Markets & Finance

Alcan Launches Hostile Bid for Pechiney

Alcan (AL) launched an unsolicited $3.9 billion cash-and-stock offer for French group Pechiney. The Canadian aluminium giant said the offer was a 20.5% premium for Pechiney's A shares from Friday's close, but Pechiney said the offer undervalued the company. (7/7)

Apparel manufacturer VF Corp. (VFC) agrees to acquire Nautica Enterprises (NAUT) in a $586 million stock deal. (7/7)

Cable company Comcast (CMCSA) agrees to sell its stake in home-shopping network QVC to Liberty Media (L) for $7.9 billion. (7/7)

Alnylam Pharmaceuticals Inc., based in Cambridge, Mass., and Germany's Ribopharma AG agree to merge. The combination is intended to advance the field of deactivating troublesome genes through so-called RNA interference. (7/7)

Oracle (ORCL) extended to July 18 its $6.3 billion bid for PeopleSoft (PSFT). (7/3)

Lehman Brothers (LEH) confirms it is in merger talks with Neuberger Berman (NEU). (7/2)

The Aging of Abercrombie & Fitch
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