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Technology Stocks : Internet Capital Group Inc. (ICGE) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (1407)	3/8/2000 11:07:00 PM
From: puborectalis	Respond to of 4187

Hutchison , ICG in Asia B2B deal HONG KONG, March 9 (Reuters) - Internet Capital Group, a U.S.-based business-to-business (B2B) e-commerce company, and Hutchison Whampoa Ltd, a Hong Kong-based global conglomerate, said on Thursday they were teaming up to push the pace of B2B e-commerce in Asia. They said that along with the Li Ka-Shing Foundation Ltd they were acquiring a controlling stake in Hong Kong's Harbour Ring International Holdings and renaming it ICG AsiaWorks Ltd. Hutchison and ICG said in a statement they would launch two businesses, ICG AsiaWorks, and an e-procurement services joint venture. ICG AsiaWorks will incubate, acquire and build e-commerce market makers and B2B infrastructure companies. The e-procurement services group would be an e-commerce buying-and-selling portal for companies in Asia. The e-procurement joint venture will be 35 percent held by ICG, with the remaining 65 percent held by Hutchison, Cheung Kong (Holdings) Ltd and another strategic partner to be identified later, Hutchison group managing director Canning Fok told a news conference following the news release. ICG will have a 55 percent stake in ICG AsiaWorks, Hutchison will have 15 percent and the Li Ka-shing Foundation will have five percent. The remaining 25 percent will be public shareholders. Shares in Harbour Ring, a toy manufacturer, have been suspended since March 1 and last traded at HK$1.23. ICG is an Internet company engaged in business-to-business (B2B) e-commerce through a network of partner companies.

To: Mohan Marette who wrote (1407)	3/8/2000 11:33:00 PM
From: puborectalis	Read Replies (1) \| Respond to of 4187

ICGE news......CG takes majority stake in software firm By Reuters Special to CNET News.com March 8, 2000, 5:35 p.m. PT Internet Capital Group, a venture firm that invests in Web companies, said today it would buy a majority stake in privately held software firm RightWorks for $657 million to fortify its position as a leading provider of online marketplaces. Internet Capital said it would pay $635 million in stock and $22 million in cash for the undisclosed stake in RightWorks, which makes software that powers online marketplaces for businesses such as VerticalNet. Officials of Internet Capital and RightWorks, which is based in San Jose, Calif., were not available for comment. Internet Capital, which is based in Wayne, Pa., will issue around 4.5 million shares for the stake, based on the company's closing stock price Tuesday of $141.05. "We believe RightWorks has the best technology on the market today for enabling online trading communities," said Mary Coleman, Internet Capital's managing director of operations. Internet Capital, founded in 1996, has bought companies that bring together buyers and sellers on Web-based marketplaces for the exchange of goods and services. It also has acquired software and service providers that enable these business-to-business Web sites to operate.