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Business Briefs

US Dana Corp plans takeover of bearings maker
France Telecom controls 64% of Globtel GSM
Unemployment hits new record in January 2000

US Dana Corp plans takeover of bearings maker

One of the world's largest independent suppliers for carmakers, the Ohio-based Dana Corporation, announced on February 23 its public takeover bid of the engineering company Tribometal of northern Slovakia's Dolný Kubín.
Dana is looking to acquire at least 82% of the company's stock through a public takeover bid, which is valid 30 days from the day of the announcement.


France Telecom controls 64% of Globtel GSM

France Telecom, holding a 35% stake in one of two mobile phone operators in Slovakia, Globtel GSM, said on February 23 it had taken control of the shares of another Globtel shareholder, Slovtel. Thus, France Telecom indirectly controls a 64% stake in Globtel GSM.
Economy Ministry spokesman Márius Hričovský said he did not know when the shareholders' structure of Globtel GSM had changed, and said the transaction would be subject to a legal analysis.
The government, through the Economy Ministry, controls a 36-percent stake in Globtel through several state-controlled public utility companies. The ministry has been attempting to sell the stake, and privatization is currently underway.
The Trend economic weekly wrote last week that France Telecom was giving up its intention to participate in the privatization of Slovak Telecom (ST). The firm plans to focus on expansion on the Slovak telecom market via Globtel GSM.


Unemployment hits new record in January 2000

The unemployment rate of registered unemployed in Slovakia was 20.54% in January 2000, up 0.44% from the month before and 3.39% from January 1999, the National Labour Office (NUP) said on February 18.
The unemployment rate, which is calculated from the number of unemployed available to take a job, was 19.53% in the same time - the highest in Europe.
The number of unemployed reached 553,540 this January, 157,360 of whom were living on unemployment benefits. The average monthly unemployment benefit in January was 3,470 Slovak crowns ($75).


Compiled by Tom Nicholson from SITA

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