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The seat owners of the voted Tuesday to acquire , a deal that will transform the 213-year-old Big... Business digest...
The seat owners of the voted Tuesday to acquire , a deal that will transform the 213-year-old Big Board into a for-profit company with new, high-tech trading capabilities.
More than 95 percent of the voting members approved the $9 billion transaction, according to the NYSE. More than 90 percent of the exchange's 1,366 seats were represented in the vote.
The acquisition, expected to close in late January, will create a publicly held corporation, , with the exchange and Archipelago becoming divisions of the company. The new stock will be listed on the NYSE as NYX one day after the deal closes.
said Tuesday that its luxury Jaguar and Land Rover brands will no longer advertise in gay publications, but the nation's second-largest automaker denied that it made the decision under pressure from conservative Christian groups.
"The decisions with regard to advertising was a business decision," Ford spokesman Mike Moran said. He said Ford's Volvo brand would continue advertising in gay publications. Ford has not advertised its Ford, Lincoln and Mercury brands in those publications, Moran said.
Moran said Jaguar and Land Rover, which are part of Ford's money-losing , have decided to cut back on their advertising everywhere because of difficult market conditions.
Ford's move came nearly a week after the Tupelo, Miss.-based canceled a boycott of Ford vehicles that began in May, when the group criticized Ford for being too gay-friendly.
But Inamed said it would remain neutral on the Allergan offer, abstaining from making any recommendations to its shareholders, until its pending pact with Medicis is terminated.
Inamed also said Allergan had put forth a revised offer and agreement that were "materially different" from its initial offer, although Allergan's original offer of $84 in cash or 0.8498 of a share of common Allergan stock for each Inamed share remains unchanged.
, which has shed a torrent of red ink this year amid increasing health-care costs and falling U.S. market share, said Tuesday that it is appointing a longtime GM executive as vice chairman and chief financial officer.
Frederick Henderson, 47, will become vice chairman and CFO on Jan. 1. Henderson is currently chairman of GM Europe, where he has been overseeing a major restructuring. He was president of GM Asia Pacific from 2002 to 2004 and president of GM Latin America, Africa and the Mideast from 2000 to 2002.
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