Ford Motor Co. (F) Chief Executive Officer Alan Mulally will stay at the automaker through 2014, Director Edsel Ford II said today, reiterating the company’s timetable. Mulally said he loves serving the automaker.
Mulally, considered one of the leading candidates to take the CEO job at Microsoft Corp. (MSFT) when Steve Ballmer steps down, said in a Bloomberg Television interview that he preferred to talk about the sporty new Mustang, rather than the software company or his commitment to stay at Ford through next year. “There is no change to the plan,” he said. He didn’t address the timing when asked about Edsel Ford’s comments.
Edsel Ford earlier said that Mulally “is staying through the end of 2014 and that’s all I know.” The director was speaking on the sidelines of the introduction of the new Mustang in Dearborn, Michigan, where Ford is based.
Nice, This is my first ETF. I am going to move a good portion of my portfolio into ETF's just have to figure out a good balance.
Just loaded up Twitter is going make make this POP! Twitter To Go Public; SOCL To Own It
That warning may effectively limit the pool of would-be buyers of BlackBerry Ltd. (BBRY-T) or foreigners interested in Canada's telecom industry, and it could rule out all but a few well-established players based in North America, industry executives, lawyers and analysts say.
The government's ruling, announced on Monday, was a blow to Manitoba Telecom Services, which wanted to sell its Allstream fiber optic network to Accelero Capital Holdings, controlled by Egyptian businessman Naguib Sawiris.
But for BlackBerry, the embattled smartphone maker, Ottawa's decision may not make much difference as primarily North American companies appear to be interested in acquiring the parts of the company that would raise security concerns.
BlackBerry declined to comment. The government declined to elaborate on its reasons for blocking the Allstream bid.
For Canadian telecoms, however, the ruling may severely restrict the list of potential parties that may be allowed to invest in the sector at a time when U.S. telecoms have shown little interest in making investments in Canada.
"Canada is definitely open for business, but it may not be open to be given away to the first person who comes in the door with a bit of money," said Ross Healy, a portfolio manager with MacNicol & Associates, whose clients own BlackBerry shares.
Just google Sawiris and Allstream, if Canada did not approve this deal there is no chance of Leveno or any other foreign investor getting there hands on Blackberry. That particular deal was shut down in early October over national security concerns
Sawiris says he is ‘finished with Canada’ after Allstream deal sours
That particular deal was shut down in early October over national security concerns, which Sawiris says are ridiculous and unfounded. “I am finished with Canada,” he told an Egyptian newspaper. “I regret that we wanted to invest in Canada,” angry at being turned down and discouraged from further investment in the country. He had expressed similar concerns before, when WIND Mobile was sued by Public Mobile over foreign ownership rules, a suit that was later overturned by the same government body, Industry Canada, that denied the Allstream deal four years later.
Sawiris was dumbfounded by the announcement, as was MTS, which has been looking to unload its Allstream property for years. Sawiris told the paper, “They don’t have anything specific to say. They were very worried we could sue them. We spent millions of dollars to prepare [for the transaction].” He mused that perhaps it was his connection with North Korean telco Koryolink, of which Orascom owns a 75% stake.
Because Allstream carries important government data over its considerable fiber networks, the government of Canada ostensibly wanted to ensure no equipment owned by Chinese manufacturer, Huawei, would be used after the deal closed. Though neither Allstream nor WIND Mobile currently buy from Huawei, according to sources there were concerns Accelero would pursue deals with the company.
The government’s oversight of the deal is disingenuous, according to Sawiris, who claims that on one hand they want the market open to foreign investment, but on the other are quick to stop anything that may fall outside the bounds of their narrow scope. For example, the government was eager to have Verizon enter Canada, but investment from Orascom’s chairman, who was instrumental in bringing competition into the mobile market through WIND Mobile, is seen as risky.
Of course, that’s only one side of the story: the government of Canada will likely never di
Government axes proposed $520 million Accelero-MTS Allstream deal over national security concerns.
Manitoba Telecom Services (MTS) announced back in May that they finally struck a deal to offload Allstream – its enterprise business – for $520 million. The suitor was Accelero Capital Holdings, a Cairo-based investment company that’s spearheaded by Naguib Sawiris, former financial backer of Wind Mobile.
Both companies were expecting the deal to close ‘in the second half of 2013′ and was subject to the usual regulatory approvals from Industry Canada’ Well, the government has had its say and today they’ve rejected the sale of Allstream to Accelero due to national security concerns.
‘The result of this review is that the transaction will not proceed.’
In a statement, James Moore, Minister of Industry, said “The Government of Canada has concluded its review of Accelero Capital Holdings’ proposed acquisition of the Allstream division of Manitoba Telecom Services Inc. (MTS) under the national security provisions of the Investment Canada Act. The result of this review is that the transaction will not proceed. MTS Allstream operates a national fibre optic network that provides critical telecommunications services to businesses and governments, including the Government of Canada.”
MTS responded by saying they’re ‘extremely surprised and disappointed by this decision’ and that ‘the government has nevertheless now made the determination to reject the transaction due to unspecified national security concerns, and has rejected an offer from MTS and Accelero to take whatever actions are necessary to address the government’s concerns.’
Certainly looks like the government is not open to any sort of foreign investment in the telecommunications sector.