News Briefs - Dec. 2
The Latest Headlines:
- Navistar Sets Plan for Small Shareholders
- DaimlerChrysler to Share Truck Engine, Axle Costs
- Raba Sells Engine Unit, Re-Focusing on Axles, Parts
- Crude Oil Prices Steady to Start Week
- DaimlerChrysler to Share Truck Engine, Axle Costs
Navistar Sets Plan for Small Shareholders
Navistar International Corp. said its has set a voluntary plan for shareholders owning less than 100 shares, Dow Jones Newswires reported Monday.According to a Form 8-K the company filed with the Securities and Exchange Commission, will let shareholders either sell their shares or buy shares to bring them up to 100 through Georgeson Shareholdrer, an odd-lot program specialist, Dow Jones said.
Those participating in the program will pay a fee of $3 per share, up to $35. Eligible shareholders will be notified via mail and have until Dec. 20 to respond, Dow Jones said. Transport Topics
DaimlerChrysler to Share Truck Engine, Axle Costs
DaimlerChrysler AG said Monday that it plans to share 75% of its engine and axle costs at its global truck manufacturing businesses as part of a cost-cutting package, the Financial Times reported.The plan, which could translate to nearly $1 billion in savings, will include parts sharing among the German company’s Freightliner LLC, Mercedes-Benz, Mitsubishi Motors Corp. and Hyundai Motor Co. units.
The company is also hoping to share between 35% and 80% of costs for chassis production among its subsidiaries, the paper said.
Bloomberg reported that Daimler has previously had trouble getting its North American Freightliner to use its Mercedes-Benz engines. Transport Topics
Raba Sells Engine Unit, Re-Focusing on Axles, Parts
Hungarian vehicle part maker Raba Rt. said Monday that it was selling off its unprofittable engine unit to the unit's management team, Bloomberg reported.The sale is part of a plan by Raba to focus on its core axle and vehicle parts manufacturing businesses, Bloomberg said.
The new ownership group of the division, made up of the unit's executives and Raba-Chem Kft., has been named Motor MBO Kft., Bloomberg said.
No financial terms of the deal were disclosed, but Raba said it will detail the impact of the sale on the company’s earnings on Dec. 6, Bloomberg reported. Transport Topics
Crude Oil Prices Steady to Start Week
The price of crude oil held steady in early-week trading, Bloomberg reported, as many traders were tepid ahead of a report on oil inventories prepared by the American Petroleum Institute due out on Tuesday.The International Energy Agency said expected fuel demand in 26 oil-consuming nations, including the United States, during the winter is "well covered" by current oil supplies due to overproduction by the Organization of Petroleum Exporting Countries, Bloomberg said.
Crude oil is distilled down to motor fuels like gasoline and diesel fuel, and price changes are often reflected in the prices consumers pay at the pump. During the winter, many refineries in the Northern Hemisphere change production from diesel fuel and gasoline over to more home heating fuel to combat the cold.
Trader concern about the upcoming API report, however, kept prices close to unchanged in electronic trading Monday morning on the New York Mercantile Exchange. The price of crude oil for January delivery fell 12 cents, just 0.5%, to $26.77 a barrel, Bloomberg reported. Transport Topics
