MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Friday, May 25
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6:54 AM Lehman Brothers (LEHMQ.PK) confirms a report that it has agreed to buy the 26.5% stake it doesn't own in Archstone from Bank of America (BAC) and Barclays (BCS) for $1.58B. As expected, Sam Zell's Equity Residential (EQR), which was also battling for the apartment giant, will receive a $150M break-up fee from Lehman and the two banks. Comment!
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4:44 AM Dell (DELL) is in talks to buy Quest Software (QSFT), Bloomberg reports, as the PC maker continues its strategy of shifting its focus to higher-end business customers. In March, Quest agreed to sell itself to P-E firm Insight for $2B, or $23-a-share, although it then received other offers during a "go-shop" period. Comment!
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4:31 AM EU shares are higher for a second day as bargain hunters step into a market that was beaten down by fears over Greece earlier this week, and on hopes of another injection of ECB liquidity. Euro STOXX 50 +1%, London +0.6%, Paris +0.9%, Frankfurt +1.2%, Milan +1.25%, Madrid +1%. Comment!
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