News Briefs - Nov. 18
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The Latest Headlines:
- Venezuelan Official Says OPEC Quota Cut Possible
- Yellow, Roadway Deal Cleared by Justice Department
- ArvinMeritor Raises Offer for Rival Dana
- N.C. Gov. Halts Proposal for I-95 Toll Booths
- Report: Steel Companies Back Early End of Tariffs
- Goodyear Names President for Wingfoot
- Yellow, Roadway Deal Cleared by Justice Department
Venezuelan Official Says OPEC Quota Cut Possible
Venezuelan Energy and Mines Minister Rafael Ramirez said the OPEC oil cartel may might cut quotas at next month's meeting to guard against a possible price decline early next year, Bloomberg reported.OPEC is scheduled to meet Dec. 4, its first formal gathering since deciding to cut output by 900,000 barrels a day at its meeting on September. That cut took effect Nov. 1.
In New York, crude oil for December delivery rose 39 cents to $32.12 a barrel on Tuesday afternoon, Bloomberg said. Transport Topics
Yellow, Roadway Deal Cleared by Justice Department
Yellow Corp. said Tuesday that Justice Department had cleared its $966 million purchase of Roadway Corp., meaning the transaction could close next month.Justice’s 90-day antitrust review ended without the government taking action, Yellow said in a statement. The companies are expected to vote Dec. 9 on the deal that was first announced in July.
"We look forward to the timely closing of this transaction and the future opportunities it presents for our new company," James Staley, President if Roadway, said in a statement.
Yellow is ranked No. 8 and Roadway No. 6 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
ArvinMeritor Raises Offer for Rival Dana
Vehicle parts maker ArvinMeritor Inc. said late Monday it had increased its tender offer to $18 per share in cash from $15 to acquire all of the outstanding common shares of rival Dana Corp.The offer increases the value of the deal to $2.68 billion from $2.2 billion. Arvin said this is its final offer and it would terminate on Dec. 2, unless the Dana board agrees to begin negotiating a definitive merger agreement by that date.
Dana said in a statement it would "evaluate ArvinMeritor's revised offer and will advise Dana shareholders of the board's position regarding the revised offer and its reasons for such position." Transport Topics
N.C. Gov. Halts Proposal for I-95 Toll Booths
Gov. Mike Easley has put the brakes on a proposal to put toll booths along Interstate 95, the Associated Press reported.I-95 is the major interstate along the nation's East Coast and runs for 182 miles in North Carolina. Under the proposal, traveling from the Virginia border to the South Carolina border on the highway would have cost at least $18.
A consultant's report to the state Department of Transportation had proposed putting six sets of toll booths, each about 30 miles apart, and charging $3 per car as one option for raising highway money.
The fees would have raised $2.4 billion over 30 years. Transport Topics
Report: Steel Companies Back Early End of Tariffs
U.S. steel makers agreed to end tariffs on steel imports earlier than scheduled, the Wall Street Journal reported Tuesday.The removal of tariffs could encourage steel imports, hurting truckers who carry domestic steel, but helping truckers who ship steel to and from ports.
The Journal said the steel industry agreed to a deal that would allow the White House to roll back the three-year tariffs on a wide variety of steel products in the autumn of 2004 instead of March 2005.
The agreement also called for accelerating the scheduled reduction of the tariff level, the Journal said.
However, this deal likely will face a tough audience in the European Union, which has shown little interest in compromising on the tariffs. Transport Topics
Goodyear Names President for Wingfoot
The Goodyear Tire & Rubber Co. said it had promoted Brent Copeland to president and chief operating officer at its Wingfoot Commercial Systems subsidiary. He had been vice president of sales and marketing.Wingfoot sells new, retread and used tires and related services.
In May, Arkansas Best Corp., the parent of less-than-truckload carrier ABF Freight System, said it completed the sale of its 19% ownership interest in Wingfoot to Goodyear for a cash payment of $71.3 million. Transport Topics
This story appeared in the Nov. 17 print edition of Transport Topics.
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