Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Art Baeckel who wrote (21146)	7/24/2000 10:29:04 AM
From: Art Baeckel	Respond to of 22640

CORRECTED - Lycos' Davis confident about merger with Terra Reuters Company News - July 20, 2000 06:55 Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. In July 19 story headlined "Lycos' Davis confident about merger with Terra", please read in third paragraph ...Juan Villalonga.. instead of ...Juan Villanova... (corrects spelling of surname). A corrected repeat follows of the story. By David Lawsky WASHINGTON, July 19 (Reuters) - The chief executive of Lycos Inc. said on Wednesday his company "is right on track" to merge with Spanish Internet service provider Terra Networks SA despite a probe into the business affairs of one of the executives involved. "I feel this is a certain deal," Bob Davis said of the $12.5 billion proposal announced in May for Lycos to be acquired by Terra Networks, a unit of Telefonica de Espana SA. "The deal is a very strong one." The chairman of Telefonica, Juan Villalonga, has come under mounting pressure from core investors to resign amid a probe into allegations that he violated insider trading rules, accusations denied by the company. But Davis said in an interview after speaking to the National Press Club that the merger process was moving along and depended on no particular individual. "We have the Telefonica board of directors, the Terra board," Davis said, adding that he was certain of support from Lycos. The fourth partner in the deal, Bertelsmann AG , originally committed itself to spend $1 billion over five years on advertising on electronic commerce services, but later disclosed in a filing that it was obliged to spend only $325 million. The chief executive of Bertelsmann, Thomas Middelhoff, told the Boston Globe early this month, however, that it was likely the firm would spend the entire $1 billion. Lycos closed on Wednesday on Nasdaq at 53, down 1/16. The stock rose from 35-11/16 in late April to close at 72-10/16 one day after the Terra acquisition was announced on May 16. In his speech Davis talked about the need for protecting privacy rights and he later expressed scepticism about giving police the right to monitor e-mail. "I don't see government having the right to read my e-mail any more than they should have the right, without a warrant, to open my mailbox and take whatever out of my mailbox," Davis said in the interview. The question of Internet privacy has been of concern on both sides of the Atlantic. The British government is close to passing a law that would give the government broad powers to intercept and read e-mail. In the United Sates, the Federal Bureau of Investigation has been using a technology known as Carnivore because it can chew through huge amounts of e-mail and find what the agency might find useful -- but the FBI must first get a warrant. The U.S. government is reviewing these policies. Davis said law enforcement had an important role on the Web, as it did in other walks of life. He said in his speech that his company had cooperated in hundreds of cases with law enforcement authorities, leading them to child pornography and other illegal sites.