Here is the Dow Jones version of the same story Tim----
April 4, 1999
Dow Jones Newswires
U.K.'s GEC Near U.S., German Telecom Bids
- Newspapers
Dow Jones Newswires
LONDON -- U.K. technology group General Electric Co. PLC (U.GEL) is
set to unveil GBP1.5 billion in bids for U.S. and German telecommunications
equipment companies, three British newspapers reported Sunday.
All three newspapers said GEC is preparing a bid worth up to GBP500
million for the telecom arm of Germany's Robert Bosch GmbH (G.BOS), but
they didn't agree on the U.S. target.
The Sunday Telegraph reported that GEC has its sights set on New
Jersey-based First Data Corp.'s (FDC) data networking equipment business
for up to GBP1 billion. Sunday Business said Fore Systems Inc. (FORE) of
Pittsburgh, valued at about GBP1.5 billion, is the frontrunner for a GEC bid.
The Sunday Times didn't name a specific U.S. target, saying only that GEC is
in the final stages of an agreed takeover of a U.S. data-networking group for
a price believed to be about GBP1 billion.
GEC officials were unavailable for comment.
Earlier this year, GEC sold its defense electronics arm to Britsh Aerospace
PLC (U.BA) in a mostly share deal, but said it intended to restore itself to the
market value it had with the unit. Last month, it bought Reltec Corp. of the
U.S. for $2.1 million to beef up its telecom business.
Briefing Book for: FDC | FORE | G.BOS | U.GEL |
