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17:34 ET WRAP: BROADCOM TO BUY NEWPORT COMMUNICATIONS FOR $1.24 BILLION


By BridgeNews New York--Aug. 14--Broadcom Corporation, the provider of integrated circuits enabling high speed broadband communications, said Monday it has agreed to buy optical communications chip maker NewPort Communications Inc. in a stock deal worth $1.24 billion, extending Broadcom's reach in the fast-growing fiber optic communications market. Under the deal, Broadcom's 13th since June last year, the Irvine, Calif.-based company will issue about 5.5 million shares in exchange for all of privately held NewPort's preferred and common stock. In morning trade, shares of Broadcom rose $7.50, or 3.3%, to $232.5625. The proposed acquisition comes a week after Broadcom said it would buy Silicon Spice Inc., a developer of semiconductor technology, for about $1.2 billion. A week earlier it agreed to buy Altima Communications Inc., a maker of networking circuits, for about $533 million. "The acquisition of NewPort Communications...is not only synergistic with our 10-gigabit ethernet technology but is also complementary to the communications processor technology that we are acquiring through our merger with Silicon Spice Inc.," Broadom President and Chief Executive Officer Henry Nicholas said. "Together these acquisitions will provide Broadcom with a powerful platform to address the rapidly growing wide area networking marketplace." NewPort, also based in Irvine, was founded in 1996 by Armond Hairapetian and Lorenzo Longo, both formerly of Connexant Systems Inc. Lucent Technologies Inc., Sumitomo Electric Industries Ltd. and Cisco Systems Inc. are customers of NewPort and also own stakes in the company. Broadcom said it will take an unspecified third-quarter charge for research and development costs related to the acquisition. End

[slug: BROADCOM-NEWPORT] [symbols:US;BRCM] [symbols:US;BRCM]

The Bridge ID for this story is 05972





(c) Copyright 2000 FWN


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17:34 ET GO-KARTS, EYE AND EAR DROPS RECALLED
WASHINGTON, Aug. 14 (UPI) -- The Consumer Product Safety Commission Monday announced the recall of 91,000 go-karts and the Food and Drug Administration warned Rich's MSM Eye & Ear Drops may be contaminated with yeast and a bacteria that can cause sight-threatening injuries. Full Story

17:34 ET AMD UNDERCUTS INTEL WITH LATEST CHIP PRICES
Aug 14, 2000 (Tech Web - CMP via COMTEX) -- Advanced Micro Devices Inc. finally agreed to reduce the price of its 1-GHz Athlon microprocessors, introducing its 1.1-GHz Athlon in the process. Full Story

17:34 ET FORD: FIRESTONE PLANT HAD QUALITY PROBLEMS
DETROIT, Aug. 14 (UPI) -- Tires made at the Firestone plant in Decatur, Ill., during the mid-1990s had numerous quality control problems, according to data released by Ford Motor Co. Monday. Full Story

17:34 ET NEWS CORP. TO ACQUIRE CHRIS-CRAFT
New York, Aug 14, 2000 (123Jump via COMTEX) -- Rupert Murdoch's News Corp. (NYSE:NWS), owner of the Fox Television Network, announced Monday that it will acquire Chris-Craft (NYSE:CCN) and subsidiaries for about $5.35 billion, about $2.13 billion in cash and approximately 73 million American depositary receipts Full Story

14:49 ET SITHE TO SELL 49.9% OF NORTH AMERICAN ASSETS TO PECO ENERGY
NEW YORK, Aug 14, 2000 /PRNewswire via COMTEX/ -- Sithe Energies, Inc. announced today that it has entered into a definitive agreement with PECO Energy Company (NYSE: PE) under which PECO will acquire 49.9% of Sithe North America. Upon completion of the agreement, the remaining 50.1% of Sithe North America Full Story

14:49 ET EU APPROVES FRANCE TELECOM'S ACQUISITION OF BRITAIN'S ORANGE
BRUSSELS (Aug. 14) XINHUA - The European Union (EU) said Monday that it has granted regulatory clearance to France Telecom's acquisition of the sole control over the British mobile phone operator Orange. Full Story





 
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