StarTribune.com
bnat111209
SearchSearch: Manage your Star Tribune subscription Manage subscription  |  Vacation stop

On the homepage

Sunday's paper

HCMC bleeding with deep cuts

Out There

Reusse/Souhan

Reusse vs. Souhan: Unsportsmanlike Comment

Schools

St. Paul schools chief: 'I can't do it alone'

Home | Business

HP buying 3Com for $2.7 billion

Last update: November 11, 2009 - 8:29 PM

E-mail this storyE-mail this story
Save to del.icio.usSave to del.icio.us
Share on FacebookShare on Facebook
Share on DiggShare on Digg

Minnesota business by the numbers

See Minnesota's top earning companies, CEOs and non-profits

More from Business

HP buying 3Com for $2.7 billion

Hewlett-Packard Co. said Wednesday it is buying the 3Com Corp. networking company for $2.7 billion, the latest move by the world's No. 1 personal computer maker to expand into areas more profitable than PCs. Palo Alto, Calif.-based HP also raised its 2010 guidance and reported preliminary quarterly earnings that topped Wall Street's forecasts. The company didn't provide specific reasons for its better outlook, other than a statement from CEO Mark Hurd that "significant growth in China" and "solid execution" helped HP in the quarter. HP said it will give 3Com stockholders $7.90 per share and that the deal is expected to close in the first half of 2010. HP didn't address whether there would be layoffs at Marlborough, Mass.-based 3Com, which has 5,800 employees worldwide.

AIG head said he plans to stay

American International Group Incorporated's CEO Robert Benmosche said Wednesday he plans to stay in his job at the beleaguered insurer. Benmosche announced his intentions in a letter to employees released by AIG following a report in the Wall Street Journal saying he was threatening to quit. The Journal said Benmosche has been frustrated by heavy government scrutiny and cumbersome restrictions on executive pay. In the letter, Benmosche said that while he was frustrated by the regulatory oversight, he and the board of directors "remain totally committed to leading AIG through its challenges and to continuing to fight on your behalf."

Number of imperiled homeowners dips again

The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers. But foreclosure filings are still up 19 percent from a year ago, RealtyTrac Inc. said Wednesday, and rising job losses continue to threaten the stabilizing trend. More than 332,000 households, or one in every 385 homes, received a foreclosure-related notice in October, such as a notice of default or trustee's sale. That's down 3 percent from September. Banks repossessed more than 77,000 homes last month, down from nearly 88,000 homes in September.

Bank of England issues upbeat forecast

The Bank of England raised its forecasts for economic growth and inflation on Wednesday, but warned that Britain's economic recovery is just beginning and that its strength remains "highly uncertain." Bank Governor Mervyn King said the bank's moves to slash interest rates and pump billions of pounds into the economy, increased spending by the government and the depreciation of the British pound were likely to drive a recovery. In its quarterly inflation report, the bank predicted that the economy will return to growth by the beginning of next year, and expand by about 3.75 percent by the end of 2011 -- faster than it had forecast in August.

NEWS SERVICES

Next pageNext Page

Recent Business stories

Condition critical - November 11, 2009
Condition critical - "Condition Critical" is an occasional series by Star Tribune reporters examining the economic squeeze on today's health care system. More

Comment on this story   |   Be the first to comment   |  Hide reader comments

Subscribe

Blog: Patent Pending

Lights out at U energy conference. Irony police notified.

Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.

Recent posts