Ford may speed turnaround with sale of Aston Martin
Detroit – Aston Martin, the icon of luxury sports cars made famous in James Bond movies, has been put up for sale by the struggling Ford Motor Co., the company said Thursday.
Ford said in a statement it is exploring the sale of all or part of the British-based carmaker, in part to raise capital for its other brands. British-based Aston Martin makes about 5,000 cars a year. They cost upward of $100,000 each.
“As part of our ongoing strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value,” Bill Ford, the automaker’s chairman and chief executive, said in a statement.
He said Aston Martin’s dealer network, design and size are different from other Ford brands and that the unit is the most logical choice for possible sale.
Ford said no decisions have been made about its other luxury car brands, which include Jaguar, Land Rover and Volvo.
“We continue to be encouraged by Jaguar’s progress and by the strength and consumer appeal of the Jaguar, Land Rover and Volvo product lineups,” Bill Ford said.
But Ford spokesman Tom Hoyt said that doesn’t mean the company won’t sell the brands.
GREENWOOD VILLAGE
Quovadx hires firm to consider options
Quovadx Inc., a maker of software for the health-care industry, hired the investment bank First Albany Capital to help it consider an acquisition, a sale or merger or a change in its structure. Its shares rose 9 percent to close at $2.80 Thursday.
The company’s board said the shares are undervalued, chief executive Harvey Wagner said in a statement Thursday. Greenwood Village-based Quovadx, which employs 450 people, sells software to manage operations in hospitals and health organizations worldwide.
LAKESIDE
Lakeside Avanza sets Sept. 17 as close target
A spokesman for Avanza owner Nash Finch Co. said the company’s Lakeside store will close on or around Sept. 17.
Brian Numainville said the store was “not a good fit” for the company. Numainville said the company is pleased with the performance of the company’s two remaining Denver stores and is continually evaluating opportunities for additional stores.
DENVER
TransMontaigne OKs Morgan Stanley deal
TransMontaigne Inc. on Thursday said stockholders approved its merger with Morgan Stanley Capital Group Inc. The company said voters representing 69 percent of the outstanding shares voted in favor of the merger.
TransMontaigne expects to complete the merger today, and shareholders will receive $11.35 per share.
VAIL
Vail Banks OKs deal with U.S. Bancorp
Shareholders of Vail Banks Inc. approved a merger with Minneapolis-based U.S. Bancorp on Thursday, allowing a buyout of the Vail-based bank holding company to move forward.
U.S. Bancorp is set to pay $17 per share for Vail Banks’ stock today. Vail Banks, which operates as WestStar Bank, has 23 locations around the state.
WASHINGTON
Bernanke optimistic over U.S. productivity
America’s productivity probably will keep growing solidly for some time, an important force in bolstering living standards, Federal Reserve Chairman Ben Bernanke said Thursday.
Although future productivity gains can be difficult for economists to forecast, Bernanke offered a largely optimistic case that the country will continue to log good efficiency gains over the long term.
He said recent figures showing a short-term slowing in productivity didn’t change his view.
WASHINGTON
Loophole scrutinized after BP pipeline leak
Federal regulators proposed rules to close a regulatory gap that allowed BP Plc to go without adequate inspection of its Alaska oil pipelines.
BP was able to go without rigorous inspection of its Alaska pipelines because they were “low-stress” facilities in rural areas. The new rule would subject BP and the owners of about 1,600 miles of U.S. oil pipelines to federal safety regulations, according to Thomas Barrett, administrator of the Pipeline and Hazardous Materials Safety Administration.
RENO, Nev.
Goldcorp plans to buy Reno’s Glamis Gold
Canadian gold miner Goldcorp plans to buy Reno-based rival Glamis Gold Ltd. in an $8.6 billion stock deal that will create one of the world’s largest gold producers, the companies said Thursday.
Goldcorp and Glamis said the new company will have proven and probable reserves of about 41.1 million ounces of gold, worth about $25 billion at current prices, with 11,000 employees and operations focused on the Americas. It will continue to operate under the Goldcorp name and be based in Vancouver, British Columbia.
DUBLIN, Ohio
Wendy’s dumping shares in Hortons Inc.
Wendy’s International Inc. will spin off its $4.17 billion stake in Canadian coffee-and-doughnut chain Tim Hortons Inc. to stockholders Sept. 29, ending its more than 10 years of ownership of the restaurants.
Wendy’s stockholders will receive about 1.3593 shares of Tim Hortons common stock for every share of Wendy’s held as of Sept. 15, Dublin-based Wendy’s said Thursday in a statement. That means investors will get a special dividend valued at $35.36 per share based on Thursday’s closing prices.
Wendy’s has 118 million shares outstanding.
SEATTLE
Starbucks sales beat Wall Street forecast
Four weeks after a slowdown in sales growth sent its stock tumbling, Starbucks Corp. said Thursday that August comparable-store sales increased 5 percent – less than the 7 percent last year but a bigger boost than Wall Street had expected.
Analysts surveyed by Thomson Financial were forecasting a 4 percent gain in August same- store sales, which Starbucks defines as stores open at least 13 months.
