In the fast-moving 21st century world of technology, what is considered state-of-the-art today could be redundant tomorrow. Information technology has dramatically altered the way many sectors do business, and this certainly holds true for the stock exchanges of the world, as can be seen by the fact that transaction times are starting to be measured in increments of microseconds.
British Airways and Iberia Airlines have plans to enter into an all-share merger agreement which will form the third-largest carrier group in terms of revenue, while at the same time allowing each brand to maintain its individual identity. Should the merger be successfully concluded, a new holding company will be formed that will acquire both British Airways and Iberia Airlines, with both companies exchanging their shares for shares in the new parent company.
World-wide stock markets have been on a roller-coaster ride for some time now and, as has been the case for stock exchanges all over, the London Stock Exchange has had its fair share of upheaval. In addition to factors such as fluctuating oil prices and anxiety over rising inflation, the London Stock Exchange is facing increasing competition from new trading platforms that will undoubtedly poach some of its business.
In an effort to regain its prominence as a leading manufacturer of oncology-related drugspharmaceutical corporation Bristol-Myers Squibb (BMS) has approached biotechnology company ImClone Systems Incorporated with an offer to purchase the portion of ImClone that BMS does not yet own for the amount of $4.3 billion. BMS delivered the written offer, which works out at $60 per share, to ImClone’s chairman, Carl C. Icahn on Thursday 31 August while at the same time completing a U.S. regulatory filing.
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