How PPG lost its $29.5 bln bet on Dulux paint
LONDON/AMSTERDAM, June 1 In early March, U.S. paint maker PPG's Chief Executive Michael McGarry flew from Pittsburgh to Amsterdam to take Akzo Nobel boss Ton Buechner for lunch.
EMC's VMware files for $100 million IPO
(Adds EMC, use of proceeds, financials)
WASHINGTON, April 26 EMC Corp.'s EMC.N VMware Inc., whose virtualization platforms allow organizations to aggregate multiple servers, storage infrastructure and networks, filed with U.S. securities regulators on Thursday to raise up to $100 million in an initial public offering of Class A common stock.
The Palo Alto, California-based company, which is a subsidiary of corporate data storage equipment maker EMC Corp., said in the regulatory filing that Citi, JPMorgan and Lehman Brothers were the lead underwriters for the IPO.
VMware has not decided whether to list its Class A stock on the Nasdaq or the New York Stock Exchange, according to the filing.
VMware was acquired by EMC in January 2004 and has operated as a wholly owned subsidiary of the company since then.
EMC said in February that it would sell a 10 percent stake in VMware in an initial public offering that analysts said could become one of the hottest IPOs of the year.
VMware said in the regulatory filing that EMC will own 32.5 million shares of Class A stock and 300 million shares of Class B stock after the IPO.
The holders of Class B common stock will be entitled to 10 votes per share, and the holders of Class A common stock will be entitled to one vote per share, the filing said.
The filing did not detail the number of shares that will be sold in the IPO, or the expected price of the shares, as those details will likely be in future filings.
VMware plans to use the proceeds from the IPO to repay intercompany debt owed to EMC, to buy its new headquarter facilities from EMC, and for working capital and other general corporate purposes.
For 2006, VMware's net income increased to $86.95 million from $66.78 million a year earlier, while revenue increased to $703.9 million from $387.07 million.
((Reporting by Karey Wutkowski, Reuters Messaging: karey.wutkowski.reuters.com@reuters.net; E-mail:karey.wutkowski@reuters.com +1 202 898 8399)) Keywords: VMWARE IPO/
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Cypress Semiconductor forced to delay annual meeting by Delaware court
WASHINGTON, June 1 A Delaware court ruled on Thursday that Cypress Semiconductor must delay its annual shareholder meeting, ruling in favor of ex-CEO T.J. Rodgers who has waged a board battle against the company he founded.
UPDATE 1-UBS to change how advisers get paid ahead of fiduciary rule deadline
NEW YORK, June 1 UBS Group AG is changing the way it pays U.S. financial advisers on retirement accounts before a U.S. Labor Department rule goes into effect next week, and halting the sale of a small number of noncompliant products, a senior UBS wealth executive said in an interview.