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Friday, July 21, 2006

Reuters Digest 7/21/2006

Stocks: (N)(FAL)(V)(GM)(F)(ERICY)

Reuters reports that Teck Cominco offer for Inco was helped as Xstrata raised its bid for Falconbridge, the mining firm. Both bids are in opposition to Phelps Dodge's attempt to buy both Inco and Falconbridge.

Reuters writes that Vivendi has bid $2 billion for Bertelsmann's music publishing business based on reports in the Financial Times.

Reuters also reports that GMAC will not be liable for pensions of employees at GM the Pension Benefit Guaranty ruled. The move makes the sale of GMAC more likely.

Renault and Nissan said that a financial alliance did not have to be part of a partnership with GM, according to Reuters.

Reuters also writes that Ericsson's pretax profit was down slightly from the period a year ago to $1.13 billion.

Reuters writes that Ford's quarter was below expectations. The company had a net loss of $123 million compared to a profit of $946 million in the period a year earlier. US vehicles sales fell 7% in the quarter.

Douglas A. McIntyre

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