Koch to buy Molex in $7.2 billion deal
Wichita-based Koch Industries announced Monday that it was acquiring Molex Inc., a publicly traded global electronic components company founded by the Krehbiel family 75 years ago.
Under the terms of the agreement, Koch Industries will acquire all of Molex's outstanding shares for $38.50 per share in cash, for a total equity value of about $7.2 billion, according to a news release from the two companies.
Based on the closing stock prices on Friday, the purchase price represents a 42 percent premium to the equity value of Molex's publicly traded stock, according to the release.
The agreement has been approved by both the Molex and the Koch Industries boards of directors.
Molex, based in Lisle, Ill., operates 41 manufacturing locations in 15 countries and employs more than 35,000 people. After the purchase is complete, Molex is expected to be a standalone subsidiary of Koch Industries and will continue to be operated by the company's current management team, according to the release.
Google offers proposals on EU antitrust concerns
The European Union says Google has submitted new proposals to address the concerns of the bloc's antitrust watchdog.
Google's new attempt to overcome fears it is stifling competition in European Internet searches comes two months after the watchdog rejected the company's proposals as insufficient.
The EU's executive arm, the Commission, said Monday it has received a new proposal from Google and is assessing it, while declining to elaborate.
EU antitrust chief Joaquin Almunia said over the weekend a decision based on the proposals could be made in the coming months.
The Commission has been investigating for three years whether Google Inc. is abusing its 90 percent market share in Europe to favor its own services. Google is looking to address those concerns mainly by changing how it displays search results.
Passenger revenue for Southwest up in August
Passengers flew fewer miles on Southwest Airlines Co. in August, but they paid more per mile than a year ago.
The company, which also owns AirTran Airways, said Monday that passenger revenue for every seat flown one mile rose 4 percent compared with August 2012. That follows an increase of 4 percent to 5 percent for July.
The figure is a closely watched statistic in the airline business, and it rises when airlines are able to charge higher average fares either by raising prices or selling fewer tickets at discounted sale prices.
Neiman Marcus to be sold for $6 billion
Luxury merchant Neiman Marcus is getting a new owner.
Ares Management and Canadian Pension Plan Investment Board announced Monday they are buying the luxury chain Neiman Marcus for $6 billion. The two new owners will hold an equal economic interest in Neiman Marcus, and the company's management will retain a minority stake.
"We plan on investing meaningful capital into the business to ensure Neiman's long-term position as the unparalleled leader in luxury retailer," said David Kaplan, senior partner and co-head of the private equity group of Ares. The agreement follows an acquisition of another big luxury player: Saks Inc. Saks Inc., which operates Saks Fifth Avenue, recently agreed to sell itself to Hudson's Bay Co., the Canadian parent of upscale retailer Lord & Taylor, for about $2.4 billion.
High-speed trading could see new rules
Federal regulators took a step toward stricter oversight of the high-speed trading market, putting forward a broad range of possible rules for public comment.
The Commodity Futures Trading Commission floated the potential restrictions less than a month after the Nasdaq exchange suffered a three-hour trading outage. The outage was the latest in a series of disruptions to stoke concerns about high-speed trading.
Among the ideas put forth by the CFTC: requiring exchanges to routinely test equipment at trading firms; develop training standards for individuals at firms who oversee the automated systems; have exchanges set maximum sizes for trading orders.
The public has 90 days to comment on the ideas. After that, the agency would likely begin drafting a more formal proposal.
FYI
The TCC StartUp Cup's search for entrepreneurial excellence narrowed its scope to six finalists Tuesday.
John Chandler, chief financial officer of Magellan Midstream Partners LP, will leave the partnership at the end of March, the Tulsa-based company announced Tuesday.
