Google Receives Bids for Unit and 2 Hot Stocks Trading Today
Google Inc (NASDAQ:GOOG), which has been trying to sell its Motorola Home Business, received a number of offers on December 7, including from Arris Group Inc (NASDAQ:ARRS) and Pace plc (NYSE:PIC), which are reported to have made “the most compelling bids” for the unit, according to a report in Bloomberg, citing unnamed sources. Google and its financial advisers, Barclays plc, may also throw in a carrot for prospective buyers by arranging financing for the acquisition of the unit, said these sources.
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The New York Times reports that Michael Bloomberg, Mayor of New York and a great fan of newspapers in the printed mode, maybe weighing purchase of the prestigious Financial Times, owned by Pearson (NYSE:PSO). But he is on the horns of a dilemma: the power and prominence the purchase would afford him as its publisher, versus the risk on an investment that could affect his company’s record of profitability. The purchase of the FT would include a 50% stake in The Economist, a publication Mr Bloomberg has long adored. The clincher, perhaps?
General Motors Co’s (NYSE:GM) Opel unit announced today its plans to stop the production of cars at a plant in Germany by 2016, and use the factory to make components instead. The downbeat economic conditions in Europe as well as overcapacity in the auto industry have driven Opel to effect a restructuring that means cost-cutting, the introduction of new models and efforts to enter export markets. The employees, and German authorities, are not happy: “The workforce’s anger is understandable because there have been some decisions by GM in the past that certainly weren’t helpful. For example, the lack of access to certain markets but also the treatment of employees, which has been anything but exemplary,” Economy Ministry spokesman Holger Schlienkamp said.
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