Roundup: Michael Dell regains advantage in battle for computer maker; local investment partnership plans $150 million develop...
Partnership plans $150M development in Findlay
A local investment partnership is planning Findlay Crossings — an office, retail, apartment and hotel development estimated to cost at least $150 million — on a 30-acre site in Findlay. The partners, operating under the name CRD Development Group LLC, are Ron Sofranko, Charlie Brown and David J. Dietrich. They hope to market and develop the former Park 'N Fly Inc. property at Interstate 376, Flaugherty Run Road and Moon Clinton Road, across from Dick's Sporting Goods headquarters and Pittsburgh International Airport. Current plans call for Class A office space, a 250-unit apartment building, a 125-room hotel, convenience stores with gasoline stations, and parking. “We will either lease or sell land to companies or individuals who will build the facilities,” said Sofranko, whose partnership has the property under a sales agreement with Atlanta-based Park 'N Fly. The property hasn't been used for parking for at least five years, he said. The land is ready for development, he said. CRD Development has selected TarquinCore LLC, South Side, to market the property. Principal Ron Tarquinio and Lynn DeLorenzo are talking to national developers who have expressed interest, Sofranko said.
Dell CEO ups ante in buyout battle for PC maker
Just when it looked as if he might be vanquished, Dell CEO Michael Dell regained the advantage in a lengthy battle to buy the slumping personal computer maker he founded nearly 30 years ago. He did it by persuading the company's board to accept a slightly better offer that adds a one-time dividend in exchange for a pivotal change in how shareholders will vote on the deal. The latest twist in the six-month saga emerged Friday shortly before Dell Inc. was scheduled to hold a shareholder vote on the company's proposed sale to Dell and investment firm Silver Lake Partners for $24.4 billion, or $13.65 per share. The deal to buy the company appeared destined to fail at that price, which had been skewered as a rip-off by a throng of rebellious shareholders led by billionaire Carl Icahn.
US Airways, passenger service workers reach pact
US Airways and the Airline Customer Service Employee Association reached a tentative agreement covering about 6,500 passenger service workers, including 96 workers at Pittsburgh International Airport. The pact includes wage increases and job-security provisions, which are “an important issue for workers, as the US Airways-American Airline merger goes forward,” said a statement from the labor organization. A contract ratification vote has not been scheduled, said the association, an alliance between the Communications Workers of America and the International Brotherhood of Teamsters. Creditors for American, which is operating in bankruptcy, on Wednesday voted in favor of the merger, which is expected to close by the fall.
Chevron's 2Q profit falls on lower oil prices
Chevron's latest quarterly profit — $5.37 billion — was down 26 percent from last year because of lower oil prices and maintenance work at some refineries. The results mirrored lower profit at Exxon Mobil and Shell, and they also lagged Wall Street expectations. Chevron Corp. said Friday that it earned $2.77 per share in the second quarter, down from $3.66 per share. Year-ago net income was $7.21 billion. Analysts were expecting earnings of $2.97 per share. Revenue was down 8 percent to $57.37 billion.
Toyota profit up on cheap yen, forecasts raised
Toyota Motor Corp. said its profit for the first quarter of the fiscal year nearly doubled from a year ago, and set an ambitious, worldwide production goal that would break industry records if reached. The Tokyo-based maker of the Prius hybrid and Camry sedan said profit for the April-June quarter rose to $5.6 billion after getting a big boost from a weak yen. The company set a worldwide production goal for the 2013 calendar year at 10.1 million vehicles, which would be an industry record.