Archive for Tuesday, December 5, 2000


December 5, 2000


Merger talk

Tyson Foods seeks to gobble up IBP Inc.

Tyson Foods Inc.'s $2.8 billion bid to acquire beef and pork heavyweight IBP Inc. would give the poultry giant an avenue for strong growth despite a flat market for poultry, analysts said.

IBP is the country's largest producer of beef and second-largest producer of pork.

Merging it with Tyson would create a company with 30 percent of the beef market, 33 percent of the chicken market and 18 percent of the pork market, analysts said.


Investment firms downgrade stock

Investment firms joined the shareholder siege of DaimlerChrysler on Monday, with Standard & Poor's and J.P. Morgan & Co. downgrading the embattled automaker's stock as it struggles to recover from heavy losses at its U.S.-based Chrysler division.

Standard & Poor's, which measures the risk of buying corporate bonds, cut DaimlerChrysler's long-term credit rating. It said the company's minivans, sport utility vehicles and pickups long the mainstay of its business were coming under increasing attack from competitors.


Delta flights scrubbed as pilots avoid overtime

Delta Air Lines canceled more flights Monday because its pilots were refusing to work overtime while contract talks continued between the union and the carrier.

Airline spokesman Russ Williams said he could not say how many flights were affected Monday morning. Delta canceled almost 300 flights during the weekend. Williams said the airline was contacting as many customers as possible to notify them of the cancellations and was booking them on other flights.

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