Steinway agrees to Paulson buyout

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Steinway agrees to Paulson buyout

Steinway agrees to Paulson buyout
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Steinway agrees to Paulson buyout

by Wochit 1:04 mins

Steinway Musical Instruments Inc, best known for its grand pianos, agreed to be taken private by Paulson & Co after the hedge fund firm raised its offer to $40 per share, valuing the 160-year old company at about $512 million. U.S. Airways and American Airlines are focused on fighting for their $11 billion merger in court and will argue that the federal government hasn't proven that the merger would reduce competition. Brazilian oil firm OGX Petroleo e Gas Participacoes, controlled by billionaire businessman Eike Batista, has hired restructuring bankers at U.S.-based Blackstone Group to provide financial advice, another step that might take the troubled company closer to a debt restructuring.

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