US cinema chains plan $3bn merger
AMC Entertainment, America’s second-largest cinema chain, said last night that it planned to buy the third biggest, Loews Cineplex Entertainment, to compete with Regal Entertainment Group, the market leader. The combined company would have 5,900 screens in 13 countries. The merged company is expected to be worth at least $3 billion (£1.6 billion).
Chevron could face rival bidder
Chevron, the American oil company that is trying to seal a $17 billion (£9.3 billion) takeover of its rival Unocal, was convinced that its offer would succeed, despite rumours of a rival $20 billion bid from the China National Offshore Oil Corporation. The Chinese group was said to be poised with a $71.50-a-share offer, which would mark a 15 per cent premium to the deal on the table.