November 24, 2011 in Business

Briefcase

 

KKR, partners to buy Samson oil company

NEW YORK – Private equity firm KKR & Co. LP and three partners announced Wednesday they have agreed to buy the privately held oil and gas company Samson Investment Co. for $7.2 billion.

KKR’s partners include the investment firms Natural Gas Partners and Crestview Partners and the Japanese trading company Itochu Corp. Financial details were not disclosed.

Associated Press

PMI Group files for Chapter 11 bankruptcy

WALNUT CREEK, Calif. – Private mortgage insurer PMI Group Inc. is seeking shelter from creditors under the Chapter 11 bankruptcy code after the seizure of two of its subsidiaries by regulators in Arizona.

The company said Wednesday that it filed a petition for relief with the U.S. Bankruptcy Court in Delaware, but will continue operating as usual.

PMI intends to use bankruptcy protection to assess its options.

Associated Press

Nokia Siemens to cut 17,000 jobs

HELSINKI – Wireless equipment maker Nokia Siemens Networks will slash 17,000 jobs – almost one-quarter of its workforce – in a move to cut annual costs by $1.35 billion by 2013, company officials said Wednesday.

The joint venture between Finland’s Nokia Corp. and Siemens AG of Germany said it would focus on mobile broadband networks and services as it slims down with a view to becoming an independent company.

Associated Press

Jobs’ stake in Disney worth $4.6 billion

LOS ANGELES – Apple Inc. co-founder Steve Jobs’ $4.6 billion worth of shares in the Walt Disney Co. are now in a trust run by his wife, Laurene Powell Jobs, according to a securities filing made Wednesday.

Jobs acquired the 138 million shares when Disney bought his Pixar Animation Studios for $7.4 billion in 2006.

The creative executive behind the iPod, iPhone and iPad died last month at age 56 after battling pancreatic cancer.

Associated Press

30-year mortgage rate falls to 3.98 percent

WASHINGTON – The average rate on the 30-year fixed mortgage hovered above its record low for a fourth straight week.

Freddie Mac says the rate on the 30-year fixed loan fell to 3.98 percent from 4 percent the previous week. Seven weeks ago, it dropped to a record low of 3.94 percent, according to the National Bureau of Economic Research.

The average rate on the 15-year fixed mortgage edged down to 3.3 percent from 3.31 percent. Seven weeks ago, it too hit a record low of 3.26 percent.

Associated Press


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