Chase Manhattan and J.P. Morgan agreed to a $1.25 billion fee if either walks away from Chase's $32.7 billion agreement to buy J.P. Morgan. The fee was disclosed in a filing with the U.S. Securities and Exchange Commission.
Cadbury Schweppes PLC, the British company famous for its bubbly tonic water, announced the acquisition of the category-leading Snapple line of teas and juice drinks. The beverage and candy maker is also adding Royal Crown, Diet Rite and Nehi to its roster of carbonated soft drinks led by 7Up and Dr Pepper under the deal announced Monday with Triarc Cos. Cadbury is paying $910 million in cash for the Snapple Beverage Group to Triarc. Triarc bought Snapple in 1997 for about $300 million from Quaker Oats Co., which stumbled badly with Snapple after paying $1.7 billion for it three years earlier.
Yahoo! Inc. is ending its partnership with Amazon.com Inc., the top online seller of books, and creating a much larger link with Amazon rival barnesandnoble.com.
The Goodyear Tire & Rubber Co. on Monday announced a joint venture with Treadco Inc. to combine commercial tire service centers. Goodyear will have 60 percent ownership interest and Treadco 40 percent in the new company, Wingfoot Commercial Tire Systems LLC. The agreement combines the Treadco operations, Goodyear's commercial tire service centers and the Goodyear-owned Brad Ragan Inc. commercial tire centers. The venture will have 194 commercial tire and service centers, 77 retreading plants and approximately 3,000 employees.
Cargill Inc. is selling its hybrid seed business to Dow Chemical's Mycogen Seeds. The deal includes all seed research, production and distribution assets of Cargill Hybrid Seeds in the U.S. and Canada, except Cargill's InterMountain Canola, Goertzen Seed Research and the Western Canadian seed distribution business. The purchase price was not disclosed.