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Southern Cross considers bids
SOUTHERN Cross Broadcasting (Australia) Ltd, the radio and television station owner, has addressed speculation of a takeover bid. Long pinpointed as a likely target following the introduction of new media laws, Southern Cross today repeated it was continuing to look at a number of options, including mergers, acquisitions or the sell-off of assets. "Southern Cross confirms that it has held discussions with a number of media companies," the company said. "As Southern Cross has previously advised the market, the company is continuing to explore a number of opportunities to maximise shareholder value, including mergers, acquisitions and divestments." The broadcaster behind talkback radio stations 3AW and 2UE, and Channel Nine Adelaide, issued the statement following media speculation that Macquarie Media Group (MMG) was about to launch a takeover bid for the group.
Europe warns Holland on ABN Amro bids
The European Commission has warned the Netherlands to have an open mind on all bids for ABN Amro, currently at the centre of a takeover struggle, ANP reported on Thursday. The Dutch authorities must operate in a 'non-discriminatory' manner when it came to more than one bid for the bank, a spokesman for internal markets commissioner Charlie McCreevy said. It would be disappointing if the Netherlands made a move towards protectionism, the spokesman said. The commission was reacting to concerns expressed by the Dutch central bank (DNB) over a possible bid from a consortium of banks. Such a bid by Fortis, Royal Bank of Scotland and Santander would 'constitute a strong risk-increasing and complicating factor' DNB said. ABN Amro is in exclusive talks with Barclays until Friday, but says it will talk to the consortium to find out more next week.
Dubai Muncipality Auction For Jumeira Properties Fetches Dhs15.8 ...
There were 12 villas and 12 shops up for grabs in the auction and their annual rent ranged from Dh170 per square foot to Dh230 per square foot, depending on the location and size. According to Salah Al Qaiwani, Head of the Specialised Contracts and Investment Section, who also heads the Jumeira Auction Committee at Dubai Municipality, the auction’s results were unprecedented. "Despite the rent being not so cheap, the key-money offered far exceeded our expectations. This proves two points: first, there is a huge demand on commercial shops in popular areas like Jumeira and second, the business community has a strong confidence in Dubai’s economy," said Al Qaiwani. He noted that the highest sum recorded was Dhs1.75 million on a 1310 square feet shop while a 2621 square feet villa fetched a key money of Dhs850,000.
Art porn for $12 mn: How Sotheby’s sets auction prices
LONDON: Sotheby's will offer a Gerhard Richter painting of naked prostitutes at more than twice the artist's auction record next month in New York. A Mark Rothko picture owned by David Rockefeller is also being pitched at double the painter's previous peak. The No 2 auction house said the prices reflect what buyers paid for similar works in private transactions. It shows how auctioneers are taking their cue from a few wealthy collectors outside the public salerooms, and increasingly depend on a group of billionaires to keep values escalating and their commissions mounting. Richter, whose collectors include Ronald Lauder and the Guggenheim Museum, used pornographic photographs to create his 1967 black-and-white painting "Zwei Spanische Akte (Osterakte)" now on show at Sotheby's in London.
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