined company will have dual head offices in Montreal and New York.
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ABN rejects RBS bid for LaSalle
Amsterdam: While rejecting a $24.5 billion bid for its US bank LaSalle from a consortium led by Royal Bank of Scotland on Monday, ABN Amro said it would put the offer and other proposals to a shareholder vote.

The offer by RBS and its partners Santander and Fortis is not superior to Bank of America's deal to buy LaSalle for $21 billion, ABN said in a statement because it was conditional on the consortium acquiring all of ABN and carried execution risks.
The consortium has offered 39 euros per share, including a 0.60 euro dividend, or 72.35 billion euros ($98.5 billion) for all of ABN.

Royal Bank of Scotland, Fortis and Santander said in a separate statement they considered their offer for LaSalle to be a superior proposal as it was "materially greater" than the Bank of America bid and would have led to public offer for ABN.

Shareholders have rejected both Barclays and Bank of America deals, and succeeding in getting a court in Amsterdam to freeze the LaSalle sale.

A takeover of ABN would be the world's largest bank takeover.
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Microsoft comes up with new version of Hotmail
Bangalore: Microsoft Corp has announced the global launch of Windows Live Hotmail, a new version of its popular e-mail service, in 36 languages. The new Live Hotmail will deliver safer, more powerful and productive e-mail experience with flexible access via the web, on a mobile phone or with an e-mail client, it said.

Later this month, Live Hotmail subscribers will be able to access their Windows Live Hotmail email and contacts for free, using Microsoft Office Outlook 2003 or Office Outlook 2007 via the new Microsoft Office Outlook Connector Beta.
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Rupert Murdoch bid for Dow Jones rejected
News Corp's $60-a-share offer for Dow Jones has been rejected by Jim Ottaway Jr and his family. The family owns 6.2 per cent of Dow Jones supervoting Class B shares.

Ottaway said in a statement on the website of the Wall Street Journal: "The sale of Dow Jones to Rupert Murdoch and his News Corp. global media giant would lead to loss of the unique news quality and integrity of The Wall Street Journal and other Dow Jones publications and Internet services, and loss of the independence and integrity of a leading national editorial voice.

"The brand name, the major asset of Dow Jones, is based upon its reputation for, and daily practice of, accurate, fair, objective and reliable business news reporting. This would be damaged and if Rupert Murdoch and his News Corp. take over Dow Jones. It is this journalistic integrity which has created shareholder value, as recognized by the News Corp. offer. It will continue to create shareholder value in the future of our information society.

Ottaway said, "I am opposed to Rupert Murdoch's buying Dow Jones to boost his personal prestige, political power, and global media business control, and to acquire Dow Jones brand name business news because he needs it for his new business news channel to succeed. The Economist magazine describes Murdoch's pursuit of Dow Jones as 'the media equivalent of a trophy wife.'

He added that he was also opposed to Rupert Murdoch taking over Dow Jones because it would add to already too much concentration of American and global media ownership, and political influence on American society and government decision making.

Ottaway finally added that Dow Jones was not for sale, at any price, to Rupert Murdoch.
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