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Subject: Carl Icahn bids 700M for Global Crossing Author: Bruce Wayne [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 11:25:09 05/31/03 Sat Carl Icahn bids 700M for Global Crossing XO Communications, the telephone company controlled by billionaire investor Carl Icahn, has offered more than $700 million to acquire bankrupt high-speed communications company Global Crossing. Singapore Technologies Telemedia already has an agreement to pay $250 million for a 61.5% stake in Global Crossing, which filed for bankruptcy in January 2002 under a massive debt load, a glut of high-speed network capacity, and slim demand. Global Crossing declined to comment. XO, which emerged from Chapter 11 in January, has hired Carl Grivner, Global Crossing's operations chief, as its new CEO. Icahn is XO's chairman. Meanwhile, IDT, a telecom that has acquired the assets of several financially troubled rivals, also has said it would bid for Global Crossing. Reuters American-British accord American Airlines and British Airways won final approval to sell tickets on most of each other's international flights, after plans for a more ambitious alliance collapsed last year. The agreement between American, the world's largest airline, and British Airways, the biggest in Europe, will increase flight options for U.S. consumers and won't hurt competition, the Department of Transportation said. Bloomberg News Teamsters face strike The Teamsters Union and truckers that deliver new vehicles to dealers for General Motors and other automakers went into around-the-clock talks before a possible strike today that could cut availability of some popular models. Union spokesman Bret Caldwell said "some progress" was made in talks with Allied Holdings and separate talks with 14 companies that employ about 9,000 union drivers. The Teamsters bring about 80% of all vehicles to sales outlets for General Motors, Ford and other automakers. The contract ends one minute before midnight tonight. "Things aren't stalled," Caldwell said, "but there is still a long way to go." Automakers are making contingency plans, which they wouldn't disclose, in the event of a walkout. Bloomberg News Originally published on May 31, 2003 [ Next Thread | Previous Thread | Next Message | Previous Message ]