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Archive for Wednesday, December 5, 2001

Briefcase

December 5, 2001

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Bankruptcy: Enron shares surge

Embattled energy trader Enron Corp. could emerge from bankruptcy with a second life as a smaller trader with different management and a supporting bank as a partner, said John Olsen, director of research at Houston securities firm Sanders Morris Harris.

Enron shares surged Tuesday as investors took heart in news that Enron had secured $1.5 billion in short-term financing after seeking bankruptcy protection Sunday.

Enron shares jumped 47 cents, or 118 percent, to 87 cents Tuesday on the New York Stock Exchange. They were above $80 a year ago.

Steel: Companies mull merger

U.S. Steel, the biggest domestic steelmaker, has been discussing merging with at least three other large steel companies in a move aimed at saving a dying industry but that would need help from the government and the United Steelworkers union.

U.S. Steel, Bethlehem Steel and Wheeling-Pittsburgh Steel said Tuesday they were involved in discussions with a fourth company and other potential partners.

Manufacturing: Sauer-Danfoss tabs CFO

Hydraulic pump manufacturer Sauer-Danfoss Inc. said Tuesday that Karl Schmidt had been named chief financial officer effective Jan. 1.

Schmidt formerly was executive vice president and CFO of Degussa-Huls Corp., a specialty chemicals company based in New Jersey.

Sauer-Danfoss has a plant in Lawrence.

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