The Chicago Mercantile Exchange (CME) reported Tuesday that it will acquire cross-town competitor Chicago Board of Trade (CBOT) in an $8 billion transaction that will form a $25 billion global derivatives exchange. The combined company, to be named CME Group Inc., a CME/Chicago Board of Trade company, could transform global derivatives markets and put pressure on competing exchanges. The CME said corporate headquarters of the combined organization will remain in Chicago.
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CME to Acquire CBOT in $8B Deal
The Chicago Mercantile Exchange (CME) reported last week that it will acquire cross-town competitor Chicago Board of Trade (CBOT) in an $8 billion transaction that will form a $25 billion global derivatives exchange. The combined company, to be named CME Group Inc., a CME/Chicago Board of Trade company, could transform global derivatives markets and put pressure on competing exchanges. The CME said corporate headquarters of the combined organization will remain in Chicago.
Lay Confronted about 2001 Stock Sales, Son’s Short Selling
Federal prosecutor John Hueston’s cross-examination of Enron Corp. founder Kenneth Lay was more polite on Thursday, but a couple of “gotcha” moments appeared to catch Lay off guard. Speaking to a packed courtroom, Hueston sparred with Lay about the six criminal charges against him, but the prosecutor also managed to land a couple of sucker punches, including the humiliating revelation that Lay’s own son had been a short seller of Enron stock in March 2001.
Skilling Loses Cool in Heated Questioning
In a tense and at times angry cross-examination Tuesday, federal prosecutor Sean Berkowitz pressed ex-Enron Corp. CEO Jeffrey Skilling about his involvement in the alleged accounting fraud at the former energy giant. However, Skilling, who argued with the prosecutor and at one point flashed his well-known temper, denied he was ever involved in any alleged schemes and remained adamant about his innocence.
Witness Says Other Enron Execs, Investors Questioned Fastow’s Transactions
Following seven days on the witness stand, the cross-examination of former Enron Corp. investor relations chief Mark Koenig in the trial of Enron founder Kenneth Lay and former CEO Jeffrey Skilling was finally completed on Monday. Koenig told the jury the special purpose entities (SPE) designed by former CFO Andrew Fastow were criticized internally at least two years before the company went bankrupt.
Wyoming Backs Cross-Country Pipeline Proposed by Kinder Morgan, Sempra
The state of Wyoming has jumped on board as a partner in the ambitious cross-country gas pipeline project announced a few weeks ago by Kinder Morgan Energy Partners and a unit of Sempra Energy.
Agreement with Aboriginals Opens Way for North Alberta Cross-over Line
An agreement on aboriginal co-operation has been made as the opening move towards building a new natural gas pipeline across northern Alberta as a direct connection to the oilsands region. Dene Tha’ Chief Stephen Didzena confirmed his community reached an understanding with TransCanada PipeLines Ltd. on building a relationship that will be essential for the project to go ahead.
Agreement with Aboriginals Opens Way for North Alberta Cross-over Line
An agreement on aboriginal cooperation has been made as the opening move towards building a new natural gas pipeline across northern Alberta to the oilsands region. Dene Tha’ Chief Stephen Didzena confirmed his community reached an understanding with TransCanada PipeLines Ltd. on building a relationship that will be essential for the project to go ahead.
Edge, Miller Merger Would Combine U.S. Exploration Efforts
Houston-based Edge Petroleum Corp. agreed to merge Thursday with cross-town rival Miller Exploration Co. in a stock-for-stock deal worth about $12.7 million. The transaction of the two U.S.-focused independents would increase Edge’s estimated proved reserves and production about 10%, to between 8.8 Bcfe and 9 Bcfe this year.
Edge, Miller Merger Would Combine U.S. Exploration Efforts
Houston-based Edge Petroleum Corp. agreed to merge Thursday with cross-town rival Miller Exploration Co. in a stock-for-stock deal worth about $12.7 million. The transaction of the two U.S.-focused independents would increase Edge’s estimated proved reserves and production about 10%, to between 8.8 Bcfe and 9 Bcfe this year.