GE to sell bond insurer
GENERAL ELECTRIC is selling Financial Guaranty Insurance Company, its bond insurance firm, to PMI, the mortgage insurer, for $1.9 billion (£1.2 billion). The sale is part of a strategy to leave businesses that are not leaders in their field. GE is also raising cash to help the credit rating of GE Capital, its financial services arm.
Genzyme transplant deal
GENZYME, the US biotech group, agreed to buy SangStat Medical for $600 million (£375 million) to gain products used to prevent transplant patients from rejecting new organs. Henri Termeer, chief executive, is moving Genzyme, which currently focuses on rare diseases, into broader markets.
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AMR to sell convertibles
AMR, parent of American Airlines, unveiled plans to sell $250 million (£155 million) of 20-year convertible bonds. AMR, which narrowly avoided bankruptcy this year, becomes the latest airline group to sell convertibles as markets and confidence improve.