| Nylex falls after takeover bid withdrawn
SHARES in Nylex fell 17.5 per cent today after a private equity firm withdrew its takeover proposal for the building, automotive and plastic products maker. The stock ended down 35 cents to $1.65, after trading as low as $1.55 during the day. On Friday, after the market had closed, Nylex revealed that CHAMP Private Equity would not be making a firm offer for the company after its indicative offer of $2.65 a share in November. Nylex said talks with CHAMP had now ceased. Executive chairman Peter George said the Nylex board was not surprised the proposal had been withdrawn, given the recent turbulence in global financial markets. He said Nylex was still positioned to grow its businesses and build on the benefits of a restructuring program.
Rupee hits two-month low as stocks plunge
The rupee slumped to a two-month low on Tuesday after the stock market fell 11.5 per cent in opening deals, aggravating fears foreign investors were withdrawing their funds, dealers said. At 10:15 am, the partially convertible rupee was at 39.72/73 per dollar, weaker than the previous finish of 39.555/565. It fell to a low of 39.78 per dollar, its weakest since late November. "Everyone knew the rupee was going to open weaker, but the real impetus is going to come from the stock market," said the chief dealer with a public sector bank. "With stock also opening lower, the pressure on the rupee to fall will be quite strong," the dealer added. The fall in local shares at the start of trade triggered an automatic halt of stock trading for one hour.
Ford stock plummets to 22-year low
SOUTHFIELD, Mich. - Ford Motor Co. fell to the lowest price since 1986 in New York trading after losing its status as the No. 2 seller of autos in the U.S. for the first time in three-quarters of a century. Ford slid 32 cents, or five per cent, to $6.13 at in New York Stock Exchange composite trading, a day after posting a 12 per cent drop in U.S. sales and forecasting a "challenging" 2008. Toyota Motor Corp., which modeled itself on Ford following the Second World War, has overtaken the Dearborn, Mich.-based automaker on its home turf. The market value of the 104-year-old company founded by Henry Ford has tumbled to $13 billion from $68 billion in 1998, when Ford sold one of every four new vehicles in the U.S. Three restructuring plans at Ford since 2001 have failed to stem 12 years of plunging U.S.
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