Markets & Finance

TRW Rejects Northrop's Bid Again

TRW Inc. (TRW) again rejected Northrop Grumman's (NOC) hostile bid to be acquired for $47 per share, calling the bid financially inadequate. TRW says it plans to sell its automotive-parts business within nine months. (3/13/)

Tyco International (TYC) filed a stock-registration statement for a planned spin-off of its finance unit CIT Group. Tyco is also trying to find a buyer for CIT as part of the conglomerate's breakup plan. Tyco acquired CIT last June for about $9.5 billion in cash and stock. (3/12)

Tesma International (TSMA), a supplier of engine, transmission and fueling systems and modules for the automotive industry, says it has ended talks regarding the merger transaction between it and Magna International's (MGA) Magna Steyr unit. (3/12)

CS First Boston assigns a low probability in the near term to speculation regarding a merger between Ciena Corp. (CIEN) and Cisco Systems (CSCO). (3/12)

Chesapeake Energy (CHK) says it will acquire Canaan Energy (KNAN) for $12 cash per share. (3/12)

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