World financial news

Bombardier

$405M contract awarded

Bombardier Inc. has received an order from Spain’s national rail operator to maintain a fleet of high-speed trains for 14 years, the Montreal-based transportation equipment maker announced Thursday.

RENFE will pay $917 million (U.S.) to Bombardier and Spanish railway vehicle maker Talgo to maintain the new trains. Bombardier’s share of the contract comes to $405 million.

The maintenance work will take place at RENFE’s depots in Spain.

Rusal

$2.6B U.S. IPO planned

Russian aluminum giant UC Rusal will try to raise as much as $2.6 billion (U.S.) by selling shares in Hong Kong in late January to reduce its mountain of debt, the company said Thursday.

Moscow-based Rusal – run by tycoon Oleg Deripaska – is seeking to sell more than 1.6 billion shares at a price between 12.50 Hong Kong dollars ($1.61 U.S.) and $9.10 (Hong Kong), according to the filing with Hong Kong’s stock exchange.

The potential proceeds range from $1.9 billion (U.S.) to $2.6 billion.

Washington Times

Paper to axe 40% of staff

The Washington Times will slash newsroom staff by more than 40 per cent and eliminate its sports section as it revamps to focus on politics, business and investigative reporting.

The newspaper’s Thursday edition announced the layoffs and said the last sports section would appear Friday. Among those let go was managing editor David Jones.

A new print edition will be launched Monday.

Diners Club

BMO completes buyout

BMO Financial Group announced Thursday that it has completed the acquisition of the Diners Club North American franchise from Citigroup. The acquisition, announced in November, puts BMO among the top commercial card issuers in North America.

BMO said the purchase will accelerate the bank’s expansion into the travel-and-entertainment card sector, particularly in the United States.

Marvel

Holders okay Disney deal

Shareholders of Marvel Entertainment Inc., home of Spider-Man and the Hulk, have approved the company’s acquisition by The Walt Disney Co., as expected.

Shareholders of the 70-year-old comic-book company voted at a special meeting Thursday.

With the $4.3 billion (U.S.) deal, Disney gets Marvel’s stable of more than 5,000 characters. Most of them are obscure, but several have been the basis for blockbuster movies in recent years.

From the Star’s wire services

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