December 14 Biz Minute

Exxon Mobil Corp will buy XTO Energy in an all-stock deal valued at about $31 billion, in a move that thrusts the U.S. energy giant to the forefront of North America's fast-growing natural gas industry.

Citigroup said today it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government also will sell its one-third stake in the company.

Britain's Cadbury PLC kicked off a robust defense today against Kraft Foods $16.3 billion hostile takeover offer, urging shareholders not to let the U.S. maker of cheese slices, cookies and macaroni dinners "steal your company with its derisory offer."

ON Semiconductor Corp. will acquire California Micro Devices for $108 million, the latest acquisition in the chip sector as larger companies move to broaden their product portfolios by scooping up smaller players.

Beijing Autos has agreed to buy technology from GM's Saab Automobile, a breakthrough for the Chinese automaker that could clear the way for General Motors to sell the rest of Saab to another buyer. Saab will also support Beijing Auto's efforts to build its own car brands, using the Saab technology

HEADS UP TRAVELERS...
British Airways cabin crew will strike over Christmas and New Years, their union said today, throwing the plans of thousands of holiday travelers into uncertainty at one of the busiest times of the year. Strikes are to begin Dec. 22 and run for a dozen days until Jan. 2.

Category:

News & Politics

Tags:

• Exxon Mobil
• XTO Energy
• natural gas
• energy
• Citigroup
• bailout
• Cadbury
• Kraft
• Kraft Foods
• cheese
• cookies
• macaroni
• ON Semiconductor
• California Micro Devices
• chip
• Beijing Auto
• Saab
• General Motors
• GM
• British Airways
• cabin crew
• union