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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (105156)	5/28/2001 9:40:20 AM
From: JHP	of 436258

*according to Bloomberg $6 a share!*?? Sunday May 27, 4:27 pm Eastern Time GKN mulls U.S. acquisition -- newspaper (UPDATE: inserts paragraph 4 with Textron comment) LONDON, May 27 (Reuters) - British engineering group GKN Plc (quote from Yahoo! UK & Ireland: GKN.L) is considering a bid for U.S.-based auto parts maker Federal-Mogul Corp. (NYSE:FMO - news), which cut more than 1,000 jobs in February in response to falling demand from U.S. and German automakers, Sunday Business said. ADVERTISEMENT The paper said GKN -- in the process of merging its industrial services operations with Australian group Brambles (Australia:BIL.AX - news) -- could afford to spend at least 2.0 billion pounds ($2.84 billion) on acquisitions because of its strong balance sheet. In an unsourced report, the paper added that GKN was also considering the possibility of merging with U.S. rivals Textron Inc.(NYSE:TXT - news) or Dana Corp. (NYSE:DCN - news) as it plots its future following the Brambles deal. A spokeswoman for Textron declined to comment on the matter. A source close to Textron, however, said rumors about a merger with GKN were ``untrue''. Efforts on Sunday to reach representatives for Federal Mogul and Dana Corp. were unsuccessful. In April, Federal-Mogul posted first-quarter sales of $1.45 billion, though its loss from operations was $42.1 million, or 60 cents per share. The company attributed the loss to significantly lower North American demand from its aftermarket and original equipment customers. (Additional reporting in New York by Daniel Sorid) Email this story - Most-emailed articles - Most-viewed articles -------------------------------------------------------------------------------- More Quotes and News: Australia:BIL.AX - news; NYSE:TXT - news; NYSE:FMO - news Related News Categories: automobiles, US Market News --------------------------------------------------------------------------------

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